Month: September 2009

Tokyo, September 05: Suzuki Motor plans to spend about 30 billion yen ($322.6 million)to build a factory in India around 2011, boosting its production capacity in the country by 30 percent, the Nikkei business daily reported on Saturday.

Suzuki’s Indian unit, Maruti Suzuki controls about half of the country’s market share. Maruti Suzuki Chairman R.C. Bhargava said earlier this week its management was considering whether to expand production capacity, adding it would be known soon.

New Delhi, September 05: The country’s biggest car maker Maruti Suzuki India on Saturday said it would shift some of its car production from its Gurgaon plant to the new facility at Manesar in a phased manner.

“The Gurgaon plant will be gradually changed to a base for engine assembly and machining, while automobile assembly will be integrated at Manesar plant,” the company said in a statement.

It, however did not specify production of which of the models would be shifted from the plant.

Tokyo, September 05: Nearly 70 per cent of fund resources under the fiscal 2009 extra budget, being targeted by the Democratic Party of Japan (DPJ) to finance some of its key policies, have already been implemented, government officials has said.

The DPJ is hoping to squeeze money to realize its election pledges by modifying the 14 trillion yen supplementary budget, crafted earlier this year by Prime Minister Taro Aso’s administration, once it forms a government in mid-September.

Agartala, September 05: The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.

The model would be ideal for North Eastern states like Tripura, a state full of terrains and scattered population, said Usha Thorat, RBI deputy governor here in a seminar.

Kolkata, August 05: The Andhra Pradesh High Court has approved setting up a fast track court to settle the multi-crore accounting fraud in Satyam Computers, Corporate Affairs Minister Salman Khurshid said here Saturday.

“The Andhra Pradesh High Court has agreed to our appeal and has already given an in-principal approval to set up a fast track court for the settlement of the Satyam fraud issue. We’re now awaiting the final notification,” Khurshid told reporters on the sidelines of a function here.

Mumbai, September 05: Gold prices advanced further on the bullion market here today due to persistent local buying interest despite lower New York advices.

Silver also firmed up on renewed demand from industrial users.

In New York, gold futures edged lower on Friday after rallying near USD 1,000 an ounce in the previous session, as a jobs report that fell largely in line with expectations curbed gold’s safe-haven appeal.

December gold futures, slid by USD 1 to end at USD 996.70 an ounce on the Comex division of the New York Mercantile Exchange.

Toronto, September 05: Toronto-based Nortel, which is selling its businesses to pay off its creditors, will auction its second biggest division next Friday.

The enterprise unit that makes network equipment will be auctioned under court supervision.

US-based Avaya Inc. is one of the bidders with an offer of $475 million.

Friday was the last day to place bids.

The 124-year-old Canadian icon has been operating under bankruptcy protection since January after suffering losses of $5 billion last year.

Washington, September 05: India has said when there is a need to regulate the financial market; the same should not be used to devise any kind of protectionism.

“We shall have to strike a balance. First of all, I would like to… in the name of the financial regulation and to regulate the markets and as I started off, I mentioned protectionism need not come. Yes, there is a need of regulating the financial market,” Finance Minister Pranab Mukherjee said in an interview to CNN.

Panaji, September 05: Gold may go as high as USD 1,100 an ounce at least by early next year on the back of a weak dollar, but weak physical off-take from India could cap its upside, a senior analyst from Standard Bank said on Saturday.

“We expect the dollar to weaken against the euro in the next 6-12 months due to high inflation and a rising trade deficit,” said Walter De Wet, head of commodity research at Standard Bank.

“Inflation may rise as central banks have expanded their balance sheet by pumping in so much money into the system.”

Washington, September 05: The World Trade Organization ruled on Friday that European loans for Airbus were illegal subsidies under world trade rules, US lawmakers said, but European sources said Washington did not win a sweeping victory.

The findings, which came in a confidential 1,000-plus page ruling, are the latest chapter in a decades-old battle between US manufacturer Boeing and European rival Airbus for dominance of the global aircraft market, a major source of jobs on both sides of the Atlantic.

London, September 05: India’s stand that protectionism remains a real threat to the global economy and emerging economies need to guard against tendencies in some developed nations to extend it beyond trade to financial markets and investment has been endorsed by Russia, China and Brazil.

A joint communique issued at the end of the two-hour meeting of the BRIC (Brazil, Russia, India, China) countries’ Finance Ministers here last evening asserted that “protectionism remains a real threat to the global economy and should be avoided, both in direct and indirect forms.”

London, September 05: British Prime Minister Gordon Brown called on Group of 20 leaders to make a strong and clear commitment to continued efforts to boost global growth, saying Saturday that the world economy is at a “critical juncture.”

Addressing finance officials from the G-20 rich and developing countries at the start of their talks here, Brown warned against “complacency or overconfidence” in the face of mounting signs of at least a modest economic upturn.

Washington, September 05: The government is trying to make it easier for Americans to save for retirement, President Barack Obama said Saturday, as he noted the toll the recession has taken on extra income and savings accounts.

One initiative will allow people to have their federal tax refunds sent as savings bonds. Others are meant to require workers to take action to stay out of an employer-run savings program rather than having to take action to join it.