- India, S Korea sign 5-year defence co-op agreement India and South Korea today entered into a five-year defence cooperation accord by signing two memorandums of understandings on sharing of military expertise and technology.
- Govt may allot some coal blocks in 'no-go' areas for UMPP The government today said that some of the coal blocks lying in the "no-go" areas, which could not be used for mining, may be shifted to the go-areas, a move to expedite clearance for ultra mega power projects.
- CWG may have some 'hitches': authorities With exactly a month left for the Commonwealth Games, authorities today admitted that there may be some "hitches" here and there but were optimistic that overall it will be a "great" event.
- Cipla may decide in Oct on stake buy in SA co Drug major Cipla today said it could take a decision to buy stake of up to 25 per cent in a unit of South Africa-based, Cipla Medpro in its next board meeting in October.
- POLL: Euro zone services growth steadies in August The pace of recovery in the euro zone's dominant service sector was barely changed in August from July, according to a business survey that showed growth of the blocs wider private sector slowed slightly last month.
- Nikkei climbs 0.6%; caution before jobs data Japan's Nikkei average rose 0.6 per cent on Friday for a third day of gains as more encouraging data reassured investors about the health of the global economic recovery and sparked short-covering.
- Sunil Mittal's son joins Bharti Airtel, fuels succession talk Bharti Airtel, India's No.1 mobile operator, appointed the son of its billionaire founder-chairman as a manager, raising speculation he was being groomed for a top position in the $27 billion company.
- Govt in talks with pharma cos for cancer drugs The government is in talks with pharmaceutical companies for ensuring availability of cancer drugs at a minimal price at their low-cost pharmacy chain Jan Aushadhi stores across the country.
- BP Gulf of Mexico oil spill costs hit $8 bn BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was a fortnight away from sealing the well for good.
- Alok Ind sees revenue doubling to $3 bn in 3 yrs Textiles firm Alok Industries expects to double its revenue to $3 billion over the next three years, Managing Director Dilip Jiwrajka told reporters on sidelines of a conference on Friday.
- Samsung raises 2010 smartphone sales target: report Samsung Electronics Co Ltd, the world's number 2 handset maker, expects to sell up to 25 million smartphones this year, exceeding its earlier target, and aims to double shipments next year, media reports said on Friday.
- India defers power project bid date India has deferred the preliminary bid date for a central Indian power project by 2 months, as the coal mine for the venture is in an environmentally sensitive area, the power secretary said on Friday.
- FIIs pump in $2.5 bn in Indian stock market in August Maintaining their bullish stance for the third month in a row, global fund houses made a net investment of Rs 11,685 crore ($2.5 billion) in Indian equities in August.
- Reliance Cap buys 8.68% in Trent for Rs 21.2 cr Tata group firm Trent Ltd today said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore, marking ADA Group's entry into the retail sector.
- IEA exec says dependency on OPEC oil to rise Dependency on oil produced by OPEC countries is set to rise in the next 5-10 years as non-OPEC supplies are set to decline, Nobuo Tanaka, executive director of the International Energy Agency (IEA), said on Friday.
- Food inflation up at 10.86% in third week of Aug India's food and fuel inflation accelerated in the third week of August, maintaining pressure on the Reserve Bank of India (RBI) to tighten monetary policy.
- Daiichi Sankyo sees progress on Ranbaxy US ban Daiichi Sankyo, Japan's number 3 drugmaker, said on Friday it believes it has made progress towards ending a US ban on exports from Ranbaxy Laboratories' two plants in India.
- Ashok Leyland shares hit year high after Aug sales Ashok Leyland, the Hinduja Group flagship company, today surged over 2 per cent to hit a year high on BSE in early trade, a day after the bus maker reported robust vehicle sales for August.
- Services PMI dips again in August but still robust Growth in India's service sector slowed for a second month in August after hitting a two-year peak in June, but businesses were more optimistic about the outlook, a survey showed on Friday.
- ICC suspends Pak tainted trio provisionally In an unprecedented crackdown to restore the game's credibility, ICC today charged and suspended Pakistan's tainted trio of Salman Butt, Mohammad Asif and Mohammad Aamer under its anti-corruption code in the wake of the spot-fixing scandal.
- Mittal's son joins Bharti After a swarm of daughters moved into companies controlled by their fathers think Godrej, Nadar, Reddy, Biyani, Chauhan, Piramal, TVS, et al the male heirs are stepping forward to claim their inheritance.
- SAIL issue: DB quotes 80 paise fee Investment bankers have quoted less than a rupee as their fee to manage the around Rs 8,000-crore follow-on issue of Steel Authority of India Ltd (SAIL).
- Cipla to buy 25% in S Africa unit Cipla, the largest player in the domestic drug market, could play white knight for Cipla Medpro, South Africas third-largest drugmaker and a key ally of the Indian company. Cipla is looking to acquire around 25 per cent in the manufacturing division of Cipla Medpro, where it does not hold any stake at present. The deal size could not be ascertained, but it will be the first overseas acquisition by 75-year-old Cipla in any pharmaceutical company.
- Essar think-tank to drive retail vision The diversified steel-to-telecom Essar Group, with revenues of $15 billion, is readying to consolidate its retail initiatives under one roof to maximise synergies and explore new avenues of growth. To shape its plans, Essar is forming a centralised retail think-tank at a group level to strategise the conglomerates future course of action.
- ED declines to interview for job of RBI dy governor The appointment of a deputy governor to the countrys central bank has always been surrounded by controversy. And this time is no exception. One of the Reserve Bank of India (RBI) executive directors, C Krishnan, who was called to an interview for the post, has declined to appear before the search committee.
- DTC lightens evasion penalties While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code (DTC) proposes to reduce penalties substantially. The DTC Bill, tabled in Parliament on Monday, proposes that anyone under-reporting their tax base would have to pay a maximum penalty of two times the tax sought to be evaded.
- DTC lightens evasion penalties While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code (DTC) proposes to reduce penalties substantially. The DTC Bill, tabled in Parliament on Monday, proposes that anyone under-reporting their tax base would have to pay a maximum penalty of two times the tax sought to be evaded.
- Sentiment upbeat across sectors A day after the government released buoyant growth figures of 8.8 per cent, there was corroborating evidence on Wednesday that the India story was firmly on track. Automakers, for instance, posted robust sales for August over the same month last year. Maruti, which accounts for one out of every two cars sold in the country, said sales grew nearly 24 per cent.
- Apex court to review Bhopal judgement The Supreme Court today decided to review its 1996 judgement in the Bhopal gas case, following which a local court had imposed a two-year jail sentence on Keshub Mahindra and six others who were executives of Union Carbide at the time of the tragedy. The apex court has issued notices to the accused and informed the attorney-general.
- Apex court to review Bhopal judgement The Supreme Court today decided to review its 1996 judgement in the Bhopal gas case, following which a local court had imposed a two-year jail sentence on Keshub Mahindra and six others who were executives of Union Carbide at the time of the tragedy. The apex court has issued notices to the accused and informed the attorney-general.
- SC order on grain: Will take steps, says Pawar The Supreme Court on Tuesday clarified that it was an order, not a suggestion, to the government to distribute free of cost foodgrain rotting in godowns. Tell your minister that distribution of rotting foodgrain was a part of our order and not just an observation, a two-judge bench of Justices Dalveer Bhandari and Deepak Verma told Additional Solicitor-General Mohan Parasaran, who represented the agriculture ministry.
- SC order on grain: Will take steps, says Pawar The Supreme Court on Tuesday clarified that it was an order, not a suggestion, to the government to distribute free of cost foodgrain rotting in godowns. Tell your minister that distribution of rotting foodgrain was a part of our order and not just an observation, a two-judge bench of Justices Dalveer Bhandari and Deepak Verma told Additional Solicitor-General Mohan Parasaran, who represented the agriculture ministry.
- Ambani duo in grab for power For the first time after settling their family dispute and withdrawing the non-compete clause in May, brothers Mukesh and Anil Ambani are again competing face-to-face, in a bid for the Rs 7,500-crore, 1,320-Mw thermal power project at Gulbarga in north Karnataka. This is the first time that Mukesh's Reliance Industries Ltd (RIL) has sought to set up a non-captive, mega power plant in the country.
- Q1 growth climbs to 8.8% on back of manufacturing Led by strong manufacturing and services growth, the economy expanded 8.8 per cent in the quarter ended June the fastest pace in nine quarters. Though the performance of the agriculture sector was subdued during the quarter, both the government and economists expect it to pick up in the coming quarters as kharif sowing has been healthy after good monsoons.
- Q1 growth climbs to 8.8% on back of manufacturing Led by strong manufacturing and services growth, the economy expanded 8.8 per cent in the quarter ended June the fastest pace in nine quarters. Though the performance of the agriculture sector was subdued during the quarter, both the government and economists expect it to pick up in the coming quarters as kharif sowing has been healthy after good monsoons.
- Mukesh checks into EIH with a 14.2% stake In a surprise move in the ongoing battle for control of East India Hotels (EIH) and its flagship Oberoi properties, Reliance Industries Ltd (RIL) on Monday picked up 14.2 per cent stake in the hotels major.
- Tax code only from 2012 Levies up for women taxpayers, investors in Ulips and SEZ developers.
- Tax code only from 2012 Levies up for women taxpayers, investors in Ulips and SEZ developers.
- Sesa Goa plans Rs 9k-cr steel foray Iron-ore mining company Sesa Goa has finalised a blueprint to diversify into steelmaking with an investment of Rs 6,000-9,000 crore, in Orissa and Jharkand. The move is significant as the company is already under fire from shareholders for announcing a public offer to buy up to 20 per cent stake in Cairn India.
- Navy torpedoes Indian private shipyards' role in new project This is the first of a four-part special series on the countrys critical, yet significantly delayed, submarine development programme.
- Navy torpedoes Indian private shipyards' role in new project This is the first of a four-part special series on the countrys critical, yet significantly delayed, submarine development programme.
- Cancer drugs may become cheaper after govt study NPPAs price analysis findings could result in a mechanism to check the cost of medicines.
- Cancer drugs may become cheaper after govt study NPPAs price analysis findings could result in a mechanism to check the cost of medicines.
- Sail through Mumbai traffic in 45 minutes flat! Forget the traffic snarls or the crowded local trains. Mumbaikars staying at Borivali could take the waterway and reach Nariman Point in 45 minutes flat while enjoying the Arabian Sea breeze.
- Sail through Mumbai traffic in 45 minutes flat! Forget the traffic snarls or the crowded local trains. Mumbaikars staying at Borivali could take the waterway and reach Nariman Point in 45 minutes flat while enjoying the Arabian Sea breeze.
- Navi Mumbai airport may take off There is a fresh ray of hope for the new airport at Panvel in Navi Mumbai, with the environment and civil aviation ministries attempting to bridge their differences over the project.
- Navi Mumbai airport may take off There is a fresh ray of hope for the new airport at Panvel in Navi Mumbai, with the environment and civil aviation ministries attempting to bridge their differences over the project.
- Corus inks draft Teesside sale After months of negotiations, Tata Steel-owned Corus has tentatively agreed to sell the beleaguered Teesside Cast Products (TCP) plant to Thailand's Sahaviriya Steel Industries (SSI) for a price of 320 million (Rs 2,325 crore).
- Sebi authorises mobile trades Gives the green signal to smart order routing.
- Govt offers a way out for private suppliers As key world capitals scrutinise the Nuclear Liability Bill, passed by the Lok Sabha on Wednesday, for word on how the new legislation would affect potential civil nuclear agreements with India, a senior Union minister has said that private suppliers could still sign agreements with the Nuclear Power Corporation of India (NPCIL) clearly stating that their responsibility ended with the handover of equipment and other material to the operator.
- Cabinet clears Direct Taxes Code with some relief Bill is scheduled to be tabled in Parliament on Monday.
- Lok Sabha nod for Nuclear Liability Bill The UPA government today successfully shepherded the Civil Liability for Nuclear Damage Bill, 2010, through the Lok Sabha, with active support from the BJP and strategic absence of some fence-sitters such as the Samajwadi Party.
- Ramesh axes Vedanta bauxite project In a setback to its plans, metals and mining major Vedanta Resources today failed to get environmental clearance for its $1.7-billion (Rs 7,820-crore) bauxite mining project in the Niyamgiri hills of Orissa.The ministry of Environment and Forests rejected Stage-II forest clearance for the project in Lanjigarh, Kalahandi and Rayagada districts.
- Industry against supplier liability India Inc today expressed deep reservations over the supplier liability provision the contentious Clause 17(b) in the Civil Liability for Nuclear Damages Bill, 2010, saying it would seriously hinder nuclear commerce.
- Global fears prompt more sops But fiscal constraints limit Sharmas largesse to Rs 1,000 crore.
- Russia says no to supplier liability Even as political acrimony over the Nuclear Liability Bill rages in and outside Parliament, Indias old-time friend Russia has clearly told the Indian establishment that it will not accept any liability for the supply of equipment and other material to help India build its nuclear power plants, either in the present or future.
- Green nod on hold for Ratnagiri, Sindhudurg The ministry of environment and forests, headed by Jairam Ramesh, has put on hold till December 16 environmental clearance for industrial projects across various sectors in the coastal Ratnagiri and Sindhudurg districts of Maharashtra. In view of the moratorium, which was put in place on August 16, projects in the fields of power, mining, chemical and petrochemicals, fertiliser, steel, processing, oil and gas transportation pipeline and 11 other sectors will have to wait till December 16 for the clearance.
- WikiLeaks founder Assange absolved of rape charges Julian Assange, founder of the WikiLeaks website that published thousands of secret US military reports from Afghanistan, described the criminal charges brought against him in Sweden as deeply disturbing.
- Higher tax-free perks placate agitating MPs Using the stoppage of the Civil Liability for Nuclear Damage Bill as a threat, several allies of the United Progressive Alliance including the Rashtriya Janata Dal (RJD), acting in unison with the Opposition, have managed another salary raise for Members of Parliament (MPs).
- Cabinet nod trebles salaries for MPs Members of Parliament will now earn around Rs 1.02 lakh a month after the Union Cabinet today gave its consent to a Bill that enhances their salaries and allowances by over 200 per cent. Daily allowances and pensions have also been hiked.
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