India

  • Derivatives not that evil, can improve firm's value
    New York, February 1: Remember how philanthropist Warren Buffett has termed derivatives as 'time bombs' - both for the parties that deal in them and the economic system.The overuse of derivatives - which were designed to help companies hedge against risk - was widely blamed for triggering the 2008 economic meltdown but researchers have found that hedging can actually increase firm value.Hayong Yun from Michigan State University and Francisco Perez-Gonzalez from Stanford University show
  • Tata Group to exit telecom business completely: Sources
    Mumbai, January 29: In a big strategic shift at the Tata Group, Cyrus Mistry, a year after taking over as the chairman of the group, has decided to exit the telecom business completely, sources with direct knowledge share that the Tata Group has initiated talks with Vodafone to sell both Tata Communications and Tata Tele. Deal talks are at a “preliminary stage” sources point out.It will be a deal in various stages as both Tata Tele and Tata Comm have large shareholders with
  • Wal-Mart sets up new company in India
    New Delhi, January 19: Global retail giant Wal-Mart has registered a new company in India as it prepares to enter the country’s lucrative multi-brand retail market with a new partner. The American retail major and Bharti Enterprises decided to part ways in October last year, bringing an end to their six-year long partnership.The retailer has registered a new company called ‘Wal-Mart India Private Ltd’ in the country, according to the data available with the Ministry o
  • Subsidised LPG cylinder cap to be hiked to 12/year: Moily
    NEW DELHI, JANUARY 17: With Congress party vice-president Rahul Gandhi making a strong pitch for raising LPG cap, Oil Minister M Veerappa Moily today said the quota of subsidised cooking cylinders will be hiked to 12 from 9 per household. “Yes, the cap will be increased,” Moily said soon after Gandhi made a demand to Prime Minister Manmohan Singh at the AICC session here.Moily, who till last week had maintained that there was no proposal for raising the quota of subsidised
  • RBI puts the brakes on the bitcoin train in India
    Mumbai, January 17: Enthusiasm over bitcoins has dampened in India after the country’s central bank cautioned investors to be wary of using virtual currency because of the associated security, financial and legal risks.Bitcoin, which was introduced in 2009 by a developer known as Satoshi Nakamoto (the developer’s real name or names is unknown), is an online currency created by users, also called miners, by solving complicated math problems on the Internet. The currency is d
  • Vodafone, RIL, Airtel gear up for fierce spectrum battle
    NEW DELHI, JANUARY 17: Vodafone, Reliance Industries and Bharti Airtel are likely to put up a fierce fight for scarce telecom spectrum in the auction next month, if bank guarantees furnished by them are any indication.Vodafone has offered a bank guarantee of Rs 2,800 crore while RIL arm Reliance Jio, which owns a nationwide licence for high—speed 4G mobile phone networks, has put in a bank surety of Rs 2,600 crore. Airtel has submitted Rs 3,700 crore in bank guarantees, sources p
  • ‘World energy demand to grow 41% by 2035’
    London, January 17: World energy demand is forecast to increase by 41 percent between 2012 and 2035, with growth averaging 1.5 percent each year, said a new energy outlook report issued by the British oil giant BP.However, the energy demand growth will slow down in the future, from 2.2 percent each year between 2005 and 2015, to 1.7 percent per year in 2015-2025, and then just 1.1 percent in the final decade, said the BP annual report for Energy Outlook 2035 released Wednesday, Xinhua
  • Airtel to buy Loop Mobile for Rs 750 cr
    NEW DELHI, JANUARY 16: Bharti Airtel is in talks to buy out Mumbai-based Loop Mobile in a deal that will give the telecom major about 3 million customers. Loop Mobile, which owns a mobile telephony licence for the Mumbai circle, is in negotiations with Bharti Airtel and other telecom firms to sell its business in a Rs 750 crore deal. Loop Mobile has debt of Rs 400 crore, which is likely to be included in final deal size. While Loop Mobile and Bharti Airtel declined to comment, sources
  • NE Consumer Awards unveils preferred brands
    Guwahati, January 15: A total of 55 consumer products, brands and services emerged winners in various categories at a red carpet award ceremony for the North-East Consumer Awards 2013, held in Guwahati last Saturday. Ranjit Barthakur, founder and chairman of Globally Managed Services, and Bimal Kumar Baruah, executive director-cum-asset manager of ONGC Assam Asset were conferred with Life Time Achievement Awards. Bhubaneswar Kalita, Chairman, House Committee, Rajya Sabha attended the o
  • India, China ranked ‘unfree’ in Economic Freedom index
    Washington, January 14: Asia’s two economic giants, India and China, have been rated “unfree” and ranked 120th and 137th respectively, in the 2014 Index of Economic Freedom by US think tank Heritage Foundation and the Wall Street Journal. “The foundations for long-term economic development continue to be fragile in the absence of effectively functioning legal frameworks,” the editors of the Index wrote.“Progress with market-oriented reforms has been
  • Want to quit your job? New app does it for you via text message
    Toronto, January 13: Thinking about quitting your job? A humorous new app aims to relieve the stress and anxiety of confronting the boss with the news by sending a text message instead.Although the new iPhone app is meant to be funny, its creators are hoping it will take off and people will use it to leave jobs.The Quit Your Job app takes users through a series of steps to determine why they are leaving and then crafts a text message that is sent directly to their boss.“Despite a
  • SBI agrees to issue receipt of cheques
    GUWAHATI, JANUARY 13: The State Bank of India has directed all its branches to issue receipt of cheques at the counter in their bank branches, against the deposit of Employees Provident Fund dues. A press note from the Central Provident Fund Commissioner informed that the Employees Provident Fund Organization has been able to resolve a major problem of employers, with regard to the State Bank of India. It informed that earlier, the SBI did not provide receipts for cheques/drafts deposi
  • Indian firms biggest investors in Nepal
    Kathmandu, January 12: About 525 Indian companies engaged in a range of activities from manufacture to tourism have created 58,161 jobs in the Himalayan nation, and India is the biggest source of foreign investment, statistics from the government revealed.Statistics provided by Nepal’s Department of Industry (DoI) showed that the total project cost of these 525 Indian ventures stood at Rs.66,612.82 million, with total fixed cost of around Rs.54,603.67 million. The component of fo
  • RBI to examine proposal for limiting free ATM transactions
    New Delhi, January 12: The Reserve Bank of India (RBI) will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks’ Association, in an effort to cut down on cash transactions in the economy. “We will examine that (IBA recommendation of cutting down number of free ATM transaction to 5 per month). Many other proposals have come,” RBI Deputy Governor H R Khan told PTI.“The whole idea is that people are using too much of cash and adding
  • Carmakers may be short of aluminium in future
    Detroit, January 11: With automakers’ demand for aluminum growing explosively as they seek to improve fuel efficiency, aluminum providers are selling out their automotive capacity almost as fast as they can build new plants, raising the question of whether some car makers could be caught short in the future.The U.S. market for aluminum sheet is expected to be up fivefold this year from 2012 with the development of vehicles like Ford Motor Co’s next generation F-150 full-siz
  • Soon, wireless power transfer on the go
    New York, January 11: Imagine charging your cell phone while on an evening walk without any wire or device near you.This ‘power in the air’ thought has received a big boost with Duke University researchers demonstrating the feasibility of wireless power transfer using low-frequency magnetic fields over distances much larger than the size of the transmitter and receiver.“What consumers want and expect from a useful wireless power system is the ability to charge a devic
  • Spy cameras’ sales go up in Delhi, courtesy Kejriwal
    New Delhi, January 10: With Delhi Chief Minister Arvind Kejriwal encouraging people to carry out sting operations to catch the corrupt red-handed, sellers of spy cameras in Delhi’s popular Palika Bazar are a happy lot with sales doubling overnight. According to shopkeepers, the range of spy cameras is vast and can cost between Rs.400 to Rs.30,000 depending on the product, its audio and video recording quality, memory and other features.However, pens, buttons, key chains, pen driv
  • Government notifies new gas pricing guidelines
    New Delhi, January 10: The government Friday notified the domestic natural gas pricing formula for all natural gas produced in the country. The Domestic Natural Gas Pricing Guidelines, 2014 notified by the Ministry of Petroleum and Natural Gas will apply to all natural gas produced domestically, irrespective of the source, whether conventional, shale or coal-bed methane (CBM).The ministry in a statement said gas from April will be priced at an average price of liquid gas (liquefied nat
  • Mahindra’s engineering institution to start first academic session from July
    New Delhi, January 8:  Mahindra École Centrale, an engineering college set up by premier European institution École Centrale Paris (ECP) and Indian IT major Tech Mahindra, is set to kick-start its academic session from 2014. This seems like good news in the education space. There is a predicted shortage of employable engineers of 2.45 million by 2020. In an optimistic scenario, the shortage would still be 1.6 million in 2020, according to the National Council of Applied
  • Govt to seek foreign investment in railways
    New Delhi, January 9:  India will soon invite foreign businesses to help expand its once-mighty but now outdated railways, government sources said, in a move that would mark the opening up of one of the country’s last great state-controlled industries.Foreign investors will be allowed to fully own new services in suburban areas, high speed tracks, and connections to ports, mines and power installations, said two senior officials involved in the deliberations.Existing passeng