British PM to visit Infosys, HAL in India’s tech hub

British Prime Minister David Cameron will visit India’s IT bellwether Infosys Technologies Ltd and defence behemoth Hindustan Aeronautics Ltd (HAL) during his day-long visit to this tech hub Wednesday.

He will call on Karnataka Governor H.R. Bhardwaj before visiting Infosys campus in the electronic city, about 30km away.

“Cameron will be in our campus for about two hours. A presentation will be made to him by

Monetary tightening to continue till inflation comes down: RBI

The Reserve Bank of India (RBI) Monday said the tightening of the country’s monetary policy would need to continue till inflation was brought down, indicating an upward revision in key policy and interest rates in its quarterly review Tuesday.

BP to begin deep-water drilling off coast of Libya

BP will start deep-water drilling off the coast of Libya within weeks, a company spokesman said Saturday.

“The drilling will start in a few weeks,” spokesman David Nicholas told DPA, confirming a report in the Financial Times.

The oil field is believed to contain vast amounts of crude oil and up to 850 million cubic metres of natural gas. BP intends to access the resources within the next six months.

Arundhati Roy, Indra Nooyi among Forbes’ 30 most inspiring women

Indian author and activist Arundhati Roy is ranked third and PepsiCo’s India-born chief Indira Nooyi 10th in Forbes list of the world’s 30 most inspiring women that also features Mother Teresa and US Secretary of State Hillary Clinton.

Topping the “30 Utterly Inspiring Role Models” list, compiled by Forbes Woman, is TV show host Oprah Winfrey, one of the world’s richest people, who was named the Most Powerful Celebrity by the US business magazine last month.

“Winfrey’s role model status extends beyond her professional career; her philanthropic work, including the Oprah Winfrey Leadership Academy for Girls, is just as inspiring,” Forbes said.

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Release Title: Perfect Stranger 2007
Bluray Release Date: Aug 21, 2007
Certification: Rated R for sexual content, nudity, some disturbing violent images and language.
Tagline: How Far Would You Go To Keep A Secret?
Storyline: A journalist goes undercover to ferret out businessman Harrison Hill as her best friend's killer. Posing as one of his temps, she enters into a game of online cat-and-mouse.
Genre: Crime | Drama | Mystery | Thriller
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A breathtaking, action-packed vision of a near-future London, where society has collapsed and gangs rule the streets. As the youngest of the Paper Chaserz, 14-year-old Junior strives for the authority of his older brother Rager and the respect of rest of their gang. When a conict with a rival gang changes their lives forever, he must decide whether to stay true to his principles or drag them all into a quest for revenge that could get them all killed.

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When a CIA operation to purchase classified Russian documents is blown by a rival agent--who then shows up in the sleepy seaside village where Bourne and Marie have been living under assumed names--the pair collapse their lives and head out. Bourne, who promised retaliation should anyone from his former life attempt contact, is forced to once again take up his life as a trained assassin to survive. 

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Decision on Pillai, a governance issue: Congress

The Congress Wednesday said a decision on union Home Secretary G.K. Pillai is a “governance issue”, after External Affairs Minister S.M. Krishna commented that Pillai’s statement on the involvement of ISI in the 26/11 attack could have waited till after the talks with Pakistan.

“It is essentially a governance issue. If there has to be a reaction, it has to be from the government,” party spokesperson Manish Tewari said.

Women’s quota bill likely in Lok Sabha

The government hopes to introduce the contentious women’s reservation bill in the Lok Sabha during the monsoon session of parliament after holding “consultations” with the political parties opposed to the measure, Parliamentary Affairs Minister Pawan Kumar Bansal said Friday.

The Rajya Sabha has already passed the bill, seeking to reserve 33 percent of seats in the Lok Sabha and the state assemblies for women.

“We hope to bring it in the Lok Sabha. Finance Minister Pranab Mukherjee announced on the floor of the Lok Sabha that we will bring it after consultation with the concerned parties,” Bansal told reporters here.

Sensex closes on a 30-month high

A benchmark index for Indian equities Thursday closed at its highest level since February 2008, helped by a late surge in buying following a rebound in European markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,978.37 points, shut shop at 18,113.15 points, 135.92 points or 0.76 percent up from its previous close at 17,977.23 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,441.95 points, up 0.79 percent from its previous close at 5,399.35 points.

Broader markets indices also ended in the green, with the BSE midcap index 0.41 percent up and the BSE smallcap index closing 0.27 percent higher.

Soaring milk, fruit prices keep food inflation high

India’s food inflation continued to remain high and was ruling at 12.47 percent for the week ended July 10 against 12.81 percent for the week before as prices of milk, fruits, condiments, spices, chicken and fish moved higher.

According to data on the official wholesale price index released by the commerce and industry ministry Thursday, the sub-index for food articles rose 0.6 percent during the week, keeping the point-to-point inflation at double-digit levels.

Coca-Cola reports 22 percent jump in India sales

The Indian arm of the Coca-Cola corporation registered a 22 percent growth in sales during the second quarter of the current calendar year, the company reported Wednesday.

“During the second quarter of 2010, we continued to achieve solid business results. This was our 16th consecutive quarter of growth,” said Atul Singh, chief executive and president for India and South Asia.

“Coca-Cola India’s unit case volume grew by 22 percent during the quarter. We are seeing strong growth across our portfolio both in sparkling and in stills,” he said in a statement.

“Going forward, we plan to continue our investments in our system to build the health of our brands fuelled by world-class marketing and innovation.”

‘US jobs market still bleak’

US Federal Reserve Chairman Ben S Bernanke said Wednesday that the country’s economy was continuing to expand moderately, thanks to stimulative monetary and fiscal policies, but jobs and the housing market remained worrisome.

Testifying before the US Senate Banking Committee in his semi-annual assessment of the economic situation, Bernanke noted a “slow recovery” in the job market that was in turn impacting on a “weak” housing market.

Birla Corp Q1 net profit down at Rs.118.28 crore

The M.P. Birla Group flagship company has clocked a profit after tax of Rs.118.28 crore in the first quarter of the 2010-11 financial year.

It is a 23.86 percent decline in profit, as the company had posted a profit of Rs.155.34 crore in the corresponding quarter of last fiscal (2009-10), a company statement said here Wednesday.

Chairman H.V. Lodha said during the quarter under review the profitability of the company was impacted by lower cement realization, more use of outsourced clinker, higher transportation charges, power and fuel costs and increase in cost of packing materials and also reduction in other income by Rs 22.20 crore.

Toyota launches diesel version of Corolla Altis

Japanese automobile major Toyota Wednesday launched the diesel variant of its luxury sedan Corolla Altis, priced between Rs.10,95,000 lakh to Rs.13,75,000 lakh (ex-showroom Delhi).

“As part of our long-term commitment to bring the best of Toyota’s technology to India, we are very proud to introduce the Corolla Altis Diesel,” said Hiroshi Nakagawa, managing director, Toyota Kirloskar Motor (TKM).

The fuel efficiency of the car is the best in its segment at 21.43 km a litre thanks to its newly developed 1.4 litre, four-cylinder D-4D common rail diesel engine and six-speed manual transmission for lesser gear shift, leading to better fuel efficiency.

Facebook reaches 500 mn users

Social networking site Facebook officially has 500 million users, the company announced Wednesday.

The milestone means that the six-year old website now reaches eight percent of the planet’s population, just 18 months after it passed the 150 million user mark.

Last month Facebook founder and CEO Mark Zuckerberg said there is a “good chance” that the social networking site could boast one billion users within three to five years.

Japan’s Akai relaunches range of consumer electronics in India

Akai, the Japanese consumer electronics brand that introduced inexpensive television sets to the Indian market in the late 1990s, is making a comeback with a wide range of products from TV sets to microwave owens.

The 80-year-old company intends to sell the products by importing some of these from its Southeast Asian units as also sourcing from Indian firms by extending their technology under what in industry parlance is called original equipment manufacture.

The Akai brand is being relaunched in the country by Global Brands Enterprise Solutions, promoted by a group of investors led by Pranay Dhabhai, which has exclsive licence for the brand in India, Sri Lanka, Bangladesh and Nepal.

Goods to be taxed at 6-10 percent, Services at 8 percent: Pranab

Finance Minister Pranab Mukherjee Wednesday said the country can have two goods and services tax (GST) effective from April 1, 2011.

He proposed a dual rate structure during the first year of introduction of the new indirect tax regime under which the central government will keep the lower central goods and services tax (CGST) at 6 percent and the standard rate at 10 percent. Services will be charged at 8 percent.

The two structures would be merged eventually, he added.

“We are agreeable to the adoption of a dual rate structure for goods at the inception of GST. In the year of introduction (April 1, 2011), the government proposes to keep the CGST (central goods and services tax) lower rate for goods at 6 percent and standard rate at 10 percent,” said Mukherjee.

FIFA begins inspection for 2018-2022 World Cups

A FIFA inspection committee has started a visit to the 12 countries vying to host the World Cup in 2018 and 2022.

The visit to Japan Monday marks the start of a long tour to evaluate countries, which will conclude in Qatar in September, after the other seven candidates are visited and evaluated, Prensa Latina reported.

Each city will be visited for at least for four days and the work of the FIFA commission is to see if they are really ready, and evaluate the conditions of their sites, facilities, infrastructure and other aspects.

The commission is headed by Chilean Soccer Federation president Harold Mayne Nicholls.

Vitamin C helps fight cancer

Vitamin C has been known for its health benefits, but now research is confirming its power as a cancer-fighter too.

The study, led by Margreet Vissers, associate professor at the University of Otago’s Free Radical Research Group, has come up with the first real evidence of a connection between vitamin C and tumour growth.

Vissers says: “Our results offer a promising intervention to help in the fight against cancer at both the level of prevention and cure,” reports the Cancer Research journal.

According to a University of Otago statement, the role of vitamin C in cancer treatment has been debated for many years with many anecdotal accounts of its beneficial role in cancer prevention and treatment.

Dettol maker buys Durex condom manufacturer

The British company which makes the world famous Durex condoms is being sold to an Anglo-Dutch home products world leader which makes the equally famous throat lozenges Strepsils and hygiene product Dettol.

SSL International, the maker of Durex condoms, is set to be sold to Reckitt Benckiser for around 2.54 billion pounds.

Anglo-Dutch group Reckitt will pay 1,163 pence per share for SSL under the agreed takeover deal and will also pay a final dividend due for SSL investors, according to a media release.

Reckitt said the deal would increase sales in its health and personal care arm by about 36 per cent to 2.8 billion pounds.

No intention to interfere with regulators: Pranab

The government has no intention to intervene in the autonomous role of regulatory bodies, Finance Minister Pranab Mukherjee said here Tuesday.

All the regulators in different sectors would enjoy their autonomy which has been given to them by the act passed by the parliament, Mukherjee told reporters.

“If there is a conflict between two regulators, a joint mechanism which has been established by issuing an ordinance will come to intervene to determine which regulator has jurisdiction in respect of that,” he said.

India capable of 10 percent growth

India can deliver a 10 percent growth provided the farm output touches four percent annually and industry and services grow in double digits, top bureaucrats said here Tuesday at a meeting with industry captains.

“Sustained double digit gross domestic product (GDP) growth is largely contingent on the farm sector achieving sustained four percent GDP growth over the coming years,” said Cabinet Secretary K.M. Chandrasekhar.

He laid emphasis on creating and meeting the rural demand to achieve sustained and inclusive growth.

Government committed to Food Security Act: Pranab

Union Finance Minister Pranab Mukherjee Tuesday said that the government is committed to enacting the Food Security Act and that the financial implications of this will be known only after the Planning Commission determines the number of families living below the poverty line.

He told reporters here that the act had two aspects – one to ensure availability of food to all and another to provide to BPL (below poverty line) families 25 kg of wheat or rice at

RBI should check if inflation up on excess liquidity

The central bank will have to take a call if high inflation is on account of excess money supply in the system, Cabinet Secretary K.M. Chandrasekhar said here Tuesday.

The remarks assumes significance as they come barely a week ahead of the first quarterly review of the monetary policy for this fiscal to be conducted by the Reserve Bank of India (RBI) Governor D. Subbarao.

“Today as I see it (inflation) is not a major threat. But a call will have to be taken by the Reserve Bank of India on whether the inflation is due to high money supply,” said Chandrsekhar, a former secretary in the finance ministry.

Sensex slips in last session, ends with 50 points loss

Selling in the last hour of trading pulled down a benchmark index for Indian equities Tuesday 50 points lower on negative cues from European bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,918.43 points, closed at 17,878.14 points, 50.28 points or 0.28 percent down from its previous close at 17,928.42 points.

It had earlier breached the 18,000 mark, gaining 111.75 points.

Prices of pulses to stay high: Government

The prices of pulses will remain higher given their huge demand and limited supply, but headline inflation would ease to 5-6 percent by December, the government said Tuesday.

“As far pulses are concerned, their prices are going to be problematic,” Cabinet Secretary K.M. Chandrasekhar told reporters at a media briefing organised by the Confederation of Indian Industry.

Chandrashekhar was speaking after a closed-door deliberation with secretaries of various ministries and industry captains on whether India can achieve a sustainable growth rate of 10 percent by 2014.

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New space centre to come up in Russia

Russia will set up a new space centre in the far eastern region of Amur, and the government has allocated 24.7 billion rubles ($811 million) for the project, Prime Minister Vladimir Putin said.

“I hope the Vostochny Space Centre will become the first civilian national space centre, and guarantee full independence of Russia’s space activities,” Putin was quoted as saying by Xinhua.

The Russian prime minister paid a visit Monday to the Energia Aerospace Corporation in Korolyov near Moscow.

Mobile banking will change banking in India: Pitroda

Over 250,000 panchayats will soon be connected with broadband connections, Sam Pitroda, advisor to Prime Minister on public information, said here Monday.

“We are planning to connect 250,000 panchayats through broadband. We want to bring fibre cable to majority of them,” he said at a seminar on financial inclusion.

He said mobile banking is the next big challenge for government and it will change the nature of banking in India.

Boeing’s Dreamliner, wanted by India, debuts at Farnborough

India came a step closer to getting the delivery of Boeing’s next-generation ‘green’ passenger aircraft – the B-787 Dreamliner – as it made its formal international debut here Monday at the inaugural of the Farnborough Air Show.

Dubbed the “limousine of the skies”, the Dreamliner was a runaway hit at Farnborough, with all eyes rivetted on the elegant passenger jet.

The plane offers passengers more space, wider aisles and seats and a smoother and quieter flight. It is also highly fuel-efficient.

Nokia Siemens networks in $1.2-bn deal for Motorola

Joint venture Nokia Siemens Networks Monday announced plans to buy parts of US-based group Motorola Inc’s wireless network infrastructure assets for $1.2 billion.

The deal was expected to be closed by the end of this year pending approval from regulatory authorities, the companies said in a joint statement.

“This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders,” Nokia Siemens Networks chief executive Rajeev Suri said in a comment.

India to grow at 8.5 percent plus: Pranab

Finance Minister Pranab Mukherjee Monday said India will grow at more than 8.5 percent this fiscal but if the European financial crisis spreads it will affect the domestic economy.

Mukherjee emphasised the resilience of the Indian economy and said: “If Euro zone crisis is restricted to few countries, then it will not have much of an impact on us. But if it spreads to other countries then I don’t know what may happen.”

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