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LATEST BUSINESS, FINANCE AND MARKET NEWS

  • Videocon plans $2.5 billion Brazil oil and gas investments

    Videocon Industries Ltd (VEDI.NS) plans to invest $2.5 billion in oil and gas ventures in Brazil over the next two to three years, the consumer electronics-to-energy group's chief said, as part of its strategy to boost the business. "Brazil oil finding is four times higher than the largest oil … More »

    Reuters - 20 minutes ago
  • Exclusive - Europeans tried to block IMF debt report on Greece: sources

    Exclusive - Europeans tried to block IMF debt report on Greece: sources

    Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said … More »

    Reuters - 21 minutes ago
  • Greeks deeply divided heading into crucial vote

    Greeks took to the streets in the tens of thousands on Friday in rival rallies that laid bare the deep divide heading into a referendum that may decide the country’s future in Europe’s single currency. Prime Minister Alexis Tsipras, elected in January on a promise to end six years of austerity, … More »

    Reuters - 32 minutes ago
  • Oil slides in thin trade on rising U.S. rig count

    Oil slides in thin trade on rising U.S. rig count

    A sharp move lower in late-morning U.S. trade was exacerbated by thin liquidity, with many U.S. market participants off for the U.S. July Fourth holiday. U.S. oil drilling increased this week after 29 consecutive weeks of declines, the strongest sign yet that higher prices are coaxing producers … More »

    Reuters - 2 hours 54 minutes ago
  • Indian electric vehicle sales grow by 25 percent

    New Delhi, July 3 (IANS) The Indian electric vehicle industry grew by 25 percent in 2015's first quarter with the sale of nearly 5,000 vehicles, the Society of Manufacturers of Electric Vehicles (SMEV) said on Friday. "We are really delighted that the combined efforts of all the stakeholders are … More »

    IANS - 6 hours ago
  • Telcos for using government buildings, premises for towers

    New Delhi, July 3 (IANS) Aiming to resolve the issue of reducing telecom towers, industry leaders on Friday urged Communications and IT Minister Ravi Shankar Prasad to facilitate a mechanism by which government buildings and premises can be used to set up cell towers. In a CEO Roundtable organized … More »

    IANS - 6 hours ago
  • Bengal to get 15 IT parks: Mamata

    Kolkata, July 3 (IANS) West Bengal Chief Minister Mamata Banerjee on Friday said 15 IT software parks generating at least 20,000 jobs were coming up in the state with eight of them ready for launch. "Fifteen IT Software Parks are coming up across the state, eight of which are ready for 'plug and … More »

    IANS - 7 hours ago
  • C-DOT to launch broadband products

    New Delhi, July 3 (IANS) C-DOT, the research and development institute of the department of telecommunications, will next week launch four broadband products developed to fast forward the Digital India ... … More »

    IANS - 7 hours ago
  • IIPM not shutting down, only changing model: Arindam Chaudhuri

    New Delhi, July 3 (IANS) Indian Institute of Planning and Management (IIPM) founder Arindam Chaudhuri on Friday denied the educational institution was closing down and said it had only changed its model to enter into technical collaboration of knowledge-sharing with various institutions in India as … More »

    IANS - 7 hours ago
  • Metro Mail project to link Manesar to Dhaula Kuan

    New Delhi, July 3 (IANS) Union Road, Transport and Highways Minister Nitin Gadkari on Friday said the government will shortly approve a 'Metro Mail Project' linking Manesar to Dhaula Kuan in the national capital region (NCR). "The detailed project reports and other preliminary ground and paper … More »

    IANS - 7 hours ago
  • Govt seeks legal advisers to sell Oil India, Engineers India stakes

    India took a step toward selling minority stakes in eight state-run companies including Oil India Ltd and power generator NTPC on Friday, part of a drive to sell off $11 billion of government assets this ... … More »

    Reuters - 7 hours ago
  • Greek referendum poll shows 'No' vote at 43 pct, 'Yes' vote at 42.5 pct

    Opponents of Greece's bailout terms have a 0.5 percentage-point lead over the 'Yes' vote, a poll by Public Issue for the Syriza-published newspaper Avgi showed on Friday. The poll, carried out between ... … More »

    Reuters - 7 hours ago
  • Reforms, spending cut helped avert Greece-like crisis: Piyush Goyal

    Kolkata, July 3 (IANS) India could have faced a financial crisis like Greece's had the central government not taken steps to cut down on unwanted expenditure and introduce extensive reforms, union Minister of Coal, Power and New and Renewable Energy Piyush Goyal said here on Friday. The minister … More »

    IANS - 7 hours ago
  • Huawei to launch new affordable smartphones

    New Delhi, July 3 (IANS) Chinese telecommunications equipment company Huawei will launch at least four smartphones in the Indian affordable segment on Monday, sources said. The mid-segment smartphone market in India has always been a favoured market segment for smartphone makers and the new … More »

    IANS - 8 hours ago
  • India's marine products exports hit high in 2014-15

    New Delhi, July 3 (IANS) Indian marine products' exports reached an all-time high in 2014-15 at 10,51,243 million tonnes worth Rs.33,441 crore ($5.5 billion), an official statement said on Friday. Marine ... … More »

    IANS - 9 hours ago
  • Crop sowing accelerates on surplus monsoon rains

    Ample monsoon rainfall in June accelerated planting of main crops such as rice and cotton, government data showed on Friday, though the current dry spell could slow down the pace of sowing in coming weeks. ... … More »

    Reuters - 9 hours ago
  • Airbus arm to make copters in India with Mahindra

    Bengaluru, July 3 (IANS) Subsidiaries of global aerospace major Airbus and leading auto maker Mahindra will jointly produce helicopters in India to meet the country's growing military needs. "A joint venture will be set up soon to become the first private manufacturer of military helicopters under … More »

    IANS - 9 hours ago
  • Fearing return to drachma, some Greeks use bitcoin to dodge capital controls

    There is at least one legal way to get your euros out of Greece these days, to guard against the prospect that they might be devalued into drachmas: convert them into bitcoin. New customers depositing at least 50 euros with BTCGreece, the only Greece-based bitcoin exchange, open only to Greeks, … More »

    Reuters - 10 hours ago
  • China's "shadow lenders" line pockets even as bourses bomb

    SHANGHAI/BEIJING (Reuters) - China's vast network of "grey market" lenders have reaped big profits from lending money to individuals and companies to buy stocks, but as markets slump their customers face heavy losses after borrowing up to 10 times their starting capital. Global investors are … More »

    Reuters - 10 hours ago
  • Sensex gains over 145 points; bank stocks rise

    Mumbai, July 3 (IANS) A slew of reforms announced by the government and relief from Greece crisis led a barometer index of the Indian equity markets to close with healthy gains on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed the day's trade with gains of over 145 … More »

    IANS - 10 hours ago
  • Coal auctions for power firms soon: Piyush Goyal

    Kolkata, July 3 (IANS) Coal and Power Minister Piyush Goyal on Friday said that the coal ministry is coming up with a set of auctions for power companies which doesn't have coal linkages. "There will be two auctions for power companies based on their power purchase agreement (PPA)," he said on the … More »

    IANS - 10 hours ago
  • European bonds and stocks on the defensive before tight Greek vote

    European bonds and stocks on the defensive before tight Greek vote

    Yields on top-rated German 10-year Bunds, the benchmark for European borrowing costs, fell as some investors chose to preserve their capital in low-yielding but relatively safe assets. The moves were marginal, though, as investors did not want to position too heavily on either side. "The European … More »

    Reuters - 10 hours ago
  • China hunts for "manipulators" as stocks tumble

    China hunts for "manipulators" as stocks tumble

    Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash. After a slump of nearly 30 percent in Chinese … More »

    Reuters - 11 hours ago
  • RBI, govt in talks to scrap import curbs on gold-silver alloy - sources

    RBI, govt in talks to scrap import curbs on gold-silver alloy - sources

    MUMBAI/NEW DELHI (Reuters) - The Reserve Bank of India and the finance ministry are in talks to scrap bulk import licences for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports, officials with direct knowledge of the discussions told Reuters. Gold is … More »

    Reuters - 11 hours ago
  • Stock markets extend recent gains to hit 2-1/2-month highs

    Stock markets extend recent gains to hit 2-1/2-month highs

    India's stock markets hit their highest in 2-1/2 months on Friday and posted their third consecutive weekly gain given a Greece default is seen as factored in, while better-than-expected progress of the ... … More »

    Reuters - 11 hours ago
  • Bengaluru penthouse sold online for Rs.6 crore

    Bengaluru, July 3 (IANS) A luxury penthouse built by Mantri Developers here was sold for a whopping Rs.6 crore, the leading real estate group said on Friday. "The sale was conducted on Snapdeal, a leading e-tail platform, with which we have tied up to sell premium and luxury residential apartments … More »

    IANS - 11 hours ago
  • Asian currencies to fall slightly with Fed set to raise rates - Reuters poll

    Emerging Asian currencies will weaken in the months ahead due to expectations the U.S. Federal Reserve will raise interest rates soon, although foreign exchange strategists in a Reuters poll say that losses aren't expected to be significant. "Asian emerging currencies are likely to be more … More »

    Reuters - 11 hours ago
  • In bulk of rural India, Rs.5,000 is highest wage

    New Delhi, July 3 (IANS) For nearly 75 percent of the 17.9 crore (nearly 180 million) households in rural India, the monthly income of the highest-earning member is less than Rs.5,000, ($83) even as close to 40 percent are landless and work as manual casual labourers for their daily bread, latest … More »

    IANS - 11 hours ago
  • Sensex provisionally closes over 160 points up

    Mumbai, July 3 (IANS) A slew of reforms announced by the government and relief from Greece crisis led a barometer index of the Indian equity markets to provisionally close with healthy gains on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) provisionally closed the day's … More »

    IANS - 11 hours ago
  • No phones in 28 percent of rural households

    New Delhi, July 3 (IANS) Even as the government is very upbeat about 1 billion telephone connections in India, 27.93 percent households in rural India are without any phone connections, shows the latest ... … More »

    IANS - 12 hours ago
  • Volvo to launch new models to increase market share

    Chennai, July 3 (IANS) Swedish luxury car maker Volvo Corporation is hoping to garner a 10 percent market share by 2020 by launching new models, expanding distribution network and focusing on brand-building, said a top official of Volvo Auto India. "In the next few years, we will be launching 3-5 … More »

    IANS - 12 hours ago
  • More than 20 percent rural households own motorised transportation: Data

    New Delhi, July 3 (IANS) More than 20 percent of all the rural households in India own some form of motorised transportation machinery, government data showed on Friday. According to the Socio-Economic ... … More »

    IANS - 12 hours ago
  • Exporters need to look beyond eurozone, says official

    Kolkata, July 3 (IANS) Indian exporters need to diversify to other global markets and not focus merely on the eurozone, an official said here on Friday. "The eurozone comprises of 18-19 percent of the exports. The official also said although there are resource constraints, the country's foreign … More »

    IANS - 12 hours ago
  • Gold prices in India at deep discounts on sluggish demand

    MUMBAI/SINGAPORE (Reuters) - Gold prices in major consumer India were quoted at deep discounts to the global benchmark this week on tepid demand and adequate levels of inventory, dealers said. Prices were quoted at a discount of $8 to $15 an ounce over London prices, much wider than the $1 … More »

    Reuters - 12 hours ago
  • Sensex up over 105 points; bank stocks gain

    Mumbai, July 3 (IANS) A slew of reforms announced by the government and relief from Greece crisis led a barometer index of the Indian equity markets to make healthy gains during the late-afternoon trade session on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading … More »

    IANS - 12 hours ago
  • BSNL, MTNL merger decision in 4-5 months

    New Delhi, July 3 (IANS) The decision on merging state-run BSNL and MTNL will be taken in the next four-five months, Telecom Secretary Rakesh Garg said on Friday. "BSNL, MTNL merger decision will be taken in four-five months after studying the IIM report on it," he said. Anupam Shrivastava, BSNL … More »

    IANS - 12 hours ago
  • Airbus to build military choppers in India with Mahindra

    Europe's Airbus Group(AIR.PA) and India's Mahindra Group have struck a deal to build helicopters jointly as they bid to win an expected wave of orders from the country's armed forces, the companies said in a statement on Friday. The two groups will form a joint venture in the coming months, aiming … More »

    Reuters - 12 hours ago
  • Two more carriers offer pan-India number portability

    New Delhi, July 3 (IANS) Two more service providers will provide pan-India mobile number portability from Friday, enabling customers to retain their mobile phone number while relocating between states. ... … More »

    IANS - 12 hours ago
  • Factbox: What looms for Greece after referendum

    Factbox: What looms for Greece after referendum

    Greek Prime Minister Alexis Tsipras's plan to hold a referendum on Sunday on creditors' demands for austerity has prompted a breakdown in talks with lenders, forced Greece to shut banks and left its future in the euro in doubt. Greece's left-wing government has openly urged Greeks to vote 'no'. … More »

    Reuters - 13 hours ago
  • Sensex gains over 100 points; capital goods stocks rise

    Mumbai, July 3 (IANS) Relief from Greece crisis and a slew of reforms announced by the government led a barometer index of the Indian equity markets to make healthy gains during the mid-afternoon trade session on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading … More »

    IANS - 13 hours ago
  • India's Maggi noodles found safe in Canada

    New Delhi, July 3 (IANS) The Canadian food regulator on Friday announced that Nestle India's Maggi noodle products were safe for consumption. "The Canadian Food Inspection Agency's (CFIA) investigation did not find any health risk associated with the consumption of Maggi brand noodle products sold … More »

    IANS - 14 hours ago
  • China stocks plunge again as regulators hunt for bull market killer

    China stocks plunge again as regulators hunt for bull market killer

    China stocks slumped again on Friday, taking their three-week tumble to nearly 30 percent and wiping out most of this year's gains. On Friday, comments from the central bank and Premier Li Keqiang the day before did little to calm panicky investors. The central bank vowed to guard against … More »

    Reuters - 14 hours ago
  • Sensex up 150 points; capital goods stocks rise

    Mumbai, July 3 (IANS) A barometer index of the Indian equity markets made healthy gains during the afternoon trade session on Friday. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ... … More »

    IANS - 14 hours ago
  • Asia stocks fall, China market rout continues

    Asia stocks fall, China market rout continues

    Asian stocks fell as Chinese stocks extended their plunge and growing caution ahead of Greece's referendum prompted investors to cut risky bets, while disappointing U.S. employment data weighed on the dollar. The rout in China's stock markets has wiped out trillions of dollars of market … More »

    Reuters - 15 hours ago
  • BP reaches $18.7 billion settlement over deadly 2010 spill

    BP Plc will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history. BP shares jumped more than 5 percent in New York trading as investors … More »

    Reuters - 16 hours ago
  • Business activity in India contracts again in June on weak demand

    India's dominant services industry contracted for a second month in June as new business again declined, suggesting Asia's third-largest economy is struggling to maintain growth, a survey showed on Friday. Any weakness in the economy, alongside subdued inflation, will likely add to expectations … More »

    Reuters - 16 hours ago
  • Ex-Goldman director Rajat Gupta fails to void insider trading conviction

    Ex-Goldman director Rajat Gupta fails to void insider trading conviction

    Former Goldman Sachs Group Inc (GS.N) director Rajat Gupta failed to persuade a U.S. judge to overturn his insider trading conviction for passing tips about the bank's financial results and a crucial investment from Warren Buffett's Berkshire Hathaway Inc (BRKa.N). U.S. District Judge Jed Rakoff … More »

    Reuters - 16 hours ago
  • India's push to save its cows starves Bangladesh of beef

    Ghojadanga, India/Dhaka (Reuters) - Some 30,000 Indian soldiers guarding the border with Bangladesh have a new mandate under Prime Minister Narendra Modi's government this year - stop cattle from crossing illegally into the Muslim-majority neighbour. Roughly every other night, troops armed with … More »

    Reuters - 17 hours ago
  • Sensex gains 88 points in early trade

    Mumbai, July 3 (IANS) A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), on Friday was trading at 88.54 points or 0.32 percent up during the morning session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading at 23.25 points or 0.28 … More »

    IANS - 17 hours ago
  • China's services activity slows to 5-month low, jobs shed-HSBC/Markit PMI

    Activity in China's services sector slowed to its lowest in five months in June, a private survey showed on Friday, suggesting the economy still needs further policy support despite some signs of steadying. Beijing has rolled out a suite of measures since last year, including interest rate cuts, … More »

    Reuters - 18 hours ago

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