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| SBI gets Fed approval for new US branch WASHINGTON, Jan 26: India’s largest lender SBI has received the US central bank’s approval to set up a new branch in New York. The approval for SBI comes ......more' NEW DELHI, Jan 26: Gold prices zoomed to reach its peak of Rs 11,760 per ten gram during the past week ended January 25, in line with a firming trend in global markets. As the precious metal in global markets surged to break all .....more Sensex
loses 652.04 MUMBAI, Jan 26: Riding on high and low tides in the global market, the barometer sensitive index (Sensex) finally lost 652.04 points or fell by 3.42 per cent, despite registering a historic .......more US crisis
may impact India, DAVOS, Jan 26: Finance Minister P Chidambaram has said the US financial crisis may affect India to the extent that its economic growth could come down to 8.5 per cent in the next fiscal against ......more |
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Wholesale commodity markets close on Republic Day MUMBAI, Jan 26: All wholesale commodity markets in the country are closed today on account of Republic Day celebrations......more India calls for academic,technical and industrial ties with France NEW DELHI, Jan 26: India has called for building ties with France on three pillars of academic exchanges, scientific and .......more S&N agrees Carlsberg Switzerland, Jan 26: Talks between trade ministers this week could help to create new momentum for getting a long-delayed world trade deal this year, the top U.S. Trade ....more Japan regulator probes $190 bln shareholder filing TOKYO, Jan 26: An obscure Japanese company has created a stir by making the very unlikely claim that it spent about $190 billion to take controlling stakes in Sony Corp and five other major .....more |
SBI gets Fed approval for new US branch WASHINGTON, Jan 26: India’s largest lender SBI has received the US central bank’s approval to set up a new branch in New York. The approval for SBI comes nearly three months after ICICI Bank, largest private sector lender in the country, got approval to start its branch operation in New York. "The proposed Jackson Heights branch (of SBI) would offer a range of banking products and services, including permissible deposit accounts and small business loans," the Federal Reserve said in an order issue late last night. The branch would also undertake business of remittance, investment advisory and trade-related services, it said. SBI maintains offices in 32 countries outside India and already has a branch in New York. Besides, the Mumbai-based company has a branch in Chicago, an agency in California and a representative office in Washington. The bank, which already had clearance from RBI for expanding its branch operation in New York, also operates a wholly-owned subsidiary from California. (PTI) NEW DELHI, Jan 26: Gold prices zoomed to reach its peak of Rs 11,760 per ten gram during the past week ended January 25, in line with a firming trend in global markets. As the precious metal in global markets surged to break all previous records and touched 923 dollar an ounce, it stimulated trading sentiment in domestic markets here. In the domestic market, gold surpassed its previous record of Rs 11,710 per ten gram set on January 15. However, commodity markets in a brief week of five days depicted a mixed trend as some of the edible oils firmed up on buying by vanaspati mills to meet the demand in current marriage season amid restricted arrivals. The markets across the country remained closed on Saturday for Republic Day celebrations. As a result, volume of business declined compared to the previous week level. After initial firmness, wheat prices were seen moving down in the later part of the week on sluggish demand from rolling flour mills, against adequate stocks position. Maida and sooji also traded lower in line with wheat prices. Pulses market also displayed a divergent trend as prices of urad, kabli chana small and white peas moved up on fresh demand from caterers for the current marriage season. However, gram and its dals met with resistance following fresh arrivals from Rajasthan and Haryana. On the other hand, dry fruit market remained weak on fresh arrival against restricted buying and settled with fresh losses. (PTI) Sensex loses 652.04 pts this week MUMBAI, Jan 26: Riding on high and low tides in the global market, the barometer sensitive index (Sensex) finally lost 652.04 points or fell by 3.42 per cent, despite registering a historic single-day point gain in the Indian equity market when the week ended on January 25. The benchmark Sensex of Bombay Stock Exchange, which plunged sharply by 2,284 points or 12 per cent in the first two sessions, bounced back to recover by 1,631.72 points to end the week at 18,361.66 on positive sentiments in the Asian market after US Government assured plans for supporting its economy. Sensex registered a record single-day point fall of 1,408.35 on January 21 followed by a historic single-day point rise of 1,139.92 on January 25, though it remained 2,512 points down from its all time high of 20,873.33 on January 8. Moreover, it fluctuated in a wide range between 15,500 and 18,900 amid phenomenal volatility through out the week. On a similar note, after fluctuating in a wide range band, the broader-based Nifty index of National Stock Exchange ended the week at a loss of 321.95 points or 3.42 per cent, however, it witnessed a sharp correction on Friday by ending the weekend session with a gain of 350 points. Market analysts observed that margin calls created havoc in the bourses which caused a steep downfall in share prices during the week, initially triggered by a setback in global markets and also selling by foreign institutional investors (FIIs). Foreign funds sold a net of Rs 23,013 crore in cash, while net purchase by them was of Rs 208 crore on Friday, after a nine-day long pause. Domestic Institutions made a net purchase of Rs 248 crore in a choppy traded market. Indian equity market was more or less cheered, in the last session of the week, following rally in indices including reality, power, oil and gas, banking as well as frontline stocks, which were the worst hit earlier, analysts said.(UNI) |
US crisis may impact India, says Chidambaram DAVOS, Jan 26: Finance Minister P Chidambaram has said the US financial crisis may affect India to the extent that its economic growth could come down to 8.5 per cent in the next fiscal against the earlier estimates of 8.9 per cent. Participating in a debate at the World Economic Forum meeting here, Chidambaram said the US economic slowdown would impact the Indian economy as far as its exports were concerned. He said economic growth may slow down to 8.5 per cent against earlier projections of 8.9 per cent for 2008-09, impacted by exports getting hit by sub-prime mortgage crisis in the United States. Though India's exports continue to grow by healthy 22 per cent, many of the labour intensive sectors like textiles, leather and handicrafts have seen decline in orders. US is the second largest destination for Indian exports. Chidambaram attributed the US problems to "lack of regulations and failure of the regulator". Prime Minister Manmohan Singh had yesterday said in New Delhi that "in an inter-dependent world, international financial crisis can affect economies of developing countries like India." Singh hoped that the US "will take effective and credible steps to check the sub-prime crisis". However, he said that India would not be affected much because of sound fundamentals of its economy. Chidambaram also said Indian economy was largely driven by domestic factors like savings and investments and it was substantially isolated from present global shocks. (PTI) Wholesale commodity markets close on Republic Day MUMBAI, Jan 26: All wholesale commodity markets in the country are closed today on account of Republic Day celebrations.
The Bombay Stock Exchange and National Stock Exchange have their scheduled weekly off today. However, regular trading will take place in all these markets on Monday. (PTI) |
India calls for academic,technical and industrial ties with France NEW DELHI, Jan 26: India has called for building ties with France on three pillars of academic exchanges, scientific and technical cooperation in high technology, and industrial cooperation through direct investment. Speaking at India-France economic conference here last evening, Union Minister for Commerce and Industry Kamal Nath said the country views France as an important source of technology for its industries. He said bilateral trade between India and France has more than trebled in the last 16 years and over this period, Indian exports to France have increased four-fold while the imports doubled. France is the 8th largest investor in the country. Though French companies have been active here in construction and engineering sectors, yet bilateral trade is pegged at just six billion dollars and French investments represent 1.48 per cent of Foreign Direct Investment (FDI) to India. Netherlands, UK and Germany have brought in more FDI inflows to the country, he added. However, Mr Nath said the two countries have now started making progress on a number of fronts. In the healthcare sector, collaborative work has started in the areas of clinical research, therapeutic research, and public health research. Eight joint collaborative projects between Indian and French scientists are in progress and eight projects have been successfully completed. He said France and India are also setting up three International Associated Laboratories (IAL) in the field of neurosciences, nano-materials and organic chemistry. There is also a proposal to set up an Indo-French Institute of Science and Water. "We are also looking to pact cooperation in space,’’ he said, adding that the French are now actively wooing Indian companies, and last year their investment channel - invest in France agency, identified 300 Indian companies which have the potential in France. He suggested the French agency to involve Indian business and industry associations such as Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI) to formalise entry of Indian companies to France. On 66 competitiveness clusters, being set up in France in emerging technological sectors such as nanotechnologies, biotechnologies and microelectronics, the Minister said many Indian companies would be interested in investing in these clusters. He said the country would like to emulate France’s research eco-system to scale up and make its knowledge and technology sectors globally competitive, adding that the value of Research and Development (R&D), now estimated at 8.5 billion US dollars, will touch 27.5 billion US dollars by 2010. In the last few years, over 280 fortune-500 companies across it, telecom, biotechnology, chemicals, automobiles, consumer goods and pharmaceuticals have set up their R&D hubs in India, he added. Listing agricultural sector as an important area of cooperation, Mr Nath said India will like to replicate the French agropole, an extremely strong network of small and medium sized enterprises in the agro food processing sector in agen town in southern France. The country’s agro sector needs to learn from French companies in agen, which are high achievers and are completely responsive to the requirements of the domestic and world markets and known for their constant evolution, he said while underlining the need to develop a similar structure in India quickly. The minister urged france to look at India’s small and medium sector much more closely, saying French small and medium sized firms will find a similar business culture prevailing in the country. He said, "we are also interested in collaborating with French companies on energy management.’’ Recollecting the work done by the French company gtme in 1997, in four-laning of a 60-km stretch of Delhi-Jaipur highway, Mr Kamal Nath invited French companies to become a partner in India’s infrastructure development in a big way, especially in developing high-speed rail segments. (UNI) |
S&N agrees
Carlsberg-Heineken Switzerland, Jan 26: Talks between trade ministers this week could help to create new momentum for getting a long-delayed world trade deal this year, the top U.S. Trade official said on Saturday. "President (George W.) Bush is fully committed to a successful doha round outcome in 2008,’’ U.S. Trade representative Susan Schwab told Reuters. "The talks here in Davos this week could prove significant in terms of regaining momentum. There is a sense of urgency about what is going on in the world economy. We’re going to be quietly optimistic,’’ she said. Trade ministers from several countries have held bilateral meetings on the sidelines of the world economic forum in the Swiss Ski resort of Davos this week. They are due to gather for a lunch on Saturday with World Trade Organisation (WTO) chief Pascal Lamy at which they will discuss the chances of getting a breakthrough in the WTO’s Doha round of negotiations for a global trade deal. Brazil’s foreign minister said on Friday the mood seemed right for a push to try to complete the Doha round. Without a deal soon, the round — launched in 2001 — risks further delay as the United States heads into its Presidential election campaign and a change in administration. (AGENCIES) ) |
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