Govt likely to put cap on preferred seats airlines can offer
New Delhi, May 19 - The recent ‘unbundling’ of some services such as seat preferences or meals on board might be helping airlines to earn a lot of ancillary revenue, but the government is considering whether it could limit the number of ‘preferred seats’ on sale on each flight. The government has been prompted to step in just days after it announced unbundling of these services... |
Finance ministry questions Air India’s plan to trim workforce
Mumbai, May 19 - Air India’s plan to trim its 27,000 bloated workforce by offering a voluntary retirement scheme (VRS) is stuck in the North Block, with the Finance Ministry questioning the rationale behind the proposed scheme. The VRS scheme is “stuck in the Finance Ministry over the payment of Rs 1,200 crore for it. The ministry has pointed out that around 7,000 employees will retire from service over the next three years... |
Finance ministry questions Air India’s plan to trim workforce
Mumbai, May 19 - Air India's plan to trim its 27,000 bloated workforce by offering a voluntary retirement scheme (VRS) is stuck in the North Block, with the Finance Ministry questioning the rationale behind the proposed scheme. The VRS scheme is "stuck in the Finance Ministry over the payment of Rs 1,200 crore for it. The ministry has pointed out that around 7,000 employees will retire from service over the next three years... |
More tax woes for Infosys: I-T dept sends Rs 582 cr demand notice
New Delhi, May 19 - Income Tax department has slapped a fresh $106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India’s second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ million (about Rs 1,175 crore) for four fiscals years beginning 2005... |
RBI likely to cut policy rates at its June 17 meeting
New Delhi, May 19 - Taking a cue from the continued downward surprises in inflation and sluggish growth indicators, the Reserve Bank of India is likely to go for further monetary easing in its June 17 policy meet, global investment banking majors have said. The headline wholesale inflation fell to 41-month low in April (4.89 per cent)... |
Infosys' visa-related costs jump over 50% at Rs 308cr in FY'13
Mumbai, May 19 - Stricter norms and higher rejection rate of work permits have pushed up the visa-related cost of country's second largest software services company, Infosys by more than 50 per cent to Rs 308 crore in 2012-13 fiscal. According to Infosys' Annual Report 2012-13, the company's overseas travel expenses included visa charges of Rs 308 crore for year 2012-13. |
Demand for right to work legislation, social security coverage
New Delhi, May 18 - The Indian Labour Conference today pushed for sops to working class such as a minimum assured pension of Rs 1000 per month, universal social security coverage and enactment of a legislation on right to work on the lines of right to information and right to education. The conference also recommended minimum wages for workers employed in central government schemes such as Anganwadi, Mid Day Meal and Asha and recognising them as "workers" instead of voluntary workers.
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Odisha MP opposes SEZ status, raw material linkage to Posco
Bhubaneswar, May 18 - Rajya Sabha MP from Odisha Pyarimohan Mohapatra today strongly opposed SEZ status and raw material commitment to the South Korean steel major, Posco, by the state government. Mohapatra, who has been critical of Posco's proposed Rs 52,000 crore steel project since signing of MoU in 2005, alleged that the state government was hell bent to set up the mega steel plant near Paradip.
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Market shrugs off deficit gap, rallies fifth week in a row
Mumbai, May 18 - Stocks: Shrugging off the mayhem on the first day of the week following widening trade-deficit, drop in inflation propelled market sentiment on hopes that Reserve Bank will cut rates in forthcoming policy meeting next month, sending both indices to multi-months highs. |
RBI or SEBI should create awareness against ponzi schemes: SBI
Kolkata, May 18 - In the backdrop of the chit fund scam, the State Bank of India today said Reserve Bank of India or Securities and Exchange Board of India should take up major campaigns to create awareness among investors being lured to ponzi schemes. |
Gold, silver slide on weak demand, global sentiment
Mumbai, May 18 - Gold prices dropped at the domestic bullion market today due to reduced offtake from stockists as well as lack of retail buying support amid continued global-sell-off. Silver also retreated to close below the important Rs 44,000 per kg mark on back of heavy speculative unwinding amid poor industrial demand.
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Canada committed to Free Trade Agreement with India
Bal Krishna,
Toronto, May 17 - Canada has said the negotiations for an ambitious Comprehensive Economic Partnership Agreement with India are progressing "very well" despite delay in early conclusion of bilateral foreign investment promotion and protection agreement. |
US paves way for shale gas export to India
Lalit K Jha,
Washington, May 18 - Opening up the prospects of export of shale gas to energy starved India, the US today granted conditional authorization to export domestically produced liquefied natural gas (LNG) to nations that do not have Free Trade Agreement (FTA) with it. |
Boeing says AI can redeploy all Dreamliners this month
Mumbai, May 17 - Boeing today said it will ready the remaining four grounded Dreamliners of Air India within this month and also deliver the seventh 787 to the national carrier by end of the month. After grounding all the six Dreamliners on January 17, Air India on Wednesday put two Dreamliners back into operations on the Delhi-Bangalore and Delhi-Kolkata sectors.
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Modi opposed to forward trading in commodities
Ahmedabad, May 17 - Gujarat Chief Minister Narendra Modi today told a traders' body that he was opposed to forward trading in commodity exchanges as it was detrimental to national economy. "Forward trading in commodity exchanges is detrimental to national economy and I am opposed to it," Modi was quoted as saying in a press release issued by Confederation of All India Traders (CAIT).
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S&P rating: Govt says economy is on right track
New Delhi, May 17 - Expressing disappointment over S&P's rating action, the government today said its fiscal policies are on the right track and there is nothing to be worried about. Standard & Poor's (S&P) has warned that it may downgrade India's sovereign rating to junk grade if the government fails to pursue reforms and check deterioration in fiscal and CAD.
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India-EU FTA talks fail to bridge gaps; ministerial meet unlikely
New Delhi, May 17 - In a set back to talks for the long-pending India-EU FTA, the chief negotiators' meet today failed to bridge "substantial gaps" on crucial issues, including insurance and data security status for IT sector, creating a bleak possibility of a ministerial meet next month. The two sides began negotiations to iron out differences on various vexed issues from May 13, spearheaded by their chief negotiators who joined them on May 15 to reach a final position on the proposed trade pact.
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Forex reserves down $616.4 million to $293.69 billion
Mumbai, May 17 - The country's forex reserves slipped for the second consecutive week, dipping by USD 616.4 million to USD 293.69 billion on a fall in currency assets, the Reserve Bank said today. The total reserves had slumped by USD 2.06 billion to USD 294.31 billion in the previous reporting week.
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Parliamentary panel for single regulator to monitor chit fund schemes
New Delhi, May 17 - Against the backdrop of recent chit fund controversy in West Bengal, a Parliamentary committee today slammed such schemes with demands for putting in place a single regulator to oversee their functioning or scrapping them altogether. The Parliamentary Standing Committee on Finance closely scrutinised the functioning of such schemes which recently led to a series of suicides in West Bengal.
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Rupee down 11 paise, closes at 54.88
Mumbai, May 17 - Registering its biggest fall in a week, the rupee today weakened by 11 paise to close at 54.88 against US dollar on good demand of the American currency from importers on speculation that Federal Reserve may slow its stimulus programme, leading to capital inflows drying up here. |
India looking to set up feeder fund for IDFs: Chidambaram
Aditi Khanna,
London, May 17 - India is exploring the possibility of setting up a London-listed 'feeder fund' for Infrastructure Debt Funds (IDFs), and is looking to work with the UK on increasing institutional investments in the sector, said Finance Minister P Chidambaram. |
Content in cartoon, children's channels comes under scanner
New Delhi, May 17 - Faced with several complaints against cartoon channels for showing scenes which are unsuitable for children, the Broadcasting Content Complaints Council (BCCC) has asked broadcasters whose primary viewership is children to exercise greater caution in selecting content. |
S&P warns India of rating downgarde; retains negative outlook
New Delhi, May 17 - Global agency Standard & Poor's today warned that it may downgrade India's sovereign rating to junk grade if the government fails to pursue reforms and check deterioration in fiscal and current account deficits. While retaining India's sovereign rating at 'BBB-' with a negative outlook, S&P said there is at least a one-in-three likelihood of a downgrade within the next 12 months.
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Sensex up 39 pts, closes at 20,286
Mumbai, May 17 - Extending gains for the fourth day in a row, the BSE benchmark Sensex today rose by 39 points, mainly on buying in power, capital goods and realty sector stocks amid increased foreign inflows. The 30-share index rose by 38.79 points, or 0.19 per cent, to 20,286.12. It has gained 556 points in last three trading sessions. |
Low cost deposit base key to new bank success, says ICRA
Mumbai, May 17 - Ratings agency ICRA today said that low-cost current and savings account (CASA) deposit base and some regulatory relief in the gradual build-up of priority sector lending targets hold the key to success of non-banking lenders wishing to become banks. |
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