Archive for the ‘Economy’ Category:
Kotak Life Insurance relaunches 3 Ulips
Kotak Life Insurance today said it has relaunched three of its Unit Linked Plans in keeping with the revised IRDA guidelines that have capped the charges on Ulip products.
Gold demand picks up in India
Gold imports by India, one of the largest yellow metal consuming nations in the world, is likely to go up in 2010 thanks to falling gold prices and rising demand for the precious metal these days.
High prices dent Jan vegoil imports
India’s vegetable oil imports fell 1.8 percent in January from a year earlier, as high stocks and rising prices discouraged buying after record shipments last year, when India toppled China as the world’s biggest buyer.
The country bought 872,395 tonnes of vegetable oils, including 827,182 tonnes of edible oils, according to data from the Solvent Extractors’ Association of India on Monday.
TCS to Hire 30,000 People in FY 2010-2011
IT major Tata Consultancy Services Ltd (TCS) plans to hire 30,000 staff in 2010-11 in expectations of rise in demand for services from its overseas clients, a senior official, according official.
“We have made offers for 14,000 new recruits and we expect to make the remaining soon,” vice president and head of global human resources Ajoy Mukherjee said on the sidelines of an industry conference on Wednesday.
As Toyota fix hybrids, new scrutiny on Corolla
Toyota Motor Corp, the auto maker that made hybrid a household word, is recalling 437,000 of its Prius and other environmentally friendly models, and faces a new U.S. government investigation of its Corolla cars.
The Prius recall comes after complaints by drivers that the brakes on the cars do not work properly and follows hard on the heels of two other massive recalls to repair sticky gas pedals and floor mats that could trap accelerator pedals.
Greek woes all set to dominate EU summit
The financial woes of Greece and other euro-zone members are likely to dominate a European Union summit this week that was initially called to debate a long-term growth strategy for the bloc, diplomats say.
Tensions within the 16-country currency area, triggered by Greek fiscal woes and growing concerns over Portugal and Spain, are not yet on the formal agenda for Thursday’s summit but will be added or discussed intensively on the sidelines.
India IT BPO market may rise to $285 bn in 2020
India’s IT-BPO market (including exports) could touch $285 billion in 2020 growing at a CAGR of 15 per cent, according to a report.
The IT-BPO industry in India has achieved impressive growth rates over the past decade and stood at $71.6 billion in 2009, said the report prepared by KPMG and ASOCIO (Asian-Oceanian Computing Industry Organisation).
Govt estimate GDP to growth at 7.2 per cent in FY 2010
The government today estimated the economy to grow by 7.2 per cent in financial year 2009-10, against 6.7 per cent a year ago, despite contraction in farm production.
The projected GDP figure for the current fiscal, as put out by the advance estimates of the Central Statistical Organisation, is lower than the Reserve Bank and the Finance Ministry’s forecasts.
Gold prices collapse but investor interest intact
Renewed concerns over the macro-economy exacerbated by Euro area debt concerns and higher-than-expected jobless claims in the US that raised fresh doubts over the recovery of US labour market and the dollar strengthening to its highest levels against the euro since May last year all combined to result in a huge sell-off across commodities including crude, precious metals and base metals last week.
India to double trade with arab world
India would seek to double its trade with the Arab world from the current USD 114 billion, said Commerce Minister Anand Sharma on Monday in New Delhi.
Start preparing oil for $200 per barrel
The Kirit Parikh Committee is the third such committee to suggest decontrolling petroleum product prices. Probably politicians will again refuse to do so, and instead decree a modest increase in petrol and diesel prices.
Yet the key issue is not whether petrol and diesel prices should reflect today’s oil price of $75/barrel. It is that booming Asia will in a decade push oil to $200/barrel and maybe $300/barrel. India must prepare for a world of scarce, expensive oil instead of pretending that astronomical subsidies can ensure price stability.
Air India likely to have Rs 1,200cr allocation in Budget
Air India expects to have a Rs 1,200 crore allocation in the forthcoming budget, a central government minister said.
“We expect a Rs 1,200 crore provision for Air India in the budget,” Union civil aviation minister, Praful Patel, told reporters on the sidelines of a function on Thursday.
IT BPO sector exports to touch $50 billion
Releasing the Indian IT-BPO sector’s performance estimates for the year ending March 2010, Nasscom said export revenues for the Indian IT-BPO industry are expected to reach $49.7 billion in FY 09-10, a growth of 5.5 per cent.
Food price inflation rises to 17.5%
India’s food inflation rate rose slightly to 17.56 per cent in the year to January 23 from 17.40 per cent in the previous week while fuel prices were up 5.88 per cent from a year ago, an official statement said here today, quoting provisional data.
Get ready to pay more for petrol
After food items, it is the turn of motor fuels to burn a bigger hole in your pocket. An increase of at least Rs 3 a litre in petrol and Re 1 in diesel prices appears very likely around the budget as the government nears the end of its capacity to extend a financial lifeline to state-run oilmarketers.