Economy News - Page 27

Home loan tenor extended upto 30 yrs as rate hikes bite hard

Fearing credit turning bad assets in the wake of high interest rates, a number of state-run banks, led by SBI, have decided to raise home loan tenors to 25-30 years or till the borrower touches 70 - well past their working age.

Track fiscal trail of ransom money paid to pirates: Navy chief

Warning against the "cancerous potential" of pirates joining hands with terrorists, the Indian Navy has stressed the need for tracking the "fiscal trail" of huge sums of money paid as ransom to sea brigands besides carrying out counter-piracy operations.

Mixed reactions in the market on debt deal delay

Stocks bounced on Friday after France and Germany said a comprehensive euro zone debt deal was on its way.

Oil rises in Asia ahead of Eurozone meet

Oil cartel OPEC sees member Libya restoring production to one million barrels per day within six months, then attaining pre-conflict levels by the end of 2012. Traders were also bracing for the outcome of European Union summits on Sunday and Wednesday.

Rupee hits 30-month low on fears of FII outflows

The rupee slid to its weakest level in 30 months on Friday on expectations of foreign fund outflows from domestic shares on a sudden bout of risk aversion ahead of the euro zone summit over the weekend.

Franco-German split over bailout fund threatens crisis plan

France and Germany disagree over the best way to bolster the facility, with Paris fearing its triple-A credit rating could come under threat if the wrong method is chosen.

As Kudankulam simmers, France assures India of stringent nuclear safety

Civil nuclear cooperation was one of the key issues discussed today by India and France, which assured New Delhi that stringent safety standards will be implemented in the proposed plants in Jaitapur amid nuclear safety concerns.

First tranche of new Greek bailout to be paid by 20 March

The first tranche of the new, 130 billion euro bailout for Greece from the euro zone and the International Monetary Fund must be paid out by March 20 at the latest, the chairman of euro zone finance ministers Jean-Claude Juncker said.

Cellphone subscriber base grew under 1% in Aug: Trai

India's mobile phone subscriber base grew by just 0.86 percent in August with the addition of 7.34 million new connections, taking the total number of wireless users in the country to 865.71 million, according to<br /><br /> telecom regulator Trai.

Despite global economic crisis, India can achieve growth: PM

Prime Minister Manmohan Singh said today that although it is difficult, India can achieve 8-8.5 percent growth if more emphasis is laid on development of infrastructure, health and skill development.

2G auction to take at least 400 days: Telecom secy

The court ruled on February 2 that all 122 telecom licences awarded in a scandal-tainted 2008 sale be revoked in four months.

Haryana to implement RTE Act from Nov 11

The Haryana government is all set to implement the Right to Education Act in state-run schools from November 11.

Central bank needs to act to tame inflation: Rangarajan

India's economy will grow a lower-than-expected 8 percent during this fiscal year, a top adviser to the prime minister said today adding to a slew of forecasts showing rising inflation, slowing industrial output and global headwinds are slowing growth.

Eurozone talks stuck on bailout fund: Sarkozy

Adding to uncertainty, the Financial Times reported that plans to strengthen the banking system would fall short of market expectations.The latest official estimates have put the banks capital shortfall at less than 100 billion euros compared with a recent IMF report putting the funding hole and 200 billion euros.

Govt moving cautiously on GM crops commercialisation: Pawar

The government today said it is not opposed to GM crops but is studying their impact on soil, environment and living being before allowing commercial production of biotech crops, other than cotton.

Nepal to seek USD 1 billion soft loan from India: PM

Nepal will seek a USD one billion soft loan from India, Prime Minister Baburam Bhattarai said today.

'Asia Pacific responsible for 54 percent rise in global wealth'

Global wealth could rise 50 percent to $345 trillion over the next five years, spurred by a near doubling of total household wealth in China.

'Global FDI slumps as debt crisis scares M&A away'

Developing countries host about two-thirds of the total value of greenfield investment projects, but the level of new investment in those countries roughly halved between the first and third quarters.

Moody's downgrades Spain by two notches on funding risks

Worsening growth prospects for the euro zone will also make it more challenging for Spain to reach its ambitious fiscal targets, the ratings agency added. Spain could be downgraded again if the euro zone debt crisis escalates further, Moody's warned.

Groupon planning IPO launch for next week, say sources

The IPO is expected to value the Chicago-based company at over $10 billion, likely in the range of $11 billion to $12 billion

Boeing expects more cancellations for Dreamliners but still upbeat

A day after news of China Eastern's cancellations, a Boeing executive said some orders would fall through as it adjusted delivery dates and that the pace of production of the fuel-efficient aircraft would pick up.

FDI in aviation under consideration: Ravi

Civil Aviation Minister Vayalar Ravi today said it is considering the recommendation of the Department of Industrial Policy & Promotion (DIPP) to allow foreign carriers to pick up stake in domestic airlines.

Inflation to remain at around 9% till November: Nomura

Research firm Nomura has said it expects inflation in India to remain elevated at around 9 per cent till November.

Maharshtra gov announces 8 year non-agriculture tax holiday for ports, jetty projects

Projects involving the construction of small ports, multi-purpose jetties and cargo terminals have been given industry status by the state government.<br /><br />

India wants IMF to look for alternatives to augment resources

The International Monetary Fund (IMF) must look for alternatives to augment its resources for combating the sovereign debt problems of the European nations, without derailing the agreed quota reforms, says India's Finance Minister Pranab Mukherjee.

Eurozone, US problems hurting emerging economies: Pranab

Sovereign debt problems in Eurozone and slow recovery in the US are taking toll on the emerging economies, but the Indian economy may still clock over 8 per cent growth, Finance Minister Pranab Mukherjee said today.

US should learn from India, Brazil: Clinton

Clinton's speech, billed as a major address, sought to outline the Obama administration's increasing focus on economic issues as the United States heads into the 2012 election season hobbled by huge budget deficits and stubbornly high unemployment.

Environment ministry refuses green clearance to Lavasa

Holding that Lavasa has not complied with pre-conditions, Environment Ministry Friday refused to grant green clearance to first phase of its Hill City project near Pune, till all criteria are met.

Sesa Goa's defence: Donations to political parties were legal

Sesa has made donations to different political parties based on the requests received, after obtaining requisite approvals from its Board of Directors, the company said.

Kundakulam protestors roughed up, PIL seeks rethink on facilities: Reports

Protestors outside the Kudankulam nuclear plant were allegedly beaten up Thursday night. Among those roughed up were four disabled youth.