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Monthly Archives: May 2012

India, Bahrain sign tax, IT pacts

India and Bahrain, home to home to nearly 350,000 Indian nationals, Thursday signed a key tax information exchange agreement and another pact on information technology to accelerate economic and joint investment between the two countries. Bahrain’s Crown Prince Salman bin Hamad Al-Khalifa held talks with Prime Minister Manmohan Singh on a wide range of issues, including accelerated trade and investment, ...

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BEML posts Rs.14 crore net loss in Q4 of 2011-12

State-run defence behemoth BEML, at the centre of a controversey involving its Tatra heavy-duty trucks, reported a Rs.14 crore net loss for the fourth quarter of fiscal 2011-12 as against a net profit of Rs.70 crore in same period of previous fiscal (2010-11), registering a whopping decline of 80 percent year-on-year (YoY). In a regulatory filing late Thursday, the Bangalore-based ...

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Armenian president dissolves government

Armenian President Serzh Sargsyan Thursday signed a decree to dissolve government following the election of a new parliament. The dissolution followed the first session of the newly-elected parliament earlier in the day. The proposal for the cabinet’s resignation was submitted to the president by Prime Minister Tigran Sarkisyan in line with the country’s Constitution which stipulates formation of a new ...

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Space factory worker held for making weapons

An employee at a rocket engine factory in central Russia has been held for making, storing and trafficking firearms. The 38-year old worker, who made pistols and rifles at the workplace in Voronezh city, would secretly remove them from the factory premises and sell them, Lifenews.ru portal quoted police as saying Thursday. Police got a tip-off but it took them ...

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800 men carried out Syria’s Houla massacre

The head of an inquiry committee into a massacre in Syria’s Houla village has said preliminary investigations indicate that about 800 heavily armed men carried out the attacks on government forces and slaughtered families in Houla. Attacks in Houla, a group of villages 25 km from Homs city, claimed the lives of over 108 people, which included at least 49 ...

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Tarun Gogoi for harnessing hydropower in Assam

The Assam government will soon constitute a global level expert committee to look into the various aspects of using Piano-key Weir technology to harness the tremendous hydropower potential of the state. Assam Chief Minister Tarun Gogoi said this on Thursday while participating in a seminar on the latest new technology for harnessing hydropower potential and ensuring dam safety. He said ...

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SC judge recuses from Karnataka cop’s case

 A Supreme Court judge on Thursday recused himself from hearing an appeal of Karnataka police chief Shankar Mahadev Bidari against a high court decision upholding a tribunal’s decision to quash his appointment to the top post. Justice J.S. Khehar withdrew from the apex court bench. Now a bench comprising Justice K.S. Radhakrishnan and Justice C.K. Prasad will  on Friday take ...

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Banerjee for rollback of petrol price hike but against strikes

Stepping up pressure on the Congress-led central government, West Bengal Chief Minister and Trinamool Congress supremo Mamata Banerjee on Thursday demanded a rollback of the recent hike in petrol prices but maintained that she did not support shutdowns. “We don’t support the petrol price hike. We were the first political party to hit the roads to protest the price hike. ...

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Multiplex bosses support shutdown, say losses not so big

Multiplexes in the entertainment capital of India on Thursday kept their shutters down till the evening. The bosses admit bearing a loss of not over Rs.1,00,000 per theatre and say they are not worried as the nationwide shutdown was for a cause and they support it too. Large parts of India shut down to protest the recent hike in petrol ...

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Pay cut for AI employees in May due to strike

Air India employees will draw less in salaries for the month of May on account of the ongoing pilots strike that has led the airline to curtail its international operations, a senior Air India official said on Thursday. “May is the peak season for any airline. Generally, our employees production-linked-incentive (PLI) is highest in this season. But due to the ...

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Court permits Essar and Loop promoters to visit abroad

Essar Group and Loop Telecom promoters were permitted to visit abroad for business purpose by a special court on Thursday. Central Bureau of Investigation (CBI) Special Judge O.P. Saini allowed five corporate honchos, Essar Group promoters Ravi Ruia and Anshuman Ruia, and Loop Telecom promoter I.P. Khaitan and Kiran Khaitan and Essar Group director (Strategy and Planning) Vikas Saraf to ...

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India’s economic growth dips to 9-year low of 5.3 percent

India’s economic growth slumped to 5.3 percent in the January-March quarter, the slowest in nine years, dragged by contraction in the manufacturing sector due to high cost of borrowings, official data showed on Thursday. For the whole of 2011-12 financial year, the gross domestic product (GDP) growth slumped to 6.5 percent. This is the slowest pace of expansion in the ...

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US economic growth down to 1.9 percent

US economic growth slowed to an annualised rate of 1.9 percent in the first quarter of the year, down from an initial estimate of 2.2 percent. The level was in line with economists’ expectations, but lower than 3-percent growth in the fourth quarter last year, the revised commerce department figures showed on Thursday. The deceleration reflected a slowdown in private ...

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Core industries growth falls to 2.2 percent in April

Growth in eight core industries fell to 2.2 percent in April as compared to 4.2 percent registered during the corresponding month of previous year, due to drop in the output of oil, gas, fertiliser and petroleum refinery products, official data showed on Thursday. During the financial year 2011-12, the cumulative growth rate of the core industries was 4.4 percent as ...

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