Inflation slides to 1.32 %
New Delhi: Inflation fell to 1.32 per cent for the week ended 23 February as against 7.53 per cent in the previous year, triggered by a sharp fall in the price of textile items, fish-marine, eggs, unblended black tea leaf and skimmed milk powder.

The point-to-point price change based on Wholesale Price Index (WPI), which rose to 1.39 per cent in the previous week, fell in the latest reported week even as prices rose in the case of bajra, maize, soyabean, coffee powder and solvent extracted groundnut oil.

Primary articles became costlier by 0.1 per cent and manufactured products became cheaper by 0.2 per cent, while fuel prices stood firm for the fourth consecutive week.
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China seeks Indian investments
Hyderabad: A Chinese delegation headed by Sun Fu Zhi, mayor of Datong municipal government, on its visit to Hyderabad recently, sought Indian investments in IT, pharmaceuticals and other sectors.

At a meeting of entrepreneurs organised by the CII State unit, Sun said his province had several advantages such as availability of stable and low-cost power, good communication facilities and cheap labour. Located in the North-West, Datong supplies power to Beijing and to the Eastern parts of the country.
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Kerala employees withdraw strike
Thiruvananthapuram: The Kerala government employees and teachers have withdrawn their indefinite strike with the government agreeing to marginally restore a couple of benefits.

As per the settlement, the government agreed to reduce by half the cut made in pension commutation as part of its cost-cutting drive.

Also, the proposal to halve the salary of surplus teachers has been deferred till June.
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Hudco loans at floating interest rates
New Delhi: Housing and Urban Development Corporation has announced individual housing loans at floating interest rates of 11 per cent to 11.5 per cent.

Hudco will offer loans from 10 March at floating rates of 11 per cent for repayment up to five years, 11.25 per cent for six to 10 years and 11.5 per cent for all loans above 10 years. It would be in addition to the option of availing such loans at fixed interest rates.

The interest rate would be adjusted every six months and calculated on monthly rent basis.
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Sinha rules out relaxation in dividend norms
New Delhi: The government has ruled out any relaxation of interim dividend norms, but has assured small investors that there would be no harrassment in the process of dividend tax collection.

There will be no relaxation, Sinha told reporters here when asked about the minimum notice period for announcing a interim dividend as laid down in listing agreements of Sebi.

The government was alarmed at the spate of interim dividend announcement by as many as 250 companies just after the budget announcement of a 10 per cent tax on recipients of dividends as against the previous system of imposing the tax on companies and mutual funds paying the dividends.
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FIIs cannot invest more than 26 % in insurance
New Delhi: Finance minister Yashwant Sinha has said there was no proposal to allow foreign portfolio investment by foreign institutional investors (FIIs) beyond the sectoral cap of 26 per cent in the insurance sector.

Currently, foreign players including FIIs are allowed a maximum 26 per cent stake in an insurance company as per the Insurance Regulatory and Development Act.

In his Budget, Sinha has proposed that FII portfolio investment will not be subject to the sectoral limits for foreign direct investment (FDI) except in specified sectors.
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Laws on corporatisation of SEs, SEBI, IDBI soon
New Delhi: The government is likely to come up with legislations on demutualisation of stock exchanges in the next session of parliament while planning to table bills to amend Sebi Act and IDBI Act in the budget session.

The bills are part of market and financial sector reforms that finance minister Yashwant Sinha announced in his Budget speech.

The legislations on mutualisation and corporatisation of bourses would enable the government to separate ownership, management and operations in bourses, and ensure that broker members do not get access to price-sensitive information for influencing the market.
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India's Forex reserves up $ 50,744 million
Mumbai: India's foreign exchange reserves surged ahead with a further rise of $ 299 million to touch a record high of $ 50,744 million for the week ended 1 March due to fresh inflows.

The foreign currency assets swelled to $ 47,682 million, an increase of $ 160 million in the reporting week, according to Reserve Bank of India.

Gold reserves have increased by $ 139 million to cross $ 3 billion mark at $ 3,052 million while special drawing rights remained static at $ 10 million.
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Customs settlement bench for eastern region
Kolkata: The customs and central excise settlement commission will shortly establish a bench in the city for the eastern region.

This is the third regional bench of the commission. The other two are located in Mumbai and Chennai.

So far, the assessees' applications from this region was being accepted by the office of the chief commissioner of customs & central excise and settled by the principal bench in Delhi.

The commission provides an opportunity to correct declarations that have been objected to by the tax authority.
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Uplinking content on Ku-band may be allowed
New Delhi: Export of television software may soon become easier with the government contemplating allowing uplinking content, not meant for viewing in India, on the Ku-band.

However, content uplinked through the Ku-band would be only for export and not to be beamed back into India.

Direct uplinking would help reduce costs and do away with the need for sending tapes physically.

Several television content producers, including Zee, Nimbus and TV18, which export content, are likely to benefit from the relaxation.
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States to get Rs 330 cr for export promotion
Chennai: The Union cabinet has approved the allocation of Rs 330 crore for helping the state governments promote exports from their industries, according to union minister for commerce and industries Murasoli Maran.

Speaking at an open house meeting organised by the Federation of Indian Export Organisations here, Maran said that the silver lining for the country's exports after the 11 September slump had come in January with an 18 per cent export growth.

The government has identified the focussed export of 220 items to 25 countries, he said. To make a mark in this area there is a need for partnership between the exporters and the government.
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Rs 490 cr aid for TN from Hudco
Chennai: Hudco has sanctioned Rs 490 crore assistance to Tamil Nadu, taking overall assistance to the state from Hudco to Rs 5880 crore.

This includes Rs 100.67 crore for construction of two seven storeyed blocks at the government general hospital in Chennai, Rs 115.19 crore for constructing 3,000 houses for police personnel in Chennai and mofussil towns and Rs 56.69 crore for rural housing schemes.

An assistance of Rs 46 crore for coastal protection projects at Kanyakumari, Tirunelveli, Ramanathapuram and Tuticorin districts and Rs 41.40 core for construction of SC/ST hostels in 143 towns were also sanctioned by Hudco.
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