Reform panel for financial sector laws soon

NEW DELHI – A financial reform commission will be set up soon to rewrite and clean up the ‘old’ laws of the country in this sector, Finance Minister Pranab Mukherjee said Friday in his budget speech.

“Most of our legislations governing the financial sector are very old. Large number of amendments to these acts made at [..] Read the original article: here.

Oil hovers above $78 in Asia amid mixed crude demand signs, weaker dollar

Oil hovers above $78 amid mixed crude demand signs

SINGAPORE – Oil prices hovered above $78 a barrel Friday in Asia amid mixed signals about global crude demand.
Benchmark crude for April delivery was up 16 cents to $78.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell …. Original article on Gaea Times at  : Oil hovers above $78 in Asia amid mixed crude demand signs, weaker dollar.

Budget evokes mixed reaction in Orissa

BHUBANESWAR – Finance Minister Pranab Mukherjee proposing loans for farmers at two percent less than the market rate was appreciated by some in Orissa but many criticised the union budget presented by him Friday for the impending fuel price hike and for neglecting the state’s backward regions.

“The proposal of loans to farmers at a subsidized … Read the original article on Gaea Times at : Budget evokes mixed reaction in Orissa.

UK 4th quarter economic growth revised up to 0.3 pct from 0.1 pct; confirms recession exit

UK 4th quarter economic growth revised up
LONDON – British economic growth in the final quarter of 2009 has been revised upward to 0.3 percent, confirming the country’s exit from recession.

Friday’s release from the Office for National Statistics comes as a relief after fears that the 0.1 percent preliminary estimate for gross domestic output for the …. Source article on Gaea Times at  : UK 4th quarter economic growth revised up to 0.3 pct from 0.1 pct; confirms recession exit.

India raises defence allocation to Rs.147,344 crore

NEW DELHI – India’s defence expenditure has been raised to Rs.147,344 crore for 2010-11, up 8.13 percent from the revised estimates of the previous fiscal, in the budget presented by Finance Minister Pranab Mukherjee in the Lok Sabha Friday.

Secure borders and security of life and property fosters development. I propose to increase the allocation for [..] Read the original article: here.

Pranab earmarks Rs.1,37,674 crore for social sector

NEW DELHI – Union Finance Minister Pranab Mukherjee, Friday increased the spending on social sector to Rs.1,37,674 crore.

Presenting the annual Budget in the Lok Sabha, Mukherjee said the spending on social sector has been gradually increased to … Read more »»».

Indian Rupee to get a symbol, join the select club of currencies

NEW DELH – Union Finance Minister Pranab Mukherjee on Friday announced the proposal to formalize a symbol for the Indian Rupee in the ensuing years.

The proposed symbol will appropriately reflect and capture the Indian ethos and culture,” Mukherjee said during in his Budget speech in Lok … Read more >>>.

Mukherjee increases excise duty on oil, tobacco, gold

NEW DELHI – Union Finance Minister Pranab Mukherjee on Friday announced hike in excise duty for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver which were exempted as part of a stimulus package.

Presenting the budget for the year 2010 -2011, Mukherjee said hike in excise duty is the … Read more >>.

Union Budget 2010-11: Direct Tax Code Implementation

NEW DELHI, INDIA(GaeaTimes.com)-Finance Minister Pranab Mukherjee along with his Finance Ministry has declared Uniform Direct Tax Code (DTC) to come alive from April 1, 2011. As the finance minister puts it across it is evident that the finance ministry desk is already making arrangements to bring into effect the uniform Direct Tax Code by …. Read the original article  : here.

Tajikistan to vote in parliament election pitting government against Islamic party, Communists

Tajikistan to vote in parliamentary election

DUSHANBE, Tajikistan – Tajikistan, an impoverished nation in Central Asia that borders Afghanistan, votes for a new parliament Sunday as the country struggles to revive its economy and protect its borders from al-Qaida militants.
Western governments are keeping a close eye on Tajikistan, concerned that poverty and economic instability could lead …. Original article on Gaea Times at  : Tajikistan to vote in parliament election pitting government against Islamic party, Communists.

Asian stock markets rise as Japan’s economic health improves; European shares higher

Asia stocks gain amid strong Japan data; Europe up

HONG KONG – Asian stock markets climbed Friday as more evidence Japan’s economy was turning around added to optimism about the region’s economic prospects. European shares opened higher.
The move higher bucked selling in the U.S. and Europe overnight. The euro, meanwhile, regained some ground after concerns over …. Original article  : Asian stock markets rise as Japan’s economic health improves; European shares higher.

State-owned Chinese film studio eyes Shanghai listing this year

State-owned film studio eyes Shanghai listing

HONG KONG – China’s leading state-owned film studio is gearing up to offer shares on Shanghai’s stock market by the end of the year, a senior executive said Friday, in an indication of the local movie industry’s rapid expansion.
Auditors have finished sifting through China Film Group’s holdings, deputy chief executive …. Source article  : State-owned Chinese film studio eyes Shanghai listing this year.

Gems and jewellery sector not happy with budget

KOLKATA – Union Finance Minister Pranab Mukherjee’s proposal to increase customs duty on gold and silver has failed to excite the gems and jewellery sector that is concerned at not getting any interest relief.

“The prices of precious metals continue to rise. Since the customs duty is levied on these at specific rates, I propose …. Source  : Gaea News Network.

‘Living wage,’ employee benefits could factor into awarding of government contracts

‘Living wage’ could be factor in govt contracts

WASHINGTON – The White House is looking at a new policy that would give an advantage in bidding on government contracts to companies that offer generous benefits and good pay.
But business groups opposing the idea maintain it would shut out smaller businesses from competing for more than $500 …. Read the original article  : here.

Lloyds Banking Group 2009 net profit is 2.8 bln pounds ($4.3 bln), but pretax loss disappoints

Lloyds Banking Group in full year profit of $4.3B

LONDON – Lloyds Banking Group PLC on Friday reported a full-year net profit of 2.8 billion pounds as a goodwill gain helped offset soaring impairment charges.
The bailed-out bank made a pretax loss of 6.3 billion pounds, however, worse than analysts’ consensus forecast of 6.1 billion pounds.
For the … Read the original article on Gaea Times at : Lloyds Banking Group 2009 net profit is 2.8 bln pounds ($4.3 bln), but pretax loss disappoints.

Summary of Union Budget 2010-11

NEW DELHI – The Union Budget this year has aimed to focus on inclusive growth and ensuring food security. The concerns for ‘aam aadami’ or common man have gone hand in hand with credible measures for improving investment climate, strengthening infrastructure and fiscal consolidation.

As the country looks to ‘quickly revert to high GDP growth path’ … Read : Summary of Union Budget 2010-11.

Budget 2010 : Interest subsidy for exporters extended

NEW DELHI – Union Finance Minister Pranab Mukherjee on Friday proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011.

Mukherjee’s announcement is considered as a relief to the sectors, which were hit by the global financial slowdown.
Presenting the budget for the year 2010-2011, Mukherjee said: “I …. Read the original article  : Budget 2010 : Interest subsidy for exporters extended.

Oil and gas shares increase by two percent in afternoon trade

MUMBAI – Amidst the budgetary proceedings in Parliament, the shares of oil and gas companies on Friday gained by two percent in the afternoon trade in the Bombay Stock Exchange.

The 10-share Bombay Stock Exchange oil and gas index was the biggest gainer in the intra-day trade and added over two percent to 9,699.73 points in … Read the original article on Gaea Times at : Oil and gas shares increase by two percent in afternoon trade.

Fuel prices to rise after Pranab’s budget

NEW DELHI – Fuel prices in the country are set to increase with Finance Minister Pranab Mukherjee Friday announcing restoration of basic duty on petrol, diesel and crude petroleum and a rise of Re.1 in central excise duty.

In his budget speech 2010-11, Mukherjee said the government had exempted fuel from basic customs duty to give … Read more : Fuel prices to rise after Pranab’s budget.

Japan’s industrial output rises, retail sales gain amid continued deflation

Japan factory output rises, retail sales gain

TOKYO – Japan’s industrial output rose for the 11th straight month in January amid rising demand in China and elsewhere in Asia while retail sales gained for the first time in nearly a year and a half. Another decline in consumer prices, meanwhile, cast a shadow over the country’s … Read more : Japan’s industrial output rises, retail sales gain amid continued deflation.