India

India’s industrial output contracts 0.6% in December

India’s industrial output contracts 0.6% in December

India's industrial production growth remained negative for the third consecutive month in December 2013, mainly due to persistent sluggish sluggishness in the manufacturing sector.

Newly released data revealed that industrial production contracted 0.6 per cent in December on a year-on-year basis, for the third month in a row. Industrial production for the April to December period of current fiscal year has, therefore, slipped 0.1 per cent, against a growth of 0.7 per cent in the corresponding period of the previous fiscal.

People without bank accounts will be able to withdraw cash from ATMs: Raghuram Rajan

People without bank accounts will be able to withdraw cash from ATMs: Raghuram R

The reserve Bank of India (RBI) has given its in-principle approval for the setting up of a payment system that will allow people without bank accounts and debit cards will also be able to withdraw cash from automated teller machines (ATMs).

RBI Governor Raghuram Rajan announced on Wednesday that the upcoming payment system would allow a person without a bank account and debit card to withdraw cash from ATMs with the help of a mobile phone.

Conciliation talks over tax disputes between govt. and Vodafone fall through

Conciliation talks over tax disputes between govt. and Vodafone fall through

The conciliation talks between the Indian government and Vodafone relating to tax disputes of around Rs 20,500 crore (around $3.3bn) have fallen through, The Economic Times (ET) reported.

According to the report, the outgoing Congress-led UPA government has opted out of the conciliation process. Market analysts are of the view that government wants to wash its hands of the tax disputes with the UK-based telecommunications giant.

U.S., Indian health regulators will inform each other before conducting inspections

U.S., Indian health regulators will inform each other before conducting inspecti

U. S. Food & Drug Administration (USFDA) Commissioner Margaret A Hamburg on Monday signed an agreement with India's Union Health Minister Ghulam Nabi Azad under which regulators from the two countries will inform the regulatory authorities of each other before conducting inspections.

Under the terms of the agreement, health inspectors of the host-country may join inspections as observers. The two countries also agreed to exchange information relevant to any lack of compliance with accepted good manufacturing practices (GMP) etc.

DLF sells Aman Resorts for $358 Million

DLF sells Aman Resorts for $358 Million

Real estate giant DLF on Sunday confirmed that the sale of its hospitality venture, Aman Resorts, to a joint venture (JV) between Peak Hotels & Resorts Group and Adrian Zecha.

DLF sold the chain of luxury resorts for US$358 million (Rs 2,215 crore). DLF had acquired 97 per cent stake in Aman Resorts for USD 400 million (Rs 1,640 crore) in 2007. It gradually hiked its stake in the chain of luxury resorts to
100 per cent.

Saurabh Chawla, executive director (Finance) at DLF, said the sale would allow them to focus on the company's core business of real estate.

Coca-Cola partners with Green Mountain to create Keurig Cold machines

Coca-Cola partners with Green Mountain to create Keurig Cold machines

Cold-drinks giant Coca-Cola has reportedly plans to partner with single-serve coffee brewer Keurig's parent firm Green Mountain Coffee Roasters to create Keurig Cold machine that would enable people to make sodas with a press of a button.

According to a fresh report published by the Wall Street Journal (WSJ), the Coke-Keurig machine will work with pods, in a similar manner to the wildly successful Keurig coffee machines.

CNG, PNG prices slashed in Delhi

CNG, PNG prices slashed in Delhi

Prices of compressed natural gas (CNG) and piped natural gas (PNG) have significantly come down in Delhi, thanks to the oil ministry's decision to give gas distribution companies cheaper domestic gas to meet all their needs for CNG and PNG supplies in the national capital.

Price of CNG in the national capital has been slashed by Rs 14.90 per kg, while piped cooking gas' price has been slashed by Rs 5 per standard cubic meters (scm).

Satya Nadella’s school in India celebrates his appointment as new Microsoft CEO

Satya Nadella’s school in India celebrates his appointment as new Microsoft CEO

The recent announcement of Satya Nadella as the new Chief Executive Officer of US software giant Microsoft has brought laurels to Hyderabad Public School (HPS) in India. Nadella is an old HPS student; and it is matter of great pride and honor for the school that he has been appointed to the top-notch post at Microsoft.

Nadella is one of Microsoft's veteran executives who previously served as the company's head of the Cloud and Enterprise Group, before being named the new CEO to replace Steve Ballmer.

India-born Satya Nadella to replace Steve Ballmer as Microsoft’s new CEO

India-born Satya Nadella to replace Steve Ballmer as Microsoft’s new CEO

Hyderabad, India-born Satya Nadella will replace Steve Ballmer as the Microsoft Corp's new Chief Executive Officer (CEO), the world's leading software firm announced on Tuesday.

Forty-six-year-old Nadella is a 22-year Microsoft veteran and cloud guru. He is well suited to the services segment of the company's recent realignment towards "devices & services," though he is not very comfortable with the devices segment of the business.

U.S. should worry about its policies’ effects on rest of the world: Rajan

U.S. should worry about its policies’ effects on rest of the world: Rajan

The United States should be concerned about the effects of its policies on the rest of the world, Reserve Bank of India (RBI) Governor Raghuram Rajan said.

Mr. Rajan said that the world's biggest economy should be more careful while taking decisions as its decision also affect other economies of the world.

Speaking on the topic, he said, "We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, rather than what is just right given the circumstances of their own country."