Amazon to market Chinese goods in 185 countries

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today.

Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide.

5,000 jobs affected by diesel vehicles ban in Delhi-NCR: Siam

The ban imposed on diesel cars and SUVs of engine capacity 2,000cc and above in Delhi-NCR by the Supreme Court has impacted about 5,000 jobs in the automobile sector, according to the industry body Siam.

It also said the ban, which is in effect since December 16, has resulted in production loss of around 11,000 units.

"... production loss due to the ban of these vehicles in NCR from December 16, 2015 to April 30, 2016 has resulted in 11,000 vehicles, which translates to impact on approximately 5,000 jobs in the industry," Society of Indian Automobile Manufacturers (Siam) said in a written submission to the Supreme Court.

Intel India expands education solutions ecosystem to boost use of technology

The initiative taps on the comprehensive ecosystem of vendors to deliver one-stop solutions. Intel is enabling the standard availability of devices, as well as education content and solutions on the Intel® Pentium® Processor A1020.

Going forward, any educational institute looking to implement technology solutions will be able deploy technology-based solutions in a faster and more efficient manner. Intel's backend infrastructure will enable devices and solutions to connect and provide a seamless education experience to the student and teacher community, as well as to the school managements.

Cabinet approves National IPR Policy

The Union Cabinet has approved the National Intellectual Property Rights (IPR) Policy that will lay the future roadmap for intellectual property in India.

Briefing the media here, Union Finance Minister Arun Jaitley today said capacity building within the government is one of the objects of this policy.

"There was an expert group set up by the Department of Industrial Policy and Promotion.This group after a lot of sittings and public consultation had prepared a draft document and submitted its recommendations to the government which in turn was examined by the Group of Secretaries of the Government of India because IPR was actually cutting across various ministries and finally the final draft was placed before the Cabinet yesterday and the Cabinet granted an approval to the IPR Policy," he said.

Hiring cab with ixigo now possible without Internet or GPS

 ixigo, India's leading travel search app has announced the launch of 'One­Tap Cab Booking' on the ixigo cabs app ­ an innovative feature that allows booking the nearest available cab in one tap of a button on the user's home screen.

Currently available for Android, One­Tap Cab Booking will work even in places without a stable internet connection, such as airports, railway stations, bus stations and even while the user is on their way.

Amazon brings three more international brands to India

Making international fashion easily accessible to Indian consumers, Amazon.in, one of India's largest online store, on Monday announced the launch of an exciting portfolio of international brands on Amazon Fashion store.
Through these partnerships, Amazon.in becomes the first online store in India to offer a wide selection of merchandise from Bjorn Borg, Drunknmunky and Rockland luggage across the country. The store will also be launching a selection from the iconic brand Replay soon. Consumers can now shop from over 4,000 selections from close to 20 international brands on Amazon.in.

FinMin approves 8.7% interest on EPF for 2015-16: Dattatreya

The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).

"The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has proposed an interim rate of interest at 8.8 per cent to be credited to the accounts of Employees' Provident Fund subscribers for 2015-16. The Ministry of Finance has, however, ratified an interest rate of 8.7 per cent," Labour Minister Bandaru Dattatreya said in a written reply to the Lok Sabha today.

This is probably the first time that the Finance Ministry has not given concurrence to the rate of interest on EPF as decided by CBT, which is headed by the labour minister.

EPFO had provided 8.75 per cent rate of interest in 2013-14 and 2014-15, which was higher than 8.5 per cent in 2012-13 and 8.25 per cent in 2011-12.

EPFO's estimates, which were worked out in September, projected that the body can easily pay 8.95 per cent rate of interest as it would leave a surplus of Rs 100 crore.

The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.

However, despite the employees representatives' demand for 9 per cent rate of interest for the fiscal, the CBT at its meeting held on February 16 decided to provide an interim interest rate of 8.8 per cent for 2015-16.

Later, Dattatreya had assured that the Employees' Provident Fund Organisation will not revise its interim interest rate of 8.8 per cent downward for 2015-16.

"We will not revise it (interim interest rate) downwards.

The revision will be keeping in view of the economic trend in the country, interest rates of various schemes as well as the 7th Pay Commission," Dattatreya had said.

Asked about the interim announcement, he had said the prevailing situations need to be analysed and after that, CBT will again meet in future to decide the interest rate.
-Source PTI

Airtel jumps 3 pc after co says share buyback on table

Bharti Airtel's scrip today rose by 3 per cent after the company said its board will consider buyback of equity shares or a final dividend, or a combination of both, at its meeting on Wednesday.

The stock gained 3 per cent to Rs 363.85 on BSE.

On NSE, it went up by 3 per cent to Rs 364.

The company, however, did not specify the number of shares it wants to buy back.

"The board of directors of the company will consider recommending final dividend for the financial year ended March 31, 2016, or buyback of shares of the company, or a combination thereof, at its meeting scheduled to be held on April 27, 2016," the company had said in a filing to BSE on Saturday.

As of the quarter ended March, public shareholding of the company stood at 33.21 per cent whereas the promoters held 66.74 per cent.
-Source PTI

India now more confident in dealing economically with other nations: Jaitley

India's confidence level in dealing with other countries economically has risen and it is now in a position to boldly consider multilateral trade arrangements as it has emerged as the fastest-growing major economy amid a "grim" global situation, according to Finance Minister Arul Jaitley.

India once had "fears" about trade agreements, he said Monday at the Asia Society here in answer to a question about India's attitude to the the Trans-Pacific Partnership (TPP). The trade pact is to bring closer together the economies of 12 nations stretching from New Zealand to Chile along the Pacific rim and include the United States. India is not in consideration for joining the pact, which has become controversial in the US because of fears of competition from further opening its markets.

Developed countries going to protectionism is what is worrisome, Jaitley added.

Highlighting India's emerging strength in the global economy, India's ambassador to the United States, Arun Kumar Singh, said that in economic cooperation between the two countries, investments and job creation now went both ways. Indian companies had invested over $15 billion in the US and created about 100,000 jobs.

Jaitley agreed with former Australian Prime Minister Kevin Rudd who said he had noticed that in India the language of discourse about the economy had shifted away to discussions of the regulatory environment, growth and role of manufacturing. Rudd, who is now the president of the Asia Society Policy Institute and presided over the meeting, mentioned it as a sign of the maturing of the Indian economy and society.

Commenting on Rudd's observation, Jaitley said the sections of society that support economic reforms are now bigger than those that oppose them.

India's "competitive federalism" was helping speed up the pace of and change in attitude to reforms, he said. On the mainland all the states had turned revenue surplus except for the leftist states of Kerala and West Bengal, Jaitley said. But now even those states were coming on board with Kerala developing a private port and West Bengal wooing global investors.

The president of the Confederation of Indian Industry (CII), Naushad Forbes, said that while land reforms were stalled at the national level, states were taking the initiative in this area. Rajasthan, ruled by the Bharatiya Janata Party, and Tamil Nadu, run by a party that is in the opposition at the center, had both enacted land reforms and this was a sign of the emerging consensus for reforms, he said.

Forbes said that about a third of the new projects launched in India in recent times were in Telengana and Andhra Pradesh and this was because of the economic competition between the states.

Answering questions after his speech on "Make in India: The New Deal," Jaitley described the global economic situation as "grim." It was "worrisome" when many countries began to consider a growth rate of 1 to 2 percent "good."

Although the global economic slowdown was hurting Indian exports, India's own economy was doing well overall, he said. But at the same time, it could do better in regard to poverty reduction and industrialisation, he conceded.

The BJP government's "New Deal" of Make in India was born of the need to alleviate the stress caused to the Indian economy with about 50 percent of the population working in the agriculture sector and the need to shift them away from it, Jaitley said.

He outlined the various measures taken by the government to help bring in investments for its Make in India policy, such as speeded up and transparent decision-making, reducing the discretionary element and giving a role for the market forces, and changes in taxation policy, while at the same time heavily investing in the infrastructure.

The areas for private investment were being expanded to now include defence, the railways, seaports, airports and other infrastructure, he said.

Economic Affairs Secretary Shaktikanta Das said that for Make in India, the nation wanted to offer a low-cost manufacturing environment, but this did not mean low wages. The low-cost structure would be achieved through lower financial costs, lower transaction costs, lower taxes, better logistics through infrastructure improvements, and an efficient bond market, he added.

Forbes said that the CII expected India's growth rate to reach 8 percent this year because the monsoons were good after two bad years.
-Source IANS

Dow reclaims 18,000 amid Doha news

US stocks reversed early losses to end higher on Monday, as investors shook off worries over oil producers' failure to agree on an output freeze in Doha during the weekend.

The Dow Jones Industrial Average finished above the round-number mark of 18,000 points for the first time since July 20, 2015, Xinhua reported.

At the close, the Dow rose 106.70 points, or 0.60 percent, to 18,004.16. The S&P 500 added 13.61 points, or 0.65 percent, to 2, 094.34. The Nasdaq Composite Index gained 21.80 points, or 0.44 percent, to 4,960.02.

The world's key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting in Doha, Qatar, Sunday amid disagreements on the wording of the agreement.

Qatari Oil Minister Mohammed bin Saleh al-Sada said at a press conference that "the meeting reached a result which we all need more time for more consultations and talks."

Oil prices shaved most of early losses to end mildly lower Monday.

In corporate news, shares of Pepsico, Inc. edged down 0.05 percent to 103.72 U.S. dollars apiece Monday, after the snack and beverage giant delivered quarterly earnings above estimates and revenues in line with expectations.

On the economic front, builder confidence in the market for newly-built single-family homes remained unchanged in April at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index.

Overseas, European equities also ticked up Monday despite failed Doha deal. German benchmark DAX index at Frankfurt Stock Exchange added 0.68 percent, while British benchmark FTSE 100 Index inched up 0.15 percent.

Asian stocks suffered big losses Monday after Doha news. Chinese benchmark Shanghai Composite Index tumbled 1.44 percent, while Japanese 225-issue Nikkei Stock Average plummeted 3.40 percent on concerns over the economic impacts of the recent earthquakes in Japan's southwest.
-Source IANS

PM pitches for Rs 1 lakh cr investment for port development

Mumbai, Apr 14 (PTI) Pitching for making the country's 7,500-km long coastline an "engine of growth", Prime Minister Narendra Modi today said India wants to mobilise Rs 1 lakh crore investment to enable port development and invited global community to invest.

Inaugurating the first Maritime India Summit (MIS) here, Modi said it is the "right time" to come and better through the "sea route".

"Our vision is to increase port capacity from 1,400 million tonnes to 3,000 million tonnes by 2025. We want to mobilise an investment of Rs 1 lakh crore in the port sector to enable this growth," the Prime Minister said after opening the MIS 2016.

India, according to Modi, plans to add five new ports to meet increasing demand of Exim trade, which is expected to rise in line with the fast-growing Indian economy. New ports are also being developed by several coastal states of India.

Making out a strong case, the Prime Minister said Indian shipping sector is ready for "a long haul" and called upon investors not to miss out on "the pleasant journey and great destination".

Modi added: "It is even better time to come through the sea route... Once you are here, I assure you that I will personally hold your hands to see that your berthing is safe, secure and satisfactory."

Paying tribute to Baba Saheb Bhim Rao Amdedkar on his 125th birth anniversary, Modi said the architect of India's Constitution is also the architect of the country's water and river navigation policy.

Elaborating on the government's plans for the sector, Modi referred to the shipping ministry showcasing some 250 projects with investment opportunity in the maritime sector.

These projects include various infrastructure development opportunities in 12 major ports, projects in eight maritime states and other agencies, of which over 100 projects have been identified under the ambitious Sagarmala programme.

"With more than 14,000 kilometers of navigable inland waterways in the country, there is tremendous potential for development in this sector. My government is committed to integration in infrastructure. We are also committed to creating an enabling environment for investors and facilitating investments with an open mind," he added.

On the need for collaboration, the Prime Minister said it not just creates and facilitates economic activity, but connects countries and civilisations. He termed it as "the cleanest and cheapest carrier" of global trade.

"However, in this sector, no country can achieve the desired results in isolation. Nations have to collaborate to realise this potential and overcome challenges in this sector.

The objective of this summit is to provide a platform and a forum for such cooperation," he stressed.

"India has had a glorious maritime history. We are on the path of shaping an even better maritime future." .
-Source PTI

India a very, very bright spot, tech doing wonders: Kochhar

Hyderabad, Apr 8 (PTI) The India story today got some unqualified support from ICICI Bank MD and CEO Chanda Kochhar, who said it remains "a very, very bright spot" because of its young demography and has leapfrogged technology like none other.

Driving the change is increasing use of Internet, which is changing the business model in India where technology is driving companies to transform themselves, she said.

Kochhar was speaking as the chief guest at the Graduation Day ceremony at the Indian School of Business (ISB) here.

"Global economy continues to be very uncertain, very volatile. India is a very, very bright spot," she said, laying a premium on its young demography.

She reminded the audience that one has to learn all the time as "skills become obsolete in no time".

"Illiterates of 21st century are not going to be those who cannot read or right. Illiterates of 21st century are going to be those who cannot learn, relearn and unlearn," Kochhar said.

ISB Dean Professor Rajendra Srivastava said it is "heartening" to see that the alumni are already taking on leadership positions.

"We now have over 400 alumni who have moved into CXO positions in the corporate world," he said. " The alumni of ISB (which has now completed 15 years) have also started over 400 businesses.
-Source PTI

ITC Hotels renews 40-year old partnership with Starwood Hotels & Resorts

Cigarettes to hospitality major ITC on Thursday said it has renewed its 40-year old partnership with Starwood Hotels & Resorts for 11 Luxury Collection hotels and another one under the Sheraton brand while agreements have been signed to extend the collaboration for three other upcoming luxury hotels.

The upcoming hotels - ITC Kohinoor in Hyderabad, ITC Narmada in Ahmedabad and ITC Royal Bengal in Kolkata - which are poised to be completed in the next four years will take the inventory count to 15.

"Starwood is experiencing strong growth momentum in India with signings of new hotels in the past 12 months representing nearly 30 per cent of our current operating footprint in the country," Thomas Mangas, chief executive officer at Starwood Hotels & Resorts Worldwide said.

Commenting over extending the partnership, Nakul Anand, executive director at ITC said, "The association with Starwood Hotels & Resorts for close to four decades bears testimony to this commitment and we are pleased to further strengthen our alliance with 3 upcoming ITC luxury hotels."

The ITC-Starwood partnership came into being in 1979 with the launch of the Sheraton brand of hotel.

In 2007, both companies signed an agreement through which Starwood introduced The Luxury Collection brand in India, which presently accounts for 11 hotels.

Originated in 1906 under the CIGA Hotels under the brand as a collection of Europe's most celebrated and iconic properties, the Luxury Collection brand represents a portal of the destination's indigenous charms and treasures. The brand now is set to exceed 100 of the world's finest hotels and resorts in more than 30 countries by early 2016.
-Source IANS

Cello launch designer 'Air Coolers

New Delhi, April 5 (ANI-NewsVoir): Cello has ventured into the manufacturing of air coolers by leveraging its long background in high quality plastics and polymers.

The Cello Air Coolers, which are designed for today but will last into tomorrow, are manufactured by Wim Plast Ltd., a subsidiary of Cello group.

The coolers have engineering quality polymer bodies, Turbo Coolâ„¢ power cooling and international design aesthetics.

"Cello Air Coolers have improved the traditional science of evaporative cooling into a cutting edge technology. Engineering quality polymer build and lightweight, powerful blowers and fans with improved cooling pads give you Turbo Cooling that no fan can offer, at low costs which no air conditioner can match. This new range of Air Coolers is designed by Italian and leading Indian designers to bring world-class products to the Indian consumers," said Chief Financial Officer Wim Plast Ltd., Madhusudan Jangid.

Cello's range includes all types of consumer coolers such as desert coolers, tower coolers, window coolers and personal coolers. The company has also created a new segment of mini desert coolers.

In all, the company has launched 23 models of designer coolers in these segments, with water storage capacity ranging from 22 liters to 60 liters. The company has appointed distributors across India and after-sales service centers with service engineers and technicians on the company's payroll to ensure reliable and timely service delivery. It has also set up a toll-free number for customer care.

The company has got certification of CE and Saso for these products and other certifications are in the process.

"Our coolers come with Turbo cooling system which combines powerful air circulation system with compact cooling pads to cool larger area in lesser time and also has other feature like digital model and convenient mobility," said Jangid.

"The initial response has been very encouraging. Both trade and consumers have appreciated the product and, as summer nears, the secondary sales have started and the company has also started receiving repeat orders from the network," he added.

As income levels grow in India's middle class, many families are upgrading from fans to coolers. Further, with greater consumer awareness about quality and such other factors, more people are shifting from products made by the unorganized sector to branded products.

Given the growing demand for its products, Cello is planning to build one more dedicated factory for coolers in the next financial year and is looking at possibilities of backward integration.
-Source ANI

Jaitley invites Aus businesses to invest in India

Melbourne, Apr 2 (PTI) Showcasing significant investment opportunities in manufacturing and infrastructure sector, Finance Minister Arun Jaitley has invited Australian businesses to come and invest in India as he wraps up his four-day visit to the Asia Pacific country.

During his visit, Jaitley met Prime Minister Malcolm Turnbull, Energy Minister Josh Frydenberg, Treasurer Scott Morrison, Finance Minister Mathias Cormann and several other top dignitaries and business leaders of Australia.

On his first day in Sydney, Jaitley inaugurated 'Make in India' conference where he strongly pitched for foreign investments in India, specially in the area of manufacturing and infrastructure.

In Canberra, he met Turnbull and discussed trade and bilateral issues of the two nations. He also invited Turnbull to visit India. Here, the finance minister also attended a special reception organised by the Indian High Commission where he met a large group of Indian diaspora from across the country.

In Melbourne, the finance minister met a high-powered delegation of Australia's Superannuation funds and other investors along with FICCI delegation where he urged them to invest in India's infrastructure projects and other manufacturing sectors.

He assured them that India's economic story was all set to stay on path of growth and that the government was strongly focusing on 'Ease of doing business' by rationalising the tax system and other processes and policies.

Jaitley, while attending a special dinner last night organised by Victorian politician Tim Pallas, called the Indo-Australian relations "evolving and growing" strongly.

"It's not only sports where the relations are evolving but also in business, culture, politics, and strategic relationships, which all determine our future destinies," Jaitley said adding that the two sides were natural allies.

He also raised the topic of Free Trade agreement which he said had passed the set deadline of last December while stating that "the more we cooperate, the more we coordinate, the better it is for both the countries as a win win situation."

Greater Pacific Capital CEO Ketan Patel, who was accompanying the finance minister as a part of FICCI delegation said Jaitley's visit to Australia would galvanise the relationship of the two sides.

Patel said the Australian investors were mainly worried about the history of India as a difficult destination to do business with.
-Source PTI

No sign of end to jewellers' strike; shops remain shut

New Delhi, Mar 26 (PTI) Gold and jewellery establishments in many parts of the country remained closed for the 25th day today as traders protest against the budgetary proposal to impose 1 per cent excise duty on non-silver jewellery, even as the government set up a panel to look into their demand.

Traders in several parts of the country, including in Delhi and Kolkata, kept their shops shut today.

Most of the jewellery showrooms in Tamil Nadu however were open for regular trading.

All India Bullion, Jewellers, Swarankar Federation (AIBJSF), which had organised a rally at Ramlila Maidan here on March 17, is continuing the strike, though three major associations - GJF, ABJA and GJEPC - had called off the strike last Saturday after government's assurance that there would be no 'Inspector Raj'.

Meanwhile, the government has constituted a panel under former Chief Economic Advisor Ashok Lahri to look into the demands of jewellers.

The panel, which has been asked to submit its report in 60 days, will look into issues related to compliance procedure for the excise duty, including records to be maintained, forms to be filled, operating procedures and other relevant issues.

The government in the Budget for 2016-17 had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery excluding silver other than studded with diamonds and some other precious stones.
-Source PTI