Business news

GCC seeks UAE's return to bolster Monetary Union

Dubai: Gulf countries cannot achieve a monetary union without the participation of the UAE, the region's second biggest economy, a top official said, in an apparent attempt to get the country back into the union. "Without the UAE, the necklace [the Gulf Monetary Union] will not be complete," Abdul

Rupee gains 12 paise against dollar in early trade

MUMBAI - The rupee strengthened by 12 paise to Rs 44.25 against the US currency at the Interbank Foreign Exchange market in the morning trade today, tracking dollar's losses against other major currencies. Traders said besides dollar's losses against the euro and other Asian currencies, fresh capit

Emirates reports 351 per cent jump in first half net profit

Dubai: Emirates reported a 351 per cent jump in net profits on Monday, with Dh3.4 billion ($925 million) for the first six months of its current financial year, ending September 30, 2010, compared to Dh752 million ($205 million) for the same period in 2009. The airline's revenue, including other ope

Dubai's non-oil trade grows to AED 377b in August

DUBAI - Dubai non-oil trade continued to grow to reach AED 377 billion with 18 per cent of increase rate by the end of August 2010 compared to AED 320 billion during the same period last year. Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Dubai Customs Direct

India, Malaysia ink mega trade pact

PUTRAJAYA (MALAYSIA) - Malaysia and India concluded negotiations on Wednesday for a free trade deal that will take effect next year, setting the stage for annual bilateral trade to soar to $15 billion by 2015. Trade and commerce ministers from both sides signed an agreement during a visit by Indian

TCS to hire 20,000 more in the next few months

Mumbai -Country's largest software firm Tata Consultancy Services (TCS) today said it expects to add 20,000 people in the second half of FY'11, taking its total hiring during this fiscal to over 50,000 persons. The company, at the beginning of this fiscal, had forecast hiring 30,000 people during 2

Rising Rupee Is Bad News for NRIs

Indian rupee's spectacular rise has profound effect on exports, IT and NRIs BANGALORE: The Indian rupee which soared to 43.09 against the dollar on Oct. 15, notching its highest level since August 2008, has become a cause for worry for exporters, the country's much-talked about IT industry in parti

Mukherjee hopeful of UNSC seat; positive on Indian economy

With an eye on the approaching India visit of United States President Barack Obama, Finance Minister Pranab Mukherjee expressed hope that India would be made a permanent member of the United Nations Security Council, and that despite the global economic slowdown the Indian government would neith

Nano may become available overseas in a year or two: Forster

Nano, the world's cheapest car made by India's Tata Motors, could be available overseas in a year or two, the company's CEO Carl-Peter Forster has said."We don't know yet, but in a year or two perhaps," Forster said in an interview."We are looking at that very carefully," he said when asked about wo

Hyundai launches all new i10

New Delhi - India's second largest car manufacturer Hyundai Motor India Limited (HMIL) Thursday launched its hatchback car Next Gen i10 at a price ranging from Rs.3.49 lakh to Rs.5.91 lakh (ex-showroom in Delhi)."With the Next Gen i10, we hope to continue the legacy. That is why we have further boos

Samsung launches Galaxy tablet for US

LOS ANGELES - Samsung Electronics has struck deals with four US carriers to begin selling a Google Android-powered tablet computer during the coming holiday season, taking on Apple Inc's iPad on its home turf.Samsung on Thursday announced details of its new 7-inch touchscreen Galaxy, to be sold thro

UAE among top nations for employment in ME

The UAE has become the preferred employment destination after Saudi Arabia and Qatar, according to a survey.The Bayt Middle East Job Index states that of the 2,763 respondents across the region, 46 per cent voted for Saudi Arabia, while the UAE was a close second with 44 per cent. The preferred stat

Remittance flow remains strong

Dubai: When the global financial crisis hit, one of the first things that was initially affected was the flow of remittances.Remittance flows to developing countries reached $316 billion (Dh1.1 trillion) in 2009, a six per cent decrease from $336 billion in 2008, according to a World Bank report, "M

Gold likely to cross $1,500 mark

As the precious metal approaches its tenth consecutive price gain, several factors are set to push it even higherDubai: For the past nine years, investors have found gold to be, well, as good as gold in terms of annual returns.And the metal is on the cusp of its tenth annual increase this year as it

Air fares up as Asian travel rebounds

Asia-Pacific airlines are raising ticket prices as travellers return in their droves after holding back on their travel plans last year because of the global recession.A strong economic rebound, led by China, has resulted in carriers filling more seats during the summer holidays and demand should re

Sensex rises to 31 month high

The Bombay Stock Exchange benchmark Sensex on Monday jumped by 338 points to close at a 31-month high on heavy buying in metal, refinery and IT stocks backed by a firming global trend.The 30-share index settled 338.62 points higher at 18,560.05 points, a level never seen after February 2008.Trading

Oman Oil to invest $3 bn in Indian fertilizer plants

NEW DELHI - The state-run Oman Oil Company will invest around $3 billion to help revive some of India's closed fertilizer plants. A decision in this regard was taken yon Sunday in Muscat during the sixth Indo-Oman Joint Commission deliberations. A few plants of India's Fertilizer Corporation of Indi

G20 members agree economic recovery to continue

GWANGJU, South Korea - G20 delegates agreed on Saturday global economic recovery would endure although the speed of expansion may slow, a South Korean official said. Kim Jae-chun, deputy governor of South Korea's central bank who co-chaired the meeting of G20 finance and central bank deputies, also