The Congress Party on Wednesday said Sonia Gandhi's letter to Prime Minister Manmohan Singh on foreign direct investment in retail should be seen as a 'middle path'
The annual Sino-India border trade at Nathu La, which was to be reopened for the traders of the two countries on Thursday, has been postponed following the Union Commerce ministry's communique to the Sikkim government authorities, official sources said. Meanwhile, the Chinese authorities have cited the occurrence of landslides in several areas in the Tibet Autonomous Region disrupting the movement of people and goods as the reason behind postponement.
In this fifth part (see part one, two, three and four) of a series, rediff India Abraod discusses a different side of its analysis of the growing gun culture among Indian Americans.
Meanwhile, the Indo-China Traders Association of Sikkim (ICTAS) demanded an upward revision in the number of items to be exported by the Indian traders at Nathu La mart in order to make the business financially viable for the traders. A function would be held at Nathu La frontier to mark the formal inauguration of the annual trade on May 1 and thereafter, the traders of the two countries would participate in trade of various commodities.
Industry experts say that the downturn has hit on the bargaining power of employees and a new entrant into a company may have to settle for less if he is hard pressed for a job.
A befitting memorial for about 267 martyrs, who laid down their lives guarding the country along the Indo-China border in the post-independence period, will be inaugurated on Saturday. The memorial, which has been named 'Watershed', used to describe the border in military nomenclature, will be inaugurated at Sherathang, some 5 km ahead of the Nathu La border pass.
There are 1,011 billionaires in the world this year.
Bharti Retail, owned by Sunil Mittal's Bharti Enterprises, on Wednesday started retail operations in the country with neighbourhood store format, Easy Day, from Ludhiana in Punjab. Bharti has set up three stores in Ludhiana.Bharti has announced plans to invest Rs 10,000 crore (Rs 100 billion) to set up stores across the country by 2012. The company said that it is looking at a retail space of 10 million square feet and employ 60,000 people.
Sabare International, a Karur-based home furnishings company, has taken ICICI Bank to court over a foreign exchange derivative contract. The company has requested the Karur civil court to declare the contract void. This is the second company to have gone into a legal dispute with ICICI Bank after the Chennai-based Sundaram Multi Pap, which had alleged "mis-selling of certain foreign exchange derivative contracts for speculative purposes".
'Hoist now with its own petard, Pakistan has hopelessly snared itself in this vortex of jihad-inspired violence. You reap what you sow.'
Domestic car sales showed their upward trend for the third consecutive month with April sales registering 4.20 per cent growth after prolonged decline that started in the second half of 2008.
US experts were pondering on the safety of food imported into US from developing countries. In lieu of this thought process, a new trend has emerged in America of preferring locally produced food. This trend is affecting Wal Mart and Whole Foods too. It has been observed that when food travels far, the local community are the least benefitted out of the exports. But the trend to grow more locally will seriously affect nations that depend largely on agricultural exports.
The big flops of the year -- Reliance Power and Future Capital Holdings -- are currently available at 25 per cent below their issue price. The other major post-listing losers include BGR Energy, Shriram EPC, J Kumar Infraprojects and KNR Constructions. Among the smaller issues, Precision Pipes and Profiles, Manaksia, and Porwal Auto Components are currently available at 50 per cent below their issue prices.
These days, precocious youngsters have a handle on the laws of supply and demand--not to mention other concepts, like inventory and marketing--by the time they crack double digits.
Today's Writing Products is entering retail of office supplies and stationery products with 500 retail outlets.
The French retailer, which has been talking to various Indian business houses for a possible partnership to roll out its wholesale operations in the cash- and-carry format, has also recruited around 50 people.
After developing bancassurance channels, which banks use to sell insurance products, the latest buzzword among insurance companies is "shopassurance" - selling insurance through supermarkets and retail chains.
Swedish firm IKEA has rubbished India's retail success claims. It is of the opinion that India is not yet ready for big retailers.
The company has a wide-ranging client base spanning across consumer durables to retail groups like ITC, UB Group and WalMart. It is also in the process of designing various white goods for its clients in the consumer durable industry.
Bharti Enterprises, which had last year announced a $2.5-billion investment for its retail venture, is expected to announce its final plans, including that of opening of the first store, within the next two months.
A federal jury has found five people guilty of conspiring to obtain fraudulent work visas for nearly 90 Indian nationals in exchange for at least $20,000 per visa, the US Attorney's Office said.
Tuesday's dastardly ambush of Naxals at Dantewada, which claimed the lives of 75 CRPF jawaans and policemen who were on their return path from an overnight search operation, raises many unanswered questions. Rediff.com's Sheela Bhatt speaks to local journalists, politicians as she tries to bring forth the flipside of the massacre.
Gold pries surged to a record high at Rs 11,840 per 10 gram on Monday owing to brisk buying by major market players, who were enthused by firming global trend, and some investors' shifting focus from melting stock markets to the bullion mart. The market remained in bullish mood with gold remaining on record-setting spree as investors shifted a part of their funds from weakening stock markets to gold as the metal offers a safe haven for investments, traders said.
Indian retailers put cash & carry on backburner
'The public are being told to consume more, even in China and India. A part of the global problem is being attributed to the saving patterns of people in Asia and we are being told that greater demand and consumption in BRIC countries can help ease the pain of the developed world,' says B S Prakash.
Fitch, one of the largest design consultancies in the world that has designed stores of Wal-Mart, Target, Marks & Spencer, Best Buy and Tesco among others, is betting big on India's organised retail sector. Already in the country to serve clients such as Aditya Birla Retail, Reliance Retail, Tatas and so on, Fitch plans to treble the number of staff and open new offices in the country.
New-age genetic research and technology brings new life to an old economy industry, one that is amongst the largest employers in the country.
Reliance Retail has added 485 stores in the last one year, taking the total count to 950 and the footprint is now spread across 77 cities (58 in the last one year) across India. While his critics say Ambani may have lost the plot as the progress of his retail plans are nowhere near what he had sought to achieve, others feel the Reliance chief is just being pragmatic given the not-so-conducive environment for expansion in retail.
As if unsatisfied by the success story of Maruti, the new chief of the Indian arm of Japanese auto giant Suzuki Motor Co's on Friday claimed it will overtake the parent company in the next two years.
"We are developing the cash and carry model with an overseas partner," Future Group's CEO Kishore Biyani told PTI here, without giving details.
Wadhawan Holdings (WHPL), promoters of Spinach retail chain, is entering lifestyle retailing with the launch of global brands such as Ed Hardy, Christian Audigier and Kitson. The company has floated a subsidiary, Wadhawan Lifestyle Retail (WLRPL), which will invest nearly Rs 500 crore (Rs 5 billion) to open around 100 outlets in the next seven years.
Now, the property developer has snapped up a controlling 63.9 per cent stake in the loss-making Piramyd Retail at Rs 30 per share. The Rs 159 crore (Rs 1.59 billion) Piramyd has been running 7 large Piramyd lifestyle outlets and 33 small convenience stores called TruMart.
Luxury to me means the best possible materials being used along with great design and manufacturing processes to put together a product. That alone can be the reason for those hefty price tags. A product of such excellence that it deserves every bit of money spent on it. And the label that gets tacked on these products promise that or should at least promise that much.
Metro Cash & Carry, the global German wholesale major, will invest about Euro 40-45 million for setting up two new marts in Kolkata and Mumbai, expected to become operational by the first quarter next year. It is also planning to enter Punjab.
In an interview with the Financial Times last week, Jos Luis Duran, Carrefour's chief executive, said he was poised to sign a retail joint venture in India.
The Renaissance Jewellery IPO is reasonably priced but there are short-term concerns.
Plethico Pharmaceuticals, a leading Indian herbal and nutraceutical (a combination of drug and food products) company, has agreed to acquire Natrol, a nutritional products company in the US, for Rs 318 crore.
More has-been companies like Citi and GM will feed off taxpayers, investors, and workers. That threatens to sap the lifeblood of healthier rivals and the economy
The Left parties will not allow the India-United States nuclear deal to move forward and will continue its support to the United Progressive Alliance government so long as it sticks to the Common Minimum Programme, Communist Party of India-Marxist leader Prakash Karat said on Thursday.
England beat Estonia 3-0 in a one-sided Euro 2008 Group E qualifier at Wembley Stadium on Saturday.
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