New Delhi: In fresh trouble for defence PSU BEML, the Defence Ministry has received a complain accusing it of charging exhorbitant rates for spare parts of vehicles. A copy of the complaint has been accessed by CNN-IBN. According to the complaint, BEML was over charging for spare parts of armoured recovery vehicles. The complaint has cited cost escalation of up to 800 per cent in spare parts bought from BEML....
06:46 PM, May 17, 2012
Seoul: South Korea has seized thousands of smuggled drug capsules filled with powdered flesh from dead babies, which some people believe can cure disease, officials said on Monday. The capsules were made in north-eastern China from babies whose bodies were chopped into small pieces and dried on stoves before being turned into powder, the Korea Customs Service said. Customs officials refused to say where the dead babies came from or...
09:43 AM, May 08, 2012
New Delhi: Concerned over rising NPA, the government may ask state-owned banks to shut down branches and cut down on staff strength in loss-making units. "This is a part of an ongoing dialogue, not only banks but insurance companies also. If there are loss-making branches, then we need to re-look at why they are there. "If that needs working out a business strategy, may be relocating it, may be scaling...
08:28 PM, Apr 09, 2012
Kolkata: The West Bengal government was committed to set up heavy industries in the state's backward district Purulia and has already received many proposals, the state assembly was told on Monday. Replying to a question, Industry Minister Partha Chatterjee said proposals from Jai Balaji, Neo Metalics Ltd, SRMB, Srijan Ltd, Shyam Steel Industries and Adhunik Corporation were under consideration, the minister said. While Jai Balaji has proposed to invest Rs...
03:39 AM, Apr 03, 2012
New Delhi: Ratings agency Moody's on Monday said the result of the Government stake auction in ONGC has tarnished the image of the oil major. On March 1 the Government had auctioned 5 per cent of its stake in ONGC. "The result of the ONGC auction highlights how the Government's own weak finances and policies tarnish the perceived value of the companies it owns," Moody's said in a statement. Although...
08:47 PM, Mar 05, 2012
New Delhi: The Cabinet has allowed state-run companies to buy back shares and participate in the government's divestment programme. "The Cabinet Committee on Economic Affairs has approved the buy back proposal," Minister of Heavy Industries Praful Patel said. The government is far short of meeting its target of raising Rs 40,000 crore through stake sales in the current fiscal year ending in March. Sources say only PSU with surplus cash...
12:27 PM, Mar 01, 2012
New Delhi: Public sector banks have an exposure of about Rs 10,000 crore in the telecom companies whose licences were cancelled by the Supreme Court in connection with 2G spectrum allocation scam. "The public sector banks have an outstanding loan of Rs 10,000 crore, of which Rs 7,500 crore is secured (against assets)," a senior Finance Ministry official said on Friday. The Ministry, the official said, was seeking information about...
04:18 PM, Feb 03, 2012
New Delhi: The Finance Ministry will be infusing Rs 18,000 crore in the current fiscal in 12 banks, including SBI, and will be seeking supplementary grants from Parliament in the Budget session. "There are 12 banks in which we will infuse money in 2011-12. The amount will be Rs 18,000 crore. This includes Rs 7,900 crore for State Bank of India (SBI)," sources said. Besides SBI, other lenders that would...
04:58 AM, Feb 03, 2012
New Delhi: The sorry state of the recruitment process for PSU bosses is out in the open as CNN-IBN has accessed a copy of a secret Finance Ministry note that shows that a possible contender for the post of National Mineral Development Corporation (NMDC) chairman is being probed in a corruption case. NMDC, one of the richest public sector undertaking units of the country, has now become the subject of...
09:59 AM, Jan 19, 2012
Mumbai: What a year it has been for the Indian banking sector, and the road ahead too doesn't seem to be very smooth. Every macro economic indicator got worse, perhaps worse than we have ever seen it except the six months post Lehman. Inflation has been above 9 per cent for all the months of 2011 and GDP too, for the first time in 11 quarters, dipped below the 7...
10:59 AM, Jan 02, 2012
New Delhi: State-owned oil marketing companies will meet later on Wednesday to review petrol prices and may cut the prices by Rs 1.02 a litre, the second reduction this month, on falling global oil rates. The PSU oil companies, which on November 16 cut petrol price by Rs 2.22 per litre, may cut rates by another Rs 1.02 a litre on November 30 when they review the retail rates in...
03:47 PM, Nov 30, 2011
Patna: Fourteen working Public Sector Units in Bihar are in bad shape and have incurred an aggregate loss of Rs 1187.37 crore, according to a CAG report for the year ended March 31, 2010. The CAG report pointed out that the state had 65 PSUs as on March 31, 2010, including 61 companies and four statutory corporations as against 63 PSUs comprising 59 companies and four statutory corporations on March...
04:03 PM, Jul 20, 2011
New Delhi: State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil). "If there are no (political) pressure, we would like to hike petrol price from midnight of June 15 and 16," a top official of Indian Oil Corp (IOC), the nation's largest fuel retailer,...
05:48 PM, Jun 08, 2011
New Delhi: The government is mulling over a fast track approval of PSUs' proposals for acquisition of natural resources like oil, coal and mines overseas, without going to the Cabinet, a top official said. An empowered committee headed by Cabinet Secretary K M Chandrasekhar will be put in place for clearing the PSUs' projects for acquisitions of strategic assets abroad,Secretary in the Department of Public Enterprises (DPE) Bhaskar Chatterjee told...
11:07 AM, Feb 04, 2011
Shanghai: China's first capsule hotel is set to open in Shanghai, targeting budget-conscious travelers in the country's glitzy commercial capital -- with rooms divided into different zones depending on snoring. Capsule hotels, whose rooms have just enough space for sleeping and no more, were first started in Japan as a cheap way to house "salarymen" who worked too late or drank too hard to get home for the night. Today,...
03:36 PM, Jan 14, 2011
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