Business & Economy

Saarc leaders sign trade pact

What is India News Service, Wednesday, 2 February 2005, 1800 hrs IST

SAARC summit on Tuesday approved a far reaching document commiting member countries to a series of new steps to tackle terrorism and also an agreement providing for free trade. 

The historic documents representing major successes of the summit of seven SAARC countries were signed by Foreign Ministers in the presence of their heads of state and government, including Prime Minister Atal Behari Vajpayee. 

The leaders also adopted the Islamabad Declaration for the SAARC summit. 

The leaders also adopted a protocol on elimination of poverty and signed a social charter.

Cabinet raises FDI limit in telecom to 74 pc: The cabinet approved a plan to increase the foreign investment cap in telecom services providers to 74 from 49 per cent, meeting a long-standing demand from the booming industry

Punjab to levy purchase tax on foodgrains even after Vat: Contrary to the expectations of the Centre and foodgrain deficit states, Punjab has made it clear that the state would continue to levy four per cent purchase tax on foodgrains even after the implementation of Vat with effect from April 1, this year. 

EPFO considers equity investment: Under pressure from trade unions to raise rates of interest on the employees provident fund (EPF), the EPFO is examining the feasibility of investing a portion of the fund in equities to generate higher returns to make good the losses.

Bill on SEZ in Budget session: The government today reiterated its commitment to bring the proposed Special Economic Zones (SEZ) Bill in the Budget session of 

LIC\92s housing arm hits out at defaulters: Defaulters of housing loans in Punjab are facing a tough time with housing finance companies resorting to stern measures like taking possession of property in case of default. LIC Housing Finance Company alone has issued notices to around 160 persons in Chandigarh and Ludhiana during the current financial year. In certain cases, the company has even sealed the properties and taken possession.

Fema contravention norms revised: The Reserve Bank of India has put in place the procedures for compounding of contravention under Foreign Exchange Management Act with a view to provide comfort to citizens and corporate community by minimising transaction costs, while taking severe view of willful, malfide and fraudulent transactions.

Exports, M800 pull down Maruti sales: Affected by decline in exports and demand for Maruti 800 model, the country's biggest carmaker Maruti Udyog today reported a 1.2 per cent drop in sales for January at 48,544 units against 49,141 units in the same month last year. 

Uptrend halted on BSE: The Bombay Stock Exchange sensitive index snapped a four-session gaining streak and ended with a minor loss of 3.47 points at 6552.47 today as select blue chips slipped on profit taking at higher levels after a continuous rally. 

Antispam law allows a flood instead: A year after a sweeping federal antispam law went into effect, there is more junk email on the Internet than ever, and Levon Gillespie, according to Microsoft, is one reason. 

LG launches 3G mobile phones: LG Electronic India Pvt Limited today launched its new range of 3G GSM mobile handsets and said that the company would invest up to $ 30 million in its manufacturing facility in Pune. 

Jagran TV news channel next month: The Jagran Group will launch free-to-air Hindi language news channel \93Channel 7\94 next month. 

Qualis withdrawn, new model soon: Qualis, the multi-purpose vehicle and best selling model from the Toyota Kirloskar Motors (TKM) stables,
was today withdrawn from the Indian market.

P&G hikes both Ariel, Tide prices: In what could signal the end of the detergent price wars, Procter & Gamble has decided to hike prices of its
Ariel and Tide brands by 5 per cent. P&G\92s arch rival in India, Hindustan Lever Ltd too is now reviewing prices of its Rin and Surf brands. 


Business papers 


Business Standard
Economic Times
Business Line
Financial Express