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Govt responds to Chinese queries regarding Jet Airways: Patel

New Delhi, Feb 26: India on Tuesday said it has responded to certain clarifications sought by China on Jet Airways' route scheduling and was awaiting its response on the grant of permission to the private carrier to operate to that country.

"As regards the request of Jet Airways to operate to san Fransisco via Shanghai, the Chinese authorities have sought certain clarifications in respect of the route schedule agreed to between the two countries on April 11, 2005," Civil Aviation Minister Praful Patel said in Rajya Sabha in reply to a question.

"The same has been clarified to the Chinese side through our embassy and the response of the Chinese side is awaited," he said.

Referring to Beijing's refusal to accept Delhi as a port of call for its cargo carrier 'great wall' and instead seeking rights to fly to Mumbai and Chennai, Patel said China had not refused the Delhi offer but also wanted the two other metros as destinations.

This, he said, had also been agreed by New Delhi.

Currently, no clearance was pending for the National Aviation Company of India Limited which runs Air India.

Edu loans to be cleared within 1 month

New Delhi, Feb 26: Finance Minister P Chidambaram today said the public sector banks are required to clear education loans within 15-30 days and they should also institute an on-line system to clear such loans.

"As per the norms prescribed under the Model Education Loan Scheme, the banks are required to dispose of loan applications within a period of 15 days to 1 month," Chidambaram told Rajya Sabha in a written reply.

In order to provide better services to students across the country, he said, the government has advised the banks to institute an on-line system of loan applications.

This will enable students to download the loan application form, apply online and learn the status of their loan application, he said adding the facility is now provided by all major public sector banks.

Referring to information provided by the Reserve Bank, Chidambaram said educational loans worth Rs 18,992 crore were outstanding as on November 23 this fiscal, sanctioned by the public sector banks.

Declining to give state-wise information about the amount of educational loans sanctioned, the Finance Minister said, data on amount of educational loans sanctioned by the PSBs and the number of applications received were not recorded bank-wise across each state.

LONDON, Feb 26 (- Financial stocks drove European shares up on Tuesday after Standard Chartered delivered upbeat results, but the outlook for the U.S. economy remained a concern.

Asia-focused Standard Chartered hit a three-week high, rising nearly 8 percent to top gainers on the broader European market.

European insurers including Axa (AXAF.PA: Quote, Profile, Research) and Allianz also featured among stocks on the rise as conviction grew in the investment community that a rescue package for the top U.S. bond insurers may be imminent.

The FTSEurofirst 300 index ended up 1.41 percent at 1,361.18 points, close to its day's high. Advancing issues outnumbered decliners by about 4.4 to one.

But U.S. data showed a sharp drop in consumer confidence this month, while producer price inflation picked up by more than expected in January, which did not augur well for future consumer spending -- the engine of U.S. economic growth.

"In general, the fundamental picture is still not that encouraging so we must place a big question mark on the durability of the current upswing," said UniCredit analyst Gerhard Schwarz.

The FTSEurofirst 300 has fallen by nearly 10 percent this year and, with so much doubt lingering over the likelihood of a U.S. recession, gains will be limited.

Oil Prices Head Toward $101 a Barrel
NEW YORK -- Oil futures surged back above $100 a barrel Tuesday as traders took their cue from supply concerns and stock market bulls rather than signs that the U.S. economy remains shaky.
Crossing the psychologically significant hurdle once again -- oil prices last topped $100 last week -- may have helped fuel the rally by triggering automatic computer programs set to buy at certain levels and enticing fresh speculators into the market, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.


"You see additional buying among people who think they're missing something," he said. "Any time you move above ($100 a barrel), you're going to ignite some fresh buying."

Investors who recently were selling on weak economic data seemed to take in stride news from the Conference Board, a business-backed research group, that its Consumer Confidence Index fell to 75.0 this month from a revised 87.3 in January. The reading was the lowest since February 2003, and was far below what analysts had been expecting; it indicated that consumers might continue to curb their spending in the coming months.

Meanwhile, the Labor Department reported that wholesale inflation jumped by 1 percent in January, more than twice what analysts had been forecasting. That report, coupled with the consumer confidence index, pointed to an economy that is slowing even as prices are rising.

But traders in both the energy market and the stock market, which also advanced, seemed unfazed.

Light, sweet crude for April delivery jumped $1.67 to $100.90 a barrel on the New York Mercantile Exchange.

"We're seeing a solid tone to the stock market," Ritterbusch said. "I think the oil market is using the stock market as a proxy for future economic activity."

Also supporting prices were concerns about supply disruptions from unrest in Iraq, a major oil exporter, and warnings by Iran against further international sanctions. Turkish ground forces pushed their offensive against Kurdish rebels deeper into the north of Iraq, seizing seven guerrilla camps, officials said.

The increases came despite expectations that a government report due out Wednesday will show U.S. crude stocks rose for the seventh week in a row.

But oil has risen in recent days amid an increase in speculative buying. Some traders believe that global demand will be high enough to support higher crude prices even if the U.S. economy is slowing. Last week, March oil rallied to a new settlement record of $100.74 and a new trading record of $101.32 before expiring.

In other Nymex trading Tuesday, heating oil futures gained 2 cents to trade at $2.8119 a gallon, after settling at a record $2.7853 a gallon Monday.

Gasoline prices were nearly flat at $2.55 a gallon. Gas prices at the pump rose to $3.142 from $3.137 Monday, according to AAA and the Oil Price Information Service.

The government inventories report is expected to show supplies of distillates, which include heating oil and diesel, fell last week. Cold weather across the Midwest and Northeast has also helped push heating oil prices higher.

The report by the U.S. Energy Department's Energy Information Administration is tipped to say that stocks of distillates fell 2 million barrels for the week ended Feb. 22, according to a Dow Jones Newswires poll of analysts. Vienna's JBC Energy, in its daily newsletter said the expected drop in distillates is anticipated "despite an expected increase in (U.S.) refinery runs."

The EIA report is also expected to show that crude oil stocks rose last week by 2.6 million barrels, which would be the seventh straight week of gains. Gasoline inventories are tipped to rise by 300,000 barrels.

Natural gas futures jumped 6.8 cents to $9.254 per 1,000 cubic feet after Gazprom, Russia's natural gas monopoly, again threatened to cut supplies to neighboring Ukraine, according to Russian news agency reports.

In London, Brent crude futures rose $1.81 to sell for $99.50 a barrel on the ICE Futures exchange.

TOKYO, Feb 27 (Reuters) - Japanese stocks climbed on Wednesday as insurers such as Millea Holdings Inc gained on relief that U.S. bond insurers appeared to be stabilising, with record high oil prices boosting trading companies. At 0007 GMT the benchmark Nikkei .N225 was up 1.7 percent at 14,054.15 and the broader TOPIX index was up 1.6 percent at 1,368.74. (Reporting by Elaine Lies]

Opto Circuits to buy US healthcare firm

Bangalore, Feb 25: City-based Opto Circuits Ltd (OCL) announced on Monday that it has agreed to acquire US-based Criticare Systems Inc for USD 70 million (Rs.2.8 billion).

In a filing with the Bombay Stock Exchange (BSE), the listed company said it had signed a definitive agreement with Criticare to buy the US firm, which manufactures vital sign and anaesthesia monitors and Oximetres for global market.

OCL operates in the medical electronics space and manufactures optical sensors, security systems and optoelectronic equipment. The company also designs optoelectronic devices.

Vinod Ramnani, managing director of OCL, told agencies that the acquisition was a strategic move for the company in export and domestic markets.

'Criticare buyout will broaden our product portfolio and compliment our range of medical equipment,' Ramnani said.

ArcelorMittal secures EU nod to buy ferroalloy maker OFZ

Luxembourg, Feb 26: ArcelorMittal, the world's largest steelmaker, won European antitrust approval to buy Sloaian ferroalloy producer OFZ AS.

The European Commission, the 27-nation European Union's antitrust regulator in Brussels, announced the approval in a statement today.

ArcelorMittal, based in Luxembourg, agreed to buy OFZ on December 6. The OFZ plant is close to its eastern European Mills, ArcelorMittal said in December.

Maruti to kick off price war with diesel Dzire............NEW DELHI: The diesel sedan market is likely to witness a price war with passenger car market leader Maruti Suzuki India Ltd (MSIL) all set to launch one of the cheapest diesel sedans in the domestic market.

Dzire, which will replace the Esteem, will be launched in early March. It is expected to tag an invitation price of about Rs 5.2-5.4 lakh onwards for the entry-level diesel model, which could be priced lower than Tata Motors’ direct injection common rail (Dicor) Indigo sedan Rs 5,28,537 (ex-showroom Delhi), currently the cheapest sedan in the market.

Other rival models are priced higher, including the MahindraRenault Logan diesel at Rs 5,61,928 (ex-showroom Delhi) and the Hyundai Verna and Ford Fiesta which cost over Rs 7 lakh.

Honda aims to drive sales growth with new Accord
27 Feb, 2008, 0217 hrs IST, ............NEW DELHI: Premium car maker Honda Siel Cars India (HSCI) aims to double sales in the luxury segment with its next generation sedan, Accord, which is set to hit the market this summer.

The new Accord will be high on safety and carry six air bags, the highest in its class. HSCI President & CEO M Takedagawa said: “The newly styled eighth-generation Accord will set the ball rolling in the luxury segment. We aim to sell more than 6,000 cars in the next fiscal year and will start trial production in April and launch the car in May-June. ”The company has sold 2,107 Accords in the current fiscal year.”

The company has also doubled production capacity at the Greater Noida facility to 1 lakh cars per year. HSCI has invested Rs 1,620 crore in the facility which manufactures Honda City, Civic and Accord. It aims to increase sales by 35% to 90,000 from 68,000 units this fiscal.

ITC mulls more lifestyle stores, ties up with design cos
27 Feb, 2008, 0223 hrs IST......KOLKATA: ITC Ltd’s lifestyle retailing business division is planning to expand its retail footprint further by setting up more Wills Lifestyle, John Players and Miss Players stores across the country. It has also embarked on an active exercise to create a stronger brand and retail identity for Wills Lifestyle, which it wants to position as a more international and aspirational brand.

Towards this end, ITC has piloted a new store concept with FRCH Design of the US, a specialist in store and mall design. Three concept stores have already been launched, two in Mumbai and one in Delhi. It is also working with the UK’s Elemental Design and The Friedman Group from the US in areas like product presentation, visual merchandising and retail training