India&rsquo;s ranking went down four places to 40th in 2012, compared with the previous year in an index compiled by the World Economic Forum (WEF) to track financial development of 62 countries due to poor enforcement of contracts and lack of liberalisation.

India falls in WEF's financial development index

Business Standard

Airports Authority of India (AAI) Chairman V P Agrawal on Wednesday said foreign airport developers had failed to bring value and expertise into their Indian joint venture airports.

Foreign airport developers fail to bring value: AAI chief

However, the Bombay High Court rejected a similar petition filed by a local cable operator to extend the deadline for switch-over to digital addressable systems in Mumbai.

Digitisation: Madras HC gives more time,Bombay HC says no

Refraining from it populist stance, the West Bengal government has finally decided to hike bus and taxi fares in the state to commensurate with hike in fuel prices.

Bengal hikes bus, taxi fare

The Parliament&rsquo;s public accounts committee (PAC) scheduled to visit Odisha from November 2 to investigate state government&rsquo;s role in recommending coal blocks, will hold talks with the top brass of Mahanadi Coalfields Ltd (MCL), chiefly on areas like production and the PSU&rsquo;s supply commitments to end use industries.

PAC to hold talks with MCL brass

Trade in renewable energy certificates (RECs) soared in October, compared to September. The total number of certificates traded on the Power Exchange India platform in October stood at 91,440 (971 solar and 90,469 non-solar), 41 per cent the total certificates traded. In September, 25,507 RECs were traded (425 solar and 25,082 non-solar).

REC trade surges in October

BBC World Service and ETV network on Wednesday announced the launch of weekly Hindi programme Global India on five channels of ETV, a regional network across the country&rsquo;s Hindi speaking states.

BBC, ETV announce launch of &#39;Global India&#39;

The Bharatiya Janata Party (BJP) has said Prime Minister Manmohan Singh owes an explanation to citizens on why Jaipal Reddy was shifted as minister of petroleum and natural gas.

BJP wants PM to explain Reddy's exit from petro ministry

P K Borthakur has taken over as director (offshore) of the country&rsquo;s biggest energy explorer, Oil and Natural Gas Corporation, with effect from October 30, said a company statement.

Borthakur takes over as ONGC director

Having begun expansion of its denim manufacturing capacity from 60 million metres to 100 million metres per annum, Ahmedabad-based Nandan Exim Limited is now set to expand its spinning capacity. After Arvind Limited, Nandan Exim, the denim arm of textile conglomerate Chiripal Group, is set to become the second largest denim maker in India post expansion.

After denim, Nandan Exim plans expansion in spinning

General Motors India will launch premium hatchback Chevrolet Sail U-VA on Friday.

GM to launch Chevrolet Sail U-VA on Friday

Broking and custodial services outfit Stock Holding Corporation of India Ltd (SHCIL) is to merge with IDBI Bank, giving 227 offices and access to 800,000 high net worth customers to the latter. It will be a non-cash share swap deal.

SHCIL-IDBI Bank merger

Bharatiya Janata Party president Nitin Gadkari on Wednesday said he was ready for a probe into allegations of corruption levelled against him, and asked why the Congress was reluctant to enquiry into Robert Vadra&rsquo;s deals.

Combative Gadkari targets Congress over Vadra deals

Pharma and biotechnology major Biocon's net profit for the second quarter ended September 30 went up 4.6 per cent to Rs 90 crore, compared to the same period last year.

Biocon Q2 net beats estimates, shares rise to Rs 268 on BSE

Bangalore-based Titan Industries Limited on Wednesday reported a 21.3 per cent rise in net profit at Rs 180 crore for the second quarter ended September 30 compared to Rs 148 crore in the corresponding quarter last year.

Titan net rises 21.3%, earnings up 8.6%

Wipro, which has presence in consumer care and information technology (IT), has seen its stock price rise continuously over the last three days on the buzz that the company might be hiving off its consumer care and lighting business unit.

Wipro may hive off business unit

Hospitality chain Hotel Leela Venture Ltd is planning to raise Rs 700 crore by selling its non-core assets. The company is looking at sale of land parcels in Hyderabad, Pune, Bangalore and a business park in Chennai to reduce its debt burden, Vivek Nair, vice-chairman, Leela Palace and Resorts, told reporters here on Wednesday on the sidelines of a press conference to announce the launch of its Noida hotel.

Leela to reduce debt through Rs 700-cr land sale

West Bengal today saw a Singur re-run, with private cargo handler ABG Haldia Bulk Terminals (HBT) pulling out of Haldia.

ABG pulls out of Haldia on safety concerns

State-owned Indian Oil Corporation Ltd (IOCL) will construct a 50-kilo litre capacity oil depot at Jharsuguda in western Odisha. The cost of the proposed depot is estimated at Rs 97 crore. The environment clearance has already been obtained from the Union ministry of environment and forest (MoEF) for construction of the depot and the work is expected to be started very soon, said a senior company official here.

Indian Oil to set up oil depot at Jharsuguda

Nineteen children belonging to families displaced by Tata Steel&rsquo;s six million tonne integrated steel project at Kalinganagar have been awarded the Tata Steel Parivar Scholarship for 2012-13. While seven students have taken admission in B-Tech programme in engineering colleges, 12 have been admitted to diploma courses in engineering.

Tata Steel scholarship for 19 students

Nissan Automotive India Pvt Ltd and Daimler India Commercial Vehicles Pvt Ltd have said they planned to use solar energy to power some of their requirements in future.

BS Reporter