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Car
sales fall 19% in August, first in 10 months
10
September, 2012
Car sales in India fell for the first time in 10 months in
August, and motorcycle sales fell for the first time since January
2009, an industry body said, underlining fears of sluggish economic
growth in Asia's third-largest economy.
Many
automakers have been forced into production cuts and temporary
shutdowns over the past three months as vehicle demand stalls in a
key market for firms trying to offset declining growth in established
markets.
"Now
we are entering a desperate zone," said Sugato Sen, senior
director of the Society of Indian Automobile Manufacturers (SIAM).
"If the negative trends continue in September as well, we will
have to revise our targets downwards."
Indian
telephone use declines for the first time
10
September, 2012
The
number of telephones being used in India fell for the first time in
July as the growth of mobile subscriptions begins to taper off after
years of stellar performances.
At
the end of July the number of telephone subscribers in India fell to
944.81 million from 965.52 million a month earlier, according to
figures released by the Telecom Regulatory Authority of India (Trai).
This
decline was led by the wireless sector, in which subscriber numbers
fell by more than 20 million.
Euro
debt woes start to hit Dubai exports
10
September, 2012
Dubai's
exports to Italy, Spain and Greece sank by nearly a quarter in the
first six months of the year as ripples from the euro-zone debt
crisis reached the UAE's shores.
Exports
to the debt-laden trio, the hardest hit by the turmoil, dropped to
Dh670.5 million (US$182.5m), down from Dh884m in the same period last
year, data released from Dubai Customs yesterday showed.
With
the emirate serving as a regional conduit for trade, the data is the
latest sign of how fallout from the crisis is affecting the Arabian
Gulf.
Air travel may get costlier as Air India mulls fare hike due to costly fuel
10
September, 2012
Air
travellers in India may have to face yet another hike in fares.
The
new management at Air India is not afraid of losing passengers due to
fare hikes as airline CMD Rohit Nandan hinted at more price revisions
to absorb spiralling costs incurred by the airline.
Its
peers with larger market shares in terms of passengers carried, such
as IndiGo and Jet Airways, still wait for cues from Air India on fare
pricing. Air India is ranked fourth in terms of market share, but by
virtue of its stranglehold in terms of routes it serves and the
number of aircraft at its disposal, the national airline is still
able to dictate pricing trends in the domestic sector.
India's
power sector debt restructuring plan presents only a short term
solution: S&P
Commodity Online,
10 September, 2012
The Indian government's recent proposal to restructure debt of state-owned power distribution companies will provide them only a temporary reprieve from weakening finances. The proposal is in itself unlikely to adequately speed up the growth in India's power capacity to meet snowballing demand. That's according to a report titled "India's Power-Sector Debt Restructuring Proposal: A Salve, Not A Cure Proposal: A Salve, Not A Cure," that Standard & Poor's Ratings Services published recently.
"We believe a sustained improvement in the credit quality of distribution companies and greater private sector participation can provide a long-term solution to the country's power sector woes," said Standard & Poor's credit analyst Rajiv Vishwanathan.
According to the government proposal, a portion of loans to the power distribution companies will be restructured. About half of these loans will be transferred to the respective state governments. This could be through guarantees on bonds that the distribution companies will issue.
http://www.commodityonline.com/news/indias-power-sector-debt-restructuring-plan-presents-only-a-short-term-solution-sp-50223-3-50224.html
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