New Delhi: Asian shares nudged up on Wednesday but were capped by concerns that Europe's financial strains could intensify without a global response, as Spain warned that it was being shut out of credit markets. Finance ministers from the Group of Seven major economies discussed progress towards financial and fiscal union in Europe in an emergency call on Tuesday and agreed to work together to deal with the problems inSpain and Greece, but took no joint action. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent and Japan's Nikkei average opened up 0.6 percent, helped by Tuesday's data showing the U.S. services sector improved in May.
No decision on telecom spectrum pricing
A ministerial panel decided to auction a higher number of slots in an upcoming sale of second generation (2G) radio airwaves than that proposed by the Telecom Regulatory Authority of India (TRAI), a government official said, although no decision was made on the base price for the auction. The panel decided that more than 10 mega hertz (MHz) of airwaves should be auctioned in each telecom zone, said the official on Tuesday who declined to be named, higher than 5 MHz suggested by the sector regulator.
Bajaj Auto sales inch up in May 2012
The country's second largest two-wheeler maker Bajaj Auto on Tuesday reported 1.23 per cent increase in motorcycle sales in May at 3,21,922 units. The company had sold 3,17,989 units in the corresponding month last year, Bajaj Auto Ltd (BAL) said in a statement. Exports grew 3 per cent in May at 1,30,573 units compared to 1,26,818 units in the same month last year, it added.
Telcos write to Pranab
Chiefs of telecom giants Bharti Airtel, Vodafone and Idea Cellular have sought Finance Minister Pranab Mukherjee's intervention to ensure that they are not asked to migrate to 1800 Mhz of spectrum. In a letter to the Finance Minster, they also said that if the Trai proposal of spectrum refarming is implemented, it may result in call rates going up by as much as 64 paise a minute.
Australia delays GVK coal project
Australia said on Tuesday that it would delay environmental approval for a A$10 billion coal project proposed by GVK Power & Infrastructure, a potential setback in the company's bid to tap voracious appetite for coal in its home market. Environment Minister Tony Burke said GVK, a conglomerate with interests in airports, hotels and transportation as well as energy, must work with national authorities to secure approval for the project, vital to its coal ambitions.
Prime minister to chair meeting on infrastructure today
With Prime Minister Manmohan Singh keen to boost investment sentiment through infrastructure development, a meeting called by him on Wednesday is expected to finalise an Airline Hub Policy and give a push to setting up of 17 new airports, including seven international ones. The meeting on infrastructure is also expected consider launch of bullet train between Mumbai and Ahmedabad, elevated rail corridor in Mumbai and starting of two new major ports, sources told PTI.
(With inputs from Reuters and PTI)
No decision on telecom spectrum pricing
A ministerial panel decided to auction a higher number of slots in an upcoming sale of second generation (2G) radio airwaves than that proposed by the Telecom Regulatory Authority of India (TRAI), a government official said, although no decision was made on the base price for the auction. The panel decided that more than 10 mega hertz (MHz) of airwaves should be auctioned in each telecom zone, said the official on Tuesday who declined to be named, higher than 5 MHz suggested by the sector regulator.
Bajaj Auto sales inch up in May 2012
The country's second largest two-wheeler maker Bajaj Auto on Tuesday reported 1.23 per cent increase in motorcycle sales in May at 3,21,922 units. The company had sold 3,17,989 units in the corresponding month last year, Bajaj Auto Ltd (BAL) said in a statement. Exports grew 3 per cent in May at 1,30,573 units compared to 1,26,818 units in the same month last year, it added.
Telcos write to Pranab
Chiefs of telecom giants Bharti Airtel, Vodafone and Idea Cellular have sought Finance Minister Pranab Mukherjee's intervention to ensure that they are not asked to migrate to 1800 Mhz of spectrum. In a letter to the Finance Minster, they also said that if the Trai proposal of spectrum refarming is implemented, it may result in call rates going up by as much as 64 paise a minute.
Australia delays GVK coal project
Australia said on Tuesday that it would delay environmental approval for a A$10 billion coal project proposed by GVK Power & Infrastructure, a potential setback in the company's bid to tap voracious appetite for coal in its home market. Environment Minister Tony Burke said GVK, a conglomerate with interests in airports, hotels and transportation as well as energy, must work with national authorities to secure approval for the project, vital to its coal ambitions.
Prime minister to chair meeting on infrastructure today
With Prime Minister Manmohan Singh keen to boost investment sentiment through infrastructure development, a meeting called by him on Wednesday is expected to finalise an Airline Hub Policy and give a push to setting up of 17 new airports, including seven international ones. The meeting on infrastructure is also expected consider launch of bullet train between Mumbai and Ahmedabad, elevated rail corridor in Mumbai and starting of two new major ports, sources told PTI.
(With inputs from Reuters and PTI)
