The Mint report for 3 September 2009

The Mint report for 3 September 2009
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First Published: Fri, Sep 04 2009. 01 15 AM IST
Updated: Fri, Sep 04 2009. 09 38 AM IST
The chief minister of Andhra Pradesh Y.S.R. Reddy has been pronounced dead. He was killed along with four other people when the helicopter they were traveling in crashed in the hills of Kurnool district. The state finance minister K. Rosaiah is now the caretaker chief minister. In Delhi, Prime Minister Manmohan Singh, expressed his grief over the loss of Reddy.
Officials from 35 countries are meeting in Delhi on Thursday and Friday, hoping to find common ground on global trade negotiations. And while the talks are not expected to produce any breakthroughs, officials are hoping they will give a boost to WTO negotiations and set a timetable for completing the Doha round of trade talks.
Negotiations for a global trade deal started in 2001 with the idea that developed countries would open up their markets to agricultural products from developing nations; and that developing nations would in turn open their markets to goods and services from developed nations.
Inflation has fallen again, but has declined more slowly. The Wholesale Price Index dropped 0.21% compared to a year earlier in the week ending 22 August. That’s a much smaller decline compared to the previous week, when the index was down 0.95%. The Planning Commission says inflation will soon turn positive, and that the weak monsoon could drive it beyond 5% by March 2010.
Meteorological officials say monsoons were almost normal for the week ending 2 September. This was the third straight week in which monsoons have been close to normal average. Analysts say the revival could help the soybean crop and increase water levels in reservoirs.
Yamaha’s Indian subsidiary says it’s on its way to capturing a 10% share of the two- wheeler market by 2012. The company plans to do this by focusing on 125 cc vehicles, increasing its exports, and launching a gearless scooter. India Yamaha Motors currently has a market share of just 2.7%.
Parsavnath Developers plans to get up to $100 million by selling some of its shares along with a stake it owns in a real estate project. The company needs the money to help cut its debt from about Rs1,700 crore to about Rs500 crore.
Markets continued their fall on Thursday. The Sensex fell 69 points to close at 15,398 and the Nifty went down 15 points to end trade at 4,594.
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First Published: Fri, Sep 04 2009. 01 15 AM IST