Business News: General

Kashmir, one of the favourite tourist spots in India is all set to tap its adventure tourism potential.

By Kristina Cooke
NEW YORK (Reuters) - U.S. stocks will face major obstacles to extending their gains next week if the price of oil continues to break records, as fears about inflation and the discretionary spending power of the embattled American consumer are forced into the spotlight.

MONTREAL (Reuters) - Canadian Auto Workers union members voted in favor of a three-year labor agreement with Chrysler, the union said on Saturday.

TAIPEI, Taiwan (AP) _ Taiwan swears in a new president Tuesday who promises a clean break with his predecessor's confrontational stance toward China.

The indices took support at the ascending trendline and even though the Nifty and the CNX Mid Cap index closed below their intermediate downtrend targets for one day, the Sensex just dipped below its target of 16,589 on an intraday basis but did not close below it.

The demand for freeze dried coffee the world over is set to increase due to its unique process of preserving natural coffee flavour.

The Indian mutual fund arena is made up of around 30 fund categories. While most of the categories comprise numerous mutual funds, there's one category that is made up of only two funds. UTI Transportation and Logistics and JM Auto Sector are the only two auto sector-dedicated funds in India. And their lack of company is not without reason.

By Matthew Bigg
ATLANTA (Reuters) - U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday.

SHARM EL-SHEIKH, Egypt (Reuters) - U.S. President George W. Bush said on Saturday he was pleased with a boost in Saudi oil output but it did not solve problems in the U.S.

Oil shot to a record high near $128 a barrel on Friday as a bullish price forecast from investment bank Goldman Sachs drowned out an offer of more supply from OPEC kingpin Saudi Arabia.

Shrugging off sustained rise in inflation and high global crude oil prices, the benchmark Sensex recovered major part of its last week's losses and closed up by 4.17 per cent during the week under review.

Projecting a whopping Rs 10,000 crore economic engagement with Bhutan in areas like telecom, infrastructure and education, Prime Minister Manmohan Singh on Saturday unveiled a mega plan for cooperation in the power sector.

MUMBAI (Reuters) - India's Bharti Airtel Ltd and South African telecoms operator MTN Group may complete their merger talks this weekend, India's Mint newspaper reported on Saturday, citing financial industry sources.

By Hashem Kalantari
TEHRAN (Reuters) - Iran's oil minister rejected on Saturday any idea of OPEC raising production, saying it would fail to ease record prices as the market was already "saturated" with oil.

MUMBAI (Reuters) - India's top oil explorer, Oil and Natural Gas Corp (ONGC) expects gross billing margins at $110 per barrel in April-May, its top executive told the Business Standard in an interview published on Saturday.

MUMBAI (Reuters) - Bharti Airtel Ltd and South African telecoms operator MTN Group may complete their merger talks this weekend, Mint newspaper reported on Saturday, citing financial industry sources.

HONG KONG (AP) _ Hong Kong-based Cathay Pacific Airways might cut routes to help cope with surging fuel prices, its chief executive said.

TEHRAN (Reuters) - Iran dismissed on Saturday Saudi Arabia's decision to boost oil output as a "political move" and said any OPEC production hike would only lead to an increase in reserves, an Iranian news agency said.

With mustard blossoms in full bloom, farmers in Jammu and Kashmir expect a bumper mustard seed harvest this year following good snowfall during winter.