Vodafone Egypt nears market leader by subscribers

July 25 (Reuters) – The Egyptian unit of Vodafone (VOD.L) may have overtaken Mobinil (EMOB.CA) last quarter as the country’s largest provider of mobile phone subscriptions, data shows.

Egypt’s three mobile operators — the third is a subsidiary of Abu Dhabi-based Etisalat (ETEL.AD) — are locked in a pricing spiral as they seek to grab market share before saturation.

Total subscriptions in the most populous Arab country in May declined to 58.3 million in the first monthly drop in seven months, government data released last week showed.

Analysts say the fall, due in part to a new registration system and the delayed rollout of a numbering plan, most likely hit Mobinil harder than its two rivals. [ID:nLDE66L00P]

Vodafone Egypt, which had 25.79 million subscriptions at the end of June, gained almost 1.2 milion during the second quarter, according to its latest figures.

Mobinil, which is due to issue second quarter results on Tuesday, had 26.12 million subscribers at end-March.

Vodafone customers in addition bring in a significantly higher average revenue per user (ARPU) than Mobinil. The landline monopoly Telecom Egypt (ETEL.CA) has a 45 percent stake in Vodafone Egypt, while Mobinil is co-owned by France Telecom (FTE.PA) and Orascom Telecom (ORTE.CA).

For a preview of Mobinil results, please click here [ID:nLDE66I0FT] (Reporting by Alastair Sharp; Editing by Sugita Katyal)

India fuel inflation at 14.27 pct y/y as at July 10

July 22 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 10, while the food price index climbed 12.47 percent, government data released on Thursday showed.

Fuel price inflation was flat on the previous week’s annual rise, while the pace of food price inflation accelerated from last week’s 12.81 percent.

The primary articles index was up 16.48 percent, compared with the previous week’s reading of 16.25 percent.

While normal rains would cool food inflation after last year’s spike following the worst drought in nearly four decades, a fuel price hike last month would keep pressure on the headline inflation.

Wholesale prices INWPI=ECI, the most closely watched inflation gauge in India, rose 10.55 percent in June from a year earlier, remaining above 10 percent for the fifth straight month. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

India fuel inflation at 14.27 pct y/y as at July 3

July 15 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 3, while the food price index climbed 12.81 percent, government data released on Thursday showed.

Fuel price inflation eased from the previous week’s annual rise of 18.02 percent, while the pace of food price inflation edged up marginally from last week’s 12.63 percent.

The primary articles index was up 16.25 percent, compared with the previous week’s reading of 16.08 percent.

Wholesale prices INWPI=ECI, the most closely watched inflation gauge in India, rose 10.55 percent in June from a year earlier, remaining above 10 percent for the fifth straight month. (Reporting by Rajesh Kumar Singh and Matthias Williams; editing by Malini Menon)

Water level in Indian reservoirs higher than yr ago

July 9 (Reuters) – Water level in India’s main reservoirs rose to 15 percent of capacity, higher than 10 percent a year ago, government data showed on Friday.

Reservoirs had more water because last year’s June rainfall was about half of the long-term average, while this year the rainfall deficit in the month was 16 percent. (Reporting by Ratnajyoti Dutta; editing by Malini Menon)

India’s food price index up 16.90 pct y/y – govt

June 24 (Reuters) – India’s food price index rose 16.90 percent in the year to June 12, while the fuel price index climbed 13.18 percent, government data released on Thursday showed.

The pace of increase in food prices quickened from the previous week’s annual rise of 16.12 percent, while fuel price inflation remained steady.

The primary articles index was up at 17.60 percent. Wholesale price index INWPI=ECI, the most closely watched inflation gauge in India, rose 10.16 percent in May from a year earlier. (Reporting by Abhijit Neogy and Matthias Williams; editing by Malini Menon)

India’s food price index up 16.12 pct y/y – govt

June 17 (Reuters) – India’s food price index rose 16.12 percent in the year to June 5, while the fuel price index climbed 13.18 percent, government data released on Thursday showed.

The pace of increase in food prices slowed from the previous week’s annual rise of 16.74 percent, while fuel price inflation eased from the previous week’s 14.23 percent.

The primary articles index was up at 16.86 percent.

Wholesale prices INWPI=ECI, the most closely watched inflation gauge in India, rose 10.16 percent in May from a year earlier. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

U.S. Q1 productivity growth revised to 2.8 pct

June 3 (Reuters) – U.S. non-farm productivity growth was much slower than initially estimated in the first quarter, government data showed on Thursday, as businesses started adding workers to maintain output.

Global Markets

The Labor Department said non-farm productivity rose at a 2.8 percent annual rate, instead of the previously reported 3.6 percent pace. It was the smallest advance in a year, following a 6.3 percent growth pace in the fourth quarter.

Analysts polled by Reuters had forecast productivity, which measures the hourly output per worker, rising at a 3.4 percent rate in the January-March period.

Following a rapid expansion in the previous three quarters as businesses squeezed more output from a small group of workers, productivity is slowing down and analysts expect the trend to continue as companies increase payrolls.

Some companies have held off hiring new workers, opting instead to add hours for the existing workforce, but analysts believe this policy cannot be adopted indefinitely.

The economy grew at an annual pace of 3.0 percent in the first quarter, slowing from a 5.6 percent rate in the fourth quarter.

Total non-farm output grew at a 4.0 percent rate in the January-March period, rather than the 4.4 percent pace previously reported, after a robust 7.0 percent pace in the fourth quarter, the Labor Department said.

Hours worked increased at a 1.1 percent rate, instead of 0.8 percent. The increase in hours was the highest since the second quarter of 2007 and marked an acceleration from the 0.7 percent pace in the fourth quarter.

Unit labor costs, a gauge of inflation and profit pressures closely watched by the Federal Reserve, fell a less steep1.3 percent rather than 1.6 percent. That follows a 7.8 percent drop in the fourth quarter.

Analysts had expected unit labor costs to fall 1.4 percent in the first quarter.

Weak unit labor costs still pointed to muted inflation pressures and augur well for the U.S. central bank’s pledge to keep benchmark interest rates low for an extended period (Reporting by Lucia Mutikani; Editing by Andrea Ricci)

U.S. jobless claims fell 10,000 last week

June 3 (Reuters) – The number of U.S. workers filing new applications for unemployment insurance fell as expected last week, government data showed on Thursday, but the number of people still receiving benefits unexpectedly rose to its highest level in nearly two months.

Global Markets

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 453,000 in the week ended May 29, the Labor Department said.

Analysts polled by Reuters had expected claims to fall to 450,000 from the previously reported 460,000, which was slightly revised up to 463,000 in Thursday’s report.

The four-week moving average of new claims, considered a better measure of underlying labor market trends, rose 1,750 to 459,000.

A Labor Department official said there were no special factors affecting the report. The claims data has no impact on the government’s closely watched employment report for May due on Friday as it falls outside the survey period.

Nonfarm payrolls probably increased 513,000 last month, buoyed by hiring for the decennial census, after a 290,000 increase in April, according to a Reuters survey. That would mark five straight months of job gains.

Although the economy has now grown for three straight quarters following the worst downturn since the 1930s and the recovery is broadening, stubbornly high unemployment is eroding President Barack Obama’s popularity.

It threatens to damage the Democrats at the midterm congressional elections in November.

While other indicators support views the labor market recovery is firming, claims for jobless benefits remain above levels usually associated with sustainable employment growth.

The number of people still receiving benefits after an initial week of aid unexpectedly rose 31,000 to 4.67 million in the week ended May 22, the highest since early April, the Labor Department said. The level was above market expectations for 4.60 million.

The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.6 percent for a seventh straight week. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)

India’s April CPI up 13.33 pct y/y – govt

May 31 (Reuters) – India’s consumer price index (CPI) rose 13.33 percent in April from a year earlier, lower than March’s annual rise of 14.86 percent, government data showed on Monday.

The consumer price index for industrial workers remained steady at 170 in April.

India’s annual wholesale inflation INWPI=ECI rose to 9.59 percent in April, compared with 9.90 percent rise in March and 1.31 percent a year ago.

The wholesale price inflation is more closely watched in India because it covers a higher number of products. (Reporting by Rajesh Kumar Singh; editing by Surojit Gupta)

India’s April refinery output up 5.3 pct y/y-govt

May 31 (Reuters) – Indian refiners, excluding Reliance Industries’ (RELI.BO) export-focused plant, processed 3.21 million barrels per day (bpd) of crude oil in April, up 5.3 percent from a year ago, government data showed on Monday.

Crude oil output rose 5.2 percent to 701,500 bpd in April from a year ago, data showed. (Reporting by Nidhi Verma)

UPDATE 1-Indonesia sees 2010 coal output at 270 mln tonnes

Indonesia, May 31 (Reuters) – Indonesia, the world’s largest thermal coal exporter, is expected to produce 270 million tonnes of coal this year, an official said on Monday, up 6 percent from 2009.

Domestic coal consumption is seen at 64 million tonnes in 2010, Bambang Setiawan, director-general of coal and mineral resources, told the Coaltrans conference in Bali.

Indonesia produced 254 million tonnes of coal in 2009, according to government data based primarily on those mining firms which have contacts of work.

Setiawan said that Indonesia still has the ability to export coal because domestic demand remains low.

“But there is a trend to increase domestic coal demand,” he added, particularly as more coal-fired power plants come on stream as part of the government’s efforts to increase power production. (Reporting by Fitri Wulandari; Editing by Sara Webb)

RBI to come out with a report on food inflation

Kolkata, May 11 (ANI): Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said the bank would come out with a report on food inflation in a few weeks time.

Talking to reporters here, Gokarn said that the paper would study the impact of monsoon on the food price rise and whether the rise in excessive demand for sugar, milk and pulses indicated a shift in the nutritional choices of the people.

He also said a good monsoon should augur well for the food prices.

“I have no control over the monsoons, I have no idea as to how the monsoon process will play out. We are getting initial forecast of the monsoons being normal but ultimately the process, the path of the food prices in the short term over the next few months will depend significantly how good the monsoons are,” he said.

“So, if we have a normal monsoon across the country we should see the food prices started to come down over the course of the next few months,” he added.

According to the government data, India”s annual food inflation hovered around 16.04 percent for the week ended April 24.

Inflation is spreading to non -food manufactured items, which may keep pressure on overall inflation. Last month, RBI tightened its monetary policy with a view to arresting food inflation from spreading to other sectors.

Last year, the government”s forecast of a normal monsoon proved wrong and the country grappled instead with a baking drought caused by its driest monsoon in 37 years.

Good rainfall would help India”s farm output rebound after last year”s drought, which triggered a sustained rise in inflation that boosted food prices 17.7 percent in the 12 months to April 10, and fuel prices by 12.5 percent. (ANI)

India 3G bids inch up on second day of auction

NEW DELHI, April 11 (Reuters) – Bids rose on the second day of India’s multi-billion dollar third-generation (3G) auction, with one provisional winning bid for national cover touching 40.85 billion rupees ($922 million), or about a 17 percent premium to the base price, government data showed. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Telecommuncations Services

For earlier stories on the auction, see [ID:SGE6380IE] and [ID:nSGE636084]

Details of second day bidding r.reuters.com/baj37j ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

A total of 10 rounds of bidding had been completed by Saturday, India’s Department of Telecommunications said on its website, without disclosing which company had bid how much.

The widely-watched auction started on Friday and the multiple-round bidding process is expected to take about two weeks to complete, officials have said.

On the first day, bids were at about a 12 percent premium to the base price of 35 billion rupees for all-India spectrum.

There is no bidding on Sunday. The auction resumes on Monday. ($1=44.3 rupees) (Reporting by Devidutta Tripathy)

UPDATE 2-Japan retail sales log biggest rise in 13 yrs

(For more stories on the Japanese economy, click [ID:nECONJP])

* Government stimulus boosts sales of autos, electronics

* Gasoline price rises push up sales value

* Sales could fall sharply after stimulus wears off – analyst (Adds more analyst quotes, details)

By Rie Ishiguro

TOKYO, March 29 (Reuters) – Japanese retail sales jumped the most in 13 years in the year to February as government incentives prompted shoppers to open their wallets, but some analysts cautioned about the outlook as such stimulus measures taper off.

Retail sales rose 4.2 percent from a year earlier, more than double a median market forecast for a 1.8 percent gain, government data showed on Monday.

“Given the stagnant income situation, this sizeable rise in retail sales is too good to be true,” said Seiji Shiraishi, chief economist at HSBC Securities in Tokyo.

“Some stimulus measures will continue until April and others will last until September. After these incentives expire, there should be a big negative rebound in retail sales.”

February’s jump came as consumers continued to spend on low-emission automobiles and electronics goods that are backed by government subsidies, while recent rises in gasoline prices gave an additional push to the overall value.

Economists also say the data is not very reliable because it focuses on department stores and other big retailers, which consumers have increasingly been shunning in recent years in favour of specialty retailers and on-line shopping.

“The income and employment situation is severe, and we need to watch their impact on sales,” said an official at the Ministry of Economy, Trade and Industry.

Japan’s jobless rate has recovered to 4.9 percent after hitting a record high last summer. But analysts say the improvement in the job market will slow, with companies still far from operating at full capacity and reluctant to hire new workers.

While consumer spending is faring better than previously thought, analysts expect the fading impact of stimulus measures on domestic demand will curb overall economic growth early this year. [ID:nTOE62802P] (Editing by Hugh Lawson and Chris Gallagher)

How global warming can lead to increased violence in human beings

Washington, March 20 (ANI): A new research has shown that as the earth’s average temperature rises, so does human “heat” in the form of violent tendencies, which links global warming with increased violence in human beings.

Using US government data on average yearly temperatures and the number of violent crimes between 1950 and 2008, the researchers estimate that if the annual average temperature in the US increases by 4.4 degree Celsius, the yearly murder and assault rate will increase by 34 per 100,000 people – or 100,000 more per year in a population of 305 million.

While the global warming science has recently come under fire, the main premise behind the Iowa State researchers’ research paper is irrefutable.

“It is very well researched and what I call the ‘heat hypothesis’,” Anderson said.

“When people get hot, they behave more aggressively. There’s nothing new there and we’re all finding the same thing. But of the three ways that global warming is going to increase aggression and violence, that’s probably the one that’s going to have the most direct impact – even on developed, wealthy countries, because they have warm regions too,” he added.

The ISU researchers analyzed existing research – including an update on a study Anderson authored in 1997 – on the effects of rising temperature on aggression and risk factors for delinquency and criminal behavior.

In addition to the “heat hypothesis,” they report that rising global temperatures also increases known risk factors for the development of aggression in violence-prone individuals, such as increasing poverty, growing up amid scarce resources, malnutrition and food insecurity.

They contended that one of the most catastrophic effects of climate change will be food availability, producing more violence-prone individuals in the process.

“While there is some link between temperature and aggression, really the effects (of climate change) are going to be more indirect if those temperature changes affect the amount of food we can produce, coupled with population growth,” said Matt DeLisi, an associate professor of sociology and director of ISU’s criminal justice program.

“Then where the real damage will be done is malnutrition, because that sets in motion these other developments (risk factors) that then lead to crime,” he added.

The researchers cited ecomigration, civil unrest, genocide and war as the third way global warming is going to increase violence.

They report research finding that rapid climate change can lead to changes in the availability of food, water, shelter and other necessities of life.

Such shortages can also lead to civil war and unrest, migration to adjacent regions and conflict with people who already live in that region, and even to genocide and war. (ANI)

Child rights activists free 96 child workers in New Delhi

New Delhi, Aug 20 (ANI): A raid on illegal brocade and cosmetic units led to the rescue of 96 child labourers here.

Central officials of the department of child labour and child rights activists raided zari (brocade) and ‘bindi’ (cosmetic stickers) units in six locations in New Delhi.

The Bachpan Bachao Andolan or Save the Childhood Movement, a voluntary group working against child slavery organised the raid.

Officials said the boys under the age of 14, were mostly from poverty-stricken districts of Uttar Pradesh and Bihar.

“The rescued children are from six different locations in Usmanpur police station. They used to work in ‘bindi’ making and zari units. These children are all under the age of 14,” said A.K Sharma, sub divisional magistrate.

Officials said strict action would be taken against the offending factory owners and owners of the premises where the children worked.

“Through the provisions of the Child Labour Act we will impose a fine of 20,000 rupees per child to be paid by the offending employers and also will be sentenced to jail. Action will be taken on people who made them work like this.

The SDM (Sub Divisional Magistrate) will instruct the SHO (Station House Officer) to take action against the house owners who rented out their places so that they would not perform such acts in future,” Gurmukh Singh, an official with the department of child labour.

Aslam, a rescued child said, “I am from Aligarh and used to learn to work here in Usmanpur.

We used to work daily between 8a.m. to 6 p.m. and used to get meals twice in the day.”

The rescued children will be sent to their native places, after ensuring their education and rehabilitation.

More than 12 million children below the age of 14 are working as domestic servants or other jobs such as in stone quarries, embroidery units, mining, carpet-weaving, tea stalls, restaurants and hotels, according to government data.

India has imposed a ban on child labour, but activists say not a single conviction has come to light for almost three years after the law came into effect. (ANI)

Tourists back in Kerala, industry hopes to recover from setback of recession

Alleppey (Kerala), Aug 19 (ANI): With the arrival of tourists back in Kerala, the tourism industry hopes to recover from the setback suffered due to global economic recession.

The Alleppey district houses some of the most popular backwaters in the state where tourists, especially from the west, come to enjoy boat rides amid lush green and serene surroundings.

However, the global economic crisis kept foreign tourists at bay. The industry now hopes revive as there are signs of revival.

Foreign tourists, enchanted by the beauty of the place, were seen having a quality time.

George, a tourist from Holland, said that the global financial crunch has not deterred them from travelling far and wide.

“We did not slow down because of recession. We like to travel, so it’s okay,” said George.

Joshi P C, general manager of Lake Palace Resort, said that the place provides a perfect gateway for those looking for some relaxation.

“You can take it as a speciality as well as a disadvantage. No road reaches here. So most of the people in busy schedule, they will make a plan for relaxation and they come.

Moreover, the kind of room looking towards the backwater is really giving a relaxing moment to visitors,” said Joshi P C.

Kerala, the coastal state in southern India, with its pristine beauty and backwater, attracts thousands of tourists both domestic and international, every year.

However, the state’s tourism industry suffered a major setback recently owing to recession.

According to the government data, about 7.59 million domestic tourists and nearly six lakh foreign tourists arrived in Kerala in 2008. By Juhan Samuel (ANI)

Recovery concerns slam Wall Street

U.S. stocks slid in a broad sell-off on Thursday as a disappointing report on the labor market quashed hopes the economy was on the verge of recovery.

The slide in Wall Street coincided with a sell-off in other U.S. asset classes, including Treasury bonds and the dollar.

A reduced credit rating outlook for Britain also heightened investor concern that similar actions may loom elsewhere as governments around the world spend billions to revive growth.

Shares of big manufacturers dropped, with United Technologies Corp falling 2.5 percent to $50.45, while Boeing Co shed 3.3 percent to $43.10. The big U.S. aircraft maker left its full-year forecast unchanged on Thursday.

“This market really has jumped on the basis that possibly the recession could end sometime later this year or early next year,” said Peter Lewis, fund manager at Murphy Capital Management, in Gladstone, New Jersey.

“But we have to strip away the fact and realize these reports are still bad, and by no means is this market ready to take off.”

The Dow Jones industrial average dropped 174.99 points, or 2.08 percent, to 8,247.05. The Standard & Poor’s 500 Index fell 21.10 points, or 2.34 percent, to 882.37. The Nasdaq Composite Index lost 41.85 points, or 2.42 percent, to 1,685.99.

Elsewhere, U.S. Treasuries plunged after the government said it would sell a massive amount of new debt next week, while the U.S. dollar earlier fell to its lowest level this year against a basket of currencies.

Investors also pummeled technology shares. Apple Inc was the Nasdaq’s top drag, down 1.8 percent at $123.57. Tech companies’ fortunes are closely linked to a growing economy. All but two of the Dow’s 30 stocks lost ground.

U.S. government data showed ongoing claims rose to a fresh record as the recession battered employment, but the number of workers filing new claims for jobless aid declined 12,000 last week.

The Philadelphia Fed’s survey of manufacturing conditions for the U.S. mid-Atlantic region contracted in May for the eighth straight month, but the deterioration improved slightly from April.

The economic data came one day after the U.S. Federal Reserve offered a more pessimistic view for economic recovery, deflating some of the optimism that had underpinned the stock market’s recent rally from 12-year lows in early March.

The S&P rallied 37.4 percent from its bear market closing low in early March to a peak on May 8, but it has now retraced some of those gains amid concerns about the economy and a series of large secondary stock offerings from banks. The index is now up around 30 percent from its March 9 low.

Inflation rate up to 0.61 percent

New Delhi, May 21 (ANI): The rate of inflation in India for the week ended May 9 rose marginally to 0.61 percent, from 0.48 percent a week earlier, a government data showed on Thursday.

The annual rate of inflation had been rising for four consecutive reporting dates since the week ended April 4 when it was at 0.18 percent and touched 0.7 percent for the week ended April 26, before falling to 0.48 percent for the period ended May 2.

During the week, prices of tea, fruits, vegetables and spices rose by 0.5 percent during the week and that for manufactured products was up 0.1 percent, while the index for fuels remained unchanged.

The prices of urad, barley and maize declined during the week. The sub-index for non-food articles rose 0.4 percent as raw cotton, raw silk and oil seeds became dearer, while prices fell for raw rubber. (ANI)

Longer sentences for future crimes deter potential criminals

Washington, May 19 (ANI): Former prisoners are less likely to return to jail if they expect longer sentences for future crimes, according to a study.

The study-conducted by researchers from the University of Naples Parthenope, France-based National Centre for Scientific Research (CNRS), and University of Bergamo-used a recently passed Italian law as a natural experiment.

“This paper contributes to the literature providing evidence that potential criminals do respond to a change in prison sentences,” write the study’s authors.

They say that Italy’s Collective Clemency Bill, which was passed in 2006, presents a unique opportunity to study the deterrent effect of prison sentences.

They point out that when the clemency bill was passed, it immediately released thousands of prisoners who had three years or less left on their sentences. The remainder of each prisoner’s sentence was suspended, but not forgiven.

According to the authors, the law stipulated that a former inmate who commits a new crime within five years will have the suspended portion of his sentence reinstated and added to the sentence for the new crime.

Consequently, a repeat offender can expect extra jail time equal to the suspended portion of his sentence-anywhere from one month to three years.

The researchers used government data to look at the recidivism rates of the hese former inmates for the first seven months after their release, and found that those with longer suspended sentences-and therefore longer expected sentences for new crimes-were less likely to be re-arrested than those with shorter suspended sentences.

“These results corroborate the general theory of deterrence,” the authors write.

Their calculations suggested, “increasing the expected sentence by 50 percent should reduce recidivism rates by about 35 percent in seven months.”

However, even a small increase in the expected sentence was enough to deter recidivism at least a little, the team found.

The data suggest that a one-month increase in expected sentence resulted in a 1.3 percent lower probability of returning to prison.

The deterrent effect was consistent across age groups, and among men and women, though 95 percent of the sample was male.

“This means that a policy a commuting actual sentences in expected sentences significantly reduces recidivism. A mass release of prisoners can be effective in reducing their propensity of re-committing crimes if, when a released individual gets convicted of a new crime, his normal sentence is increased by the time that was pardoned because of the early release,” Dr. Vertova says.

The researchers, however, write that one important exception to the deterrent effect was that recidivism rates among those whose original crime was more serious were essentially unaffected by the length of their suspended sentence, which suggests that “more dangerous inmates are not deterred.”

They also caution that their results only measure deterrence on those who have already served time in jail.

“Indeed, it is not clear whether these results can be to individuals who have never received prison treatment,” they noted.

However, despite the limitations, the study does provide real-world evidence that “individuals vary their criminal activity in response to a change in prison sentences,” the authors write.

The study has been reported in the Journal of Political Economy. (ANI)