Government Asks Hotels to Cut Room Tariffs To Encourage Tourism

Government Asks Hotels to Cut Room Tariffs To Encourage TourismThe global financial crisis has taken its toll on the Tourism Industry. At a meeting with the members of the Federation of Hotels and Restaurants Association of India (FHRAI), the Government suggested that hotels should slash their tariffs by 10 to 15 percent.

FHRAI Delegation comprised of 5 members namely Vivek Nair, Vice-chairman, Leela Group; Rajindra Kumar, Hotel Taj Ambassador, Delhi; Salim Sherwani, Sherwani Hospitalities Ltd; Dr. Sunil Gulati, Uttarakhand Hospitality and Major Harish Sud, Secretary general, FHRAI.

Indian Airline Defaults on Payments to GE

Indian Airline Defaults on Payments to GEThe Bangalore-based airline, Kingfisher has defaulted on payments to GECAS. Vijay Mallya's Kingfisher Airlines leased four airplanes from GE Commercial Aviation Services (GECAS). The US Company filed complaint against Kingfisher before the aviation regulator of India for nonpayments.

Tata Motors To Stop Production at Jamshedpur for 3 Days

Tata MotorsTata Motors, one of the largest automobile manufacturer in India, has announced closing of the Jamshedpur plant owing to a demand slump. A company spokesperson said, "About 95 per cent of commercial vehicles are purchased through financing. While we do not declare production rates, unavailability of finance, coupled with high interest rates, is forcing customers to postpone purchases."

Hyundai begins export of i20 to Europe

Hyundai begins export of i20 to EuropeHyundai Motor India Ltd. (HMIL) launched the i20 cars in the European market. These were premiered at the Paris Motor Show last month. The company has dispatched a consignment of 2,820 cars from the Chennai port for Europe. 

i20s are very sophisticated new generation vehicles of Hyundai. These are designed at its Russelsheim design center in Germany. It is designed to fit in the European environment and pollution norms. The car will be available in 1.2 litre, 1.4 liter and 1.6 liter variants and will be powered by both diesel and petrol engines.

Private Banks may cut interest rates

Private Banks may cut interest ratesPrivates and foreign banks are likely to cut interest rates in the coming days. Public sector banks have already decided to reduce interest rates following decrease in key interest rates by the Reserve Bank of India. Personal and commercial loans would be available at lower rates after cutting lending rates by public and private banks. It is to be noted that reserve bank is taking many steps to inject more liquidity in the market. Recently, it has cut cash reserve ratio, SLR and Repo rate leading to injection of more than Rs 2,60,000 crore into the system.

Toyota to invest Rs 3,200 crore in India

Toyota to invest Rs 3,200 crore in IndiaToyota Motor Corporation (TMC) considers India as a potential market for its new models. It would double its investment in the country in the coming times. TMC has decided to invest Rs 3,200 crore in India. The company has decided to set up a new manufacturing plant at Banglore. It would make the Toyota Kirloskar Motor Private Limited (TKM) site more efficient by increasing its production capacity.