New Delhi, March 28
The BRICS (Brazil, Russia, India, China and South Africa) countries are exploring ways to substantially increase the intra-BRICS trade in the next couple of years from the current $230 billion.

The trade ministers of the five countries who met today just before the Summit agreed on enhancing trade, including of high-value manufactured items. They also agreed to intra-BRICS cooperation, especially in the areas of customs cooperation, trade facilitation, investment promotion, SME cooperation and trade data collection.

Anand Sharma, India’s Commerce, Industry and Textiles Minister said the BRICS nations had shown tremendous resilience in the face of the global economic turmoil and “now is the time to focus on setting new intra-BRICS trade and investment targets”.

Though the meeting was devoid of any major announcements or breakthroughs, the trade ministers agreed on a collective response on some global issues like the Eurozone crisis and the spike in oil prices.

Sharma said the BRICS nations will be defining the new global architecture, given their strengths and complementarities and huge reserves of natural resources. The BRICS together make up 43 per cent of the world’s population and hold a combined GDP of over $18 trillion. According to Goldman Sachs, by 2050, the combined economies of BRICS could eclipse the combined economies of the current richest countries of the world.

Chen Deming, China’s Minister of Commerce said there were global uncertainties to contend with such as the European sovereign debt crisis and volatile prices of bulk commodities, particularly in the Middle-East.

The BRICS members also raised concerns over the impact of rising crude oil prices in the wake of sanctions being imposed by Europe and the US on Iran.

"Rise (in price) of crude oil has impacted all countries. The Iran issue has become an issue for all. We need to continue with normal relations with Iran, but at the same time we respect UN resolution. We hope that unilateral movement by one country will not affect other countries," Deming said.

Sharma, too said, India respects international laws. "But at the same time, we have economic engagements with our partners. We cannot overlook that," he said.

Industry leaders of Brazil, Russia, India, China and South Africa (BRICS) who met here today at the BRICS Business Forum 2012, agreed to enhance intra-BRICS from the present level of $230 billion to at least $500 billion by 2015.

In a joint statement, the business leaders agreed that it is essential to improve the quality of trade by focusing on more value-added trade in all the three sectors, namely manufacturing, services and agriculture.

It was also necessary to capitalise on opportunities in sectors such as agriculture, energy, infrastructure, mining, healthcare & pharma and information and communication technology.

New Delhi, March 28
State-owned ONGC cornered six blocks - four as operator and two as minority partner - out of the 16 areas that the government awarded for oil and gas exploration, but saw its bids rejected for eight areas, including five deep-sea blocks.

Contracts for 16 out of the 33 oil and gas blocks that were bid for in the ninth round of New Exploration Licensing Policy (NELP) were signed today.

The government had offered 34 areas - eight deepwater blocks, seven shallow water blocks, 11 on-land blocks, and 8 Type-S (or small) on-land blocks, in NELP-IX. Of these, bids were received for 33 on close of auction on March 28, 2011.

Oil Secretary GC Chaturvedi said bids for seven deepsea blocks and three shallow water blocks were rejected as bidders offered "very low" profit share to the government.

ONGC ranked number one in eight of these blocks and Reliance Industries top scored in the remaining two areas but the bids were rejected as profit petroleum offered was less than benchmark 15 per cent.

Chaturvedi said award of five onland and two shallow water blocks to companies like Essar Oil, Deep Energy and Chinar Commerce Pvt Ltd was put off due to bidders not meeting eligibility criteria.

A total of $582.29 million has been committed in the 16 blocks that were awarded, he said.

ONGC got operating rights for four blocks - one alone and three as part of a group - while a consortium led by Oil India won two blocks. Gail India-led consortium was awarded one onshore block in the Cambay basin.

Deep Energy, a subsidiary of US-based Deep Industries, won three onshore areas and Sankalp Oil and Natural Resources three areas each. Focus Energy, Pratibha Oil and Natural Gas and Pan India Consultants got one onland block each. — PTI

Mumbai, March 28
Beleaguered firm Kingfisher Airlines has taken on board three independent directors to comply with the listing norms, a week after its lone independent director walked out citing poor health condition.

According clause 49 of Sebi's Listing Agreement, at least 50 per cent of the Board of Directors should comprise of independent directors. After the exit of Anil Kumar Ganguly, the Kingfisher board was left with just three directors of whom none were independent directors.

"The company, therefore, in order to comply with the Listing Agreement has to appoint three independent directors.

The company proactively already taken steps and has obtained the consent of Manmohan Singh Kapur, Lalit Bhasin and Shrikant Ruparel to join the board o directors of the company as independent directors," KFA said in a filing to the BSE.

Kapur, a banker with over 39 years of experience, was the Chairman and Managing Director of Vijaya Bank, while Lalit Bhasin is a corporate lawyer of repute and heads law firm Bhasin & Co. Another director, Shrikant Ruparel was the former Managing Director of Kolhapur Sugar Mills. — PTI

New York, March 28
Infosys co-founder NR Narayana Murthy is among the 12 "greatest entrepreneurs of our time" according to a Fortune magazine list that is topped by Apple's late chief Steve Jobs.

It includes Microsoft founder Bill Gates and Facebook CEO Mark Zuckerberg for turning "concepts into companies" and changing the "face of business". The US publication said as the "visionary founder" of Infosys, Murthy has built "one of the largest companies in India, helping to transform that economy and put it on the world stage".

Murthy, 65, proved that "India could compete with the world by taking on the software development work that had long been the province of the West.

"As one of the six co-founders of Infosys and the CEO for 21 years, Murthy helped spark the outsourcing revolution that has brought billions of dollars in wealth into the Indian economy and transformed his country into the world's back office," it said. — PTI

Melbourne, March 28
IT giant Apple has been accused by the Australian Competition & Consumer Commission (ACCC) of misleading consumers by selling the latest version of 4G-enabled iPad, which cannot connect with the 4G mobile network in the country.

The company, meanwhile, has offered refunds for customers who believe they were misled and also offered to put corrective notices at the points of sale for the new gadget, according to an AAP report.

Apple, which released its latest version of iPad - iPad Wifi + 4G - in Australia, is now reportedly refusing to put corrective stickers on packaging for the product claiming it would be "cumbersome".

It said the product supports ultra-fast mobile broadband but is not compatible with Telstra's long-term evolution for the fourth-generation network.

Acting for Apple, barrister Paul Anastassiou told the Federal Court in Melbourne today that "ultimately at trial, it will be contested by Apple there are in Australia networks — that according to international definitions are 4G — are properly described as 4G.

"What Apple says is that other networks operated by Telstra are in fact properly described by international standards as 4G even though Telstra itself does not so describe them," he said. — PTI

New Delhi, March 28
Hyundai Motor India has launched a new version of its premium compact car i20 priced up to Rs Rs 7.67 lakh (ex-showroom Delhi).

The all new 'iGen i20' will replace the existing i20. The petrol variants of the new version is priced from Rs 4.73 lakh to Rs 6.65 lakh (ex-showroom Delhi), the company said in a statement. The diesel variants will be priced from Rs 5.96 lakh to Rs 7.44 lakh and the automatic variant at Rs 7.67 lakh (ex- showroom Delhi), it added. — PTI