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Euro falls against dollar, yen LONDON: The euro weakened against the dollar and yen, as some traders pared bets on interest rate increases this year by the European central bank after comments by President Jean-Claude Trichet. The ECB on Wednesday raised its benchmark borrowing cost to a six-year high of 4%. The European currency fell as far as $13495 and was trading at $1.3503 in afternoon trade in London from $1.3524 late on Tuesday in New York. The currency traded at 163.58 yen, from 164,16 yen on Tuesday. Traders pared bets that the ECB will lift rates to 4.5% this year.

Oil above $70 as cyclone reaches Oman OIL pulled back slightly but remained above $70 on Tuesday as a powerful cyclone reached the coastline of Oman and shut its oil and gas export terminals. The storm, the worst to hit Oman in 30 years, began lashing eastern coastal areas on Tuesday morning. The country's 650,000 barrels per day (bpd) of crude exports have stopped but supplies from Saudi Arabia, the world's top oil exporter, were expected to escape disruption. The kingdom, with oil output capacity of more than 11 million bpd, can easily offset any lost Oman supplies. London Brent crude was

BoA meets today to take 40 SEZ proposals NEW DELHI: Within a week of dealing 29 SEZs, the board of approvals in the commerce ministry will meet on Tuesday to take up 40 proposals, including those of GMR Hyderabad International Airport and Wipro. Of these 40 proposals, 29 have land in possession, official sources said. While MIDC has four proposals for zones totaling over 460 hectares, GMR has proposed a 101.2 hectare airport-based multi-product SEZ in Andhra. Wipro is awaiting a nod for its 40.46 hectare IT SEZ to come up at Hyderabad.

Rupee rise makes exports uncompetitive: Ficci NEW DELHI: Increase in the value of rupee, combined with rising interest rates, has resulted in the erosion of profitability and competitiveness of Indian exports by up to 12 %, a Ficci report said on Tuesday. The report, submitted to the National Manufacturing Competitiveness Council, noted that prices of textiles, electronics, handicraft, machinery and auto components, which constitute around 50% of the country's total exports, have become uncompetitive by 10-12% compared to other countries. Higher interest rates have eroded the profit margins of the exporters by up to 11% in some cases.

Turner Reliance in Tie up for mobile MUMBAI: Turner International India has tied up with Reliance Communications to make available news channel CNN International as live stream 24-hours a day to compatible Reliance mobile phone users across India. Through this strategic partnership, Reliance mobile users (online streaming capable phones) would be able to access CNN International's trademark live breaking news and programming initiatives on their phones or other handheld devices. CNN is also the first international news channel to partner with Reliance, a press release stated here on Tuesday. In addition to online streaming of CNN, Hollywood Express episodes will

RIL Gurgaon SEZ among 26 cleared RELIANCE Industries (RIL) — which has been facing problems getting its SEZ in Navi Mumbai approved — got the nod for two other zones on Tuesday. While its multi-services SEZ in Gurgaon was formally approved, its proposed zone in Rewas (Maharashtra) was given in-principle approval as land is yet to be acquired there. The board of approvals (BoA) approved 26 proposals while in-principle approvals were given to nine others. Other proposals that got formal approval include a multi-product SEZ by India bulls Industrial Infrastructure in Maharashtra, an airport-based multi-product SEZ by GMR Hyderabad International Airport in

Thai's Nok to start intl journey with Bangalore flight NOK Air, a domestic carrier in Thailand, is going international with the launch of a daily Bangkok-Bangalore flight from May 31. Banking on the new-found enthusiasm for shopping among the burgeoning Indian middle class, the low-cost airline is offering discounts at a few malls in Bangkok for those who travel by the airline. The carrier has a 45-day offer of Rs 9999 for a round trip and gives passengers exclusive discounts of 50% on high-street brands such as Italian fashion house Replay and Australia's Country Road at The Emporium, Siam Paragon and The Mall

Air Deccan slaps congestion cess IT IS a way of showing who calls the shots. Air Deccan, the country's largest low-cost carrier, in which liquor king Vijay Mallya took 26% stake last week for Rs 550 crore, re-imposed the congestion cess of Rs 150 per passenger from Tuesday. This is the first in a series of measures the UB chief is likely to introduce in the coming weeks to turn around Air Deccan. "We have decided to focus on making Air Deccan's operations profitable this year and this may involve taking some hard decisions,” a senior UB Group executive told ET. Imposition

IBM misled investors on expenses: SEC IBM misled investors by overestimating the impact of stock-based compensation expenses on quarterly earnings in 2005, the US Securities and Exchange Commission said on Tuesday. The securities regulator made the statement as it reached a settlement with International Business Machines Corp, in which the company agreed not to commit future disclosure violations. The SEC did not impose any monetary penalties and IBM, the world's largest technology services company, did not admit or deny the SEC's findings in the settlement announcement. The SEC’s order makes no finding that IBM committed securities fraud. "IBM misled investors by failing to disclose