Centre gives Rs.117 crore to six states for rural roads

NEW DELHI – The central government has released Rs.116.88 crore to six states under the Pradhan Mantri Gram Sadak Yojana (PMGSY) to build rural roads, the rural development ministry said Friday.

The states are Haryana (Rs.17 crore), Tripura (Rs.35 crore), Uttarakhand (Rs.13.75 crore), Nagaland (Rs 25.13crore), Manipur (Rs.21 crore), and Andhra Pradesh (Rs.5 crore), the …. Original article  : Centre gives Rs.117 crore to six states for rural roads.

Amid economic woes, support for ethnic Russian party surges prior to Latvia’s election

Ethnic Russian party gains before Latvian vote

RIGA, Latvia – The implosion of Latvia’s economy has propelled an unlikely candidate to the front ahead of Saturday’s national election: a left-leaning party rooted in the country’s ethnic Russian minority.
The fault lines between ethnic Latvians and the Russian minority run deep in this small Baltic nation, and the …. Original article on Gaea Times at  : Amid economic woes, support for ethnic Russian party surges prior to Latvia’s election.

iXiGO.com named one of the fastest growing Indian brands on Facebook

New Delhi, Oct.1 (ANI-Business Wire India): A recent in-depth independent study conducted by Iffort Consulting, a Noida-based leading web strategy and social media consulting firm, has described iXiGO.com as one of the fastest growing Indian brands on Facebook, through its fan page presence at https://www.facebook.com/ixigocom.

iXiGO.com is South Asia’s leading online and mobile …. Read the original article  : iXiGO.com named one of the fastest growing Indian brands on Facebook.

World stock markets rise as Chinese manufacturing activity picks up pace in September

World stocks rise as China manufacturing jumps

SINGAPORE – World stock markets rose Friday as stronger growth in Chinese manufacturing suggested the world’s No. 2 economy isn’t slowing as sharply as feared.
European markets opened higher, following Asia’s advance, while oil prices extended gains to rise above $80 a barrel on hints in U.S. economic indicators of …. Source  : Gaea News Network.

US businessmen to meet in Sri Lanka

WASHINGTON – A second annual conference to attract US investment to Sri Lanka will be held in Colombo Oct 12-14, giving business executives a chance to expand businesses in the island.

The conference is organised by the Sri Lankan embassy here and the Office of the US Trade Representative, the US Department of Commerce, the …. Source  : US businessmen to meet in Sri Lanka.

Maruti Suzuki records highest ever monthly sales

MUMBAI – Car market leader Maruti Suzuki Friday reported its highest ever monthly sales in September, rising 29.6 percent to 1,08,006 units from 83,306 a year earlier.

“This is the highest ever total monthly sales by the company. Previous highest was 1,04,971 units in August 2010,” the company said in a regulatory filing.
September … Read more : Maruti Suzuki records highest ever monthly sales.

Oil rises to near $81 in Asia amid positive signs on US economy, crude demand

Oil rises to near $81 on US economy, demand signs

SINGAPORE – Oil prices rose to near $81 a barrel Friday in Asia as traders bet improving signs from the U.S. economy signal a growing appetite for crude.
Benchmark oil for November delivery was up 61 cents to $80.59 a barrel at late afternoon Singapore time in …. Read the original article  : here.

Japan imposes record 40 percent tax hike on cigarettes to encourage people to quit smoking

Japan hikes taxes on cigarettes to curb smoking

TOKYO – Japan imposed a record 40 percent tax hike on cigarettes in a bid to curb the nation’s smoking rate – the highest among major industrialized nations.
The hike, effective from Friday, will raise the price of Japan’s most popular brand, Mild Seven, by a third to 410 … Read the original article on Gaea Times at : Japan imposes record 40 percent tax hike on cigarettes to encourage people to quit smoking.

Report: IMF’s Strauss-Kahn doesn’t see Ireland tapping eurozone rescue fund

Report: IMF doesn’t see Ireland tapping fund

BERLIN – The head of the International Monetary Fund is quoted as saying that he doesn’t expect Ireland will have to seek help from a ???750 billion ($1 trillion) rescue fund for indebted eurozone countries.
Ireland said Thursday it will have to pump ???12 billion more into its crippled banking …. Source  : Gaea News Network.

German retail sales down 0.2 percent on month, up 2.2 percent on year in August

German retail sales slightly lower in August

BERLIN – Preliminary data show that German retail sales were down 0.2 percent on the month in August, although they rose 2.2 percent compared with a year earlier.
The Federal Statistical Office said Friday sales of goods other than food rose by a strong 5.3 percent in year-on-year terms. Sales …. Read the original article  : German retail sales down 0.2 percent on month, up 2.2 percent on year in August.

Wipro appoints Sid Nair as Chief Sales and Operations Officer for USA, Canada

Bangalore, Oct.1 (ANI-Business Wire India): Software giant Wipro Technologies has appointed Sid Nair as the company’s Chief Sales and Operations Officer for USA and Canada.

In his new role, Sid will focus on driving value to customers’ business and growing Wipro’s market presence across all business units for the region.

Sid replaces Manoj Punja, who …. Read the original article  : Wipro appoints Sid Nair as Chief Sales and Operations Officer for USA, Canada.

Euro steady against dollar after better US economic data, buys $1.3642

Euro steady at $1.3642 after better US data

BERLIN – The euro is steady against the dollar after an upbeat round of U.S. economic data nudged it off five-month highs.
The 16-nation euro bought $1.3642 in Friday morning European trading, barely changed from $1.3643 in New York late Thursday.
The currency has hit a string of five-month highs … Read more >>.

Indian exports rise 22.5 percent to $16.64 bn in August

NEW DELHI – India’s exports rose for the 10th consecutive month in August, growing an annual 22.5 percent to $16.64 billion (Rs.77,509 crore), official data showed Friday.

Exports for August 2009 stood at $13.58 billion (Rs.65,670 crore).
Imports during the month under review rose 32.2 percent at $29.67 billion (Rs.138,211 crore), widening the country’s trade …. Source  : Gaea News Network.

POLITICAL INSIDER: O’Donnell says filibuster her first priority if elected senator

POLITICAL INSIDER: Filibuster the top priority

WASHINGTON – Republican Senate hopeful Christine O’Donnell says her first priority if elected would be to help the GOP block Democrats’ priorities in a lame-duck session.
O’Donnell, the tea party-backed nominee in Delaware, said in an interview that she would work to stop any Democratic legislation proposed between the Nov. 2 … Read more : POLITICAL INSIDER: O’Donnell says filibuster her first priority if elected senator.

NALCO gears up for expansion,to enter metal and power sectors

BHUBANESWAR – State-owned National Aluminium Company (NALCO) is gearing up for its third phase expansion at an investment of at least Rs.6,000 crore and planning to venture into metal and power sectors.

The Bhubaneswar-headquartered company, which is Asia’s largest integrated aluminium producer, has completed the second phase of expansion recently with an investment of Rs.7,800 … Read more >>.

Punjab’s Sonalika tractors to till South America and Africa

HOSHIARPUR – Punjab-based International Tractors Ltd (ITL) is looking at South America as the next big market for its Sonalika brand tractors and lining up a complete range of farming solutions in several countries in the continent and Africa.

“We are looking at South America as the next big market for exports. With vast land …. Read the original article  : here.

Many US wheat growers won’t cash in on soaring prices after drought halts Russia’s exports

Many wheat growers won’t benefit from price jump

WICHITA, Kan. – Vance Ehmke tracks global grain markets as closely as he watches the weather forecasts, so when his winter wheat crop was nearly double its normal size, he hoped all those extra bushels would make up for lackluster prices amid a global grain glut.
Then Russia announced …. Source article on Gaea Times at  : Many US wheat growers won’t cash in on soaring prices after drought halts Russia’s exports.

Sensex soars in noon trade

MUMBAI – A benchmark index of Indian equities Friday soared in noon trade and was ruling 262 points higher. The buying spree spread to broader markets as well.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,094.1 points, and around noon was ruling at 20,331.36 points, up 262.24 points or … Read the original article on Gaea Times at : Sensex soars in noon trade.

Schwarzenegger vetoes bill requiring high-speed rail bidders to disclose Holocaust role

Governor vetoes bill seeking companies’ WWII roles

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger on Thursday vetoed a bill requiring companies seeking high-speed rail contracts with California to disclose any role they played during the Holocaust.
Under the measure, companies vying for a piece of California’s $45 billion high-speed rail project would have to reveal any involvement in …. Source  : Gaea News Network.

Opium yield halved in Afghanistan: UN

New York, Oct 1 (IANS/AKI) Afghanistan’s opium harvest was almost halved in 2010 as a widespread plant infestation took its toll on the war-torn country’s largest source of revenue, a UN report has said.

The total yield in 2010 was estimated at 3,600 tonnes, down 48 percent from 6,900 tonnes in 2009, according to the …. Original source  : Opium yield halved in Afghanistan: UN.

Gov. Schwarzenegger, legislative leaders remain mum on compromise to close $19 billion gap

California nears budget vote to end record impasse

SACRAMENTO, Calif. – Despite reaching a long awaited budget agreement, Gov. Arnold Schwarzenegger and legislative leaders remain mum about how they plan to close California’s $19 billion deficit.
Late Friday night, leaders of the state Senate and Assembly from both parties stood together outside the governor’s office after an …. Source  : Gov. Schwarzenegger, legislative leaders remain mum on compromise to close $19 billion gap.

Debate gives Whitman chance to regain momentum with Calif. Hispanics after housekeeper flap

Whitman looks to regain momentum in second debate

FRESNO, Calif. – Republican Meg Whitman and Democrat Jerry Brown are preparing for their second debate of the California governor’s race, hoping to court Hispanic voters, who could make up 15 percent of voters this November.
Whitman, who hoped to use Saturday’s forum to lure some voters from Brown, … Read the original article on Gaea Times at : Debate gives Whitman chance to regain momentum with Calif. Hispanics after housekeeper flap.

Toronto Stock Exchange to hold road show in India

TORONTO – The Toronto Stock Exchange (TSX) will hold a road show in India in November to showcase its unique position in the global mining industry.

TSX is also the worlds largest mining and energy market, with the biggest number of companies listed on it.
The stock exchange agreed to the road show after its … Read this article on Gaea Times at : Toronto Stock Exchange to hold road show in India.

Hard news that flops to cost more to mail; many small papers use post office for home delivery

USPS says droopy newspapers to cost more to mail

LITTLE ROCK, Ark. – Even if a newspaper is filled with hard news, the U.S. Postal Service is checking to see whether it’s droopy.
Under a rule that takes effect Sunday, if a flat piece of mail that’s longer than 10 inches droops too much, it will cost … Read more »».

Boeing delivers 203rd C-17 airlifter to USAF

LONG BEACH – Boeing has delivered to the US Air Force (USAF) the 203rd C-17 Globemaster III strategic airlifter, an aircraft that India is currently evaluating.

The C-17 left Long Beach Friday and is now operateing out of Joint Base Lewis-McChord, Washington state, where it is assigned to the 446th and 62nd Airlift Wings, a …. Read the original article  : Boeing delivers 203rd C-17 airlifter to USAF.

Foxconn staff in China get 66 percent pay hike

BEIJING – Electronic giant Foxconn has increased the monthly salaries of its workers in south China factory by 66 percent, raising their wages second time this year after a string of suicides by its employees.

From October, assembly workers at Shenzhen production base would get a pay rise of about 66 percent to bring salaries … Read more : Foxconn staff in China get 66 percent pay hike.

US seeks $4.4 bn Globemaster deal before Obama visit

WASHINGTON – The United States and India are working on a $4.4 billion deal for the Indian Air Force to acquire ten C-17 Globemaster transport aircraft ahead of President Barack Obama’s visit to India, according to a senior US official. The deal could potentially create up to 30,000 jobs in the US.

The possible …. Read the original article  : US seeks $4.4 bn Globemaster deal before Obama visit.

Real estate broker who survived 6 days without food, water in Calif. desert in good condition

Real estate broker found in desert doing well

JOSHUA TREE, Calif. – The Los Angeles real estate broker who survived six days without food or water in a remote desert canyon and wrote messages to his family on his hat has been upgraded from fair to good condition in a hospital in Joshua Tree.
Hi-Desert Medical Center …. Source article  : Real estate broker who survived 6 days without food, water in Calif. desert in good condition.

Pakistan sets up plant to produce cheap bread

ISLAMABAD – Pakistan has set up a bread factory in Punjab province that would provide bread at a most economical price of Rs.2, a media report said.

The Sasti Roti Plant, established in Gujar Khan city in Punjab province, would provide bread at a cost of Rs.2, and has a capacity to produce approximately 1,000 …. Original article  : Pakistan sets up plant to produce cheap bread.

California governor, legislative leaders say they’ve reached a budget deal

Calif. gov, legislative leaders reach budget deal

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger and legislative leaders said they struck a comprehensive agreement after an intensive five-hour meeting Friday night, signaling an end to California’s record-long budget stalemate after 93 days.
No details were released on how the state plans to bridge a $19 billion deficit, as legislative …. Source article  : California governor, legislative leaders say they’ve reached a budget deal.

Regulators close small banks in Florida, Washington to bring US bank failures this year to 129

Regulators close small Florida, Wash. banks

WASHINGTON – Regulators shut down small banks in Florida and Washington state on Friday, lifting to 129 the number of U.S. bank failures this year as loan defaults have mounted and economic distress has lingered.
The Federal Deposit Insurance Corp. took over Wakulla Bank, based in Crawfordville, Fla., with $424.1 million … Original article on : Regulators close small banks in Florida, Washington to bring US bank failures this year to 129.

Dialogic and Veraz finish merger, combined company named Dialogic, will trade as ‘DLGC’

Dialogic, Veraz finish merger
SAN JOSE, Calif. – Dialogic Corp., a privately held mobile video technology company, and Veraz Networks Inc., a publicly traded telecommunications equipment maker, said Friday that they have finished their merger.

The new company, which is called Dialogic Inc., will trade on the NASDAQ using the symbol “DLGC.” It is based in San …. Source article on Gaea Times at  : Dialogic and Veraz finish merger, combined company named Dialogic, will trade as ‘DLGC’.

Facebook splits stock as controversial movie hits screens

SAN FRANCISCO – Facebook announced a 5-for-1 stock split Friday, the same day a controversial movie about the origins of the social networking giant hit theatres.

Facebook said the stock split would enable it to be more flexible in granting stock options to current and prospective employees.
The move is the third time that … Original article on : Facebook splits stock as controversial movie hits screens.

Bank of America delays foreclosures in 23 states as it examines handling of documents

Bank of America delays foreclosures in 23 states

WASHINGTON – Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.
The move adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases …. Original article  : Bank of America delays foreclosures in 23 states as it examines handling of documents.

At a Glance: 23 states where Bank of America is halting foreclosures due to document problems

At a Glance: Foreclosure delays in 23 states

Bank of America is halting foreclosures in 23 states as it examines whether it rushed the process for thousands of homeowners without reading the documents.
The move adds the nation’s biggest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the … Read more : At a Glance: 23 states where Bank of America is halting foreclosures due to document problems.

Yahoo details upcoming departure of EVP Schneider in regulatory filing

Yahoo gives details on EVP exit in SEC filing

SAN FRANCISCO – Yahoo Inc. gave more details surrounding the upcoming departure of Hilary Schneider, an executive vice president who oversees Yahoo’s advertising in the U.S., in a regulatory filing Friday.
Yahoo said Thursday that Schneider would be leaving, along with two other executives: David Ko, a senior …. Original article  : Yahoo details upcoming departure of EVP Schneider in regulatory filing.

SJW Corp. taps KPMG audit partner Lynch as chief financial officer, replacing Green

SJW names KPMG audit partner Lynch as CFO
SAN JOSE, Calif. – SJW Corp., the parent of San Jose Water Co. and an operator of commercial buildings, said Friday that James Lynch would become its chief financial officer and treasurer, replacing David Green, who resigned on Thursday.

Lynch begins on Monday.
In a securities filing, the company did …. Source  : SJW Corp. taps KPMG audit partner Lynch as chief financial officer, replacing Green.

Man gets word of donor matches on same day Arizona budget cuts eliminate transplant funding

Arizona Medicaid cuts include transplant funding

PHOENIX – A Phoenix man awaiting a bone-marrow transplant got good news Friday – word of two donors who are possible matches.
But new budget cuts for Arizona’s Medicaid program also take effect Friday, and they eliminate coverage for many types of transplants, including the lifesaving one Mark Price needs.
The former … Read : Man gets word of donor matches on same day Arizona budget cuts eliminate transplant funding.

Ryder in the storm: Rain suits become a water hazard for soggy US team in Wales

Wardrobe malfunction: US Ryder Cup golfers soaked

NEWPORT, Wales – Call it Water(proof)gate.
The dozen golfers on the U.S. Ryder Cup team got a soggy surprise on the opening day of competition when the rain gear they brought from the States didn’t work any better than it looked.
Caught in a morning downpour at the Celtic Manor course …. Original article  : Ryder in the storm: Rain suits become a water hazard for soggy US team in Wales.

Gov’t report finds large trader triggered May 6 stock market plunge with $4.1B computer trade

1 large trader led to May 6 stock market plunge

WASHINGTON – A trading firm’s use of a computer sell order triggered the May 6 market plunge, which sent the Dow Jones industrial average careening nearly 1,000 points in less than a half-hour, federal regulators said Friday.
A report by the Securities and Exchange Commission and the … Read more >>.

India should tap African continent’s resources: Jacob Zuma

DURBAN – South African President Jacob Zuma has urged India to tap the resources of the African continent to strengthen economic ties and secure access to a one billion strong consumer market.

India should tap the resources of African continents resources and strengthen our economic ties South Africa is the gateway to the one billion … Read the original article on Gaea Times at : India should tap African continent’s resources: Jacob Zuma.

Now, Metro from Central Secretariat to Sarita Vihar too

NEW DELHI – Delhi Metro chief E. Sreedharan Sunday flagged off a new line from Central Secretariat to Sarita Vihar that will also provide access to the Jawaharlal Nehru Stadium, the main venue for the Commonwealth Games.

People going to Jawaharlal Nehru Stadium Sunday evening for the inauguration of the Commonwealth Games can use …. Source  : Now, Metro from Central Secretariat to Sarita Vihar too.

Rs.454-crore ADB loan for Himachal tourism development

SHIMLA – Himachal Pradesh has got a multi-million dollar loan from the Asian Development Bank (ADB) for developing tourism infrastructure and services, an official statement said here Sunday.

“The ADB has agreed in principle to fund various tourism development projects amounting to Rs.454 crore in different parts of the state,” said the statement, quoting Chief … Read this article on Gaea Times at : Rs.454-crore ADB loan for Himachal tourism development.

Brazil to elect new leader after 8 years under Silva; Rousseff could be first woman president

Brazil to pick successor for popular president

SAO PAULO – Brazilians vote Sunday in national elections that could see front-running candidate Dilma Rousseff become the country’s first female president, succeeding her popular ally and mentor.
Rousseff, a 62-year-old former guerrilla, represents the ruling Workers Party and is the hand-chosen successor of outgoing President Luiz Inacio Lula da … Read : Brazil to elect new leader after 8 years under Silva; Rousseff could be first woman president.

Medics meet Frontier Airlines flight in Denver after report of sick passenger

Medics meet Frontier Airlines flight in Denver

DENVER – Medics have met a Frontier Airlines flight at the Denver airport after a child on board was reported to potentially have a contagious disease.
Flight 64 from Puerto Vallarta, Mexico, to Denver landed as scheduled late Saturday afternoon.
Denver Health spokeswoman Betty Rueda says initial reports were the illness … Read the original article on Gaea Times at : Medics meet Frontier Airlines flight in Denver after report of sick passenger.

Sikorsky cuts 200 salaried jobs, citing global economy, weak commercial helicopter market

Sikorsky cuts 200 jobs, citing commercial slump

STRATFORD, Conn. – Sikorsky Aircraft says it’s cutting 1 percent of its global workforce, citing ongoing problems with the global economy and a slump in the market for commercial helicopters.
The maker of commercial and military helicopters said in a brief statement Friday the layoffs affect salaried workers only. Stratford, [..] Read the original article: here.

Exit poll, partial results show Latvians opt for stability while electing parliament

Latvians opt for political stability in key poll

RIGA, Latvia – Voters in Latvia, which has suffered one of the world’s worst recessions, agreed to endure more painful economic reforms by re-electing the country’s center-right government, a nearly complete vote count in Saturday’s election shows.
With over 90 percent of the ballots counted, the government of Prime … Original article on : Exit poll, partial results show Latvians opt for stability while electing parliament.

Budget pact would close $19 billion California deficit with spending cuts, rosy projections

Details emerge on no-tax California budget pact

SACRAMENTO, Calif. – After a record-long impasse, California legislators are set to vote this week on a no-new-taxes budget that relies on a combination of spending cuts and optimistic financial projections to close a $19 billion deficit.
Details of the agreement between Gov. Arnold Schwarzenegger and legislative leaders began emerging …. Original source  : Budget pact would close $19 billion California deficit with spending cuts, rosy projections.

National Dems blast GOP candidate Linda McMahon in Conn. Senate ad that calls her a ‘bad CEO’

National Dems bash McMahon in Conn. Senate race ad

HARTFORD, Conn. – National Democrats have begun airing a TV ad attacking the business record of the Republican candidate for Connecticut’s U.S. Senate seat, accusing former professional wrestling executive Linda McMahon of being “a bad CEO.”
The Democratic Senatorial Campaign Committee released a 30-second spot on Saturday. It …. Original article  : National Dems blast GOP candidate Linda McMahon in Conn. Senate ad that calls her a ‘bad CEO’.

French unions launch 3rd pension plan protest in a month

French unions launch new pension plan protests

PARIS – Hundreds of thousands of protesters young and old demonstrated in France on Saturday, waving union flags and pressing conservative President Nicolas Sarkozy to drop plans to raise the retirement age from 60 to 62. It was the third day of protests in a month.
Unions tried a new … Original article on : French unions launch 3rd pension plan protest in a month.

Whitman blames opponent for controversy over housekeeper’s immigration status

Whitman blames opponent for housekeeper flap

FRESNO, Calif. – GOP candidate Meg Whitman blamed Democratic opponent Jerry Brown for the controversy over an illegal immigrant housekeeper.
Early in their second debate Saturday, Whitman responded to a question about the flap by turning to Brown and saying he and his surrogates were to blame.
Brown fired back, saying Whitman …. Source article  : Whitman blames opponent for controversy over housekeeper’s immigration status.

TV exit poll shows Latvia’s center-right government winning re-election

TV exit poll: Latvian government wins re-election

RIGA, Latvia – Voters in Latvia, one of the world’s most recession-scarred economies, have extended the mandate to the current center-right government to continue painful economic reforms, results of an exit poll and partial count of Saturday’s election show.
An exit poll by the BNS news service and LTV television …. Source  : TV exit poll shows Latvia’s center-right government winning re-election.

Farmer Jon: US Senator breaks from mold spending weekends plowing fields and fixing tractors

Farmer Jon: US Sen. spends weekends plowing fields

BIG SANDY, Mont. – Even for a Montana grain farmer, the ripped and greasy clothes worn by Jon Tester on a typical weekend back home are a bit ragged. For a U.S. senator, they are downright grubby.
Tester is a bit of an anomaly in what has been dubbed …. Original source  : Farmer Jon: US Senator breaks from mold spending weekends plowing fields and fixing tractors.

Green team visits Himachal hydro plant

SHIMLA – A team of the National Environment Appellate Authority (NEAA) Saturday visited Kinnaur district where the Kashang hydro-power project is coming up and heard grievances of the local people against the project authorities.

The team, comprising NEAA chairman J.C. Kala visited the site of the run-of-the-river 195 MW project to assess the environment damage, …. Source  : Gaea News Network.

Electric utilities face shortage of line workers, train replacements with stimulus money

Aging work force inspires utility worker training

BERLIN, Conn. – In the worst recession in memory, Helen Duguay discovered that climbing utility poles is a better career choice than selling real estate.
A former real estate agent out of work since May, the 43-year-old mother of five is learning to scale poles and operate a crane, a … Original article on : Electric utilities face shortage of line workers, train replacements with stimulus money.

Brazilians voting for new president, leader Silva hoping to elect successor for victory lap

In election, Brazil’s Silva hopes for victory lap

SAO PAULO – The emcee’s voice begins rising to a crescendo rivaling that of any Las Vegas ring announcer, a yell driving through a dense tropical rain that concisely explains what Brazil’s adored president means to his nation.
“He is the man who turned our dreams into reality!” the …. Original article  : Brazilians voting for new president, leader Silva hoping to elect successor for victory lap.

Iraq to announce new figures on oil reserves

BAGHDAD – Iraq plans to announce Monday its latest figures on the number of crude oil reserves in the country, according to the ministry of oil.

Since the fall of Saddam Hussein, Iraq’s leaders have suggested that reserves could be up to three times greater than the current estimate of 115 billion barrels.
Asim Jihad, …. Source  : Gaea News Network.

Do business with India, Indians in Africa told

DURBAN – Africans of Indian origin should look at India as a “land of economic opportunity” and connect more through business and education, besides traditional social and cultural ties, Overseas Indian Affairs Minister Vayalar Ravi said at the inauguration of a conclave to connect the scattered Indian diaspora in the continent to the land of … Read more : Do business with India, Indians in Africa told.

North Korean gymnast who competed under 3 different birth dates being investigated

NKorean gymnast investigated for 3 birth dates

LAUSANNE, Switzerland – International gymnastics officials are investigating another case of possible age falsification, this time of a North Korean gymnast who listed three different birth dates.
North Korea and Hong Su Jong will be given a chance to explain the discrepancies at a hearing and in written statements, the …. Source  : North Korean gymnast who competed under 3 different birth dates being investigated.

Germany to support India’s stand against US protectionism

NEW DELHI – Germany will support India’s stand against protectionist policies, adopted by the United States in the last few months, at the major international forums, including the upcoming G20 Seoul Summit, its envoy has said.

“Protectionism is a poison. It is not good for any country. We share India’s concern and will fully … Original source on Gaea Times at : Germany to support India’s stand against US protectionism.

Britain to cut child benefit payments as part of austerity package

Britain to cut child benefit payments
LONDON – Britain’s government is to scrap child benefit payments for middle income and high-earning families as part of its plan to slash government spending, Treasury chief George Osborne said Monday.

Osborne, who is scheduled to deliver a speech to the Conservative Party’s annual rally in Birmingham, central England, later said … Read more »»».

World stocks mixed amid higher commodity prices, strong data out of China

World stocks mixed amid higher commodity prices

BANGKOK – World stock markets were mixed Monday, with European shares failing to enjoy the boost that Asia received from higher commodity prices and stronger Chinese manufacturing growth.
Oil hovered above $81 a barrel in Asia after a big gain Friday on renewed hopes that demand for crude will improve. …. Source article  : World stocks mixed amid higher commodity prices, strong data out of China.

GMR Energy wins transmission project in Rajasthan

NEW DELHI – GMR Energy Limited (GEL) Monday said it has won two contracts from Rajasthan Rajya Vidyut Prasaran Nigam for a transmission project.

It would set up 400 km of 400 KV transmission lines with two power sub-stations based at Alwar and Deedwana.
The project would be on a build-own-operate-maintain (BOOM) basis, the …. Original article  : GMR Energy wins transmission project in Rajasthan.

Pen Co-operative Urban Bank Ltd., Pen, Raigad, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a penalty of ` 1.00 lakh (Rupees One Lakh only) on Pen Co-operative Urban Bank Ltd., Pen, Raigad, Maharashtra in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949  for … Read : Pen Co-operative Urban Bank Ltd., Pen, Raigad, Maharashtra ??? Penalised.

IVRCL bags projects worth Rs.1119.76 crore

MUMBAI – IVRCL Infrastructure Monday said it has bagged orders worth Rs.1,119.76 crore for various construction projects.

The water division of the company has bagged orders worth Rs.451.22 crore and the building division has won projects worth Rs.440.01 crore, the company said in a regulatory filing.
The company’s transportation division has also got …. Source article on Gaea Times at  : IVRCL bags projects worth Rs.1119.76 crore.

Officials now outcasts in small, scandal-plagued Calif city they have lived in for decades

City scandal makes officials outcasts in hometown

BELL, Calif. – There was a time in this modest blue-collar community when Mayor Oscar Hernandez was all but hailed as a superhero, the big friendly guy who said hello to everybody when he wasn’t busy greeting them at his venerable corner grocery store.
Those days ended abruptly last July … Read more : Officials now outcasts in small, scandal-plagued Calif city they have lived in for decades.

SPIN METER: Government austerity or bailouts? US Chamber of Commerce takes both sides

SPIN METER: Business group turns on past allies

WASHINGTON – During the worst of the economic crisis, the nation’s most powerful business lobby pleaded with Congress to prop up financial institutions and stimulate the economy with hundreds of billions of dollars in borrowed money.
“Make no mistake: When the aftermath of congressional inaction becomes clear, Americans will … Read more »»».

US: China, ASEAN should strengthen Spratlys pact to keep peace, sea lanes open

US: China, ASEAN should strengthen Spratlys pact

MANILA, Philippines – China and the Southeast Asian nations disputing ownership of the Spratlys islands need to turn their 2002 accord into a legally binding code to prevent clashes and keep the vast region open to commerce, the U.S. ambassador said Monday.
China and the 10-member Association of Southeast Asian …. Source  : US: China, ASEAN should strengthen Spratlys pact to keep peace, sea lanes open.

Sanofi-Aventis goes hostile with $69/share offer for US biotech company Genzyme

Sanofi-Aventis launches Genzyme takeover battle

PARIS – France’s Sanofi-Aventis on Monday launched a hostile $18.5 billion takeover offer for Genzyme Corp., stepping up its effort to capture the U.S. biotech company’s promising drugs for high cholesterol and lucrative treatments for rare genetic disorders.
The offer for Cambridge, Massachusetts-based Genzyme – at $69 per share – is unchanged …. Original article  : Sanofi-Aventis goes hostile with $69/share offer for US biotech company Genzyme.

Verizon wireless to pay back $50 mn for false charges

WASHINGTON – Verizon, the largest US wireless company, says it will refund $50 million or more to customers who were mistakenly charged for data usage on their cell phones, Bloomberg financial news service reported Monday.

The company said it would pay back money to 15 million customers in the next two months. The Federal Communications … Original article on : Verizon wireless to pay back $50 mn for false charges.

Sensex starts week on a strong foot

MUMBAI – A benchmark index of Indian equities Monday was ruling 167 points higher, marking a positive start to the week’s trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,501.21 points, was ruling at 20,612.6 points, up 167.56 points or 0.82 percent from its previous close at …. Source  : Gaea News Network.

Oil holds steady above $81 in Asia on hopes of growth in demand for crude

Oil above $81 in Asia on signs demand to improve

KUALA LUMPUR, Malaysia – Oil prices held gains above $81 a barrel Monday in Asia on renewed hopes that demand for crude will improve.
Benchmark oil for November delivery eased 2 cents to $81.56 a barrel at midday Kuala Lumpur time in electronic trading on the New …. Original article  : Oil holds steady above $81 in Asia on hopes of growth in demand for crude.

Researchers unveil biggest survey on sex in US since 1994; details orgasm gap, condom usage

New survey on sex in US, biggest since 1994

NEW YORK – The male-female orgasm gap. The sex lives of 14-year-olds. An intriguing breakdown of condom usage rates, by age and ethnicity, with teens emerging as more safe-sex-conscious than boomers.
That’s just a tiny sampling of the data being unveiled Monday in what the researchers say is … Read : Researchers unveil biggest survey on sex in US since 1994; details orgasm gap, condom usage.

Asian stock markets climb amid higher commodity prices, investors await central bank decisions

Asian shares climb amid higher commodity prices

BANGKOK – Asian markets climbed Monday as higher commodity prices boosted resource stocks and stronger growth in Chinese manufacturing raised confidence in the economic recovery.
Oil held gains above $81 a barrel in Asia on renewed hopes that demand for crude will improve. The dollar was up against the yen …. Source  : Asian stock markets climb amid higher commodity prices, investors await central bank decisions.

Tokyo shares rise on US gains

TOKYO – Japanese stocks climbed in Monday morning trading following gains on Wall Street and as exporters were boosted by a fall in the value of the yen.

The benchmark Nikkei 225 Stock Average gained 81.84 points, or 0.87 percent, to trade at 9,486.07 while the broader Topix index was up 2.8 points, or 0.34 …. Source  : Tokyo shares rise on US gains.

Money Market Operations as on October 01, 2010

…. Source article on Gaea Times at  : Money Market Operations as on October 01, 2010.

With China taking the lead, Europe and Asia will address global economic crisis during summit

EU-Asia summit to address economy
BRUSSELS – European and Asian leaders will seek common ground on ways to fix and regulate the global financial market but will likely be bogged down by such issues as market restrictions and trade surpluses during three days of summits.

Monday kicks off with the opening of the two-day Asia-Europe ASEM summit …. Source article on Gaea Times at  : With China taking the lead, Europe and Asia will address global economic crisis during summit.

Wells Fargo exec admits verifying only the date on hundreds of foreclosure documents he signed

Bank exec checked only date on foreclosure docs

WASHINGTON – A Wells Fargo executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily.
The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in …. Original article on Gaea Times at  : Wells Fargo exec admits verifying only the date on hundreds of foreclosure documents he signed.

Celine aims to change the fashion industry, fabric bolt by bolt

Celine aims to redefine luxury values
PARIS – After redefining the way women dress, Phoebe Philo – Celine designer and purveyor of the new minimalism that has taken catwalks and Main Street by storm – is aiming to redefine the values of the luxury industry.

Many of the supple silks and cotton fabrics that made up her …. Source article  : Celine aims to change the fashion industry, fabric bolt by bolt.

NBA commissioner Stern not pondering possible lockout, says league focused on labor deal

Stern focused on labor deal, not pondering lockout

MILAN – NBA commissioner David Stern insisted Sunday he hasn’t thought about the effects of a possible lockout next year, and gave new assurances that the league and players’ union remain focused on reaching a new labor agreement.
The sides are divided over the renewal of the collective bargaining … Read more »»».

Oil hovers above $81 in Asia as traders look for new catalyst to extend rally

Oil hovers above $81 amid mixed stock markets

SINGAPORE – Oil prices hovered above $81 a barrel Tuesday in Asia as traders looked for a new catalyst to extend last week’s rally amid mixed regional stock markets.
Benchmark oil for November delivery was up 14 cents to $81.59 a barrel at late afternoon Singapore time in electronic … Read more : Oil hovers above $81 in Asia as traders look for new catalyst to extend rally.

Eurozone leaders urge China to let currency strengthen to help boost global growth

Europe calls on China to let currency appreciate

BRUSSELS – The 16 nations that use the euro are urging China to let the value of its currency rise to help stimulate global economic growth.
Jean-Claude Juncker of Luxembourg, the head of the 16 EU nations that use the euro, wants to see a “broad-based appreciation” of the … Original article on : Eurozone leaders urge China to let currency strengthen to help boost global growth.

Juicy Kinnaur apples hit market

SHIMLA – Famous for its natural sweetness, colour and succulence, apples from Himachal Pradesh’s Kinnaur district are selling well in markets in north India.

Gian Singh Chandel, chairman of the apple market committee at Dhalli near here, said the apples from Kinnaur are in good demand in Delhi, Chandigarh, Punjab and Haryana, and are fetching …. Source article  : Juicy Kinnaur apples hit market.

Supreme Court set to hear privacy case on NASA’s background checks

Supreme Court set to hear NASA privacy case

WASHINGTON – How much information is too much when it comes to security at a government installation in a post-9/11 world?
The Supreme Court will tackle that question Tuesday when it hears arguments over whether the government went too far in investigating workers at the NASA Jet Propulsion Laboratory …. Source  : Supreme Court set to hear privacy case on NASA’s background checks.

Moody’s warns it may cut Ireland’s debt rating amid worries over financial health, growth

Moody’s warns it may downgrade Ireland’s debt

LONDON – A leading credit rating agency warned Tuesday that it may cut Ireland’s government debt rating amid mounting worries over the country’s economic outlook following another bailout of the banking sector last week.
Moody’s Investor Services said it has put the country’s Aa2 rating on review for possible downgrade … Read : Moody’s warns it may cut Ireland’s debt rating amid worries over financial health, growth.

Egyptian newspaper says its mogul publisher has sacked daily’s editor critical of government

Paper: Egyptian publisher sacks dissident editor

CAIRO – Egypt’s leading independent newspaper says its mogul publisher has fired the daily’s chief editor, known as an outspoken government critic.
The development comes amid growing uncertainty over Egypt’s political future, reports of an intensifying media crackdown and constant speculation about 82-year-old President Hosni Mubarak’s health.
Al-Dostor reported on its website …. Source article on Gaea Times at  : Egyptian newspaper says its mogul publisher has sacked daily’s editor critical of government.

Jamaica media seek libel law reform, saying big damages, cost of litigation hurt press freedom

Jamaica media push for libel law reform
KINGSTON, Jamaica – Media organizations are pushing parliament to overhaul Jamaica’s libel law, complaining that the difficulty and cost of fighting off lawsuits, coupled with the risk of huge judgments, are stifling the press and harming freedom of expression.

In editorials, phone calls to lawmakers and even speeches before Parliament, …. Source  : Jamaica media seek libel law reform, saying big damages, cost of litigation hurt press freedom.

Sensex choppy, broader markets gain

MUMBAI – A benchmark index of Indian equities Tuesday was trading volatile, although broader markets showed buying interest. Asian markets too were choppy.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,461.98 points, was ruling flat at 20,468.91 points, down 6.82 points or 0.03 percent from its previous close …. Source  : Sensex choppy, broader markets gain.

Supreme Court to hear privacy case on NASA’s background checks

Supreme Court to hear NASA privacy case on Tuesday

WASHINGTON – How much information is too much when it comes to security at a government installation in a post-9/11 world?
The Supreme Court will tackle that question Tuesday when it hears arguments over whether the government went too far in investigating workers at the NASA Jet Propulsion …. Source  : Supreme Court to hear privacy case on NASA’s background checks.

Google TV announces content partners for rollout

WASHINGTON – Google is teaming up big-name brands like HBO, Netflix, Pandora and the NBA for the expected rollout of Google TV, the web giant’s “multimillion-channel TV” system some time soon.

Run by Google’s Android operating system, it will let users view all kinds of Web content on their televisions, Google said Monday announcing the …. Read the original article  : Google TV announces content partners for rollout.

Bank of Japan to adopt zero-interest policy

TOKYO – The Bank of Japan decided Tuesday to lower its key interest rate to between zero and 0.1 percent to address the yen’s rise and the country’s slowing economy, the bank announced after a two-day policy meeting.

The central bank, which described the decision as “comprehensive monetary easing”, also said it would establish a … Read more : Bank of Japan to adopt zero-interest policy.

Indian miracle will help outpace Chinese economy: Economist

WASHINGTON – India may have a long way to go before becoming as rich as China but its economy will soon start growing faster, thanks to a young workforce and a brand of capitalism that outweighs its much derided democracy, says The Economist.

“Despite the headlines, India is doing rather well. Its economy is expected …. Source  : Indian miracle will help outpace Chinese economy: Economist.

Asian shares were mostly lower, but Nikkei up after Japan cuts interest rate

Asian shares mostly lower; Japan up after rate cut

BANGKOK – Weak U.S. economic indicators sent most Asian stock markets lower Tuesday but Japanese shares climbed after the central bank cut its key interest rate to effectively zero.
Oil prices held above $81 a barrel as traders looked for a new catalyst to extend last week’s rally … Read this article on Gaea Times at : Asian shares were mostly lower, but Nikkei up after Japan cuts interest rate.

Microsoft to launch Windows Phone 7 next week

WASHINGTON – Microsoft is set to launch its first line of Windows Phone 7 products next week and announce which carriers and manufacturers will be making and selling handsets based on its next mobile operating system.

It’s evident that AT&T is on board as one of the carriers as Microsoft CEO Steve Ballmer and AT&T … Read more : Microsoft to launch Windows Phone 7 next week.

Now, non-stick chewing gum to keep streets clean

LONDON – A non-stick chewing gum that dissolves within 24 hours has been formulated by British scientists, a media report said Tuesday.

Rev7, which went on sale Monday, has the same taste and texture as normal gum, but is water soluble, Daily Mail reported on its website.
It can be removed easily from clothes using … Original article on : Now, non-stick chewing gum to keep streets clean.

Oil drops slightly to near $81 in Asia as traders look for new catalyst to extend rally

Oil drops slightly to near $81 as rally cools

SINGAPORE – Oil prices dropped slightly to near $81 a barrel Tuesday in Asia as traders looked for a new catalyst to extend last week’s rally amid mixed lower regional stock markets.
Benchmark oil for November delivery was down 18 cents to $81.29 a barrel at midday Singapore …. Read the original article  : here.

India will soon start to outpace China: Economist

WASHINGTON – India will soon start to outpace China, thanks to a young and growing workforce and its “much-derided democracy” says The Economist.

The cover story on “How India’s growth will outpace China’s” in its latest issue attributes “India’s surprising economic miracle” largely to its private sector saying, “the country’s state may be weak, but …. Original article  : India will soon start to outpace China: Economist.

Japan’s central bank cuts key interest rate to range of zero to 0.1 percent

Japan’s central bank cuts key rate to around zero

TOKYO – Japan’s central bank cut its key interest rate to virtually zero Tuesday and said it may set up a $60 billion fund to buy government bonds and other assets in a surprise move to inject life into a faltering economy.
In a unanimous vote, the Bank …. Source  : Gaea News Network.

Tweet this: Twitter gets new chief executive

SAN FRANCISCO – An unexpected executive appointment got the internet all atwitter Monday.

Evan Williams, co-founder of hit microblogging site Twitter, said he was stepping aside to concentrate on product strategy, while chief operating officer Dick Costollo, 47, would take the reigns of the company as it tries to monetize its huge internet following.
Williams … Read more >>>.

CAPITAL CULTURE: Conspiracy theories abound as to what’s behind noisy drilling at White House

CAPITAL CULTURE: Why all the White House drilling?

WASHINGTON – Forget about the midterm elections and speculation about West Wing personnel shake-ups. The big question being asked around the White House is, what’s that noisy construction really all about?
The drilling, clanging and banging are tearing up parts of the front lawn of the White House, obstructing …. Read the original article  : CAPITAL CULTURE: Conspiracy theories abound as to what’s behind noisy drilling at White House.

Oil rises above $83 as global stock markets extend rally, US dollar falls

Oil rises above $83 as equities gain, dollar drops

SINGAPORE – Oil prices rose above $83 a barrel Wednesday in Asia amid rising global stock markets and a weakening U.S. dollar.
Benchmark oil for November delivery was up 30 cents to $83.12 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile …. Original article  : Oil rises above $83 as global stock markets extend rally, US dollar falls.

World stocks rise with hopes that US Federal Reserve will loosen monetary policy

World stocks rise on hopes for Fed policy easing

BANGKOK – World stock markets rallied Wednesday, buoyed by growing expectations that the Federal Reserve will take steps to bolster the U.S. economy following the Bank of Japan’s surprise interest rate cut.
Oil prices went above $83 a barrel, and the dollar fell against the yen and the …. Original source  : World stocks rise with hopes that US Federal Reserve will loosen monetary policy.

Goa’s tourist security force stuck in a rut

PANAJI – It may be a while before Goa’s much-touted tourist security force (TSF) literally hits top gear as the patrol jeeps assigned to it do not have four-wheel drive, essential for cruising on the uneven and soft beach sand.

Tourism department officials said 15 patrol jeeps donated by a global tourism organisation for the …. Original source  : Goa’s tourist security force stuck in a rut.

Sand mining ban in Maharashtra threatens mega projects

MUMBAI – The building industry has expressed doubts over timely completion of several mega private and government infrastructure projects with billions of rupees investment, in the wake of a recent Bombay High Court order that has banned sand mining across the state.

The high court order of Sep 24 was given by a division bench … Read : Sand mining ban in Maharashtra threatens mega projects.

Qatar Airways declared official airline partner for Indian Business Leaders Summit and Golf Tournament

Mumbai, Oct. 6 (ANI-Business Wire India): Qatar Airways, one of the world’s finest five star airlines, today announced that it has been named the official airline for the premiere Indian Business Leaders Summit and Golf Tournament.

The summit and the tournament are scheduled to be held on November 11 and 12,2010, at the Oxford Golf … Read more »».

English soccer club Liverpool agrees to Red Sox takeover, pending settlement of board dispute

Liverpool board agrees on sale to Red Sox owners

LONDON – Liverpool’s board agreed to sell the English Premier League club to the owners of the Boston Red Sox on Wednesday, and also announced they will have to take legal action against the existing American owners to force the takeover.
Tom Hicks and George Gillett Jr. said … Read more : English soccer club Liverpool agrees to Red Sox takeover, pending settlement of board dispute.

Bhutanese currency in circulation along India-Bhutan border

GUWAHATI – The influx of Bhutanese currency along the Indo-Bhutan border in Assam is posing a serious threat to the local economy, as residents prefer it for their centuries-old cross-border trade.

Due to a lack of exchange offices in the border region, the Bhutanese pay in Ngultrum.

“I accept it because of compulsion. Here it is available … Original article on : Bhutanese currency in circulation along India-Bhutan border.

Shipping Corp, ITI scrips rise on stake sale, quota extension

MUMBAI – The scrips of state-owned companies Shipping Corporation of India (SCI) and ITI rose Wednesday after the government approved a stake sale in the shipping major and assured bulk orders for the telecom equipment manufacturer.

In an announcement late Tuesday, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal for an issue of …. Source article  : Shipping Corp, ITI scrips rise on stake sale, quota extension.

Obama visit to highlight trade ties: US group

WASHINGTON – US President Barack Obama’s decision to start his first State Visit to India with an address to a major business summit in Mumbai highlights his priority to cultivating deeper commercial ties with India, says a leading trade advocacy group.

Arriving in India on Diwali night Nov 5, Obama will attend the Business and … Read more »»».

Etios Arriving In India Soon

DELHI, INDIA (GaeaTimes.com)- Toyota which is one of the leading car makers of the world is all set to unveil its much touted small car named Etios in Thailand and India in near future. The company also has similar plans for the markets in Brazil and China. It is going to be priced competitively …. Read the original article  : here.

Indian sugar isn’t substandard: Pakistani minister

ISLAMABAD – Sugar imported from India will be tested before its sale in Pakistan, said a minister who rejected the impression that Indian sugar was substandard.

Minister for Labour and Manpower Syed Khurshid Shah told the National Assembly Tuesday that pre-shipment inspection of sugar being imported from India had been conducted and it will be [..] Read the original article: here.

Military official says Taiwan to budget for upgrade of F-16 fighter jet fleet in 2012

Official: Taiwan to budget for 2012 F-16 upgrade

TAIPEI, Taiwan – Taiwan is allocating money for possible U.S. help to ugrade its fleet of F-16 fighter jets, a military spokesman said Wednesday, two days after a senior Taiwanese official warned that China’s threat against the island is growing.
Any American decision to improve Taiwan’s defensive capabilities would …. Original article  : Military official says Taiwan to budget for upgrade of F-16 fighter jet fleet in 2012.

Oil hovers below $83 in Asia after report shows US crude supply jump

Oil hovers below $83 after US crude supply jump

SINGAPORE – Oil prices hovered below $83 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly jumped last week, suggesting demand may be weaker than anticipated.
Benchmark oil for November delivery was down 14 cents to $82.68 a barrel at midday Singapore time in …. Read the original article  : here.

Toy Story 2010: Lower prices, higher tech

LOS ANGELES – That age old question of what to get a kid who has everything has finally been answered – and the good news is that it only costs $30.

That’s the price of the new toy from Mattel called Puppy Tweets, a device that sends Twitter messages from stay-at-home dogs to their owners …. Source  : Toy Story 2010: Lower prices, higher tech.

Biden tells Minn. crowd that he will ’strangle’ Republicans who complain about budget

Biden says he’ll ’strangle’ Republicans
DAYTON, Minn. – Vice President Joe Biden has told Democrats at a Minnesota fundraiser that he’ll “strangle” members of the GOP who complain about the federal budget.

According to a pool report from Tuesday’s event in Dayton, Biden was telling the crowd that Democrats know how to balance the budget. He said, …. Source  : Gaea News Network.

Americans spend slightly more in September, holiday forecasts mildly positive

Retail data: September sales edge up
NEW YORK – Americans kept spending carefully last month, buying electronics and back-to-school clothes but holding back on luxuries.

Erratic weather and tepid economic news dampened sales, according to data released Wednesday by MasterCard Advisors’ SpendingPulse, which includes transactions in all forms including cash.
But pockets of growth during the five weeks …. Source article  : Americans spend slightly more in September, holiday forecasts mildly positive.

Jaguar with sensational electric super car at Paris Show

PARIS – Jaguar caused a sensation at the Paris Motor Show by presenting the concept study of a “breathtaking” electrically powered super car with a quartet of electric engines providing an output of 780 horsepower and a top speed of 330 km/h.

Combined with a sleek aluminum body in jetstream silver, aerodynamic efficiency has been … Original article on : Jaguar with sensational electric super car at Paris Show.

Austria gives Bhutan $8 mn for electrification

VIENNA – Austria has provided a $7.92 million (5.8 million euro) credit to Bhutan for electrification of its villages, the Austrian foreign ministry has said.

The loan can help over 1,000 households in 11 Bhutan villages at an elevation of over 3,000 metres to set up an electric circuit.
With support from Austria, by the …. Source article on Gaea Times at  : Austria gives Bhutan $8 mn for electrification.

Money Market Operations as on October 05, 2010

…. Source article  : Money Market Operations as on October 05, 2010.

Asian stocks rise with hopes that US Federal Reserve will loosen monetary policy

Asian stocks rise on hopes for Fed policy easing

BANGKOK – Asian stock markets rallied Wednesday, buoyed by growing expectations that the Federal Reserve will take steps to bolster the U.S. economy following the Bank of Japan’s surprise interest rate cut.
Oil prices hovered below $83 a barrel after a report showed U.S. crude supplies unexpectedly jumped … Read more : Asian stocks rise with hopes that US Federal Reserve will loosen monetary policy.

Reality check on Sensex and India’s realty industry (Comment)

After the trough of 8,160 points, the recent turnaround in Indian stock markets that has lifted the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) past the magical 20,000-point mark may cheer up India Inc – but it has certainly not lifted the spirits of the real estate market.

What’s significant to note … Read more »».

India, Russia to soon ink advanced fighter deal

NEW DELHI – India and Russia will soon sign a multi-billion dollar agreement to co-develop an advanced stealth fighter, Defence Minister A.K. Antony said Thursday after talks with his Russian counterpart Anatoly Serdyukov.

Antony, at a joint press conference with Serdyukov termed the fifth generation fighter aircraft (FGFA) deal and another joint venture on developing … Original source on Gaea Times at : India, Russia to soon ink advanced fighter deal.

Fans of English soccer club Liverpool skeptical over prospect of another American owner

Liverpool fans skeptical of another American owner

LIVERPOOL, England – The message regularly written on scarves, flags, blogs and fan forums of die-hard Liverpool supporters the past two seasons was simple: “Thanks but no Yanks.”
So it came as no surprise – given the recent abuse directed toward co-owners Tom Hicks and George Gillett Jr. – that …. Source article  : Fans of English soccer club Liverpool skeptical over prospect of another American owner.

Oil heads for $84 a barrel in Asia as weaker US dollar fuels gains in commodity prices

Oil heads for $84 in Asia amid US dollar slide

SINGAPORE – Oil closed in on $84 a barrel Thursday in Asia as a weak U.S. dollar fueled gains in commodity prices.
Benchmark oil for November delivery was up 36 cents to $83.59 a barrel at late afternoon Singapore time in electronic trading on the New York … Read more >>>.

Trade fair in Mumbai to bring Hong Kong brands to India

MUMBAI – The Hong Kong Trade Development Council (HKTDC) will hold a Lifestyle Expo of high-quality products and brands in Mumbai later this month to build partnerships between Indian retailers and manufactures from Hong Kong and Guangdong province of China.

“Hong Kong is renowned as the design hub of Asia. Guangdong is wellknown for …. Source  : Gaea News Network.

Indra Nooyi, Shikha Sharma and Chanda Kochar in Forbes List of Powerful Women

NEW DELHI, INDIA (GaeaTimes.com) — Forbes list of world’s 100 most powerful women has been announced today. The list topped by US First Lady Michelle Obama includes two Indian women. India-born Pepsico chief Indra Nooyi is placed at the sixth position of the Forbes list.
Shikha Sharma, the Axis Bank chief executive hold the 89 …. Original article  : Indra Nooyi, Shikha Sharma and Chanda Kochar in Forbes List of Powerful Women.

India’s annual food inflation drops slightly to 16.24 percent

NEW DELHI – India’s annual food inflation dropped a tad to 16.24 percent for the week ended Sep 25 compared to 16.44 percent the previous week, as supply of essential items, disrupted by heavy rains and floods in parts of the country, began turning normal.

The annual inflation rate for the primary articles group, however, … Read the original article on Gaea Times at : India’s annual food inflation drops slightly to 16.24 percent.

Marks and Spencer says comparable sales up 5.3 pct in recent quarter, better than expected

Marks and Spencer sales up 5.3 pct in last quarter

LONDON – British retailer Marks and Spencer says sales were up 5.3 percent in the 13 weeks ending Oct. 2 when not counting newly opened store space.
Thursday’s report was stronger than analysts had forecast. General merchandise sales were up 7 percent and food sales rose 3.7 …. Original article on Gaea Times at  : Marks and Spencer says comparable sales up 5.3 pct in recent quarter, better than expected.

Eurostar buying new trains from Siemens in 700 mln pounds ($1.1 bln) program

Eurostar chooses Siemens to build new trains

LONDON – Eurostar is buying 10 new trains from German manufacturer Siemens as part of a 700 million pounds ($1.1 bln) upgrade and expansion of its fleet.
The cross-channel train company said Thursday that the new 900-passenger trains would be capable of operating throughout Europe’s high-speed rail network.
Starting next year, …. Original source  : Eurostar buying new trains from Siemens in 700 mln pounds ($1.1 bln) program.

Long-serving Rep. Oberstar of Minn. faces serious challenge from Republican with union past

Long-serving Minn. Rep. Oberstar faces real race

CHISHOLM, Minn. – U.S. Rep. Jim Oberstar of Minnesota has been in politics so long that when he talks about his district helping deliver the presidency to a promising young Democrat, he means John F. Kennedy.
Now in his 36th year as a congressman, Oberstar has never gotten less than … Read more »»».

BP, Azerbaijan reach joint production agreement to develop Caspian Sea oil

BP, Azerbaijan reach Caspian Sea oil deal
LONDON – BP PLC says it has reached an agreement with Azerbaijan’s state oil company to develop a new oil field in the Caspian Sea.

BP said Thursday that the 50-50 joint venture will seek to develop oil production in the Shafag-Asiman sector, 125 kilometers (78 miles) southeast of Baku.
Moving … Read more »».

To win back trust, Toyota offers 2 years free maintenance, roadside service on new US models

Toyota steps up efforts to woo back US customers

TOKYO – Aiming to win back customer trust after its string of recalls, Toyota Motor Corp. is offering American buyers of new Toyota- and Scion-brand vehicles two years of regular scheduled maintenance and 24-hour roadside assistance for free.
The plans, announced in a press release Wednesday from the … Read the original article on Gaea Times at : To win back trust, Toyota offers 2 years free maintenance, roadside service on new US models.

European Central Bank’s Trichet set for quizzing as euro surges to eight-month dollar highs

Markets await Trichet’s comments on strong euro

LONDON – European Central Bank head Jean-Claude Trichet faces a quizzing about the euro’s ascent to eight-month highs against the dollar when he holds his monthly press conference Thursday.
The markets will be interested to see if Trichet uses the opportunity to subtly decry the stronger currency’s effect on the … Read more >>>.

Pakistan puts dams on hold after cost increases

ISLAMABAD – The cost of building five small dams in Pakistan has increased by a whopping 180 percent in a year, causing Islamabad to put on hold the projects till the cost estimates were rationalised.

The five small dams with a power generation capacity of just 9.5 megawatt has gone up from Rs.35.6 billion … Read : Pakistan puts dams on hold after cost increases.

Oil hovers above $83 in Asia as weaker US dollar fuels gains in commodity prices

Oil hovers above $83 in Asia amid US dollar slide

SINGAPORE – Oil hovered above $83 a barrel Thursday in Asia as a weak U.S. dollar fuels gains in commodity prices.
Benchmark oil for November delivery was up 22 cents to $83.45 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. …. Original article  : Oil hovers above $83 in Asia as weaker US dollar fuels gains in commodity prices.

After currency intervention, Japan’s foreign reserves at all-time high in September

Japan forex reserves at record after intervention

TOKYO – Japan’s foreign exchange reserves hit an all-time high in September after the central bank intervened in currency markets for the first time in more than six years.
Japan’s international reserves rose for the fourth straight month to $1.11 trillion as of Sept. 30, up $39.45 billion from a …. Source  : Gaea News Network.

Food entitlement act in India soon, says Swaminathan

TORONTO – India will soon be the first country in the world “to enact a food security entitlement act under which every family below the poverty line will get 35 kg of grain”, says M.S. Swaminathan who is in Canada to receive an honorary doctorate from the University of Alberta.

One of the pioneers of …. Source  : Gaea News Network.

Asian stock markets down after yen hits new 15-year-high, US jobs report disappoints

Asian markets down after yen hits new 15-year-high

BANGKOK – Asian stock markets slipped Thursday as investors digested the yen’s overnight climb to a new 15-year high against the dollar and a disappointing U.S. jobs report.
Oil, meanwhile, hovered above $83 a barrel as the weak U.S. dollar fuels gains in commodity prices. Gold hit a new …. Read the original article  : Asian stock markets down after yen hits new 15-year-high, US jobs report disappoints.

US very bullish on India: Hillary Clinton

WASHINGTON – As India assumes a more global leadership role, the United States is “very bullish” on India, says Secretary of State Hillary Clinton describing President Barack Obama’s upcoming visit as “yet another very clear statement” of US support.

The US relationship “is going from strength to strength” she said at the 12th annual … Read the original article on Gaea Times at : US very bullish on India: Hillary Clinton.

The new poor: Analysis finds US suburbs bearing brunt of near-historic increases in poverty

Suburbs take hit as US poverty climbs in downturn

WASHINGTON – Battered by the downturn, America’s suburbs are bearing the brunt of poverty among those of working age that has climbed to its highest level in almost a half century, creating strains on dwindling safety-net programs focusing mostly on the inner-city poor.
A pair of analyses by … Original article on : The new poor: Analysis finds US suburbs bearing brunt of near-historic increases in poverty.

Hero Honda launches special CWG limited edition bike

NEW DELHI – Two-wheeler major Hero Honda Friday launched Passion Pro Commonwealth Games limited edition motorcycle costing Rs.46,300 (ex-showroom Delhi).

We are confident that the bike will be a craze amongst the sports-loving youth owing to its design, looks and irresistible features, Hero Honda Motors senior vice president (marketing and sales) Anil Dua said.
… Read more : Hero Honda launches special CWG limited edition bike.

JSW crude steel production rises 8 percent in H1 FY11

NEW DELHI – India’s third largest steel maker JSW Steel Friday reported a 8 percent growth in crude steel production in the first half of fiscal 2010-11 compared to the corresponding period last fiscal.

The company produced 3.14 million tonnes of crude steel in the first six months of the current fiscal.
Production of flat …. Source  : JSW crude steel production rises 8 percent in H1 FY11.

Chinese premier Wen says Beijing won’t block rare earth exports but wants ’sustainable’ use

Premier: China won’t block rare earth exports

SHANGHAI – China is not using its control over supplies of rare earth – exotic metals crucial in advanced manufacturing – as a diplomatic “bargaining chip,” state media quoted Premier Wen Jiabao as saying during a visit to Europe.
Recent reports that Beijing had temporarily suspended shipments to Japan of … Original source on Gaea Times at : Chinese premier Wen says Beijing won’t block rare earth exports but wants ’sustainable’ use.

World stock markets mostly lower ahead of US jobs report, strong yen drags Japan down

World stocks mostly down ahead of US jobs report

SINGAPORE – World stock markets were mostly lower Friday as investors pared bets ahead of a key U.S. jobs report later in the day and the yen traded at a 15-year high against the dollar.
The U.S., a major market for Asia’s exporters, likely added a net 75,000 … Read : World stock markets mostly lower ahead of US jobs report, strong yen drags Japan down.

SNAP 2010 launches student friendly platforms in new media

Pune, Oct.8 (ANI-Business Wire India): Education giant Symbiosis has taken the most accessible route to reach out to its students preparing for the exam. Known for taking up innovative methods to help students, Symbiosis has a page catering to SNAP aspirants on Facebook and Twitter. Apart from this they are also present with … Read : SNAP 2010 launches student friendly platforms in new media.

Food prices may soar due to global warming

LONDON – Large-scale crop failures are likely to become more common in the wake of climate change and lead to spiralling prices.

Rising temperatures could trigger events such as the wheat crisis in Russia this summer which pushed up food prices, researchers from the Universities of Leeds, Exter and the Met Office said.
Scientists warned … Read the original article on Gaea Times at : Food prices may soar due to global warming.

Encore, Inc. chooses Robosoft for secure distribution of Mac Games,Apps

New Udupi (Karnataka), Oct.8 (ANI-Business Wire India): Robosoft Technologies, a renowned developer of Mac, iPhone and iPad games and a leader in secure digital distribution of Mac video games, is proud to announce its strategic relationship with Encore, Inc. – the leading retail publisher for a complete range of personal productivity, utility, education and game …. Read the original article  : here.

Pacemakers for pooches: Implanted heart devices helping man’s best friend live a longer life

Pacemaker implants help pooches live longer lives

WEST LAFAYETTE, Ind. – The 8-year-old yellow Labrador lies obediently on the stainless steel exam table, tail wagging, as Dr. Henry Green monitors the dog’s heart rhythm – every beat of which is guided by a pacemaker implanted beneath the scruff of his neck.
Grommit, the beloved pet of a …. Read the original article  : Pacemakers for pooches: Implanted heart devices helping man’s best friend live a longer life.

NJ governor scraps decades-in-the-making NJ-NY railroad tunnel, citing escalating costs

NJ gov. scraps long-planned NJ-NY railroad tunnel

TRENTON, N.J. – Gov. Chris Christie justified his decision to scrap the state’s most ambitious public works project as a move to protect the long-range financial interests of New Jersey taxpayers.
Supporters of the New Jersey-to-Manhattan rail tunnel said the decision will have the exact opposite result.
U.S. Sen. Frank Lautenberg, … Read more >>.

German exports dip .4 percent on the month; up 26.8 pct on the year

German exports dip on the month
BERLIN – Official data show that German exports dipped .4 percent on the month in August, compared with the previous month, but were up 26.8 percent over the same month last year.

August was the second straight month the Federal Statistical Office reported a drop in exports, after months of growth. …. Source article  : German exports dip .4 percent on the month; up 26.8 pct on the year.

Nigeria calls for Indian assistance in ailing textile industry

ABUJA – Nigeria has sought Indian assistance to boost the country’s ailing textile industry.

“The areas of assistance are pretty obvious. We are proud of your textile industry and are committed to supporting cotton growing, cotton cultivation, and the application of cotton to textile industry and anything that is germane to textile industry,” Nigeria’s … Read the original article on Gaea Times at : Nigeria calls for Indian assistance in ailing textile industry.

Asian stock markets mostly lower ahead of US jobs report, strong yen drags Japan down

Asian stocks mostly down ahead of US jobs report

SINGAPORE – Asian stock markets were mostly lower Friday as investors pared bets ahead of a key U.S. jobs report later in the day and the yen traded at a 15-year high against the dollar.
The U.S., a major market for Asia’s exporters, likely added a net 75,000 …. Original article on Gaea Times at  : Asian stock markets mostly lower ahead of US jobs report, strong yen drags Japan down.

Israel buys 20 stealth bombers from US

NEW YORK/TEL AVIV – Israel has inked a deal with the US to buy 20 fighter jets for $2.75 billion, a media report said Friday.

The F-35 stealth fighters, made by Lockheed Martin Corp, are scheduled for delivery between 2015 and 2017, Ehud Shani, director general of the Israeli Ministry of Defence, was quoted …. Read the original article  : Israel buys 20 stealth bombers from US.

India’s Exim Bank gets $150 mn to push India-Africa trade

WASHINGTON – India’s Export-Import Bank has secured a $150 million international loan to help expand Indian exporters’ access to finance, including for small and medium enterprises, and support their exports to Africa.

IFC, a member of the World Bank Group, and the Bank of Tokyo-Mitsubishi UFJ, Ltd have each provided a medium-term trade-finance loan of …. Original source  : India’s Exim Bank gets $150 mn to push India-Africa trade.

Oil hovers below $82 in Asia as markets await key US employment report

Oil sits below $82 as markets await US jobs report

SINGAPORE – Oil prices hovered below $82 a barrel Friday in Asia as investors looked to a key monthly jobs report for clues about the strength of the U.S. economy.
Benchmark oil for November delivery was down 4 cents to $83.67 a barrel at midday Singapore time …. Source article  : Oil hovers below $82 in Asia as markets await key US employment report.

India has 20-70 million housing shortage

WASHINGTON – India has an estimated housing shortage ranging from 20 million to 70 million, yet as much as half of this excess demand can be profitably serviced by the housing and housing finance markets, says a new World Bank report.

High economic growth coupled with rapid urbanisation and a rising middle class have created …. Read the original article  : India has 20-70 million housing shortage.

Google Voice: The next killer app?

WASHINGTON – Google releases so many products – most of them free – that it’s easy to overlook one that’s really special. Google Voice qualifies.

Thanks to its features and competitive potential, Google’s relatively new service has been quietly sending tremors throughout the telephony industry.
And Google Voice – a service that’s like a supercharged …. Original article  : Google Voice: The next killer app?.

Embraer says it’s still in talks on fate of China aircraft factory

Embraer says still mulling China factory status

SHANGHAI – Brazilian aircraft maker Embraer said Friday it is still discussing plans for its aircraft factory in northern China, denying reports it will close the plant.
Brazil’s Estado news agency, citing Embraer’s vice president of commercial aviation, Paulo Cesar de Souza e Silva, said the company planned to shut …. Read the original article  : Embraer says it’s still in talks on fate of China aircraft factory.

Japanese Cabinet approves $61 billion in new economic stimulus, calls for steps on rare earths

Japanese Cabinet OKs $61 billion economic stimulus

TOKYO – Japan’s Cabinet on Friday approved 5.05 trillion yen ($61 billion) in new economic stimulus, the latest in a string of measures to shore up the country’s lethargic economy that has been battered by a surging yen.
The plan also called for funding to secure rare earths needed for … Read this article on Gaea Times at : Japanese Cabinet approves $61 billion in new economic stimulus, calls for steps on rare earths.

Shanghai imposes one-home limit on families, moving to further cool property sector

To cool property deals, Shanghai sets 1 home limit

SHANGHAI – Authorities in China’s largest city have ordered that families be allowed to only purchase one home each, part of a series of moves aimed at cooling surging property prices.
“One family in Shanghai, whether local or migrant, can only buy one new home, including a secondhand …. Source  : Gaea News Network.

British royal family told to cut expenses

LONDON – The British royal family have been told to slash spending on palaces and travel by about 25 percent, a media report said Saturday.

The Whitehall officials said they expect the royal family to share the burden of budget cuts in the toughest review for a generation, due Oct 20, Daily Express reported.
The … Read the original article on Gaea Times at : British royal family told to cut expenses.

Chhattisgarh’s new 660 MW plant to start by December

RAIPUR – The National Thermal Power Corporation (NTPC) will commission the first of three 660 MW of units of a new power plant in Chhattisgarh’s Sipat village by December, the corporation said here Saturday.

“The first 660 MW of the total 1,980 MW Sipat expansion project of the NTPC will be commissioned by December while … Read more >>>.

Seeing light at the end of world’s longest rail tunnel

GENEVA – Seeing light at the end of the tunnel will be more than just a catch phrase when Swiss engineers blast through the last Alpine granite barrier Oct 15 at the Gotthard Base Tunnel – the world’s longest rail tunnel.

After 25 years of planning and construction, that blast will clear the way for … Read more >>>.

India’s Jain Irrigation gets IFC award

WASHINGTON – India’s Jain Irrigation Systems Limited has been honoured with the annual IFC Client Leadership Award for its pioneering work to promote sustainable agriculture and raise farmers’ incomes through the efficient use of water, energy, and fertiliser.

The award was presented the award to Jain Managing Director Anil Jain by IFC Executive Vice President …. Read the original article  : India’s Jain Irrigation gets IFC award.

Dow industrials close above 11,000

NEW YORK – The benchmark Dow Jones Industrial Average rose above 11,000 points for the first time in months amid hopes that the Federal Reserve will buy debt as economic stimulus amid stubbornly high unemployment.

The blue-chip Dow industrials gained 57.9 points, or 0.53 percent, to 11,006.48. The broader Standard and Poor’s 500 Index climbed …. Original article on Gaea Times at  : Dow industrials close above 11,000.

Wal-Mart ends profit sharing with employees, replacing it with retirement contributions

Wal-Mart ends profit sharing with employees

NEW YORK – Wal-Mart Stores Inc., the nation’s largest private employer, plans to end automatic profit-sharing contributions for its employees in a revamp of its benefits package that it says will give workers more chance to share in its financial success.
The discounter will replace profit-sharing starting in February with retirement …. Source article on Gaea Times at  : Wal-Mart ends profit sharing with employees, replacing it with retirement contributions.

NJ Gov. Chris Christie agrees to rethink decision to cancel big rail tunnel connecting NJ, NYC

NJ gov. agrees to rethink rail tunnel cancellation

TRENTON, N.J. – Under pressure from the Obama administration, Republican Gov. Chris Christie agreed Friday to rethink his decision to cancel construction of a $9 billion rail tunnel connecting New Jersey and New York City.
Christie, a rising star in the GOP with a reputation as a fearless protector … Read : NJ Gov. Chris Christie agrees to rethink decision to cancel big rail tunnel connecting NJ, NYC.

Schwarzenegger says California got ‘best’ offer to sell state office buildings amid downturn

Schwarzenegger: State got best offer for buildings

SACRAMENTO, Calif. – While there are good reasons to own, Gov. Arnold Schwarzenegger said Friday that California has received solid offers to sell 24 state office buildings to private investors and then rent that space back.
“It went through the bidding process … so let me tell you, we got …. Original article on Gaea Times at  : Schwarzenegger says California got ‘best’ offer to sell state office buildings amid downturn.

Emerging Europe stuck in ‘debt shadow’ of West: World Bank

WASHINGTON – Eastern and Central European countries could face another economic slowdown if their Western neighbours cannot gain control of their finances, the World Bank warned Friday.

Indermit Gill, the World Bank’s chief economist for the region, said that emerging economies in Europe had come out of last year’s economic crisis more dependent than ever …. Source article  : Emerging Europe stuck in ‘debt shadow’ of West: World Bank.

In ugly Nevada Senate race, Angle says Reid helped to put Viagra in hands of child molesters

Angle: Reid helped child molesters get Viagra

LAS VEGAS – In the ugliest ad so far in Nevada’s contentious Senate race, Republican Sharron Angle accuses Democrat Harry Reid of helping to put Viagra in the hands of child molesters. The TV spot is the latest in a string of scare-tactic ads flooding the Nevada airwaves in …. Read the original article  : here.

World champion Spain wins 3-1 against Lithuania in Euro 2012 qualifier

Spain beats Lithuania 3-1 in Euro qualifier

SALAMANCA, Spain – Fernando Llorente scored twice to help world champion Spain beat Lithuania 3-1 Friday in a 2012 European Championship qualifier.
Spain struggled to break down the visitors’ defense until Llorente scored his fifth international goal in the 47th minute with a header from a perfectly placed cross from …. Read the original article  : here.

Calif. budget vote ends 100-day impasse but not state’s deficit, which will face new governor

California budget perpetuates deficit spending

SACRAMENTO, Calif. – Even as California lawmakers passed a budget Friday to end an unprecedented 100-day impasse, their spending plan looked to be so tenuous that the next governor was expected to face a multibillion dollar deficit from the moment he or she steps into office next year.
Two-thirds of the budget … Read the original article on Gaea Times at : Calif. budget vote ends 100-day impasse but not state’s deficit, which will face new governor.

Sen. Reid’s son Rory struggles to gain traction in Nevada governor’s race

Rory Reid fights to gain traction in NV gov race

CARSON CITY, Nev. – Democratic gubernatorial candidate Rory Reid has dumped his famous last name, enlisted charismatic former President Bill Clinton as a political wingman and relentlessly attacked his opponent. None of it seems to be working. The son of Senate Democratic Majority Leader Harry Reid … Read more >>>.

Summary Box: Wholesale inventories and sales rise in August, as businesses remain confident

Summary Box: Wholesale inventories
WHAT’S UP? Inventories at the wholesale level rose by 0.8 percent in August, while sales rose by 0.5 percent, the Commerce Department said Friday.

WHAT’S CHANGED? The economic crisis led wholesalers to cut their inventories for 13 consecutive months starting in September 2008. When they started restocking last year, that boosted orders to …. Original source  : Summary Box: Wholesale inventories and sales rise in August, as businesses remain confident.

Summary Box: A weak jobs report gave traders confidence the Fed will soon start buying bonds

Summary Box: Treasury rates slip on jobs report

JOBS REPORT: The Labor Department said the economy lost 95,000 jobs in September. The unemployment rate stayed at 9.6 percent.
WAITING FOR THE FED: The labor report looked better than Wall Street expected, but it still painted a bleak picture of the country’s economy. Bond traders expect the Federal … Read more »»».

Summary Box: Economy loses 95,000 jobs as government layoffs surpass private hires

Summary Box: Economy loses 95K jobs last month

JOB LOSSES: A wave of government layoffs in September outpaced weak hiring in the private sector, pushing down the nation’s payrolls by a net total of 95,000 jobs. It was the fourth straight month that the economy lost jobs. The unemployment rate remained stuck 9.6 percent.
PRESSURE’S ON: The …. Source article  : Summary Box: Economy loses 95,000 jobs as government layoffs surpass private hires.

Steward Title writes new rules on foreclosure sales associated with flawed paperwork

Stewart Title clamps down on foreclosure sales

NEW YORK – Stewart Title Guaranty Co. is clamping down on sales of foreclosed homes that may be linked to flawed documentation.
In an internal memo obtained by The Associated Press, Houston-based Stewart is issuing guidelines to its agents that make it difficult to write policies on property foreclosed upon …. Source article on Gaea Times at  : Steward Title writes new rules on foreclosure sales associated with flawed paperwork.

Bank of America stops foreclosures across the country, expanding review of mortgage documents

Bank of America stops US foreclosures for review

WASHINGTON – Bank of America on Friday halted foreclosures on homes across the country so it could review paperwork in tens of thousands of cases for flaws, expanding a crisis at a perilous time for the housing market.
The move came as PNC Financial Services became the fourth major …. Source  : Bank of America stops foreclosures across the country, expanding review of mortgage documents.

Al Pacino to star in HBO film as Phil Spector, famed record producer imprisoned for murder

Al Pacino to star in film as producer Phil Spector

NEW YORK – HBO says Al Pacino is set to star as legendary record producer Phil Spector in a TV film to be written and directed by David Mamet (MAM’-eht).
The film will tell the story of Spector, who long ago recorded such acts as the Beatles, … Read more >>.

Fire officials rescue 2 maintenance workers injured injured in fall at Florida water tower

2 workers rescued at Florida water tower
HOLLYWOOD, Fla. – Two maintenance workers who were injured while working on a water tower in South Florida have been rescued.

Hollywood city officials say the workers were sandblasting the inside of the Hollywood Water Tower Friday morning when the scaffolding somehow came loose. The men fell about 45 feet …. Original source  : Fire officials rescue 2 maintenance workers injured injured in fall at Florida water tower.

Jaipur IT firm to help BlackBerry users stay connected

JAIPUR – A Jaipur-based software firm claims to have found an answer to the problem that BlackBerry users will face if the government decides to ban its messenger and corporate e-mail services.

Data Infosys, an IT Services company and the largest Internet Service Provider in Rajasthan, is going to launch Bharat Berry, an India-compliant service …. Source article  : Jaipur IT firm to help BlackBerry users stay connected.

High on eyeballs, DD rates for CWG ceremony zoom

NEW DELHI – Having tasted spectacular success with the Commonwealth Games (CWG) opening ceremony, national broadcaster Doordarshan (DD) has hiked advertising rates for the Oct 14 closing ceremony by over 160 percent and expects total revenue from the mega event to “definitely cross” $22 million.

The spot buy rates have been hiked from Rs.90,000 ($2,040) …. Source  : High on eyeballs, DD rates for CWG ceremony zoom.

Mercedes Joins Recall Bandwagon

SAN FRANCISCO (GaeaTimes.com)- 2010 is a year the automobile industry is going to remember very well for the worldwide recall of almost all top car brands! The recall fiasco started with Japanese car giant Toyota and soon others like Honda, GM and BMW joined the bandwagon. The latest car maker to join the list … Read the original article on Gaea Times at : Mercedes Joins Recall Bandwagon.

Poverty In India: Vinod Khosla To Fight It

MUMBAI, INDIA (Gaea Times.com)- The rich businesses men are often blamed for not caring about the economically weaker sections of the society. The view, however, is all set to change with the initiatives of Vinod Khosla. Vinod Khosla, a legendary investor, has announced his intentions of reinvesting his profits from SKS Microfinance …. Source article on Gaea Times at  : Poverty In India: Vinod Khosla To Fight It.

India keeps pushing for greater say for emerging markets

WASHINGTON – India has demanded a greater say for emerging markets in the global economic governance structure reflecting their changing importance and their role in recovery from one of the worst global financial crisis in decades.

Expansion of the International Monetary Fund’s role “is inextricably linked to reform of Quota’s,” Finance Minister Pranab Mukherjee said … Read more >>.

Emerging economies fail to get greater voice in governance

WASHINGTON – Despite a hard push by India, world financial leaders have failed to make progress on reforms in International Monetary Fund (IMF) to give emerging economies a greater say over the global economic governance.

At the end of IMF-World Bank annual meetings here Saturday, Dominique Strauss Kahn, IMF managing director, claimed there had been …. Original source  : Emerging economies fail to get greater voice in governance.

IAF strengthening its ground assets: Air chief

NEW DELHI – The Indian Air Force (IAF) is upgrading and modernizing its existing airfields and bases – rather than creating new ones – with the latest and ultra-modern communications, radar, aircraft landing systems and defensive shields, its top commander says.

A project, designated Modernisation of Airfield Infrastructure (MAFI), was already under way and airfields …. Source  : Gaea News Network.

India pushes for IMF reforms amid fragile recovery

WASHINGTON – India has again pressed for organisational and governance reforms in the International Monetary Fund (IMF) in a “fragile phase of repair and rebuilding” after the global financial crisis.

“While the worst may be behind us, the period of tribulation is not over yet,” Finance Minister Pranab Mukherjee said in his address to IMF …. Original article on Gaea Times at  : India pushes for IMF reforms amid fragile recovery.

Green norms for SEZs to be announced soon

CHENNAI – Guidelines or standards to make all special economic zones (SEZ) environment friendly will be announced soon, an official said Saturday.

Speaking at the conference on Green Homes and Green SEZs organised by Indian Green Building Council (IGBC) here, Export Promotion Council director general L.B. Singhal said: “The union government will shortly notify the … Read more : Green norms for SEZs to be announced soon.

Porsche employees banned from social networking

STUTTGART – Luxury car manufacturer Porsche has banned employees from using internet sites such as Facebook, Google Mail or Ebay during office hours, for fear of industrial spying, German media reported Saturday.

Corporate security chief Rainer Benne told business weekly Wirtschaftswoche that the company feared information could be leaked via social networking site Facebook in … Original source on Gaea Times at : Porsche employees banned from social networking.

G-20 should protect interests of financial consumers: NGO

NEW DELHI – The G-20 should take concrete action to protect the interests of financial services consumers who have been badly hit by the recent downturn in the industry, an NGO working for social justice and economic equity said Saturday.

In light of the global financial crisis and its results on developing countries like …. Source  : G-20 should protect interests of financial consumers: NGO.

New SKS chief barred from taking major decisions

HYDERABAD – The Andhra Pradesh High Court has barred the new chief executive of SKS Microfinance from taking any major decisions before the conclusion of a case related to the controversial sacking of his predecessor Suresh Gurumani.

Gurumani, who was sacked little less than two months after SKS — one of the country’s largest … Read more >>.

CII inks pact to establish green manufacturing centre

NEW DELHI – A green manufacturing center of excellence will be set up in Germany in the Public-Private-Partnership (PPP) mode under a pact inked between the Confederation of Indian Industry (CII), the Central Manufacturing Technology Institute (CMTI) and Germany’s Fraunhoffer Institute, it was announced here Saturday.

According to CII chief Chandrajit Banerjee, the center will …. Original article on Gaea Times at  : CII inks pact to establish green manufacturing centre.

Subsidise ecological fertilisation, demand Madhya Pradesh farmers

DEWAS – Farmers in Madhya Pradesh have demanded a subsidy for practising eco-friendly measures to tackle India’s soil degradation crisis, environmental group Greenpeace India said Saturday.

The farmers held a public hearing in this Madhya Pradesh town to review the major soil health management support systems of the central government and its capability … Read more : Subsidise ecological fertilisation, demand Madhya Pradesh farmers.

Thiruvananthapuram’s new terminal opening still uncertain

THIRUVANATHAPURAM – The Airports Authority of India (AAI) and Air India (AI) are in a blame game over the delay in opening of the new terminal of Thiruvananthapuram airport.

The AAI and AI are entrusted with the ground handling of all the airlines.
An AAI official told IANS on condition of anonymity that they were … Original source on Gaea Times at : Thiruvananthapuram’s new terminal opening still uncertain.

India’s forex reserves rise to $294.16 bn

MUMBAI – India’s foreign exchange reserves increased by $2.563 billion to $294.158 billion for the week ended Oct 1, registering a gain for the third straight week on account of revaluation.

Foreign currency reserve rose $1.978 billion to $266.507 billion during the week, according to the Reserve Bank of India’s weekly statistical supplement.
… Original article on : India’s forex reserves rise to $294.16 bn.

Foreign fund inflows top $3 bn in six days

MUMBAI – Though benchmark indices of Indian equities dipped after a five week rally, the flow of foreign money into the stock markets continued unhindered with total inflows crossing the $3 billion mark within six trading days of October.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors …. Source article  : Foreign fund inflows top $3 bn in six days.

Buy a book, win a Nano

NEW DELHI – What is the easiest way to own a Nano, the Rs.1 lakh family car that is meant to change the dynamics of Indian roads?

Grab a copy of the book Small Wonder: The Making of Nano from any bookstore, fill up a form and take part in the Grab a Copy, …. Original article  : Buy a book, win a Nano.

Sensex dips after five-week rally (Weekly Market Review)

MUMBAI – The benchmark index for Indian stock markets fell for the first time in five weeks with domestic investors booking profits, although foreign funds continued to invest in equities in substantial amounts.

The Bombay Stock Exchange’s 30-share sensitive index (Sensex) dipped 0.95 percent or 194.78 points to end the week at 20,250.26 points.
… Read more »».

Scottish delegation on promotional visit to India

NEW DELHI – A tourism and trade delegation from Scotland will visit India from Sunday to promote business, tourism, golf, culture and education, an official said Saturday.

“The trade mission provides an excellent opportunity to strengthen Indo-Scottish links across a range of sectors where Scotland has real strengths and expertise,” said Alex Salmond, first …. Read the original article  : Scottish delegation on promotional visit to India.

Vedanta not to hike Cairn India offer price

MUMBAI – International metals major Vedanta Group Monday said it would not hike the price of the open offer to minority shareholders of oil producer Cairn India in which it is seeking to acquire a majority stake.

“There is no question…The price is final and it is a very lucrative offer,” Chairman Anil Agarwal told …. Source  : Gaea News Network.

Money Market Operations as on October 9, 2010

…. Source  : Money Market Operations as on October 9, 2010.

Pranab Mukherjee seeks more financial sector reforms

WASHINGTON – Finance Minister Pranab Mukherjee indicated here that the Government of India was wanting to implement more reforms in the financial sector, but has not gone ahead with the process as the Congress led United Progressive Alliance (UPA) government …. Read the original article  : Pranab Mukherjee seeks more financial sector reforms.

Nirma To Delist From BSE & NSE

MUMBAI, INDIA (Gaea Times.com) Nirma Ltd. has announced its intentions of delisting its shares from the stock exchanges. The announcement was made today before the trading hours. The announcement has caused a rise in the shares of the company, it rose to a yearly high of 18 percent on the Bombay Stock Exchange or … Read this article on Gaea Times at : Nirma To Delist From BSE & NSE.

Sensex soars in morning trade as Asian stocks surge

MUMBAI – A benchmark index of Indian equities Monday soared in opening trade, tracking gains in other Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up more than 200 points within minutes of the opening bell to touch 20,461.27 points.
It later settled about 155 points or 0.77 percent … Read the original article on Gaea Times at : Sensex soars in morning trade as Asian stocks surge.

Money Market Operations as on October 08, 2010

…. Original article on Gaea Times at  : Money Market Operations as on October 08, 2010.

Homeless Venezuelans to get homes from government

Caracas, Oct 11 (IANS/EFE) Over 1,000 homeless people, living in temporary shelters here in the Venezuelan capital, would be given homes bought from private builders by the government in the South American nation.

President Hugo Chavez said the government will purchase 1,138 homes from builders and donate them to people currently living in shelters in … Read the original article on Gaea Times at : Homeless Venezuelans to get homes from government.

Abu Dhabi announces new housing scheme

Abu Dhabi, Oct 10 (IANS/WAM) At least 3,000 plots will be allotted for the construction of houses in various parts of Abu Dhabi as part of a new scheme announced Sunday.

Abu Dhabi President Sheikh Khalifa bin Zayed Al Nahyan issued a decree granting delivery of 3,000 plots to citizens of the emirate. Plots … Read more : Abu Dhabi announces new housing scheme.

No solution yet for more voice to emerging markets: Pranab

WASHINGTON – No solution has yet been found on how to give a greater say to emerging markets in the global economic governance structure to reflect their growing importance, according to Indian Finance Minister Pranab Mukherjee.

The issue of giving more voice to and increasing the voting power of emerging economies was discussed during …. Original source  : No solution yet for more voice to emerging markets: Pranab.

‘India gaining from N-renaissance in Asia’

MAHABALIPURAM – With over 35 nuclear power reactors under construction across Asia, a nuclear renaissance is sweeping across the continent and India is no exception, said speakers at the Asian Nuclear Prospects 2010 (ANUP 2010) conference Sunday.

The international conferences, designed to foster the growth of nuclear energy in Asia, kick started here – around … Read : ‘India gaining from N-renaissance in Asia’.

India to build 25 reactors in next five years

MAHABALIPURAM – India is planning to build 25 reactors in the next five years, a senior official said Sunday.

Speaking to reporters on the sidelines of the inaugural function of Asian Nuclear Prospects 2010, Nuclear Power Corporation of India Ltd (NPCIL) chairman and managing director S.K. Jain said: “India has 19 operational reactors now. …. Source article on Gaea Times at  : India to build 25 reactors in next five years.

India committed to fast breeder reactor programme

KALPAKKAM – Despite deciding to import a series of light water reactors (LWR), India is committed to a three-stage nuclear programme and fast breeder reactors are important for its energy security, Minister of State for Science and Technology Prithiviraj Chavan said Sunday.

Speaking at the silver jubilee celebrations of Fast Breeder Test Reactor (FBTR) …. Original article on Gaea Times at  : India committed to fast breeder reactor programme.

Chinese N-reactors for Pakistan worry India

KALPAKKAM – India is concerned over China’s supplies of nuclear reactors to Pakistan which has a poor record as a nuclear power, Minister of State for Science and Technology Prithviraj Chavan said here Sunday.

“We have expressed our concerns at the appropriate place. If China and Pakistan do that within the exiting international regime, they …. Source article on Gaea Times at  : Chinese N-reactors for Pakistan worry India.

Mumbai hosts textile and apparel machinery expo

MUMBAI – The Garment and Textile Machinery and Accessories (Gartexma) 2010 expo showcasing Indian textile and apparel machinery and accessories kicked off here Sunday.

Organised in association with CISMI (Community of International Sewing Machine Industry, India) and Dara Projects, the show is a B2B (business to business) platform to promote technology, products and …. Source article on Gaea Times at  : Mumbai hosts textile and apparel machinery expo.

Kashmir unrest: Private sector lays off 50,000 employees

SRINAGAR – Four months and counting… The unending unrest in the Kashmir Valley has begun to pinch hard the state’s economy. Some 50,000 skilled and non-skilled workers have been retrenched by their employers and many more are likely to lose their jobs, a local media report said Saturday.

The four months of shutdowns and curfews …. Source  : Gaea News Network.

Kerala, Gujarat tourism promos target different segments: Piyush Pandey

NEW DELHI – Two promotion campaigns capturing the spiritual essence of Kerala and the vibrant colours of Gujarat are proving to be major draws for footloose itinerants worldwide for whom India has become one of the top 10 tourism destinations.

The campaigns, both high-profile, target different tourist segments, ad film-maker Piyush Pandey of Ogilvy …. Original source  : Kerala, Gujarat tourism promos target different segments: Piyush Pandey.

Prozone’s Mall Opening In Aurangabad

AURANGABAD, INDIA (GaeaTimes.com)- Aurangabad is going to become the first city in Maharashtra as well as India to get the biggest and first ever horizontal design based mall. The Mall which has been opened has a footprint of 1 million sq ft. Nikhil Chaturvedi who is the managing director of Prozone and its mother … Read this article on Gaea Times at : Prozone’s Mall Opening In Aurangabad.

National mission on clean coal technologies soon

MAHABALIPURAM – The government will announce soon its ninth national mission on clean coal technologies.

“The National Mission for Clean Coal (Carbon) Technologies will have several sub missions like the development of advanced ultra super-critical boilers for thermal power plants, carbon capture and value addition, including carbon capture and storage,” said R. Chidambaram, principal …. Original article on Gaea Times at  : National mission on clean coal technologies soon.

Delhi doubles circle rates of properties

NEW DELHI – The Delhi cabinet Tuesday doubled the circle rates of properties — the minimum selling price of a plot — in the capital, a move that will help the government earn more revenue.

A meeting, chaired by Chief Minister Sheila Dikshit, decided to retain the earlier marked categories on which the circle rates … Read more »».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.74 and the Reference Rate for Euro is ` 61.81 on October 12, 2010. The corresponding rates for the previous day (October 11, 2010) were ` 44.30 and ` 61.93 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Lower industrial output pulls down Sensex

MUMBAI – A benchmark index of Indian equities Tuesday fell further in noon trade after the government released industrial production numbers for August, which were lower than analysts’ expectations.

Most of the 13 sectoral indices on the Bombay Stock Exchange (BSE) were in the red, with capital goods, metals and realty stocks facing the …. Original article  : Lower industrial output pulls down Sensex.

Tata Motors launch 4-wheel drive crossover Aria

MUMBAI – Tata Motors launched the first Indian crossover four-wheeler called the Tata Aria.

Aria, which is a mingling of the refinement of sedan and the sturdiness of a SUV, is priced between Rs 12.91 lakhs to Rs 15.50 lakhs.

Aria, the most expensive cars of Tata so far, will help the auto giant compete with Toyota …. Source  : Gaea News Network.

India’s industrial output grows at 5.6 percent in August

NEW DELHI – India’s industrial production in August grew at a much slower rate of 5.6 percent compared to the revised figures of 15.2 percent in the previous month, with a decline in capital goods output adding to the base effect, according to official data released Tuesday.

August’s index of industrial production (IIP) numbers was … Read this article on Gaea Times at : India’s industrial output grows at 5.6 percent in August.

Tata Aria Crossover Car Launched

MUMBAI, INDIA (GaeaTimes.com)- Leading India based car maker Tata Motors unveiled its much touted crossover car Aria on Monday in a ceremony in Mumbai. It is a cross between a sedan and SUV, a has been claimed by the company. The car scores high on both styling and performance says Tata Motors. All three … Original source on Gaea Times at : Tata Aria Crossover Car Launched.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 12, 2010 are :

Amount  (face value in ` crore)                   

Item

1 day Reverse Repo Auction
(Sale of securities by … Read more : Liquidity Adjustment Facility : Auction Results.

Mercedes-Benz recalls over 100,000 vehicles

NEW YORK – Mercedes-Benz is recalling over 85,000 vehicles in the US and 22,000 in Britain due to steering problems, a media report said.

The US National Highway Traffic Safety Administration said the problem has to do with the vehicles’ power steering system, which “may fail due to the loss of power steering fluid”, Sky …. Read the original article  : Mercedes-Benz recalls over 100,000 vehicles.

E-book industry booms in China

BEIJING – The e-book industry in China is booming and is now the second biggest in the world after the US industry.

In 2009, the number of e-books sold in China reached 3.82 million, and that in the first half of 2010 amounted to over 20 percent of the world’s total.
However, there had been …. Read the original article  : E-book industry booms in China.

Sensex tumbles in morning trade

MUMBAI – A benchmark index of Indian equities Tuesday dived sharply in morning trade, having opened on a green note.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,357.79 points, was after 40 minutes into trade ruling at 20,215 points, down 124.89 points or 0.61 percent from its previous …. Read the original article  : here.

Wall Street stocks rise in very light trading

NEW YORK – Major US stock indices booked minimal gains Monday in slow holiday trading.

On a day when much of the country observed Columbus Day, including the federal government, the New York Stock Exchange saw its lowest trading volume of the year.
The blue-chip Dow Jones Industrial Average added 3.86 points, or 0.04 percent, …. Source  : Gaea News Network.

Tokyo shares fall on stronger yen

TOKYO – Japanese stocks declined in Tuesday morning trading as investor sentiment was hurt by a stronger yen and investors sold shares to lock in immediate gains.

The benchmark Nikkei 225 Stock Average lost 84.49 points, or 0.88 percent, to trade at 9,504.39 while the broader Topix index was down 6.63 points, or 0.79 percent, … Original source on Gaea Times at : Tokyo shares fall on stronger yen.

Money Market Operations as on October 11, 2010

… Original source on Gaea Times at : Money Market Operations as on October 11, 2010.

Nine private companies bid for rural welfare project

NEW DELHI – Nine private companies have bid for 15 pilot projects under the government’s Provision of Urban Amenities in Rural Areas (PURA) scheme that seeks to enhance livelihood opportunities in rural areas through public-private-partnership (PPP), an official said Monday.

Rural Development Secretary B.K. Sinha told reporters that private companies will work “as an agent … Read more >>.

Microsoft, the underdog, launches mobile comeback

NEW YORK – Hoping to gain back ground lost to its rivals Google and Apple, Microsoft Monday launched a new line of smartphones that chief executive Steve Ballmer claimed were more “intuitive” and “delightful” than their competitors.

Nine different phones, all running the brand-new Windows Phone 7 software and made by HTC, Dell, Samsung and … Read more : Microsoft, the underdog, launches mobile comeback.

Petrofac to get BP’s share in UAE gas plant

Sharjah, Oct 11 (IANS/WAM) Multinational oil services firm Petrofac has signed a $250 million deal with the Sharjah government to take over the operational responsibility and management of BP’s 40 percent share in the Sajaa Gas Plant in the United Arab Emirates.

The agreement was signed between Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, … Read more »»».

Modi meets 14 foreign envoys

GANDHINAGAR – Chief Minister Narendra Modi met ambassadors and high commissioners of 14 countries here Monday and sought to promote Gujarat as an ideal investment destination.

The envoys of Argentina, Peru, Tajikistan, Georgia, Burundi, Rwanda, Sri Lanka, Vietnam, Hungary, Ethiopia, Cambodia and Nepal were among those who met the chief minister.
They were invited by … Read more >>>.

Durex launches e-store to increase condom sales

MUMBAI – Durex India has launched an eStore to facilitate the sale of condoms online.

“We came up with the eStore for our Indian customers to enable them purchase products online. In India, people are still hesitant to go to a store and buy condoms. They are even more hesitant to enquire about the variety [..] Read the original article: here.

No loan recovery from NREGA wages, Haryana warns banks

CHANDIGARH – The Haryana government Monday warned banks against recovering outstanding loans from the wages earned by people under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

Haryana Financial Commissioner and Principal Secretary (panchayat and development department) P Raghavendra Rao said that banks, at their own level, could not recover their loan amount out … Original article on : No loan recovery from NREGA wages, Haryana warns banks.

Lower seed potato and tomato yield in Himachal due to rains

KULLU – Plentiful monsoon rains and foggy conditions have damaged the high-variety seed potato and tomato crops in Himachal Pradesh’s Lahaul Valley.

Horticulture experts say lack of sunshine has led to the spread of late blight disease, affecting the crops. They say
the seed potato yield would come down by 25-30 percent … Read this article on Gaea Times at : Lower seed potato and tomato yield in Himachal due to rains.

UAE-Canada row over landing rights

TORONTO – The United Arab Emirates’ (UAE) plans to expand Etihad and Emirates global operations have resulted in a diplomatic row with Ottawa, with the Gulf nation deciding to shut a Canadian base for denial of more landing rights in Canada to its carriers.

The two UAE airlines operate six flights a week from Dubai …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.50 and the Reference Rate for Euro is ` 62.09 on October 13, 2010. The corresponding rates for the previous day (October 12, 2010) were ` 44.74 and ` 61.81 respectively. Based on the Reference Rate for [..] Read the original article: here.

Sensex soars 300 points in noon trade

MUMBAI – A benchmark index of Indian equities Wednesday shot up 300 points in noon trade, with heavyweight scrips leading the uptrend.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,223.45 points, was ruling at 20,504.81 points, up 301.47 points or 1.49 percent from its previous close at 20,203.34 …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 13, 2010 are:

Amount  (face value in ` crore)                          

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction  … Read more : Liquidity Adjustment Facility : Auction Results.

Panels to examine Jammu, Ladakh development needs

NEW DELHI – As part of confidence building measures in Jammu and Kashmir, the central government has set up two special task forces to examine the development needs of its Ladakh and Jammu regions, an official said Wednesday.

Narendra Jadhav, Planning Commission member, will head the group for Ladakh and his colleague in the plan …. Read the original article  : here.

India, UAE can’t risk backlash over BlackBerry: Analysts

TORONTO – Though BlackBerry maker Research In Motion (RIM), based at Waterloo near here didn’t react Tuesday to India’s decision to extend its deadline till Dec 31 to satisfy New Delhi’s security concerns, analysts said no emerging economy wants to risk a backlash by throwing out BlackBerry.

The Indian home ministry Tuesday gave its second … Original article on : India, UAE can’t risk backlash over BlackBerry: Analysts.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.17 per cent Government Stock 2015” for a notified amount of Rs.4,000 crore (nominal), "7.80 per cent Government Stock 2020"  for a notified amount of Rs.4,000 crore (nominal) and " 8.26 per cent Government Stock  2027” for a notified amount … Original article on : Underwriting Auctions for Government Securities.

Sensex dull in morning trade

MUMBAI – A benchmark index of Indian equities Wednesday was ruling tardy, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,223.45 points, was after half an hour ruling at 20,219.85 points, up 16.51 points or 0.08 percent from its previous close at 20,203.34 … Read : Sensex dull in morning trade.

Money Market Operations as on October 12, 2010

…. Original article  : Money Market Operations as on October 12, 2010.

Apple in talks for Indian iPhone

SAN FRANCISCO – Apple is holding talks to bring the iPhone to two of India’s biggest mobile phone operators, the Wall Street Journal reported Tuesday.

Apple’s hit mobile device is currently available in India only through Bharti AirTel and Vodafone, whose cellular systems run on the GSM technology. But Apple is now talking with Tata … Read more >>>.

2,200 flats to be added to Delhi’s government colony

NEW DELHI – To counter the shortage of government houses in the capital, the union cabinet Tuesday approved a proposal for building about 4,550 flats in place of the existing 2,331 ones in a south Delhi colony.

The union cabinet approved a proposal for redevelopment of Kidwai Nagar (East) for construction of residential accommodation for …. Read the original article  : 2,200 flats to be added to Delhi’s government colony.

Jiangsu Group tops list of China’s top-500 private companies

BEIJING – China’s largest privately owned steel company Jiangsu Shagang Group has topped the list of its top 500 private companies in 2010, a media report said Tuesday.

With a revenue of 146 billion yuan ($21.9 billion), the group topped the list for the second year in a row, China Daily reported.
The Suning … Read more »»».

Wage revision of Braithwaite, Burn Standard workers resolved

KOLKATA – The long standing issue of implementation of a tripartite memorandum of settlement of wage revision of workers of ailing wagon makers Braithwaite and Burn Standard was resolved Tuesday by the railway ministry, said an official.

The wage revision will benefit at least 1,250 employees of the two companies and will be effective from …. Source  : Gaea News Network.

Indian, Scottish business groups tie-up to boost trade

NEW DELHI – Indian and Scottish business relations will be further enhanced with the Federation of Indian Chambers of Commerce and Industry (FICCI) signing partnership agreements with the Scottish Chambers of Commerce (SCC) Tuesday.

The agreements coincide with the visit of Alex Salmond, first minister of Scotland who is leading a trade and tourism …. Source  : Gaea News Network.

Magma Fincorp Q2 profit up 67 percent

KOLKATA – Non-banking finance company Magma Fincorp clocked a profit after tax (PAT) of Rs.26.36 crore in the second quarter (July-September) of 2010-11 compared to Rs.15.75 crore during the corresponding period last fiscal, a rise of 67 percent.

We have recorded 28 percent growth in disbursement and 67 percent growth in PAT, Sanjay Chamria, …. Original source  : Magma Fincorp Q2 profit up 67 percent.

Mega container terminal for Chennai port approved

NEW DELHI – The government Tuesday approved development of a mega container terminal worth Rs.3,686 crore at Chennai port to boost exports and imports in the region and cut down on freight and shipping costs.

The decision to develop the container terminal was taken at a meeting of the Cabinet Committee on Infrastructure chaired by …. Source article on Gaea Times at  : Mega container terminal for Chennai port approved.

High tax structure keeping away PlayStation customers: Sony

KOLKATA – Sony Computer Entertainment Europe (SCEE) Tuesday said the high tax structure in India is keeping away many potential customers from its flagship product PlayStation.

“The PlayStation 3, which is available at around $330 per unit in global market is priced around $380-390 per unit in India due to the tax structure. We have …. Source article  : High tax structure keeping away PlayStation customers: Sony.

China has 189 billionaires

BEIJING – China’s billionaires rose by 69 to 189 this year, according to the Hurun Rich List 2010 Tuesday.

The growth of domestic market has been a major factor for the rising number of billionaires, China Daily reported, quoting the rich list report.
“We can see from the first 10 richest Chinese that their major …. Original article  : China has 189 billionaires.

Property prices to rise in Delhi, BJP protests (Second Lead)

NEW DELHI – Property prices are set to shoot up in the Indian capital. The Delhi government Tuesday doubled “circle rates” — the minimum selling price of a plot.

In a bid to generate more revenue for itself in the form of stamp duty, the Delhi cabinet hiked June 14 the “circle rates” based on … Original article on : Property prices to rise in Delhi, BJP protests (Second Lead).

Vedanta earmarks around Rs.500 crore for community projects

JAIPUR – The Vedanta goup has earmarked around Rs.500 crore (Rs.5 billion) for community development projects in India in fiscal 2011.

The group has adopted more than 3,000 Anganwadi centres to provide nutrition to over 120,000 underprivileged children in rural areas of Rajasthan, Chattisgarh and Orissa.
“Vedanta has put heart and soul in … Original article on : Vedanta earmarks around Rs.500 crore for community projects.

Sensex sheds modest early gains

MUMBAI – A benchmark index of Indian equities slipped from the modest highs seen in morning and was ruling flat in afternoon trade. Broader markets, however, continued to attract buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,700.42 points, was ruling at 20,676.5 points, down 11.38 points … Read more »»».

France’s Nuvia is first n-sector support company to make India base

CHENNAI – French nuclear engineering and support services company Nuvia is planning to use India as its third global hub to service the domestic and overseas markets, apart from targeting the joint ventures floated by Nuclear Power Corporation of India Ltd (NPCIL).

“Apart from deploying personnel in Indian projects we will also depute our people …. Read the original article  : France’s Nuvia is first n-sector support company to make India base.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.18 and the Reference Rate for Euro is ` 62.25 on October 14, 2010. The corresponding rates for the previous day (October 13, 2010) were ` 44.50 and ` 62.09 respectively. Based on the Reference Rate for … Read more »»».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 14, 2010 are:

Amount (face value in ` crore)                          

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
[..] Read the original article: here.

Spanish home sales up 30 percent in August

Madrid, Oct 14 (IANS/EFE) Home sales in Spain grew 29.6 percent in August compared with the same month of 2009, the eighth-consecutive month that indicator has risen on an annual basis, although month-on-month sales were unchanged, the government said.

A total of 43,817 homes were sold in August 2010, with new homes accounting for 53 …. Source article on Gaea Times at  : Spanish home sales up 30 percent in August.

US embargo has cost us $2 bn in investment: Cuba

Havana, Oct 14 (IANS/EFE) The Cuban government estimates that US firms would have invested more than $2 billion here over the past decade but for Washington’s economic embargo against the communist-ruled island, Communist Party daily Granma said.

Granma analysed how the embargo has hampered the participation of foreign companies on the island, where that activity …. Source  : US embargo has cost us $2 bn in investment: Cuba.

Foreign investors eyeing India to avoid West’s economic doldrums

MUMBAI – Economists and policy makers reckon that the economic doldrums in the United States, along with much of Europe and Japan, could benefit emerging nations like India.

According to the New York Times, with an economic growth rate of nearly nine percent and a stock market … Read more »»».

Nano was born out of a doodle by Ratan Tata

NEW DELHI – Guess how the Rs.1 lakh ($2,200) car Nano was born? It took some idle doodling by Ratan Tata, head of the Tata Group of companies, at lifeless board meetings, says a book chronicling its making.

“It started by my spending a lot of time doodling at boring board meetings. Most of us …. Source  : Gaea News Network.

Qatar Airways pilot dies in flight

DOHA – A Qatar Airways flight en-route from the Philippines to Qatar was forced to land in Kuala Lumpur after one of the pilots died on board, the flag-carrier said in a statement.

“Qatar Airways regrets to inform that the captain of flight QR645, operating from Manila to Doha, passed away on board,” Xinhua quoted …. Source  : Gaea News Network.

Monopoly, the ultimate board game, turns 75

BERLIN – Think of real estate speculation and dubious lending policies and the current financial crisis comes to mind.

But low-down real estate deals and unstable speculation have always belonged to Monopoly. For 75 years it’s been an amusing board game luring people who take pleasure in playing a game in which they can drive …. Source  : Monopoly, the ultimate board game, turns 75.

Obama waives ban on C-130 cargo aircraft sales to China

WASHINGTON – In a significant gesture to China, US President Barack Obama has issued a waiver on restrictions on export of C-130 cargo aircraft to China to be used in oil spill response operations at sea.

In an Oct 8 letter to the Speaker of the House of Representatives and the President of the Senate, …. Original article  : Obama waives ban on C-130 cargo aircraft sales to China.

Sensex slips from opening highs

MUMBAI – A benchmark index of Indian equities was ruling 65 points higher Thursday, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,700.42 points, was after 45 minutes, ruling at 20,753.79 points, up 65.91 points or 0.32 percent from its previous close at … Original article on : Sensex slips from opening highs.

Tokyo shares surge 1.8 percent on Wall Street rally

TOKYO – Japanese stocks soared 1.8 percent in Thursday morning trading as investor sentiment was bolstered by overnight gains on Wall Street.

The benchmark Nikkei 225 Stock Average added 171.27 points, or 1.82 percent, to trade at 9,574.78 while the broader Topix index was up 12.33 points, or 1.5 percent, at 834.98.
Overnight, major US … Read : Tokyo shares surge 1.8 percent on Wall Street rally.

India to start talk with US firms for nuclear supplies: Envoy

WASHINGTON – India hopes to commence commercial negotiations with US companies shortly regarding supply of nuclear equipment under the landmark India-US civil nuclear deal, according to the Indian ambassador to the US Meera Shankar.

US companies were eyeing a substantial piece of India’s estimated $150 billion nuclear pie, but their enthusiasm has been dampened somewhat …. Source  : India to start talk with US firms for nuclear supplies: Envoy.

Money Market Operations as on October 13, 2010

…. Original article  : Money Market Operations as on October 13, 2010.

Households do not see respite from rising prices

MUMBAI – Households do not expect a respite from rising prices in the near future and a majority of them see at least one percentage point rise in general inflation by next year on higher costs of food, housing and services, a Reserve Bank of India survey reveals.

Households expect inflation to rise by 30 …. Source article  : Households do not see respite from rising prices.

Apple gets anti-sexting patent

SAN FRANCISCO – Apple has been granted a patent that allows parents to prevent their children from sending and receiving sexually explicit text messages.

The patent was granted Tuesday by the US Patent and Trademark Office and allows parents or other administrators of mobile phones to set definitions for banned texts. Messages containing the offending … Read more >>.

BMW to build new X3 sport-utility vehicles in US

NEW YORK – German luxury car giant BMW is moving production of yet another of its sport-utility vehicles to the US, the world’s biggest market for luxury cars.
The company Wednesday unveiled the X3 model’s new home at its production plant in Spartanburg, South Carolina, which has already been producing the larger X5 … Original article on : BMW to build new X3 sport-utility vehicles in US.

Abu Dhabi to host global food industry expo

Abu Dhabi, Oct 13 (IANS/WAM) Abu Dhabi will host a global food industry expo Nov 22-24, it was announced Wednesday.

SIAL Middle East 2010 will bring together professionals involved in buying and selling food products and services from across the world.
It will be organised at the Abu Dhabi National Exhibition Centre (ADNEC).
–IANS/WAM
… Read more >>.

Inflation rises to 8.62 percent in September

NEW DELHI – The wholesale price inflation rose to 8.62 percent in September from 8.51 percent in the previous month, increasing pressure on the Reserve Bank of India (RBI) to further tighten the monetary policy.

A sharp jump in food prices and increase in the prices of most manufactured products continue to push … Read more >>.

Sensex drops 189 points on profit booking in IT heavyweights

MUMBAI – A benchmark index of Indian equities Friday slipped 189 points lower in afternoon trade with bluechip IT companies Infosys and TCS coming under selling pressure.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,299.12 points – down 189.74 points or 0.93 …. Source  : Gaea News Network.

Areva to import critical parts for first nuke units in India

CHENNAI – French nuclear group Areva is at an advanced stage of negotiations with the Nuclear Power Corporation of India Ltd (NPCIL) to supply six mega light water reactors and will import major components like pressure vessel and primary loop for the first two units.

Areva is seeking to sell six 1,750 MW European … Read this article on Gaea Times at : Areva to import critical parts for first nuke units in India.

New oil blocks up for auction with no more tax breaks

NEW DELHI – India Friday launched the ninth round of auction of its hydrocarbon assets for 34 blocks, including eight deep water ones, but removed the tax exemptions given to investors in the crucial sector.

“NELP 9 (New Exploration licensing Policy) is being launched in the background of positive economic conditions, including revision of APM …. Source article  : New oil blocks up for auction with no more tax breaks.

Chhattisgarh to procure Rs.5,000 crore worth paddy

RAIPUR – Chhattisgarh farmers are all set to earn Rs.5,000 crore during the 2010-11 paddy procurement season starting November, the state government said Friday.

The state government will procure paddy Nov 1, 2010-Jan 31, 2011 from farmers at Rs.1,000 per quintal rate for common grade paddy and Rs.1,030 per quintal for Grade-A category paddy, a …. Original article  : Chhattisgarh to procure Rs.5,000 crore worth paddy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 15, 2010 are:

Amount  (face value in ` crore)                        

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
…. Source article  : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.03 and the Reference Rate for Euro is ` 61.95 on October 15, 2010. The corresponding rates for the previous day (October 14, 2010) were ` 44.18 and ` 62.25 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Infosys on hiring spree as attrition climbs up

BANGALORE – Infosys Technologies has stepped up hiring on robust growth in the second quarter (July-Sept) of this fiscal (2010-11) to make up for the rising attrition to meet the increasing demand of the resilient industry.

Though the IT bellwether added 14,264 new employees during the quarter under review (Q2), the exit of 6,618 of …. Source article  : Infosys on hiring spree as attrition climbs up.

India’s annual food inflation nudges up to 16.37 percent

NEW DELHI – India’s annual food inflation moved up a bit to 16.37 percent for the week ended Oct 2 compared to 16.24 percent the previous week, increasing the pressure on the Reserve Bank of India to continue with its view on tightening key interest rates.

The annual inflation rate for the primary articles … Read more >>>.

Infosys returns to double-digit growth, ups guidance again

BANGALORE – Returning to double digit growth in net profit and revenue during the second quarter (July-Sep), India’s second largest IT bellwether Friday revised revenue guidance for this fiscal (2010-11) again.

Consolidated revenue for fiscal 2011 will be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Read : Infosys returns to double-digit growth, ups guidance again.

India to take up outsourcing issue with Obama

NEW DELHI – During the visit of US President Barack Obama here, India will raise concerns expressed by its IT industry over the US curbs on outsourcing, External Affairs Minister S.M. Krishna said here Friday.

“There are some serious reservations being expressed about India’s IT industry about outsourcing and the tightening of visa rules. …. Read the original article  : India to take up outsourcing issue with Obama.

China’s communist party begins 12th Plan discussions

BEIJING – The ruling Communist Party of China (CPC) opened a key meeting here Friday to discuss the nation’s next five-year development plan.

The 17th central committee of the CPC will review proposals for the country’s 12th five-year programme (2011-2015) on national economic and social development, Xinhua reported.
The period would be critical for building …. Original article on Gaea Times at  : China’s communist party begins 12th Plan discussions.

Ahmedabad, Bangalore, Chennai among world’s fastest-growing cities

WASHINGTON – Three Indian cities – Ahmedabad, Bangalore and Chennai – have been listed among the world’s fastest-growing cities by Forbes magazine. It also called Gujarat the “most market-oriented and business-friendly” among Indian states.

“The urban powerhouses of the next decade aren’t behemoths like New York or Mumbai, but smaller cities like Chongqing, China; … Read more >>>.

Infosys declares 200 percent interim dividend

BANGALORE – Infosys Technologies Ltd Friday declared 200 percent interim dividend of Rs.10 per share and a whopping 300 percent special dividend of Rs.30 per share of Rs.5 at par value for its 30th year.

In a regulatory filing, the IT bellwether said the record date for the payment of dividend is Oct 22.
An … Read more >>>.

Sensex 97 points lower in morning trade

MUMBAI – A benchmark index of Indian equities Friday was ruling 97 points lower in morning trade. However, smaller sized scrips saw buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,400.13 points after 45 minutes – down 97.51 points or 0.48 percent from … Read this article on Gaea Times at : Sensex 97 points lower in morning trade.

Infosys ups guidance for fiscal 2011 on strong growth

BANGALORE – Infosys Technologies Ltd revised its guidance upwards for the fiscal 2010-2011 on strong growth during the second quarter (July-Sept).

In a regulatory filing Friday, the IT bellwether said its consolidated revenue for fiscal 2011 would be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Original source on Gaea Times at : Infosys ups guidance for fiscal 2011 on strong growth.

Infosys posts net profit of over Rs.17 bn in Q2

BANGALORE – Infosys Technologies Ltd posted a net profit of Rs.17.37 billion (Rs.1,737 crore) for the second quarter (July-Sept) of the fiscal 2010-11, registering year-on-year (YoY) growth of 13.2 percent and 16.7 percent sequentially as per the Indian accounting standard.

In a regulatory notification Friday, the IT bellwether said its consolidated revenue for the quarter …. Original article on Gaea Times at  : Infosys posts net profit of over Rs.17 bn in Q2.

After Mahindra’s $10 mn, Tata donates $50 mn to Harvard

WASHINGTON – India’s Tata Group has given America’s prestigious Harvard Business School a $50 million donation, the largest gift the school has received from an international donor in its 102-year history.

Earlier this month Anand Mahindra, head of India’s Mahindra Group, gave $10 million to Harvard where he earned his undergraduate and master’s degrees.
… Original article on : After Mahindra’s $10 mn, Tata donates $50 mn to Harvard.

Money Market Operations as on October 14, 2010

… Original source on Gaea Times at : Money Market Operations as on October 14, 2010.

China shuts down 1,355 coal mines

BEIJING – China has shut down 1,355 coal mines with total production capacity of 125.19 million tonnes until September this year as part of the country’s efforts towards restructuring the mining industry.

The National Energy Administration (NEA) said that it has surpassed its annual target of eliminating outdated mines with 121.67 million tonnes of production …. Original source  : China shuts down 1,355 coal mines.

Canadian uranium miner for joint venture in India

CHENNAI – With India planning to acquire uranium mines abroad, Canadian uranium mining major Cameco has expressed interest in partnering with the Uranium Corp of India Ltd (UCIL) or Nuclear Power Corp of India Ltd (NPCIL) within or outside the country.

The $2.3 billion turnover company, having interests in uranium exploration, mining and nuclear power … Read more >>>.

World’s largest diamond bourse opens in Mumbai

MUMBAI – The world’s largest diamond exchange opens in the city’s business district Bandra-Kurla Complex on Sunday, taking India from a manufacturing to a trading hub and challenging the dominance of traditional centres like Belgium and Israel.

Bharat Diamond Bourse (BDB), designed by eminent architect Balakrishna Doshi and spread over 20 acres with nine interlinked …. Original article  : World’s largest diamond bourse opens in Mumbai.

Physical beauty ‘affects worldwide trends in fashion, cosmetics’

WASHINGTON – Physical attractiveness is a desirable quality is not a new notion, but a new study has revealed that it also affects worldwide trends in fashion, cosmetics and more recently, aesthetic surgery.

According to Anil Mathur of Hofstra University in New York and colleagues there and at the City University of New York, marketers cannot …. Source  : Physical beauty ‘affects worldwide trends in fashion, cosmetics’.

State Bank of India to issue more retail bonds

MUMBAI – The State Bank of India (SBI) Chairman O P Bhatt has said that he bank is aiming to issue retail bonds worth five billion rupees.

“State Bank has been talking about issue of retail bonds for quite some time. We believe that the investment opportunities that the Indian consumer, especially the customers of bank … Read this article on Gaea Times at : State Bank of India to issue more retail bonds.

Oz dollar hits parity with US greenback for first time since floated in 1983

CANBERRA – The Australian dollar has reportedly reached parity with the US dollar for the first time since it was floated in December 1983.

According to News.com.au, the Australian currency reached as high as US1.0003 dollars on Friday night before pulling back to stand at 99.14 US cents shortly after midnight and then …. Source  : Oz dollar hits parity with US greenback for first time since floated in 1983.

Sensex slips for second consecutive week (Weekly Market Review)

MUMBAI – The benchmark index for Indian stock markets fell two weeks in a row as domestic traders looked to book profits, with stocks having rallied handsomely in the past few months.

Foreign funds, however, continued with their persistent buying in the equities and bond markets, sparking off protests from the services sector to check … Original source on Gaea Times at : Sensex slips for second consecutive week (Weekly Market Review).

US deficit second largest in history

WASHINGTON – The hole in the US government budget remained in the stratosphere for 2010, lending more ammunition to opposition Republicans less than three weeks before mid-term elections.

The shortfall totalled $1.294 trillion in the fiscal year ended Sep 30, second only to the $1.416-trillion deficit in 2009, the Treasury Department said Friday.
Lingering unemployment …. Read the original article  : US deficit second largest in history.

BMW recalls 21,771 cars in China; Jaguar 30

BEIJING – German auto giant BMW has recalled more than 21,000 luxury sedans from Chinese customers to fix the faulty brake system, while British carmaker Jaguar Land Rover has announced the recall of its 30 Discovery 3 TDV6 diesel vehicles.

BMW’s vehicles which have been recalled include 21,383 imported BMW 5, 6 and 7 Series …. Read the original article  : BMW recalls 21,771 cars in China; Jaguar 30.

Progress in currency dispute as yuan strengthens: US

WASHINGTON – US Treasury Secretary Timothy Geithner said Friday that China has made progress in recent weeks in easing its undervalued currency, which has increasingly become an irritation in China’s trade relations with the US and other Western economies.

In a statement, Geithner “recognised China’s actions since early September to accelerate the pace of currency …. Original article on Gaea Times at  : Progress in currency dispute as yuan strengthens: US.

Russia, Venezuela agree on nuclear plant project

MOSCOW – Russia and Venezuela agreed Friday to jointly build what would be the South American country’s first nuclear power plant.

Russian President Dmitry Medvedev and his visiting Venezuelan counterpart Hugo Chavez were on hand while representatives of the two countries signed the agreement.
Sergei Kiriyenko, head of the Russian nuclear company Rosatom, said that …. Source article on Gaea Times at  : Russia, Venezuela agree on nuclear plant project.

Swiss break through Alps, creating world’s longest tunnel

SEDRUN – Swiss engineers broke through a final 180 cm of rock deep in the Alpine mountains Friday, linking the world’s longest rail tunnel.

The 57-km Gotthard Base Tunnel in southern Switzerland will be used for transport through the Alps, shortening current travel times.
Routes will be more direct and the trains will whiz through … Read more >>.

China’s Canton trade fair opens

BEIJING – China’s largest trade expo, the Canton Fair, opened Friday in the southern Guangdong province amid growing concerns that a stronger yuan would weigh on the country’s exports.

Over 23,500 firms from China and abroad are participating in the fair in Guangzhou provincial capital, organizers said.
Sellers and buyers at the fair are monitoring … Original article on : China’s Canton trade fair opens.

RBI will intervene if inflows turn lumpy: Subbarao

CHANDIGARH – Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Friday said the central bank will intervene in the forex market if inflows turn lumpy and volatile.

The RBI had earlier on Thursday bought dollars to stem the rupee’s strength.

“I can only say that …. Source article  : RBI will intervene if inflows turn lumpy: Subbarao.

High Court approves RNRL merger with R-Power

MUMBAI – The Bombay High Court Friday gave green signal to the proposed merger of two Anil Ambani group companies, Reliance Power and Reliance Natural Resources Ltd (RNRL), to create a Rs.50,000-crore entity.

The High Court approved the Composite Scheme of Arrangement between Reliance Natural Resources Ltd. and Reliance Power and other group companies …. Read the original article  : here.

30 bank branches, 40 ATMs opened on a single day

MALAPPURAM – The South Indian Bank (SIB) Friday created history in the banking sector by opening 30 branches and 40 ATM centres across the country on a single day, a bank official here said.

The Thrissur-headquartered SIB, with 610 branches, also exceeded 1,000 banking outlets with more than 400 ATM centres.
The branches were opened … Read more »»».

India’s GSM subscribers base grows by 2.58 percent

NEW DELHI – India’s GSM mobile subscribers base grew 2.58 percent in September with the addition of over 12.4 million subscribers with the state-owned Bharat Sanchar Nigam Ltd.(BSNL) alone signing over 2.3 million users to gain a market share of 14.71 percent.

The total number of subscribers in the country crossed 494 million as … Read the original article on Gaea Times at : India’s GSM subscribers base grows by 2.58 percent.

Mukesh Ambani’s home world’s most expensive

WASHINGTON – Reliance Industries chairman Mukesh Ambani’s new 27-storey Mumbai skyscraper likely sets a record as the world’s most expensive residential home, according to Forbes magazine.

“India’s richest man, and the fourth-richest man in the world, has eschewed understatement,” the magazine said reporting Ambani’s plans to move into the 570-foot building, called Antila, this …. Original article  : Mukesh Ambani’s home world’s most expensive.

‘Delhi markets suffered huge loss during Games’

NEW DELHI – Markets in the national capital suffered huge losses during Oct 3-14 Commonwealth Games, a traders’ forum claimed Friday.

The Confederation of All India Traders (CAIT) claimed that a survey conducted among commercial establishments in Delhi found that the business went down by nearly 30-40 percent during the period.
“They (organisers) may be … Read more »».

Neyveli Lignite workers’ strike: Karunanidhi seeks PM’s help

CHENNAI – Tamil Nadu Chief Minister M.Karunanidhi has sought Prime Minister Manmohan Singh’s help in resolving the strike by contract workers in the Neyveli Lignite Corporation Ltd (NLC), warning about likely disruption in power generation.

In a letter to the prime minister, released to the media Friday, Karunanidhi referred to the nearly month-long strike by …. Read the original article  : Neyveli Lignite workers’ strike: Karunanidhi seeks PM’s help.

Environment panel to re-assess Navi Mumbai airport plan

NEW DELHI – The environment ministry’s Expert Appraisal Committee (EAC) will visit Mumbai next week to hold talks with the Maharashtra government on the Navi Mumbai airport project, Environment Minister Jairam Ramesh said Friday.

The City and Industrial Development Corporation of Maharashtra (CIDCO) Thursday submitted a revised draft of the project and the EAC team … Read the original article on Gaea Times at : Environment panel to re-assess Navi Mumbai airport plan.

US may outsource lightweight satellite launches to India

NEW DELHI – The United States could outsource lightweight satellite launches to India.

Lockheed Martin, the biggest US defence, aerospace and military technology corporation, broached the subject recently with the Indian Space Research Organisation (ISRO) and its export arm, Antrix.
Lockheed Martin’s India Chief Executive Roger Rose told India Strategic defence magazine (www.indiastrategic.in) that as … Read this article on Gaea Times at : US may outsource lightweight satellite launches to India.

India Inc’s business confidence for falls: Survey

NEW DELHI – The business confidence of India Inc. for the October-December quarter has fallen on concerns such as inflation and high interest rates, says a survey.

The survey by the Confederation of Indian Industry (CII) says the industry lobby’s business confidence index for October-December 2010 fell by 1.4 points to 66.2 as …. Source  : Gaea News Network.

India Post allowed to be agent for other insurers

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) has allowed India Post to distribute insurance products as a corporate agent for domestic life, non-life, farm and health insurers.

The new regulations bars India Post to act as a referral partner (sharing of database to insurers) of any insurance company.
The new regulation will throw … Read : India Post allowed to be agent for other insurers.

Reliance Broadcast plans 50 patented shows over 24 months

MUMBAI – Reliance Broadcast Network, a multi-media entity within the Anil Ambani Group, plans to host some 50 patented shows and events across languages over the next year for a big slice in the Rs.1,600 crore ($350 million) market.

Called intellectual property business in industry jargon, these shows and programmes span music awards, talent hunts …. Read the original article  : here.

China’s GDP to grow at nine percent in 2011: Govt. Researchers

BEIJING – Government researchers in China feel that the country’s Gross Domestic Product (GDP) will grow about nine percent next year, but the economy will be confronted by rising labor costs, liquidity problems and difficulty in sustaining rapid growth in the long run.

“China’s exports … Read the original article on Gaea Times at : China’s GDP to grow at nine percent in 2011: Govt. Researchers.

Seabuckthorn to green Himachal’s Lahaul Valley

KEYLONG – The rugged, inhospitable terrain of this landlocked valley in Himachal Pradesh is sought to be greened with plantations of seabuckthorn, a medicinally rich plant, that will not only help check soil erosion but also benefit the local people economically.

“A huge patch of land near Keylong (the district headquarters of Lahaul and Spiti … Read the original article on Gaea Times at : Seabuckthorn to green Himachal’s Lahaul Valley.

EU-India trade up 26 percent in 2010

BRUSSELS – Exports from the 27-member European Union to India have increased to 19.4 billion euro until July this year, up 26 percent from 15.4 billion euro during the first seven month of 2009.

For the same period, Indian exports to the EU went up by 25 percent from 15.1 billion euro to 18.8 billion …. Read the original article  : EU-India trade up 26 percent in 2010.

Old age allowance to 2 lakh more in Haryana

CHANDIGARH – Nearly 2 lakh new beneficiaries will be given old age allowance in Haryana next week, Social Justice and Empowerment Minister Geeta Bhukkal said Saturday

A total of 194,394 new beneficiaries would get lump sum amount of Rs.2,500 as five months pension from the month of April to August this year, she said, …. Source article  : Old age allowance to 2 lakh more in Haryana.

ONGC makes two new oil and gas discoveries

NEW DELHI – The Oil and Natural Gas Corporation (ONGC) has made two new discoveries of oil and gas reserves – gas at the Krishna-Godavari basin block and oil in the Cauvery basin.

“The two discoveries have been notified to Directorate General of Hydrocarbon after the previous board meeting held Sep 22,” ONGC said … Original article on : ONGC makes two new oil and gas discoveries.

Haryana bans polythene bags

CHANDIGARH – The Haryana government Saturday announced a complete ban on usage, storage and recycling of polythene carry bags in the state

The ban has been approved by Chief Minister Bhupinder Singh Hooda, an official spokesman said here.
At present, the ban was not proposed to be imposed on use of plastic for packing material …. Read the original article  : Haryana bans polythene bags.

‘Punjab deputy commissioners accountable for paddy procurement’

CHANDIGARH – Deputy commissioners across Punjab will be held accountable for paddy procurement in the state, Deputy Chief Minister Sukhbir Singh Badal said here Saturday.

The announcement came following mounting complaints received by the state government that paddy procurement, which started Oct 1 in 1,670 procurement centres across Punjab, was not being done properly, leading …. Source  : Gaea News Network.

Timings of Metro on Sarita Vihar route revised

NEW DELHI – Metro services on the Central Secretariat-Sarita Vihar section will begin an hour late instead of 6 a.m. from Sunday to Oct 24, a Metro official said Saturday.

The move was aimed at facilitating the line’s integration with the Sarita Vihar-Badarpur section, a Metro official said. Normal services will resume Oct 25.
…. Source article  : Timings of Metro on Sarita Vihar route revised.

Double-digit growth turning point for IT industry: Infosys

BANGALORE – India’s IT bellwether Infosys Technologies Friday termed its return to double-digit growth in the second quarter (July-Sept) of this fiscal (2010-11) as a turning point for the resilient Indian IT industry and a sign of robust growth ahead.

“Registering double-digit growth after many quarters is a turning point because when downturn happened, lot …. Read the original article  : here.

364-day Treasury Bills auction: Rs.2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on October 20, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Source  : 364-day Treasury Bills auction: Rs.2,000 crore under regular auction.

91-day Treasury Bills auction: Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on October 20, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion … Original source on Gaea Times at : 91-day Treasury Bills auction: Rs.4,000 crore under regular auction.

RBI Board meets today at Chandigarh Punjab and Haryana to include Financial Literacy in School Curriculum

The state governments of Punjab and Haryana have agreed to include financial literacy in the school curriculum. This was in response to the Reserve Bank of India Governor Dr. D. Subbarao’s suggestion to the government of Punjab and Haryana in separate meetings with the officials of both the state … Read : RBI Board meets today at Chandigarh Punjab and Haryana to include Financial Literacy in School Curriculum.

Union Bank raises base rate by 50 bps to 8.5 percent

NEW DELHI – Public sector lender Union Bank of India said Friday it will increase its base rate by 50 basis points (bps) to 8.5 percent and deposit rates by 25 basis points on various categories from Oct 18.

“In view of the recent macroeconomic scenario, hardening interest rates and RBI’s policy stance, the bank …. Source  : Gaea News Network.

Sensex closes 372 points down as domestic traders offload (Roundup)

MUMBAI – A benchmark index of Indian equities fell for the second straight day Friday, closing 372 points lower as domestic investors offloaded their portfolios amid demand from the services sector that the central bank intervene to check currency gains, limiting foreign fund inflows that have crossed $4.5 billion in October.

The 30-share sensitive index … Read the original article on Gaea Times at : Sensex closes 372 points down as domestic traders offload (Roundup).

Ordinance issued to regulate micro finance firms in Andhra

HYDERABAD – Andhra Pradesh Friday issued an ordinance to regulate micro finance institutions (MFIs) in the wake of a spate of suicides due to harassment to borrowers.

Governor ESL Narasimhan gave his assent to the ordinance, the draft of which was approved by the state cabinet Thursday. It provides for three years’ imprisonment and Rs.1 … Read this article on Gaea Times at : Ordinance issued to regulate micro finance firms in Andhra.

India to align copyright norms with global standards

NEW DELHI – India will align its copyright regulations with international norms to curb rising piracy and violations of intellectual property rights.

“The Copyright Amendment Bill 2010 contains better provisions to deal with technology issues by extending protection of copyright material in India over digital networks related to literary, dramatic, musical and artistic works, …. Original article  : India to align copyright norms with global standards.

Obama visit may unshackle high-tech exports to India

WASHINGTON – Going by the buzz in industry circles, easing of US export controls and removal of key Indian units from the banned ‘Entities List’ could well be the next big thing during President Barack Obama’s visit to India.

At present India is denied technology in 11 of the 16 categories, just one short of … Read this article on Gaea Times at : Obama visit may unshackle high-tech exports to India.

Terminal 3 to welcome domestic flights from Oct 30

NEW DELHI – Domestic flights will start operating from the Indira Gandhi International Airport’s newly built Terminal 3 (T3) from Oct 30 to ensure seamless transfer of international passengers, said a Delhi International Airport Ltd (DIAL) official.

The first domestic flight is scheduled to take off from Terminal 3 at 5 a.m. on Oct …. Source article  : Terminal 3 to welcome domestic flights from Oct 30.

Scrap fuel price deregulation, demands CPI-M

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Monday asked the central government to scrap deregulation in petrol pricing, after public sector oil companies increased prices twice in the past three weeks.

“By deregulating petrol pricing, the government has opened the way for successive hikes in prices,” the CPI-M politburo said.
“The public sector … Read more »»».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 18, 2010 are:
Amount (face value in ` crore)                        

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
…. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.26 and the Reference Rate for Euro is ` 61.45 on October 18, 2010. The corresponding rates for the previous day (October 15, 2010) were ` 44.03 and ` 61.95 respectively. Based on the Reference Rate …. Source  : Gaea News Network.

Sensex slips further as selling intensifies

MUMBAI – A benchmark index of Indian equities slipped further in noon trade Monday on sustained selling that spread to the broader markets.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,160.55 points, was ruling at 19,938.71 points, down 186.34 points or 0.92 percent from its previous close … Read more >>.

Curfew imposed in Srinagar to scuttle separatist march

SRINAGAR – Shops, offices were closed and public transport was off the roads in Srinagar Monday as authorities re-imposed curfew but only in six areas of the city to scuttle the separatist protest march in Jammu and Kashmir.

“Curfew has been imposed in six police station areas of Srinagar city and Baramulla and Kupwara districts … Read more »»».

Fields full of ripe paddy in valley of unrest

SRINAGAR – As the soothing autumn sun shines over the Kashmir Valley, farmer Ghulam Muhammad, 31, feels satisfied when he surveys his abundant paddy crop. The yield has been good this year, and farming activity in the valley has remained untouched by the ongoing unrest in the towns.

Farmers like Muhammad are busy harvesting, threshing … Read more »»».

Floods leave Pakistani textile firms in need of Indian cotton

ISLAMABAD – Pakistan’s textile industry, hit by a record hike in cotton prices following a massive crop damage in the recent floods, has become dependent on the import of clothing material from India to sustain its order books, say experts.
Pakistani cotton traders worry that any cancellation of Indian contracts or even delays in …. Read the original article  : Floods leave Pakistani textile firms in need of Indian cotton.

Bombardier unveils two long-haul corporate jets

TORONTO – Bombardier, a world leader in metro and corporate aviation, has unveiled two new jets, the Global 7000 and Global 8000, to reaffirm its undisputed position in the large business jet category.
While the Global 7000 will have a range of 13,520 kilometres, the Global 8000 will be able to fly a globe-girdling …. Read the original article  : Bombardier unveils two long-haul corporate jets.

Sensex slips below 20,000 points in early trade

MUMBAI – A benchmark index of Indian equities Monday slipped below the 20,000-mark after opening some 35 points lower compared with the previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,160.55 points, was ruling at 19,974.52 points, down 150.53 points or 0.75 percent from its previous close … Read the original article on Gaea Times at : Sensex slips below 20,000 points in early trade.

Tokyo shares rise in mid-morning trading

TOKYO – Tokyo stocks rose slightly in mid-morning trading Monday, with gains in high-technology issues even as the strong yen dragged down the market.

The 225-issue Nikkei Stock Average gained 0.50 percent, or 47.41 points, from Friday’s close. The broader Topix index of all First Section issues rose 7.46 points, or 0.90 percent.
Mazda Motor … Read more »»».

Money Market Operations as on October 15, 2010

… Original article on : Money Market Operations as on October 15, 2010.

YouTube sued for ‘derogatory’ video by Toronto cop

TORONTO – Posting online comments or YouTube videos anonymously may soon be over if some recent cases are anything to go by.

A Toronto cop, who was mocked after videos of his actions during the G-20 summit here in June were posted on YouTube, is suing Google for $1.2 million in damages and seeking the … Original article on : YouTube sued for ‘derogatory’ video by Toronto cop.

Soured on Obama, voters motivated by economic frustrations

SCRANTON – Kelli Henning has sent out 85 job applications in recent months, to no avail.

Despite her 14 years of experience managing a corner store, the 33-year-old resident of Scranton, Pennsylvania, has been unable to find work. Along with her husband, she has been seeking assistance at the state job training centre.
“They say …. Source  : Gaea News Network.

Sharjah Islamic Bank posts $52 mn Q3 profit

Sharjah, Oct 17 (IANS/WAM) The Sharjah Islamic Bank Sunday posted a third quarter net profit of 191.6 million dirhams (about $52 million).

The balance sheet grew since December 2009 with total assets reaching 16.3 billion dirhams from 16 billion dirhams.
Liquid assets rose by 410.2 million dirhams to reach 3.6 billion dirhams, up … Original article on : Sharjah Islamic Bank posts $52 mn Q3 profit.

UAE, Algeria sign cooperation agreement

Algiers, Oct 17 (IANS/WAM) The UAE and Algeria Sunday signed an agreement to boost cooperation and dialogue between their parliaments.

Visiting UAE Federal National Council (FNC) speaker Abdul Aziz Al Ghurair and Algerian National People’s Assembly speaker Abdelaziz Ziari signed the document here.
At a press conference, Al Ghurair described his talks with … Read more : UAE, Algeria sign cooperation agreement.

2G spectrum scam may be India’s biggest scandal: Advani

NEW DELHI – Senior Bharatiya Janata Party (BJP) leader L.K. Advani said Sunday that the 2G spectrum scam may be the country’s biggest scandal since Independence.

The BJP leader also welcomed the move by the government to set up a committee to look into the preparations for the 2010 Commonwealth Games and hoped that … Read more : 2G spectrum scam may be India’s biggest scandal: Advani.

China’s GDP to grow nine percent in 2011

BEIJING – China’s GDP will grow by nine percent next year although rising labour costs will hit the economy, a media report said Sunday.

Liu Shijin, deputy director of the Development Research Centre of the State Council, made the forecast at a forum organised by the Bank of Communications, China Daily reported.
Liu forecast …. Original article on Gaea Times at  : China’s GDP to grow nine percent in 2011.

India’s largest initial public offering opens Monday

MUMBAI – State-run Coal India’s $3.5 billion dollar initial public offering (IPO), the biggest in the history of Corporate India, will open Monday at a price band of Rs.225-245 a share, setting the direction for the stock market this week.

The mega public float, experts believe, is expected to attract foreign investors and lead to … Read the original article on Gaea Times at : India’s largest initial public offering opens Monday.

TRAI 2G pricing recommendations by October-end

NEW DELHI – The telecom regulator would come out with new recommendations on the pricing of 2G (second generation) spectrum by this month-end, Telecom Regulatory Authority of India (TRAI) Chairman J.S. Sarma said Monday.

We are more or less coming to a close to our work… I suppose very shortly, said Sarma. On being … Read this article on Gaea Times at : TRAI 2G pricing recommendations by October-end.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.46 and the Reference Rate for Euro is ` 61.85 on October 19, 2010. The corresponding rates for the previous day (October 18, 2010) were ` 44.26 and ` 61.45 respectively. Based on the Reference Rate for US …. Original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 19, 2010 are:

Amount (face value in ` crore)                          

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
…. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Dip in Pakistan’s onion exports to benefit India, China

ISLAMABAD – Indian and Chinese onion exporters will get a major share of the global onion market this year as Pakistani exports are set to drop due to extensive damage to the crop caused by the heavy rains in the country, say experts.

Heavy rains at the time of sowing have damaged … Original article on : Dip in Pakistan’s onion exports to benefit India, China.

IBM net income up 12 percent boosted by BRIC sales

WASHINGTON – Buoyed by strong performance in Brazil, Russia, India and China as well as solid sales of analytics software and services, the third-quarter net income of International Business Machines Corp (IBM), rose 12 percent to US$3.6 billion.

While total revenue reached $24.3 billion, a jump of 3 percent, revenue in the four BRIC countries …. Original article on Gaea Times at  : IBM net income up 12 percent boosted by BRIC sales.

Going nuclear is a 100-year commitment: IAEA official

CHENNAI – Even as 60 more countries in the world have shown interest to embrace nuclear power to meet their energy needs, only one third of these may generate atomic power, says an official of the International Atomic Energy Agency (IAEA).

“Nuclear power is not like any other mode of power. Going nuclear is a … Original source on Gaea Times at : Going nuclear is a 100-year commitment: IAEA official.

Tokyo shares rise on US rally

TOKYO – Tokyo stocks gained in mid-morning trading Tuesday as gains on Wall Street boosted investor sentiment, but the yen’s strength weighed on the market.

The benchmark Nikkei 225 Stock Average gained 50.44 points, or 0.53 percent, to trade at 9,548.93 while the broader Topix index was up 3.61 points, or 0.43 percent, at 834.13.
…. Source  : Gaea News Network.

Sensex dull in morning trade

MUMBAI – A benchmark index of Indian equities Tuesday was ruling flat in morning trade, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,298.55 points, was ruling at 20,139.59 points, down 29.3 points or 0.15 percent from its previous close at 20,168.89 points.
…. Read the original article  : Sensex dull in morning trade.

Financial stocks lead US market upswing

WASHINGTON – Financial shares boosted the major US market indices Monday, leading the S&P 500 to a five-month high.

Citigroup, which is 12 percent owned by US taxpayers, rallied 5.4 percent after its earnings topped estimates.
The blue-chip Dow Jones gained 80.91 points, or 0.73 percent, to close at 11,143.69. The Standard and Poor’s 500 … Original article on : Financial stocks lead US market upswing.

Money Market Operations as on October 18, 2010

…. Original article on Gaea Times at  : Money Market Operations as on October 18, 2010.

Microsoft’s Chief Software Architect Ozzie Ray Resigns

NEW YORK (GaeaTimes.com) — Today, Microsoft announced that their Chief Software Architect Ozzie Ray will resign and leave the company after his transition period. CEO, Steve Balmer said that Ozzie would remain on board for a while and then he would leave the company.
Ray will be focusing more on the entertainment arena where Microsoft …. Read the original article  : Microsoft’s Chief Software Architect Ozzie Ray Resigns.

CFA Warns Consumers against Online Payday Loan Sites Scams

NEW YORK (GaeaTimes.com) — The Payday loan system, despite of it’s simplicity, poses a serious threat to it’s consumers. Not only the high interest rate effects the financial conditions of a borrower, but some of the online lenders are exploiting their customers in broad daylight. Recently Consumer Federation of America (CFA) has warned people to … Original source on Gaea Times at : CFA Warns Consumers against Online Payday Loan Sites Scams.

Apple reports record earnings, revenue

SAN FRANCISCO – Apple reported record profits and revenue Monday as sales of its iPhones and Macs rose sharply, and consumers snapped up more than four million iPads.

Apple said it earned $4.31 billion in the quarter compared to $2.53 billion a year ago. Revenue rose to $20.34 billion compared to $12.21 billion a year … Read more >>>.

IBM reports 12-percent profit boost

SAN FRANCISCO – IBM posted a 12-percent increase in third-quarter profits Monday as revenue jumped in the company’s key growth markets of Brazil, Russia, India and China (BRIC).

The technology giant known as Big Blue said it earned $3.59 billion in the quarter, compared to $3.21 billion a year ago. Global revenue rose three percent …. Original article on Gaea Times at  : IBM reports 12-percent profit boost.

Malaysia, UAE vow to strengthen ties

Kuala Lumpur, Oct 18 (IANS/WAM) Malaysia and the United Arab Emirates Monday vowed to strengthen bilateral relations, particularly in the areas of economy, tourism and investment.

At a meeting with Malaysian Prime Minister Najib Tun Razak here, visiting UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan expressed his country’s keenness to improve relations and … Read more : Malaysia, UAE vow to strengthen ties.

Communist Party of China sets agenda for five years (Roundup)

BEIJING – The ruling Communist Party of China (CPC) Monday vowed to make vigorous efforts to promote political restructuring and said measures would be taken to improve living standards across the country.

The decisions were taken at a meeting of the CPC central committee to determine the country’s development agenda for the next five years [..] Read the original article: here.

Patil to give away Jamnalal Bajaj awards

MUMBAI – President Pratibha Patil will Oct 28 confer the Jamnalal Bajaj awards for the year 2010, an official here said Monday.

“These annual awards are given out to recognise and suitably honour the efforts of the men and women who have dedicated their life to Gandhian constructive work and the ideals which Jamnalal Bajaj …. Source  : Patil to give away Jamnalal Bajaj awards.

India, Sudan ratify investment promotion agreement

NEW DELHI – India and Sudan Monday ratified a bilateral investment promotion and protection agreement, which was signed seven years ago to strengthen economic relations.

Govind Mohan, joint secretary (infrastructure and investment) in the finance ministry, and Sudanese Ambassador to India Khidir Haroun Ahmed signed the instruments of ratification here.
India has so far …. Source article  : India, Sudan ratify investment promotion agreement.

Essar Oil Q2 net profit Rs.1.3 billion

MUMBAI – Essar Oil Monday reported a net profit of 1.3 billion for the quarter ended Sep 30 as against net loss of Rs 0.94 billion for the same period last fiscal.

The total income rose by 14 percent at Rs.109.64 billion compared to Rs.96.03 billion same period last year, the company said in [..] Read the original article: here.

India, US to ink aviation safety pact

NEW DELHI – India and the United States are in the process of entering into a bilateral agreement which would lead to mutual acceptance of aeronautical products developed in either countries, the civil aviation ministry said Monday.

The two countries have completed two key processes prior to signing of the pact, Bilateral Aviation Safety Agreement …. Source  : Gaea News Network.

Minimum support prices for pulses, wheat raised

NEW DELHI – The government Wednesday raised the minimum support prices (MSP) of gram and masur dal by Rs.340 and Rs.389 a quintal respectively and that of wheat by Rs.20.

The decision to raise the MSP of various Rabi crops was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by …. Source article on Gaea Times at  : Minimum support prices for pulses, wheat raised.

Himachal’s Kinnaur weavers to benefit from trademark

SHIMLA – With the Kinnauri shawls receiving the prestigious Geographical Indications (GI) tag, over 1,000 weavers involved in the creation of the iconic shawls stand to gain the most.

“The registration will now check unauthorised production and misuse of its name. Only weavers registered with the Kinnaur Handloom Weavers Association (of Kalpa) can sell the …. Read the original article  : here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.29 and the Reference Rate for Euro is ` 61.05 on October 20, 2010. The corresponding rates for the previous day (October 19, 2010) were ` 44.46 and ` 61.85 respectively. Based on the Reference Rate for US …. Source  : RBI Reference Rate for US $ and Euro.

A car that runs on land, sea or in air

LONDON – It is a car that could come straight out of a James Bond movie, changing into a speedboat, helicopter or jet whenever the respective mode of transport is required. The Halo Interceptor could be the solution to all your transport problems, provide you have the necessary cash of course.

British designer Phil Pauley … Read more >>.

HCL Q1 net profit falls 35 percent

NEW DELHI – HCL Technologies Wednesday reported a 35.2 percent fall in net profit at Rs.194.88 million for the first quarter ended Sep 30 as against Rs.300.75 million in the corresponding period last fiscal.

The total income of the company stood at Rs.1,540.34 million, compared to Rs.1,295 million from a year ago.
“HCL … Read more >>.

Oberoi Realty Off To A Good Start

MUMBAI, INDIA (Gaea Times.com) Mumbai based Oberoi Realty started trading on the stock exchange today against an issue price of Rs. 260. The company has got off to a good start on the bourses and has reportedly registered a rise of 7.69 percent to trade at Rs. 280 on the Bombay Stock Exchange or … Read more : Oberoi Realty Off To A Good Start.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 20, 2010 are :

Amount  (face value in ` crore)                            

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
(Purchase … Original article on : Liquidity Adjustment Facility : Auction Results.

Certificate of Registration – Cancelled

The Reserve Bank of India has cancelled the certificates of registration granted to the following companies, having their registered offices at the address shown against them, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the companies cannot transact the business of a non-banking …. Read the original article  : Certificate of Registration – Cancelled.

Sensex dips in noon trade

MUMBAI – A benchmark index of Indian equities Wednesday slipped in noon trade tracking other Asian markets, which were trading lower after China raised key interest rates.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,924.02 points, was ruling at 19,875.16 points, 107.97 points or 0.54 percent down from …. Source  : Sensex dips in noon trade.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.99 per cent Government Stock 2017” for a notified amount of ` 4,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 5,000 crore (nominal) and "8.30 per cent Government Stock 2040” for …. Original article on Gaea Times at  : Underwriting Auctions for Government Securities.

Protests over pension reform cripple life in France

PARIS – The protests by French labour unions against President Nocolas Sarkozy’s pension overhaul plan entered its second week Wednesday, thwarting fuel and other supplies and disrupting normal life across the country.

Sarkozy has proposed increasing the standard, minimum retirement age to 62 years, from a current level of 60, in order to bridge a … Read more »»».

Harley-Davidson posts Q3 profits, but sales drop

NEW YORK – Harley-Davidson Inc Tuesday said its third-quarter profits more than doubled, led by the improved performance of its financial services unit, but reported a drop in worldwide sales.

The largest US motorcycle maker said its net income climbed to $88.8 million from $26.5 million a year earlier. While revenue dropped 1.9 percent to …. Source article  : Harley-Davidson posts Q3 profits, but sales drop.

Sensex pares early losses

MUMBAI – A benchmark index of Indian equities Wednesday moved up from opening lows, but was ruling flat about 30 minutes into trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,924.02 points, was ruling at 19,985 points, almost unchanged from its previous close at 19,983.13 points.
At the …. Source  : Gaea News Network.

Britain to cut 500,000 public sector jobs

LONDON – Nearly half a million public sector workers in Britain are to lose their jobs as the government plans to reduce more than 80 billion pounds in public spending in the next four years, the biggest cut since the Second World War.

Danny Alexander, chief secretary to the Treasury, unwittingly disclosed the full scale …. Source  : Britain to cut 500,000 public sector jobs.

Money Market Operations as on October 19, 2010

…. Original article  : Money Market Operations as on October 19, 2010.

US stocks drop on China interest rates, earnings’ reports

NEW YORK – US stocks fell sharply Tuesday amid mixed corporate earnings and as China raised interest rates for the first time since 2007.

China’s central bank, the People’s Bank of China, announced a rise in its benchmark interest rates by 0.25 percentage points. It said its one-year deposit rate would rise to 2.50 percent … Read more »»».

Yahoo’s earnings rise in third quarter

SAN FRANCISCO – Yahoo posted a 113-percent rise in third quarter earnings Tuesday, but investors were still disappointed by the struggling web pioneer’s failure to meet its sales forecast.

The web portal, which again has been subject to speculation about a sale in recent days, said its income more than doubled to $396 million from … Read more : Yahoo’s earnings rise in third quarter.

US Treasury to sell 1.5 bn Citigroup shares

NEW YORK – The US Treasury Department Tuesday announced plans to sell 1.5 billion shares of Citigroup common stock as it seeks to reduce its stake in the banking giant.
This is the fourth round of government sales of Citigroup shares and will be conducted by Morgan Stanley, who will have “discretionary authority to … Read the original article on Gaea Times at : US Treasury to sell 1.5 bn Citigroup shares.

DTC earned Rs.60 crore extra during CWG

NEW DELHI – The Delhi Transport Corporation (DTC) earned an additional revenue of Rs.60 crore during the Commonwealth Games by providing its services to the Games Organising Committee and other agencies, an official said.
Delhi Transport Minister Arvinder Singh Lovely congratulated the DTC employees for their dedicated service during the Games and announced a …. Source  : DTC earned Rs.60 crore extra during CWG.

UN agency to partner in Vibrant Gujarat 2011 Summit

AHMEDABAD – The United Nations Industrial Development Organization (UNIDO) has accepted an invitation from the Gujarat government to be a ‘partner organisation’ in the Vibrant Gujarat 2011 Summit.
UNIDO is the specialised agency of the United Nations that promotes accelerated industrial growth in developing nations and countries with economies in transition.
It is … Original source on Gaea Times at : UN agency to partner in Vibrant Gujarat 2011 Summit.

South Indian Bank Q2 net profit up at Rs.77 crore

THRISSUR – Private sector South Indian Bank (SIB) Thursday declared its highest ever quarterly net profit of Rs.77.00 crore for the second quarter as against Rs.72.56 crore for the corresponding period of the previous year.

The total business of the bank increased by Rs.9,942 crore to Rs.43,089 crore from Rs.33,147 crore on a year-on-year basis, … Read more : South Indian Bank Q2 net profit up at Rs.77 crore.

Last Day For Coal India IPO Subscription

MUMBAI, INDIA (Gaea Times.com) Coal India IPO received a positive response in the market from institutional investors, with today being the last day for retail and High Net Worth Individuals. Coal India saw a subscription of 12 times, received bids for 742 crore equity shares as against the issue of 63.2 crore shares. …. Source article  : Last Day For Coal India IPO Subscription.

Cochin Shipyard bags Rs.1,500 cr Coast Guard order

KOCHI – Cochin Shipyard Limited (CSL) has received an order of Rs.1,500 crore to build 20 fast patrol vessels (FPV) for the Coast Guard, the company said here Thursday.

According to the shipyard, this is the single biggest contract executed by Coast Guard and would go a long way to beef up the coastal …. Original article on Gaea Times at  : Cochin Shipyard bags Rs.1,500 cr Coast Guard order.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.36 and the Reference Rate for Euro is ` 61.95 on October 21, 2010. The corresponding rates for the previous day (October 20, 2010) were ` 44.29 and ` 61.05 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

India’s annual food inflation falls to 15.53 percent

NEW DELHI – India’s annual food inflation fell to 15.53 percent for the week ended Oct 9 from 16.37 percent in the previous week on improved supplies of food articles and lower prices of some vegetables.

Official data released Thursday showed the annual inflation rate for the primary articles group also fell to 18.05 … Read the original article on Gaea Times at : India’s annual food inflation falls to 15.53 percent.

China’s economic growth slows to 9.6 percent third quarter

BEIJING – China’s economic growth continued to decelerate duering the third quarter of this year, as the government started to pull out the fiscal stimulus package, even as rising inflation has started to pose new challenges.

The gross domestic product (GDP) grew 9.6 percent in the third quarter over the like period of last year, …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 21, 2010 are:

Amount  (face value in ` crore)                         

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction 
…. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

BlackBerry boss hits out at Apple’s Steve Jobs

TORONTO – Hitting back at Apple boss Steve Jobs who Monday claimed that “we have now passed RIM (Research In Motion)” in smartphone sales, BlackBerry maker co-CEO Jim Balsillie says his rival is trying to create a “distortion field” to manipulate customers.

In the battle of two titans which began with Jobs firing the first …. Read the original article  : BlackBerry boss hits out at Apple’s Steve Jobs.

Pakistan turns down World Bank, ADB loan

ISLAMABAD – Pakistan has turned down a $2 billion loan from the Asian Development Bank (ADB) and another $1 billion loan from the World Bank to reconstruct infrastructure destroyed by the devastating floods. Islamabad has now decided to rebuild “from its own resources”.

The News International cited sources as saying that the move stunned the … Read this article on Gaea Times at : Pakistan turns down World Bank, ADB loan.

Tokyo shares mixed on yen’s ups and downs, US gains

TOKYO – Tokyo stocks were mixed in morning trading Thursday after overnight gains on Wall Street and fluctuations in the yen.

The benchmark Nikkei 225 Stock Average gained 18.91 points, or 0.2 percent, to trade at 9,400.51 while the broader Topix index was down 3.05 points, or 0.37 percent, at 820.64.
An initially stronger yen … Read more : Tokyo shares mixed on yen’s ups and downs, US gains.

Sensex up 133 points in morning trade

MUMBAI – A benchmark index of Indian equities Thursday moved up 133 points higher in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,951.34 points, was ruling at 20,005.75 points, up 133.60 points or 0.67 percent at 19,872.15 points.
At the National Stock Exchange (NSE), the 50-share … Read : Sensex up 133 points in morning trade.

Money Market Operations as on October 20, 2010

…. Original article on Gaea Times at  : Money Market Operations as on October 20, 2010.

US stocks rebound on earnings’ reports

NEW YORK – Wall Street was buoyed Wednesday by corporate earnings’ reports from several major airlines and other companies, ending higher after the previous day’s sharp declines.

Yahoo said its income more than doubled to $396 million from $186 million in the year-ago quarter after markets closed Tuesday.
Delta Airlines, the second-largest US carrier, Wednesday … Read more : US stocks rebound on earnings’ reports.

Japanese bank to increase investments in Emirati projects

Abu Dhabi, Oct 20 (IANS/WAM) A leading Japanese financial institution Wednesday assured the United Arab Emirates of increasing Japanese investments in various Emirati projects.

Executive director of the Japan Bank for International Cooperation (JBIC) Fumio Hoshi met with UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi here and discussed ways of strengthening relations between …. Original source  : Japanese bank to increase investments in Emirati projects.

US to announce massive arms sale to Saudi Arabia

WASHINGTON – The US is expected to announce an arms deal with Saudi Arabia Wednesday worth up to $60 billion that would include advanced fighter jets, helicopters and other weaponry in what amounts to the largest US arms deal ever.

The Obama administration was also to inform Congress of the deal after weeks of discussions …. Original article on Gaea Times at  : US to announce massive arms sale to Saudi Arabia.

Bangladesh commerce minister arrives Thursday

NEW DELHI – Bangladesh Commerce Minister M. Faruk Khan will arrive here Thursday on a three-day visit during which he will hold talks with his Indian counterpart over strengthening bilateral trade.

The Bangladeshi minister will be accompanied by a 20-member delegation comprising of heads of different business chambers.
He will hold talks with Indian Commerce … Read this article on Gaea Times at : Bangladesh commerce minister arrives Thursday.

Four lakh vehicles added on Delhi roads

NEW DELHI – As many as 6,352,939 vehicles plied on Delhi roads during 2009-10 — a good four lakh jump from the previous year, a report said Wednesday.

According to the Delhi Statistical Hand Book-2010 prepared by the Directorate of Economics and Statistics, as many as 6,352,939 vehicles, including 2,013,680 jeeps and cars, were registered … Read this article on Gaea Times at : Four lakh vehicles added on Delhi roads.

Rediff introduces mobile email service

NEW DELHI – Rediff in partnership with Mahanagar Telephone Nigam Ltd (MTNL) Wednesday introduced a mobile email service for Rs.50 a month.

“We will provide quite secure and user-friendly services. Its most features are like BlackBerry. But it is cheaper, more importantly, works on most phones including entry-level phones, said Ajit Balakrishnan, chairman and CEO …. Original article on Gaea Times at  : Rediff introduces mobile email service.

Innovation key to solving country’s critical problems: PM

NEW DELHI – Prime Minister Manmohan Singh Wednesday said that innovation in conservation methods is key to solving the critical challenges our nation faces in providing food, water and energy security to the people.

“In India we have lived with the idea of being a resource-rich land, taking for granted the limitless bounty of …. Read the original article  : Innovation key to solving country’s critical problems: PM.

On-the-spot police recruitment begins in Jammu and Kashmir

JAMMU – Chief Minister Omar Abdullah Wednesday launched an on-the-spot police recruitment drive in the backward area of Warwan in Jammu and Kashmir’s Kishtwar district as part of efforts to grant jobs in remote areas.

It was after a gap of more than a decade that the drive was re-launched Wednesday. Omar’s father and former …. Original source  : On-the-spot police recruitment begins in Jammu and Kashmir.

Toyota Recall October 2010 Makes Headlines

AICHI, JAPAN (GaeaTimes.com)- The year 2010 has proved to be particularly bad for Japanese car maker Toyota motors. The shadow of recall is not leaving the famous car maker since the beginning of the year. The latest recall announced by Toyota becomes effective in October 2010. It was on Thursday that Toyota Motors … Read the original article on Gaea Times at : Toyota Recall October 2010 Makes Headlines.

IBS to host global aviation conference in Dubai next week

THIRUVANANTHAPURAM -Kerala-based travel and logistics software provider, IBS Software Services, is expecting to win more clients as passenger movements would be up by 7.5 per cent and cargo by 18.5 per cent this fiscal, according to the International Air Transport Association (IATA).

“In the last two years we have got 70 per cent of the …. Original source  : IBS to host global aviation conference in Dubai next week.

China vies with India for Nepal power project

KATHMANDU – Three Indian companies and an Indian joint venture are vying with three Chinese companies for a hydropower project in Nepal, underscoring the two giant neighbours’ growing interest, presence and eventual rivalry in Nepal’s energy industry.

Larsen and Toubro, and Mumbai’s Jyoti Structures Ltd and KEC International Ltd are the three Indian companies that … Read this article on Gaea Times at : China vies with India for Nepal power project.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 22, 2010 are:

Amount  (face value in ` crore)                         

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
…. Read the original article  : Liquidity Adjustment Facility : Auction Results.

Sensex languishes in afternoon trade

MUMBAI – A benchmark index of Indian equities was ruling dull in highly range-bound trade Friday afternoon, although buying was seen in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,334.14 points, was ruling at 20,228.66 points, down 31.92 points or 0.16 percent from its previous … Read : Sensex languishes in afternoon trade.

Nepal Maoists halt India-aided railway survey in Nepal

KATHMANDU – Keeping its sights trained on India-aided projects in Nepal, the opposition Maoist party has now obstructed the survey on a railway project in southern Nepal that is being funded by the Indian government to improve transport links between the two neighbouring countries and boost trade.

A detailed engineering survey of the 68km long …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.46 and the Reference Rate for Euro is ` 62.07 on October 22, 2010. The corresponding rates for the previous day (October 21, 2010) were ` 44.36 and ` 61.95 respectively. Based on the Reference Rate for US … Read more »»».

Larsen and Toubro issues long-term infrastructure bonds

KOLKATA – Larsen and Toubro (L and T) Infrastructure Finance Company Limited announced a public issue of long-term infrastructure bonds here on Thursday.

The issue was made under section 80CCF of Income Tax Act, 1961 to resident Indian individuals.

S. Maheshwari, Chief Executive Officer, L and T Infrastructure Bond Finance Company Limited said: “You get an yield … Read the original article on Gaea Times at : Larsen and Toubro issues long-term infrastructure bonds.

Wipro sees higher IT revenue in Q3 on strong growth

BANGALORE – Wipro Limited Friday projected marginally higher revenue of $1.33 billion from its global IT services business for the third quarter (Oct-Dec) of this fiscal (2010-11) on 4.5 percent sequential growth expectation.

We expect revenue from our IT services business to be $1.33 billion in third quarter as against $1.27 billion in second quarter …. Read the original article  : here.

RIM Check to keep tab on BlackBerry’s security deals

TORONTO – With Research In Motion (RIM) facing demands from India and other nations for access to its encrypted data, Toronto-based Citizen Lab Thursday launched a website to monitor BlackBerry data traffic to know its secret security deals – if any – with these countries.

RIM is said to have reached a deal with the …. Source  : RIM Check to keep tab on BlackBerry’s security deals.

Bangladesh wants ‘quota’ in Indian cotton export

DHAKA – Bangladesh will demand a separate quota in India’s export of raw cotton to ensure adequate supply for its garment sector, the prime foreign exchange earner of the country, in view of rising prices.

“We’ll demand a separate quota for raw cotton during the bilateral trade talks with India,” the Daily Star newspaper Friday …. Read the original article  : Bangladesh wants ‘quota’ in Indian cotton export.

Eyeing English readers, best-selling foreign authors head to India

NEW DELHI – Indian readers of contemporary English fiction are reaping a rich harvest as top British and American authors head to India to promote their books. Best-selling names Ken Follet, Peter James and Wilbur Smith are the latest to chart out trips to the country.

India has one of the biggest English language readerships … Read more >>>.

$917 mn finance for Madhya Pradesh power plant

WASHINGTON – The Export-Import Bank of the United States (Ex-Im) has approved a $917 million export finance guarantee to support US exports to the Sasan Power Ltd coal-fired power plant in Madhya Pradesh.

US vendors including Bucyrus International, located in Milwaukee, Wisconsin will sell and export mining and associated equipment to Sasan Power for the …. Original article on Gaea Times at  : $917 mn finance for Madhya Pradesh power plant.

Wipro projects $1.33 bn from IT business in Q3

BANGALORE – Wipro Ltd Friday projected $1.33 billion from its global IT services business in the third quarter (October-December) of fiscal 2010-11.

In a regulatory filing, the IT bellwether said Q3 guidance would be in the range of $1.32-1.34 billion, which is $65 million higher than its projection of $1.25-1.28 billion for the second quarter.
…. Original source  : Wipro projects $1.33 bn from IT business in Q3.

World Bank gives $13 mn for Mizoram roads project

WASHINGTON – The World Bank has approved a credit worth $13 million in additional financing for the Mizoram State Roads Project to continue revitalizing and modernising the state’s highway system.

The project will help improve the management and carrying capacity of the core state road network in order to lower transportation bottlenecks and costs, and … Original article on : World Bank gives $13 mn for Mizoram roads project.

Wipro net up 10 percent in second quarter

BANGALORE – Wipro Ltd Friday posted a net profit of Rs.1,285 crore (Rs.12.85 billion) for second quarter (July-Sep) of this fiscal 2010-11, registering an increase of 10 percent year-on-year (YoY).

In a regulatory filing, the IT bellwether said its total revenue for the quarter under review was Rs.7,731 crore (Rs.77.31 billion), an increase of 12 …. Source  : Wipro net up 10 percent in second quarter.

Record 5.2 million iPhones activated in US

SAN FRANCISCO – A record 5.2 million iPhones were activated in the last quarter by AT&T, which holds exclusive rights to the hit device in the US, the telecom giant has said.

The record-setting sales mark beat the previous record of 3.2 million iPhones that AT&T sold in the prior quarter, when Apple’s iPhone 4 …. Original source  : Record 5.2 million iPhones activated in US.

Money Market Operations as on October 21, 2010

… Read more : Money Market Operations as on October 21, 2010.

American Express profit up 70 percent

NEW YORK – American Express reported a profit boost of 70 percent in its third quarter over the same period last year, saying well-heeled card holders were spending more and paying their bills more often on time.

Net income was $1.09 billion, up from $642 million. Revenues were up 17 percent as tight controls on …. Read the original article  : American Express profit up 70 percent.

Tokyo shares rise on US gains

TOKYO – Tokyo stocks climbed in Friday morning trading, supported by modest overnight gains on Wall Street.

The benchmark Nikkei 225 Stock Average gained 34.23 points, or 0.37 percent, to trade at 9,410.71, while the broader Topix index was up 3.25 points, or 0.4 percent, at 823.65.
The market was cautious ahead of a two-day … Read : Tokyo shares rise on US gains.

Navi Mumbai airport plan tweaked on green concerns

MUMBAI – The Maharashtra government Friday made minor changes in the design of the proposed international airport at Navi Mumbai, keeping in view the objections raised by the environment ministry that had raised concerns about possible loss of mangrove forests.

This was conveyed to the central government appointed 13-member Expert Appraisal Committee (EAC), headed by … Read more »»».

Toyota Recall Announced Again!

AICHI, JAPAN (GaeaTimes.com)- Toyota Motors the eminent Japan based car maker which was known as the manufacturer of some of the most reliable and robust cars in the world is fighting the spate of recalls that started haunting it since the beginning of this year. The earlier recalls involving its flagship hybrid Prius …. Read the original article  : here.

Sensex ends flat, broader markets gain in volatile week (Weekly Market Review)

MUMBAI – The benchmark index for Indian stock markets ended flat in a rather volatile week of trade. Mid-to-smaller valued scrips, however, saw better buys.

The Bombay Stock Exchange’s 30-share sensitive index (Sensex) nudged 0.2 percent or 40.81 points up to end the week at 20,165.86 points.
At the National Stock Exchange (NSE), the 50-share …. Read the original article  : here.

IRDA move will kill variable insurance segment: Industry

CHENNAI – The category of variable insurance products (including universal life products) will be killed if the draft norms issued by the Indian insurance regulator is implemented in its current form, feel industry officials.

The Insurance Regulatory and Development Authority (IRDA) Thursday made two major announcements – issuance of draft on norms governing the variable …. Read the original article  : IRDA move will kill variable insurance segment: Industry.

CWG nips Himachal florists’ fortunes in bud

SHIMLA – The flower business in Himachal Pradesh is bouncing back with the onset of the festive and marriage season after the Commonwealth Games disaster as florists failed to get bulk orders to supply flowers, chiefly roses, carnations and marigolds, as expected.

Moreover, the restrictions imposed by the security agencies in the national capital during … Read more >>.

Snags hit Kolkata Metro again

KOLKATA – Metro services in Kolkata were disrupted yet again following technical snags Saturday, a day after its top boss was shunted out in the wake of a derailment three days ago.

A train failed to roll further due to a technical snag in the signalling panel board at Kavi Nuzrul station, a Metro … Read this article on Gaea Times at : Snags hit Kolkata Metro again.

Runway at world’s first commercial spaceport ready

LONDON – A runway at the world’s first commercial spaceport in New Mexico is complete and space tourists are expected to take flight in 18 months, with British industrialist Richard Branson likely to be among them, says a media report.

The Spaceport America in New Mexico desert is the world’s first facility designed to launch …. Original source  : Runway at world’s first commercial spaceport ready.

Not just match, Goa rains queer pitch for mining too

PANAJI – Rains are not just threatening to disrupt the India-Australia cricket match Sunday. The unprecedented October downpour in Goa, leading to turbulent seas, are also affecting the export of ore, a senior industry official said Friday.

Speaking to IANS, Goa Mineral Ore Exporters Association (GMOEA) executive director S. Sridhar said while it would …. Source  : Not just match, Goa rains queer pitch for mining too.

Breakthrough agreement on IMF reform

KYONGJU – Leading developed and developing nations Saturday agreed to far-reaching reforms of the International Monetary Fund aimed at giving more weight in IMF decision-making to developing countries.

The reforms are meant to reflect the growing power of developing countries such as China and India in the world economy by reapportioning IMF voting rights and … Read : Breakthrough agreement on IMF reform.

US stock indexes mixed in daily trading

NEW YORK – US benchmark indexes were mixed in daily trading Friday, but all three indexes capped their third straight week of gains.

Strong earnings reports through the week, accentuated by better than expected performances by passenger airlines, pushed investor interest, Bloomberg financial news agency reported.
The blue-chip Dow Jones Industrial Average shed 14.01 points …. Read the original article  : US stock indexes mixed in daily trading.

China, UAE discuss ways to boost ties

Beijing, Oct 22 (IANS/WAM) China and the United Arab Emirates Friday discussed ways to bolster bilateral relations in various fields, especially in the areas of energy and investment.

At a meeting with Chinese Vice President Xi Jinping here, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan hoped his visit to Beijing would further …. Original source  : China, UAE discuss ways to boost ties.

Nuclear bomb shelter put on sale

LONDON – A privately-owned bomb shelter in Britain capable of withstanding a blast 80 times that of the atomic bomb that devastated Hiroshima has been put on sale, a media report said Friday.

A man who feared a Cold War missile strike is selling his 350,000-pound house complete with a nuclear bunker, the Daily Telegraph …. Source article on Gaea Times at  : Nuclear bomb shelter put on sale.

Recovery in IT industry is solid, sustainable: Premji

BANGALORE – Recovery in the IT industry is solid and sustainable, as growth during the last two-three quarters has been exceptional, Wipro chairman Azim Premji asserted Friday.

Recovery in growth has been fairly exceptional, solid and sustainable. It is not a catch-up of the past demand. And lot of spending is discretionary, which again is …. Original source  : Recovery in IT industry is solid, sustainable: Premji.

Air India to pay employees incentive before Diwali

NEW DELHI – National carrier Air India has agreed to pay incentives to its employees before Diwali.

Earlier Air India had postponed the payment of performance linked incentives (PLI) to Nov 14, triggering protests from employees’ unions as the important festival of Diwali falls Nov 5.
The incentives and PIL has been preponed to Nov …. Source article  : Air India to pay employees incentive before Diwali.

Unauthorised interception of communications to be prosecuted

NEW DELHI – The central government Friday said companies and individuals who possess equipment having capabilities of monitoring and surveillance of communication have to file an information to the government within 60 days or they shall be liable for prosecution.

Those who fail to meet the deadline can face imprisonment of up to three … Read more »»».

Wipro admits to performing lower than industry peers (Second Lead)

BANGALORE – India’s third largest IT bellwether Wipro Ltd Friday admitted that its performance during the second quarter (July-Sept) of this fiscal was lower than industry peers TCS and Infosys Technologies sequentially and annually.

“We acknowledge and recognise the growth by the industry. We will rise to the occasion and the challenge by putting our organisation … Read more >>.

Indian tax authorities ask Vodafone to pay over Rs.112 bn

NEW DELHI – Indian tax authorities Friday asked global mobile firm Vodafone to pay over Rs.112 billion (around $2.53 billion) as tax in the 2007 purchase of Hutchinson Whampoa’s mobile business. Vodafone maintained it was not liable to pay and also questioned the calculation of the assessment.

The tax department’s claim of its right to …. Read the original article  : Indian tax authorities ask Vodafone to pay over Rs.112 bn.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 22, 2010 are:

Amount  (face value in Rs. crore)                   

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
…. Source article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.

182-day Treasury Bills auction : Rs.2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on October 27, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the …. Source article  : 182-day Treasury Bills auction : Rs.2,000 crore under regular auction.

91-day Treasury Bills auction : Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on October 27, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at … Read more »».

India to set up autonomous civil aviation watchdog

NEW DELHI – The Air India Express crash in Mangalore in May that killed 158 passengers and crew has led India to fast-track an independent Civil Aviation Authority (CAA) to ensure better aviation safety, security and regulation, a top official said.

The autonomous authority will provide for more flexibility and faster decision-making, along with greater … Read more >>>.

A bewitching Taj under the full moon

AGRA – The Taj Mahal looked ethereal as it glistened under a full moon Saturday, providing an “unforgettable experience” to a large number of tourists who had come to view the 17th century white marble mausoleum in Agra.

All the 400 tickets to the Taj were sold Friday and people were allowed to enter in …. Read the original article  : A bewitching Taj under the full moon.

Exporters expect demand to pick up, wary of currency fluctuations

NEW DELHI – Indian exporters are optimistic about rise in demand in key markets such as the US and European Union (EU) in the coming months, although the spike in prices of raw material and an appreciating rupee continue to hurt margins.

About 64 percent of exporters’ current conditions are substantially better compared to the …. Read the original article  : Exporters expect demand to pick up, wary of currency fluctuations.

From Tetris to Batman: new video games with familiar faces

MUNICH – Whether its former New York cop Kyle Hyde – now investigating crime as a detective – or Batman, this autumn making his umpteenth digital return to Gotham City, one thing is clear, old favourites are in fashion for gaming this season.

Tetris is perhaps the most familiar face to return to the gaming …. Original article on Gaea Times at  : From Tetris to Batman: new video games with familiar faces.

Villagers give nod to Jindal project

RAIPUR – Dozens of villagers Saturday gave the nod to Jindal Power Limited’s (JPL) coal washery project but expressed concern about pollution fallout due to the project to Kelo river, the lifeline of the people in Raigarh district.

A public hearing was held at a school complex at Tamnar area, some 250 km from here … Read more : Villagers give nod to Jindal project.

Mamata hints at CPI-M hand in Kolkata Metro snags

KOLKATA – Trinamool Congress chief and Railway Minister Mamata Banerjee Saturday hinted that the recent snags in Kolkata Metro and train accidents in West Bengal are the handiwork of the ruling Communist Party of India-Marxist (CPI-M) to defame her.

“I have all the information. I know who are creating these problems in Metro,” …. Original article on Gaea Times at  : Mamata hints at CPI-M hand in Kolkata Metro snags.

India- Bangladesh sign MOU to establish Border Haats

NEW DELHI – India and Bangladesh here on Saturday signed a Memorandum of Understanding (MOU) for establishing Border Haats, a traditional commodity market, along the Meghalaya-Bangladesh border.

Two agreements on procedures were signed to facilitate movement … Read more »»».

Categorise households for legal entitlement of foodgrain: NAC

NEW DELHI – The National Advisory Council (NAC), chaired by Sonia Gandhi, Saturday urged the government to move beyond the below poverty line (BPL) criteria and recommended “priority” and “general” categories for legal entitlement of foodgrain under the proposed food security act.

“The priority households (46 percent in rural areas and 28 percent in urban … Read more : Categorise households for legal entitlement of foodgrain: NAC.

Kids come before jobs for working women: Survey

NEW DELHI – Women prefer to work part time, rather than take up a full-time job, in order to spend maximum time with their children, a report said Saturday.

According to the study “Women’s Preference Towards Work”, conducted by the Associated Chambers of Commerce and Industry of India’s (Assocham) Social Development Foundation, (ASDF), seven in …. Source  : Kids come before jobs for working women: Survey.

Pakistani legislators want liquor ban to be lifted

ISLAMABAD – Pakistani legislators are advocating lifting of the ban on sale of liquor in state-run hotels and resorts in a desperate bid to “attract tourists and increase revenue”, the Express Tribune reported Saturday.

In a meeting of the Senate’s standing committee on tourism, chairperson of the committee Nilofer Bakhtiar questioned the “wisdom behind … Original article on : Pakistani legislators want liquor ban to be lifted.

Mothers prefer part-time jobs: Survey

NEW DELHI – Working women prefer to opt for part-time jobs if they have kids, a study published by the Associated Chambers of Commerce and Industry of India (Assocham) said Saturday.

Over 4,700 working parents in cities like Delhi, Mumbai, Chandigarh, Pune, and Bangalore, among others, were part of the survey conducted by Assocham’s … Original article on : Mothers prefer part-time jobs: Survey.

Rain adds to misery of paddy farmers in Punjab

CHANDIGARH – Friday’s rain has added to the woes of Punjab farmers, who have been desperately waiting for the procurement of their paddy crop which is lying in the state’s grain markets.

They fear rotting of their yield as the moisture content in it has gone up with rainfall and hailstorms. The farmers are also … Read : Rain adds to misery of paddy farmers in Punjab.

Southwest Airlines On A High

DALLAS (GaeaTimes.com)- Southwest Airlines the budget carrier is reaping the benefits of the acquisition deal it had signed with AirTran Airways. The airline is now going to extend its flight operations in places like South Carolina. From Greenville and Charleston the airline is going to begin its 7 flights a week scheme. … Read more >>>.

State Government of Andhra Pradesh announces Auction of State Development Loan 2020 for Rs.500.000 crore on October 26, 2010

Please refer to our earlier press release dated October 21, 2010, announcing SDL Auction for ten State Governments to be held on October 26, 2010. In this connection, the State Government of Andhra Pradesh has also announced the sale of its 10-year State Development Loan (SDL) for an aggregate amount of …. Source  : State Government of Andhra Pradesh announces Auction of State Development Loan 2020 for Rs.500.000 crore on October 26, 2010.

Investment by FIIs under PIS : M/s. GMR Infrastructure Limited

The Reserve Bank of India today notified that M/s. GMR Infrastructure Limited (rbi.org.in/scripts/BS_FiiUSer.aspx#GMRI) has agreed to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges, under the Portfolio Investment Scheme (PIS) up to 35 per … Read the original article on Gaea Times at : Investment by FIIs under PIS : M/s. GMR Infrastructure Limited.

China launches online map service

BEIJING – China has launched an official online mapping service as internet giant Google is yet to apply for a licence to provide a similar service in the country.

The State Bureau of Surveying and Mapping (SBSM) officially unveiled the free online service Map World Thursday, the China Daily reported Friday.
The service will …. Read the original article  : here.

From next year, no operations from unlicensed airports

NEW DELHI – Air transport service providers that operate from smaller unlicensed airports will not be allowed to do so after June 30, 2011, a statement by the Ministry of Civil Aviation here Friday said.

No person shall operate scheduled air transport services to or from an aerodrome with effect from June 30, 2011, unless … Original article on : From next year, no operations from unlicensed airports.

Foxconn sets up $2bn plant in China

BEIJING – Electronic giant Foxconn Friday announced the opening of its new manufacturing plant in southwest China with an investment of $2 billion.

The new plant in Chengdu, provincial capital of Sichuan, will produce mainly laptop computers, Xinhua reported.
Investment for the first phase stands at $299 million, with total investment due to reach $2 …. Source article on Gaea Times at  : Foxconn sets up $2bn plant in China.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2009

2010

Variation

Oct. 16

Oct. 8

Oct. 15#

Week

Year

1

2

3

4

5

6

Loans and advances

 

 

 

 

 

Central Government

—

—

—

—

—

State Governments

348

1,291

1,705

415

1,358

2. Foreign Exchange Reserves

 

Variation over

Item

As on Oct. 15, 2010

Week

End-March 2010

End-December 2009

Year

`
Crore

US$
…. Source article on Gaea Times at  : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

Sensex closes 94 points lower, Wipro loses on poor results (Roundup)

MUMBAI – A benchmark index of Indian equities closed 94 points lower Friday with selling pressure intensifying in frontline stocks, erasing most of the gains from earlier sessions.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,334.14 points, closed at 20,165.86 points, down 94.72 points or 0.47 percent … Original article on : Sensex closes 94 points lower, Wipro loses on poor results (Roundup).

Manmohan to launch ‘Little India’ in Malaysia trip

KUALA LUMPUR – Indian Prime Minister Manmohan Singh will address business honchos during his visit to Malaysia later this week and also launch the “Little India” business centre here.

Manmohan Singh’s visit comes after his Malaysian counterpart Najib Tun Razak went to India in January, when they pledged to further boost the 53-year old ties [..] Read the original article: here.

Petronet LNG’s second quarter profit up 8.65 percent

MUMBAI – Petronet LNG Ltd Monday reported an increase of 8.65 percent in its net profit for the second quarter of the current fiscal that stood at Rs.131.12 crore as compared to Rs.120.67 crore in the like period of the corresponding year.

“The company has posted a net profit of Rs.1,311.239 million for the quarter … Original article on : Petronet LNG’s second quarter profit up 8.65 percent.

Head-loaders go on strike across Maharashtra

VASHI – More than one lakh head-loaders across Maharashtra went on an indefinite strike Monday, demanding better wages and housing facilities from the state government.

The strike, if it continues, may lead to rise in fruit and vegetable prices and is expected to hit the farm produce market here where the men load and … Read more »»».

India is an inspiration: Rwandan minister

NEW DELHI – Rwanda, a Commonwealth nation in eastern Africa that is trying to evolve as a nascent democracy, wants the Indian government to get more of its dynamic companies to invest in the continent and is scouting for joint ventures in education, energy, health and other economic sectors.

“The Indian government needs to look … Read : India is an inspiration: Rwandan minister.

Experts to discuss innovative housing techniques

NEW DELHI – Experts from 23 countries will meet here Thursday to discuss innovative building technologies for constructing affordable housing, officials said Monday.

The day-long conference will be inaugurated by Housing and Urban Poverty Alleviation Minister Kumari Selja.
… Read more : Experts to discuss innovative housing techniques.

Arunachal hydro project could lead to flooding: Experts

GOGAMUKH – An expert committee set up by the Assam government to study environmental concerns over construction of mega dams has warned of excessive flooding if the 2,000 MW Lower Subansiri Hydro Power Project in Arunachal Pradesh was allowed to continue with its present structural design.

“We have recommended some remedial measures like flood moderators … Read this article on Gaea Times at : Arunachal hydro project could lead to flooding: Experts.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.36 and the Reference Rate for Euro is ` 62.33 on October 25, 2010. The corresponding rates for the previous day (October 22, 2010) were ` 44.46 and ` 62.07 respectively. Based on the Reference Rate for US …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 25, 2010 are:

Amount  (face value in ` crore)                     

Item

1 day Reverse Repo Auction (Sale of securities by RBI)

1 day Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

India asks Japan to help achieve infrastructure targets

TOKYO – India envisages financial outlays of over $1 trillion in the next Five Year Plan and while much of this would come “from within”, it would welcome support from Japanese companies, Indian Prime Minister Manmohan Singh told Japanese business leaders Monday.

“During India’s next Five Year Plan from 2012 to 2017, we envisage financial …. Original article on Gaea Times at  : India asks Japan to help achieve infrastructure targets.

Sensex up 117 points in morning trade

MUMBAI – A benchmark index of Indian equities Monday was ruling 117 points higher in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,199.73 points, was ruling at 20,283.37 points, up 117.51 points or 0.58 percent from its previous close at 20,165.86 points.
At the National Stock … Original source on Gaea Times at : Sensex up 117 points in morning trade.

Tokyo shares down on stronger yen

TOKYO – Tokyo stocks fell in Monday morning trading as a stronger yen weighed on the market after a meeting of the Group of 20 (G20) finance ministers had little impact on currency markets.

The benchmark Nikkei 225 Stock Average lost 26.91 points, or 0.29 percent, to trade at 9,399.8 while the broader Topix index … Original article on : Tokyo shares down on stronger yen.

Question mark over civil nuclear deal with Japan

TOKYO – India will not force the civil nuclear agreement on Japan as it recognises the sensitivities involved, Prime Minister Manmohan Singh said here Monday, putting a question mark on the pact that was being discussed between the two countries for the last few months.

“I recognise the sensitivity of the (nuclear) issue in Japan … Read more : Question mark over civil nuclear deal with Japan.

‘Multinationals seeking to control global farming’

NAGOYA – The world’s largest seed and agrochemical corporations are filing hundreds of sweeping, multi-genome patents by saying they are developing “climate-ready” crops that will grow in a warmer world but they are actually making a bid to control global farming, the international NGO ETC Group charged here Monday.

A handful of multinational corporations are …. Source  : Gaea News Network.

Money Market Operations as on October 22, 2010

…. Source article  : Money Market Operations as on October 22, 2010.

Singapore bourse bids to merge with Australian exchange

SINGAPORE – The Singapore Stock Exchange (SGX) said Monday it has entered a merger agreement with Australian bourse operator Australian Stock Exchange Ltd (ASX), in a move that would create one of the largest stock exchanges in the world.

The proposed deal would have a volume of about $8.3 billion in cash and stock bid, …. Source article on Gaea Times at  : Singapore bourse bids to merge with Australian exchange.

Nokia Siemens Networks, du to upgrade Dubai telecom service

Dubai, Oct 24 (IANS/WAM) The United Arab Emirate’s telecom service provider, du, has signed a deal with Nokia Siemens Networks to comprehensively upgrade its mobile operations across the country, investing AED 400 million ($108 million).

Nokia Siemens Networks will expand du’s 2G network and introduce its 3G HSPA+ network with speeds of up to 42Mb … Read this article on Gaea Times at : Nokia Siemens Networks, du to upgrade Dubai telecom service.

Maharashtra farmers demand higher price for cotton

NAGPUR – Farmers from Vidarbha and Marathwada regions will hold Maharashtra’s first “Kapus Parishad” (Cotton Conclave) here Oct 26 where they will demand higher prices for cotton, an activist said here Sunday.

Organised by NGO Vidarbha Jan Andolan Samiti (VJAS), the conference will seek the government’s intervention in increasing the prices of raw cotton from … Read more >>>.

PM lures Japanese investors to India’s development plans

TOKYO – Prime Minister Manmohan Singh, on a three-day visit to Japan, has pushed for greater Japanese investment in India’s “ambitious development plans”, citing his country’s growing market, its young work force and an evolving policy framework.

“In recent years, the policy framework relating to investment, taxation, foreign trade, finance, capital markets and regulatory systems …. Read the original article  : PM lures Japanese investors to India’s development plans.

PM in Japan to give new edge to ‘old relationship’

TOKYO – Prime Minister Manmohan Singh arrived here on a rain-splattered Sunday evening for a three-day visit to further India’s strategic interests with Japan straddling the twin fronts of economy and diplomacy.

Manmohan Singh, accompanied by his wife Gursharan Kaur, was welcomed at the Haneda International Airport by Japanese Vice Minister for Foreign Affairs Ikuo …. Source article  : PM in Japan to give new edge to ‘old relationship’.

Badal asks PM to relax paddy procurement norms

CHANDIGARH – Punjab Chief Minister Parkash Singh Badal Sunday warned the central government that the state farmers’ resentment might erupt into anger if the quality specifications of paddy were not relaxed during the ongoing procurement process.

“We need to come to the aid of the beleaguered farmer who sweats and toils for the nation. The … Read the original article on Gaea Times at : Badal asks PM to relax paddy procurement norms.

Metro starts trial runs up to Badarpur

NEW DELHI – Delhi Metro Tuesday began trial runs between Sarita Vihar and Badarpur in south Delhi, paving the way for the entire Central Secretariat-Badrapur corridor to become operational next month.

At present, Metro services on the corridor are available between Central Secretariat and Sarita Vihar.
A Delhi Metro official said the trial runs … Original source on Gaea Times at : Metro starts trial runs up to Badarpur.

Reliance launches SMS conference calls

MUMBAI – Telecom service provider Reliance Communications Tuesday launched SMS based voice conference calls as an extension to its product Group Talk, a handset independent mobile conferencing service.

This service will be made available to all Reliance Mobile GSM and CDMA subscribers using any handset through the ‘SMS based mobile conferencing’ solution from US-based … Read : Reliance launches SMS conference calls.

India will grow 8.75 percent now, 9 percent soon: Mukherjee

NEW DELHI – With clear signals of an all-round upturn, thanks to the fiscal stimulus measures since December 2008, the Indian economy will grow at 8.25-8.75 percent this fiscal, speeding to 9 percent soon, Finance Minister Pranab Mukherjee said Tuesday.

“The recovery is also broad-based across industry, services and agriculture,” Mukherjee said, inaugurating the annual … Read more >>>.

Iran injects fuel into nuclear reactor

TEHRAN – The delayed loading of fuel into the core of Iran’s first nuclear power plant took place Tuesday in the southern port city of Bushehr, the Fars news agency said.

A total of 163 fuel rods are gradually to be injected into the Russian-built, 1,000-megawatt reactor, Fars said.
The power plant’s construction has been … Read more >>.

Pranab Mukherjee assures Indian economy will grow at 8.25-8.75 percent in current fiscal

NEW DELHI – Finance Minister Pranab Mukherjee on Tuesday said the economy will grow by 8.25-8.75 percent in the current fiscal and will return to an average growth rate of nine percent soon, but food prices continue to drive inflation.

Mukherjee said that economic growth would exceed nine percent in the near future stating that …. Source article on Gaea Times at  : Pranab Mukherjee assures Indian economy will grow at 8.25-8.75 percent in current fiscal.

Indigo plantation may resume in Pakistan after a century

ISLAMABAD – A project has been initiated by a local organisation in Pakistan’s Sindh province for the revival of indigo cultivation that was abandoned in the region almost 100 years back, a media report said.

A seminar was held in this regard by Goth Sudhar Sangat, a community-based organisation of Haji Khan Keerio village, in …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.43 and the Reference Rate for Euro is ` 62.07 on October 26, 2010. The corresponding rates for the previous day (October 25, 2010) were ` 44.36 and ` 62.33 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

SEBI sets disclosure terms for life insurance companies

MUMBAI – The Securities and Exchange Board of India (SEBI) has spelt out disclosure norms for the life insurance companies if they sell shares to the public through Initial Public Offer (IPO).

Board approved the recommendations for disclosure by insurance companies made by the SEBI Committee on Disclosures and Accounting Standards (SCODA).

“The question of public issues … Read more : SEBI sets disclosure terms for life insurance companies.

Curfew in Srinagar areas to prevent protests

SRINAGAR – Curfew was imposed in Old City areas in this summer capital of Jammu and Kashmir Tuesday following a call for protests and shutdown by separatists, police said.

Curfew has been imposed in five police station areas to maintain law and order,” a senior police official said.
The hardline faction of the separatist Hurriyat …. Original article on Gaea Times at  : Curfew in Srinagar areas to prevent protests.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 26, 2010 are:

Amount (face value in ` crore)                           

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction 
…. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Indian economy will grow 8.25-8.75 percent: Mukherjee

NEW DELHI – The Indian economy is witnessing clear signals of an all-round recovery thanks to the fiscal stimulus measures since December 2008, and the country will grow at 8.25-8.75 percent this fiscal, Finance Minister Pranab Mukherjee said Tuesday.

“The recovery is also broad-based across industry, services and agriculture,” Mukherjee said, inaugurating the annual Economic … Read this article on Gaea Times at : Indian economy will grow 8.25-8.75 percent: Mukherjee.

India’s ‘Look East’ policy has strategic goals (Comment)

Prime Minister Manmohan Singh’s three-nation visit to Japan, Malaysia and Vietnam marks a reassertion of India’s resolve to pursue its “Look East Policy” to achieve its strategic, geo-political and economic goals.

The signing of a commitment to expand trade with Malaysia next week, a number of pacts with Vietnam and an understanding with Japan on …. Original article  : India’s ‘Look East’ policy has strategic goals (Comment).

China to set up store chain in rural areas

BEIJING – China plans to establish a major store chain in rural areas across the country, a media report said Tuesday.

It is expected to help promote the government’s five-year strategy to boost consumption, China Daily reported.
“By the end of the 12th Five-Year Plan all the counties and 90 percent of the administrative villages … Read more : China to set up store chain in rural areas.

Sensex ruling flat in early trade

MUMBAI – A benchmark index of Indian equities Tuesday was ruling flat in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,325.44 points, was ruling at 20,312.07 points, up 8.95 points or 0.04 percent from its previous close at 20,303.12 points.
At the National Stock Exchange (NSE), …. Original source  : Sensex ruling flat in early trade.

Fiat CEO’s anti-Italy comments spark outrage

Rome, Oct 26 (IANS/AKI) Fiat chief executive Sergio Marchionne’s remarks that the car maker would be better off without Italy provoked outrage from labour and government leaders.

During an interview on RAI state television on a popular Sunday-evening talk show, Marchionne blamed rigid unions and labour law for its money-losing Italian operation.
“We still have …. Source  : Gaea News Network.

Money Market Operations as on October 25, 2010

… Read : Money Market Operations as on October 25, 2010.

Tokyo shares edge down on stronger yen

TOKYO – Tokyo stocks inched lower in Tuesday morning trading as export-oriented issues were hurt by the yen’s appreciation.

The benchmark Nikkei 225 Stock Average lost 17.76 points, or 0.19 percent, to trade at 9,383.4 while the broader Topix index was down 2.2 points, or 0.27 percent, at 819.03.
Japanese Prime Minister Naoto Kan’s cabinet …. Read the original article  : Tokyo shares edge down on stronger yen.

Japan’s cabinet approves 5.09-trillion-yen stimulus package

TOKYO – Japanese Prime Minister Naoto Kan’s cabinet approved a 5.09-trillion-yen ($62.9 billion) stimulus package Tuesday to address the yen’s rise and counter deflation.

The government aims to spur domestic demand, improve the business environment and revitalise regional economies with the package, which includes public works projects.
The government must still gain approval from parliament … Read more >>.

US hotel rates to rise next year

NEW YORK – Hotel rates in the US are expected to increase by an average of 10 percent next year, a media report said.

Air fares are also likely to increase, but rental-car fares would stay the same because of heavy competition and a huge inventory of such cars, Xinhua reported citing the Los Angeles …. Original article  : US hotel rates to rise next year.

US stocks rise across board on G20 pledge

NEW YORK – The three US benchmark stock indexes rose Monday, buoyed by agreement among the Group of 20 nations in South Korea to prevent a currency war and stronger home sales.

The gathering of G20 finance ministers and central bank chiefs in Kyongju, South Korea, over the weekend produced a call to move towards [..] Read the original article: here.

India, Malaysia announce comprehensive economic pact (Second Lead)

PUTRAJAYA – India and Malaysia Wednesday announced the conclusion of negotiations on the Comprehensive Economic Cooperation Agreement (CECA), saying it would take the bilateral engagement to new heights.

Indian Prime Minister Manmohan Singh and his Malaysian counterpart Najib Tun Razak said the agreement will be signed by Jan 31, 2011, and come into force … Original source on Gaea Times at : India, Malaysia announce comprehensive economic pact (Second Lead).

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 27, 2010 are :

Amount  (face value in ` crore)                    

Item

1 days Reverse Repo Auction (Sale of securities by RBI)

1 days Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.52 and the Reference Rate for Euro is ` 61.47 on October 27, 2010. The corresponding rates for the previous day (October 26, 2010) were ` 44.43 and ` 62.07 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Burundi builds trade bridge with India over pots and pans

NEW DELHI – The little landlocked republic of Burundi in the great lakes region of East Africa is forging an unusual business bridge with India by importing casseroles and cooking pans.

“The price of kitchenware is reasonable in India unlike many developed nations across the world with which the country has business ties,” Burundi’s Ambassador … Read : Burundi builds trade bridge with India over pots and pans.

The sky is the limit for ASEAN-India cooperation (Comment)

Prospects of more Southeast Asians working in India and skilled Indians — techies and teachers, bankers and accountants, engineers and architects — making their presence felt in key sectors in that region have brightened.

The Eighth ASEAN-India Summit taking place in Vietnam Sunday cannot but underscore the need for accelerating the pace of economic cooperation …. Source  : Gaea News Network.

Arunachal mega dam creates political storm in Assam

GUWAHATI – A mega dam being built in Arunachal Pradesh has become a major political issue in Assam, with the opposition making it clear it will use its anti-dam stand as an election plank ahead of next year’s assembly polls.

The row concerns the 2,000 MW Lower Subansiri Hydro Electric Power Project in Arunachal Pradesh … Original article on : Arunachal mega dam creates political storm in Assam.

Obama to meet with US business leaders in India

WASHINGTON – During his India trip, US President Barack Obama will meet top US business leaders, including India-born Pepsico chairperson Indra Nooyi, to “discuss the opportunities and challenges of doing business in India,” according to the White House.

The business delegation meeting Obama will include Honeywell International Inc’s David Cote, Boeing Co’s Jim McNerney, General … Read more »».

India, Malaysia announce comprehensive economic pact

KUALA LUMPUR – India and Malaysia Wednesday announced completion of negotiations on the Comprehensive Economic Cooperation Agreement (CECA), saying it will significantly transform their bilateral engagement.

Indian Prime Minister Manmohan Singh and his Malaysian counterpart Najib Tun Razak said the agreement will be signed by Jan 31, 2011, and come into force July 1.
Razak … Read the original article on Gaea Times at : India, Malaysia announce comprehensive economic pact.

Money Market Operations as on October 26, 2010

… Original source on Gaea Times at : Money Market Operations as on October 26, 2010.

Japan stocks inch up as yen appreciation eases

TOKYO – Japanese stocks rose in early Wednesday trading, buoyed by a halt in the yen’s rise against the US dollar, which in recent weeks had seen its highest levels in 15 years.

The benchmark Nikkei 225 Stock Average gained 64.36 points, or 0.69 percent, to trade at 9,441.74 while the broader Topix index was … Read more »».

BlackBerry stock soars after tablet demo

TORONTO – BlackBerry stock soared more than six percent Tuesday after a demonstration of its just-unveiled PlayBook tablet Monday.

After hovering under $50 for some time, RIM stock rose almost 6.2 percent to close at $56.17 on the Toronto Stock Exchange (TSE) Tuesday.
But the stock is still almost one-third of its peak of $150 … Read : BlackBerry stock soars after tablet demo.

US stocks, consumer confidence edge higher

NEW YORK – Major US stock indices inched higher Tuesday, mirroring a slight rise in the confidence of US consumers.

The New York-based Conference Board’s index of confidence climbed to 50.2 in October from 48.6 in September. The index remains near record lows as unemployment remains high and the economy struggles to pull out of … Read the original article on Gaea Times at : US stocks, consumer confidence edge higher.

China’s Wuhan city wants to invest in Kolkata

KOLKATA – A delegation from China’s Wuhan city Tuesday evinced interest in investing in the New Town area that is being developed near Rajarhat in Kolkata’s north eastern fringes.

“We are interested in developing a manufacturing hub to produce building materials in the New town area,” said Yang Guocheng, deputy secretary General of … Read more >>>.

TCS to do Delhi Jal Board’s billing

NEW DELHI – The Tata Consultancy Services (TCS) will do the billing work for the Delhi Jal Board (DJB) for the next five years, an official said Tuesday.

“The TCS will do the billing work for the DJB for five years and also teach its staff about the process. Also, Delhi Integrated Multi Modal Transit [..] Read the original article: here.

Education reforms must to build talent faster: Murthy

BANGALORE – India needs drastic reforms in the education sector to build a vast talent pool for driving the IT industry growth faster, Infosys Technologies Ltd chairman N.R. Narayana Murthy said Monday.

“We require a reforms programme in the education sector similar to the economic reforms in the nineties that ushered in the liberalization era,” … Read the original article on Gaea Times at : Education reforms must to build talent faster: Murthy.

Delhi celebrates ‘Festive Hong Kong Week’

NEW DELHI – Brightly coloured dcor and a fascinating lion dance performance kicked off the “Festive Hong Kong Week” here Tuesday.

Organised by the Hong Kong Tourism Board (HKTB), the six day consumer fair from Oct 26 will be held at the Select City Walk mall in Saket area of south Delhi. It will showcase …. Original article  : Delhi celebrates ‘Festive Hong Kong Week’.

Tata Housing to invest Rs.1.5 bn in Chennai

CHENNAI – Tata Housing Development Company Ltd, which is making its foray into the Chennai residential market, plans to invest around Rs.1,500 crore, a company official said Tuesday.

The company is also in talks with various state governments to promote affordable housing projects.
“During the current year, we will invest around Rs.1,500 to Rs.2,000 crore,” …. Read the original article  : here.

Tony Blair’s wife flogs his autograph on eBay

LONDON – Tony Blair’s wife Cherie has landed herself into a controversy after she put on sale the former British prime minister’s autograph for 10 pounds on eBay, an auction website, a media report said Tuesday.

Cherie, 56, advertised a signed “bookplate” page which fits copies of Blair’s autobiography “A Journey”, The Sun reported. … Read more »».

No mercy for Bluelines, they will go, says Dikshit

NEW DELHI – Delhi’s Chief Minister Sheila Dikshit made it clear Tuesday that her government was determined to banish Blueline buses from December and blamed the private fleet for its impending fate.

Speaking a day after her government finally decided to do away with a service blamed for hundreds of deaths on the roads, she …. Read the original article  : here.

DDA, Spanish group to cooperate in urban planning

NEW DELHI – The Delhi Development Authority (DDA) Tuesday signed a memorandum of understanding (MoU) with a Spanish group for cooperation in the field of urban planning.

“The MoU was signed between the DDA and Barcelona Strategic Urban Systems of Spain at Raj Bhavan. While Veena Ish represented the DDA, the Spanish body was represented …. Source article  : DDA, Spanish group to cooperate in urban planning.

India’s premier ICT event kicks off in tech hub Bangalore

BANGALORE – India’s premier information and communication technology (ICT) event “Bangalore IT.biz 2010″ got underway in this tech hub Thursday on an upbeat note, with the IT industry returning to the growth path after a year of downturn.

With “Billion-strong Empowered by ICT” as the theme of the conference, the inaugural session of three-day event …. Original article  : India’s premier ICT event kicks off in tech hub Bangalore.

Cigarette butts mean money in Chinese city

BEIJING – A city in China has begun offering money to its residents who pick up discarded cigarette butts as part of a campaign to keep its streets clean. Over seven million cigarette butts have already been collected.

The unique initiative was launched in Xianyang city in Shaanxi province.
Hou Xi’an, an official, said: “We …. Original article on Gaea Times at  : Cigarette butts mean money in Chinese city.

Sensex moves up in afternoon trade

MUMBAI – After remaining range-bound for most part of the morning session, a benchmark index of Indian equities Thursday moved up in afternoon trade. Broader markets were, however, dull on the futures expiry day.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,116.49 points, was ruling at 20,096.78 points, …. Source article  : Sensex moves up in afternoon trade.

New LTE tech to revolutionize wireless experience

TORONTO – The new-generation wireless technology called long-term evolution (LTE) is set to revolutionize wireless experience on smart phones or tablets and other mobile devices.

When networks around the world adopt LTE by 2012, it will boost their speeds and capabilities, leading to high-definition streaming of movies, full-screen video chatting and multi-player gaming as fast …. Original article  : New LTE tech to revolutionize wireless experience.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.49 and the Reference Rate for Euro is ` 61.56 on October 28, 2010. The corresponding rates for the previous day (October 27, 2010) were ` 44.52 and ` 61.47 respectively. Based on the Reference Rate for US … Read more »».

Delhi HC lawyer charges Audi India with selling defective Rs.40 lakh car

NEW DELHI – The Indian unit of German car manufacturer Audi is now in the news for the wrong reasons. It has been accused of selling a defective Audi A6 car to a Delhi-based lawyer.

Though Audi India maintains that it has done no wrong and blames the concerned lawyer for damaging the car part in … Read more >>.

India’s annual food inflation falls to 13.75 percent

NEW DELHI – India’s annual food inflation fell to 13.75 percent for the week ended Oct 16, from 15.53 percent in the previous week. This may provide some relief to consumers.

Official data released Thursday showed the annual inflation rate for the primary articles group dipped to 16.62 percent during the week under review, compared … Read : India’s annual food inflation falls to 13.75 percent.

Time to integrate nature into national plans: UN environment chief (Interview)

NAGOYA – Economists have proved that countries are paying a great price by not integrating the values of natural resources into their budgets and plans. Now that techniques to value these resources are well developed, it is time to change national planning, says UN Environment Programme (UNEP) chief Achim Steiner.

On the sidelines of the …. Original article on Gaea Times at  : Time to integrate nature into national plans: UN environment chief (Interview).

India pioneers global plan to green economy

NAGOYA – India will be one of two countries to pioneer “a global partnership that will fundamentally change the way governments value their ecosystems”, World Bank President Robert B. Zoellick announced here Thursday.

“We are here to do something that none has done before,” Zoellick declared at a press conference on the sidelines of the [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 28, 2010 are:

Amount  (face value in ` crore)                         

Item

1 days Reverse Repo Auction
(Sale of securities by RBI)

1 days Repo Auction 
… Read more »».

It’s adieu to 1,600 Blueline buses in Delhi

NEW DELHI – With a government notification coming into effect Thursday, 1,600 privately run Blueline buses went off the capital’s roads. While many commuters have welcomed the decision, others are now worried about overcrowded public transport.

Often termed the ‘killer fleet’ for numerous accidents and deaths, the private bus service has been under fire for … Read more >>.

Petrobras finds oil signs during deepwater exploration

Rio de Janeiro, Oct 28 (IANS/EFE) Brazilian state-controlled energy giant Petrobras said signs of oil found at in its first deepwater exploration well in the Sergipe-Alagoas Basin mark the opening of a new “exploratory frontier”.

The Rio de Janeiro-based company said the crude discovered in the Barra well of that basin, located off the coasts … Read : Petrobras finds oil signs during deepwater exploration.

Italy business confidence highest since May 2008

Rome, Oct 28 (IANS/AKI) Italy’s business confidence rose to the highest level since May 2008 as businesses ramped up orders amid increased optimism over the fate of Europe’s fourth-largest economy.

“There is a marked recovery in orders, foreign ones in particular,” Rome-based research centre Isae said Wednesday in a statement. “There is also a slight … Read the original article on Gaea Times at : Italy business confidence highest since May 2008.

Sensex quiet in opening trade

MUMBAI – A benchmark index of Indian equities Thursday was ruling moderately higher in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,116.49 points, was ruling at 20,058.22 points, up 52.85 points or 0.26 percent from its previous close at 20,005.37 points.
At the National Stock Exchange … Read this article on Gaea Times at : Sensex quiet in opening trade.

Japan stocks dip on earnings concern

TOKYO – Japanese stocks dipped in early Thursday trading as the dollar weakened against the yen after two days of gains.

The benchmark Nikkei 225 Stock Average lost 5.77 points, or under 0.06 percent, to trade at 9,381.26 while the broader Topix index was down 1.40 points, or 0.17 percent, at 816.36.
On currency markets …. Original article on Gaea Times at  : Japan stocks dip on earnings concern.

US hopes CSC will give American firms level playing field

WASHINGTON – The United States has welcomed the signing by India of an international treaty governing global civil nuclear liability to address a key irritant in the way of implementing the landmark India-US civil nuclear deal.

“This is a very big deal,” Geoffrey Pyatt, State Department Principal Deputy Assistant Secretary for South Asia said Wednesday … Original source on Gaea Times at : US hopes CSC will give American firms level playing field.

Money Market Operations as on October 27, 2010

…. Original article on Gaea Times at  : Money Market Operations as on October 27, 2010.

US stocks fall slightly

NEW YORK – Major US stock indices fell slightly Wednesday amid reports that the Federal Reserve was planning a gradual monetary intervention to prop up the world’s largest economy.

The Wall Street Journal reported that the central bank will announce after its rate-setting meeting next week a plan to buy a few hundreds of billions … Read : US stocks fall slightly.

Visa profits rise 51 percent as consumers spend more

SAN FRANCISCO – Visa Inc, the world’s largest consumer payments network, Wednesday reported a 51-percent rise in fourth-quarter profits compared to the same period last year.

The rebound was an indication that the worst of the economic crisis might be over, as people swiped their plastic more often than in the troubled year before.
Visa …. Source  : Gaea News Network.

US firms to sign large contracts on Obama’s India visit

WASHINGTON – US companies hope to consummate some large contracts during President Barack Obama’s trip to India in early November, according to a top aide.

There are “a number of large contracts” between American and Indian companies, and “we hope to consummate some of these deals,” National security aide Mike Froman said Wednesday at a …. Original source  : US firms to sign large contracts on Obama’s India visit.

International shoe fair in Agra

AGRA – An internationational shoe fair opens here saturday in which a large number of finished leather suppliers, component manufacturers, machinery and equipment suppliers, accessories, chemicals, packaging organisations would take part.

The Agra Footwear Manufacturers and Exporters Chamber (AFMEC) hopes to do business of Rs.600 crore during the two-day fair, according to its president, Pooran …. Source  : International shoe fair in Agra.

Nearly 5 lakh tonnes of pulses imported for distribution

NEW DELHI – Various state enterprises have inked deals to import 4.84 lakh tonnes of pulses this fiscal, the ministry of consumers affairs, food and public distribution system said Friday.

“Of the total contracted quantity, 3.19 lakh tonnes of pulses have already arrived, while 1.68 lakh tonnes have been disposed from the stocks with these … Original article on : Nearly 5 lakh tonnes of pulses imported for distribution.

RBI announces Liquidity Easing Measures

The liquidity adjustment facility (LAF) window of the Reserve Bank has been in the deficit mode in the recent period. In order to provide liquidity comfort arising out of frictional liquidity pressure, the Reserve Bank has today announced the following temporary measures:

A special second LAF (SLAF) will be conducted on two …. Original source  : RBI announces Liquidity Easing Measures.

Wen to visit Delhi this year as India, China strive for harmony (Roundup)

HANOI – China reached out to India Friday amid continuing undercurrents of tension, with Premier Wen Jiabao telling Prime Minister Manmohan Singh at the outset of their much-awaited meeting that he would like to visit Delhi this year and the Indian leader responding he was “very glad”.

“You have on many occasions issued an invitation …. Source article on Gaea Times at  : Wen to visit Delhi this year as India, China strive for harmony (Roundup).

BHEL Q2 net profit rises 33 percent

MUMBAI – State-owned Bharat Heavy Electricals (BHEL) reported a 33 percent rise in net profit for the second quarter ended Sep 30 at Rs.1,142.28 crore as against Rs.857.88 crore earned during the like period of last fiscal.

The total income during the July-September quarter increased 25.7 percent to Rs.8,328.41 crore from Rs.6,625.21 crore during …. Source article  : BHEL Q2 net profit rises 33 percent.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.54 and the Reference Rate for Euro is ` 61.81 on October 29, 2010. The corresponding rates for the previous day (October 28, 2010) were ` 44.49 and ` 61.56 respectively. Based on the Reference Rate for … Read more »»».

Pakistan population now 184 mn

ISLAMABAD – The population of Pakistan has gone up to 184 million this year from 119 million in 1990, a report said.

The latest report of the State Bank of Pakistan said the countrys population has increased to 184 million this year with an annual growth rate of more than two percent.
Pakistan makes up …. Read the original article  : Pakistan population now 184 mn.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 29, 2010 are:

Amount  (face value in ` crore)                         

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
(Purchase of …. Original source  : Liquidity Adjustment Facility : Auction Results.

Snag hits Delhi Metro’s Dwarka-Noida service

NEW DELHI – Thousands of commuters Friday had a harrowing time on Delhi Metro’s Dwarka-Noida route due a technical snag in the computerised signalling system.

Trains on the Dwarka-Noida/Anand Vihar routes were running late by 30-40 minutes following the snag.
“The problem started around 9 a.m. due to loss of train identification numbers …. Source article  : Snag hits Delhi Metro’s Dwarka-Noida service.

Over a third of Pakistani locomotives don’t work

ISLAMABAD – Pakistan has only 520 locomotives as compared to India’s 8,300 — and some 220 of the country’s locomotives are out of order, said a minister.

Pakistan Railways Federal Minister Ghulam Ahmad Bilour said his ministry can’t give any deadline for overhauling the non-functioning locomotives without the government providing financial assistance, the News International …. Original article on Gaea Times at  : Over a third of Pakistani locomotives don’t work.

Kolkata Metro services hit again

KOLKATA – Kolkata Metro services, which have faced a series of disruptions this month, were hit again Friday morning after a train developed a technical snag at a station.

“The Kavi Subhas-bound train, which started from Dum Dum station, reached Belgachia station and got stranded due to a technical snag,” Metro Railway chief spokesperson Pratyush …. Original source  : Kolkata Metro services hit again.

India, China to play key role on global issues: US

WASHINGTON – The US believes that given their rise as global powers, India and China are going to play a fundamental role on issues like Iran, non-proliferation, terrorism and nuclear security.

Besides the broader Asia context that includes relations with China and India,” the US also sees direct engagement with the 10 ASEAN countries on … Read more >>.

Over 200 top chief executives coming with Obama

WASHINGTON – With trade high on his agenda, some 200 odd top US business chiefs, including soft drink giant Pepsico’s India-born CEO Indra Nooyi, are expected to join US President Barack Obama on his India visit next month.

Also expected are Honeywell CEO David M. Cote, who co-chairs the India-US CEO Forum with Tata group … Read more >>.

Choppy trading continues in Indian stock markets

NEW DELHI – Indian equities opened slightly higher Friday but soon entered a session of choppy trading on the first day of the new series of futures and options, pulling down a key index.

The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) began the day at 19,986.32 points, as against the …. Read the original article  : here.

Italy’s central bank head gives bleak view of growth

Rome, Oct 29 (IANS/AKI) The head of Italy’s central bank Thursday warned that his country’s rebound from the worst recession in more than six decades should continue to be slow through at least next year as the outlook for increased foreign demand for Italian goods worsens.

“The prospects of GDP (gross domestic product) growth for …. Original article  : Italy’s central bank head gives bleak view of growth.

Microsoft’s billions count for little in post-PC world

SAN FRANCISCO – Microsoft reported record first-quarter sales Thursday of more than $16 billion and notched up a not-too-shabby $5.4 billion in net profit.

Not bad for a company that has been widely written off as a creaking dinosaur, destined to go the way of T-Rex in the face of competition from Google, Apple, Facebook …. Original source  : Microsoft’s billions count for little in post-PC world.

US stocks mixed amid drop in jobless claims, more Fed speculation

NEW YORK – US stocks posted mixed results Thursday as new weekly claims for jobless benefits fell and the Federal Reserve took more steps toward another monetary policy intervention next week.

Weekly jobless claims fell to their lowest level in three months. Bloomberg News reported that the US central bank has asked investors and bond …. Read the original article  : US stocks mixed amid drop in jobless claims, more Fed speculation.

Indian equities open higher after volatile Thursday

NEW DELHI – Indian equities opened higher Friday with the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ruling with a gain of 45.28 points, or 0.23 percent, over the previous close.

The 30-share index opened at 19,986.32 points, as against the previous close at 19,941.04, and continued to … Read more »».

Japan stocks fall as yen resumes rise against dollar

TOKYO – Shares in Tokyo fell in early Friday trading as the yen resumed its rise against the dollar, and some companies reported disappointing figures.

The benchmark Nikkei 225 Stock Average lost 159.42 points, or 1.7 percent, to trade at 9206.61 while the broader Topix index was down 9.11 points, or 1.12 percent, at …. Source  : Gaea News Network.

Money Market Operations as on October 28, 2010

[..] Read the original article: here.

New Zealand to host Indian spice festival

AUCKLAND – The aroma of Indian spices will swirl around this New Zealand city as the first ever Indian spice festival kicks off here Sunday.

The five-day festival is being organised by the Spices Board India in collaboration with the Indian High Commission and the Stamford Plaza hotel.
Hundreds of spice traders, importers and exporters …. Read the original article  : New Zealand to host Indian spice festival.

Milkfed Punjab yet to recover its Gulf exports

CHANDIGARH – Milkfed Punjab is still coping with the financial jolt it suffered following recession as exports of its desi ghee, which had declined sharply, are yet to recover fully.

“Financial meltdown had badly affected our desi ghee exports to foreign countries. Before the meltdown (in 2008), we were exporting 100 tonnes of ghee (every …. Source article on Gaea Times at  : Milkfed Punjab yet to recover its Gulf exports.

British Airways makes 158 mn pound profit

LONDON – British Airways, which had been badly hit by employee strikes and the economic recession, has “flown back” into profit. The airline made 158 million pounds in profit in 2010.

Though an increasing number of business customers led to the profit, British Airways chief Willie Walsh said the whole economic recovery could be threatened … Read more : British Airways makes 158 mn pound profit.

Special Liquidity Adjustment Facility 2 Day Repo Auction: Results

The results of the RBI Repo/Reverse Repo auctions held on October 30, 2010 are:

Amount (face value in Rs. crore)                                      

Item

2 days Repo Auction
(Purchase of securities by RBI)

6.00% Fixed Rate

1. Bids received …. Source article  : Special Liquidity Adjustment Facility 2 Day Repo Auction: Results.

Native-born Americans lost jobs, but Asians, Indians did not

WASHINGTON – With the exception of Asian Americans, native-born Americans lost more than a million jobs while foreign-born workers gained hundreds of thousands of jobs as the country emerged from a painful recession, according to a new report.

In April, May and June this year, compared with the same period last year, foreign-born workers gained …. Read the original article  : Native-born Americans lost jobs, but Asians, Indians did not.

Over 4.5 mn jobless in Spain

Madrid, Oct 30 (IANS/EFE) Spain has over 4.5 million unemployed people, said a survey that attributed joblessness to the collapse of the country’s real-estate sector during the recession.

According to a survey released by the National Statistics Institute, a total of 4.57 million people were unemployed between July and September and the jobless rate was [..] Read the original article: here.

iPhone outsells BlackBerry globally

TORONTO – Within a week after Apple boss Steve Jobs declared victory over BlackBerry maker Research In Motion (RIM), new numbers released Friday have confirmed that the iPhone has indeed surpassed BlackBerry smart phone in worldwide sales.

According to the data for the third quarter of 2010, the iPhone has dethroned BlackBerry from the fourth … Read : iPhone outsells BlackBerry globally.

Clark and Kent launches Asia coverage for global clients

Mumbai, Oct.30 (ANI-Business Wire India): Clark and Kent, a highly specialized executive search and selection company, is helping its international clients acquire C-level talent in emerging markets, especially in Asia.

It is looking to expand the horizons of North American companies in the Asian and African markets.

The firm bridges the gap between the … Original source on Gaea Times at : Clark and Kent launches Asia coverage for global clients.

Wipro secures major IT services contract with Electricity North West Limited

Bangalore, Oct.30 (ANI-Business Wire India): Wipro Technologies, the global consulting,system integration and outsourcing business of Wipro Limited, has announced that it has entered into a five-year strategic partnership with Electricity North West Limited to deliver end to end service transition and transformational services to maintain their IT systems through a managed service framework.

This collaboration …. Source article on Gaea Times at  : Wipro secures major IT services contract with Electricity North West Limited.

YouTube CEO steps down

SAN FRANCISCO – The co-founder of video website YouTube is stepping down as CEO. The move leaves the Google-owned property in the hands of a veteran manager as it attempts to increase its mainstream offerings and boost its profitability.

Chad Hurley, 33, founded the video-sharing site with Steve Chen in 2005 and sold it to …. Source article  : YouTube CEO steps down.

US stocks flat after GDP growth report

NEW YORK – US stocks were flat with minor fluctuations Friday despite a slight improvement of US economic growth to 2 percent for the third quarter.

The new figures, which come just days before US congressional elections, matched expectations by economists but are unlikely to be enough to curb the US unemployment rate, which has … Read more »».

US economic experts bat for UNSC seat for India

WASHINGTON – As President Barack Obama travels to India next week, two leading economists have strongly backed India’s case for a permanent seat of the UN Security Council and stronger trade relations.

Obama’s “goal is to strengthen India-US cooperation, but standing between the recent heady past and a future full of promise is a highly …. Original source  : US economic experts bat for UNSC seat for India.

Court allows Bluelines in south Delhi, government firm on phase-out

NEW DELHI – The Delhi government Friday said it was not keen on bringing back the ‘killer’ Blueline buses on roads, after the high court ruled that the notification for complete phase-out of these buses by Dec 14 from the capital’s roads will not apply to the buses plying in south Delhi.

“We will … Read more >>.

Delhi now to phase out over 300 RTVs

NEW DELHI – After the ‘killer’ Blueline buses, the Delhi government now wants to phase out more than 300 “dangerous” RTVs – rural transport vehicles – from the city roads.

“The RTVs are dangerous vehicles. There are over 300 RTVs in the capital and we are planning to replace these with mini-buses,” Transport Minister … Read : Delhi now to phase out over 300 RTVs.

US economy grew two percent in third quarter

WASHINGTON – The US economy improved slightly in the third quarter of this year, growing at an annual growth rate of two percent, according to an initial estimate by the Commerce Deparment Friday.

The world’s largest economy grew 1.7 percent in the second quarter of 2010 as it continues to struggle to pull out of …. Original article  : US economy grew two percent in third quarter.

Wipro wins IT deal from British energy firm

BANGALORE – Wipros global IT services division won a five-year contract to provide end-to-end services to British power firm Electricity North West, the company said Friday.

“The strategic partnership envisages delivery of transformational services to maintain North Wests IT systems through a managed service framework,” Wipro energy and utilities vice-president Anand Padmanabhan said in a … Read the original article on Gaea Times at : Wipro wins IT deal from British energy firm.

Tata Indicom launches Blackberry Bold 9650 for CDMA users

NEW DELHI – Tata Indicom, the CDMA arm of telecom service provider Tata Teleservices, Friday launched Blackberry Bold 9650, the first combined CDMA-GSM smartphone.

The smartphone offers global roaming, an optical trackpad and enhanced wi-fi and GPS capabilities.
Customers purchasing the handset in October will be given a special data usage offer. … Original source on Gaea Times at : Tata Indicom launches Blackberry Bold 9650 for CDMA users.

India can help create jobs in US: Pitroda

NEW DELHI – National Knowledge Commission Chairman Sam Pitroda said Friday India can help create jobs in the US by providing alternative training.

Everyone’s focus in US is on job creation. To create jobs you need to provide alternative training to the people. I think India can help US in retraining people, Pitroda told [..] Read the original article: here.

Book by PM’s economic advisor wins award

NEW DELHI – “Fault Lines: How Hidden Fractures Still Threaten the World Economy, by Raghuraman Rajan, an economic advisor to Indian Prime Minister Manmohan Singh, won the Financial Times and the Goldman Sachs Business Book of the Year Award 2010.

Carrying a cash award of 30,000 pounds, the award was given at a function in …. Source article on Gaea Times at  : Book by PM’s economic advisor wins award.

Finance ministry hopeful of breaking GST deadlock

NEW DELHI – The finance ministry is hopeful of building a consensus on the goods and service tax (GST) as the Empowered Committee of State Finance Ministers met in Goa Friday to give their feedback to the latest draft proposal on tax reform.

“The empowered committee is meeting today. I am hopeful there will be … Read : Finance ministry hopeful of breaking GST deadlock.

Obama will have to dine Indian style at Bukhara

NEW DELHI – What is that Indian gastronomic delight that will tickle the taste buds of the world’s most powerful man? The chefs of Bukhara restaurant here are tightlipped as they cook up a dish to be named after US President Barack Obama – but it sure promises to be ‘finger-licking’ good.

Obama, who …. Original article  : Obama will have to dine Indian style at Bukhara.

Milkmen back in New Zealand after two decades

AUCKLAND – Milkmen will be seen once again in New Zealand after fading away from the scene for the past two decades.

A new service launched by the Trusty Delivery Company will deliver milk and other goods to almost 1,200 Auckland customers, in a bid to compete with supermarkets, the New Zealand Herald reported Sunday.
… Original article on : Milkmen back in New Zealand after two decades.

Kingfisher flight to Taj city from Sunday

AGRA – Kingfisher airlines is launching its Delhi-Agra flight from Sunday, in a move bound to be welcomed by tourists who want to visit the majestic 17th century Taj Mahal.

Although a chartered flight Saturday brought 140 guests to Agra, the regular flight begins Sunday afternoon.
Flight 4367, a 66-seater ATR plane, will …. Source article on Gaea Times at  : Kingfisher flight to Taj city from Sunday.

Dhaka could reap $2.3 bn from transit facilities to India, others

DHAKA – Bangladesh could reap a profit of $2.3 billion in a period of 30 years by giving transit facilities to India, Nepal and Bhutan, a think tank has said.

To earn that profit, Bangladesh would, however, have to invest $1.17 billion in capital expenditure, operation and maintenance costs for over 30 years to develop … Read more »»».

Larsen and Toubro planning Rs.2,000-crore PE fund

CHENNAI – Engineering and construction group Larsen and Toubro (L&T) is planning to launch a Rs.500-2,000-crore private equity fund as part of a strategy to become a financial supermarket.

“We are in the process of putting the pieces. We have to synergise on the skills that the group currently possess. We will start with a …. Source  : Larsen and Toubro planning Rs.2,000-crore PE fund.

Indian insurance industry to have stable profitable growth

NEW DELHI – The Indian life insurance industry is at the threshold of having a stable profitable growth, says a study.

“The insurance companies are poised for a quantum leap in performance with unprecedented growth opportunities, notwithstanding a temporary sliding growth curve,” says a study by the Confederation of Indian Industry (CII) and Ernst and … Read : Indian insurance industry to have stable profitable growth.

Hundreds protest Vedanta refinery in Orissa

BHUBANESWAR – Hundreds of tribals Saturday staged a demonstration in Orissa’s Kalahandi district seeking scrapping of Vedanta Resources’s alumina refinery in the region, a protest leader said.

“The tribal men and women, armed with their traditional weapons, marched near Lanjigarh town shouting slogans against the company,” Lingaraj Azad, a leader of Niyamgiri Surakhya Samittee (forum … Original source on Gaea Times at : Hundreds protest Vedanta refinery in Orissa.

Mamata blames Bengal administration for illegal mining

KOLKATA – Railways Minister Mamata Banerjee Saturday blamed the state administration for rampant illegal mining in West Bengal’s Burdwan district, saying its failure to set up industries has aggravated the problem.

“Industries have not prospered in Kulti, Asansol and other areas in the district. That’s why illegal mining industry is gaining mileage in this area.
… Original article on : Mamata blames Bengal administration for illegal mining.

India keen to invest more in Sudan’s oil sector

NEW DELHI – India Saturday expressed keenness to invest in the oil sector of the north african state of Sudan and the latter offered to increase the supply of its crude to New Delhi during bilateral discussions here.

At a meeting of the Indian Petroleum Minister Murli Deora and the visiting Sudanese Petroleum Minister Lual …. Source  : Gaea News Network.

Not a single Railways job created in Bengal: Buddhadeb

KOLKATA – West Bengal Chief Minister Buddhadeb Bhattacharjee Saturday claimed that Railway Minister Mamata Banerjee has failed to provide “a single job” in her department to the state, and accused her of lying about the recent Kolkata Metro snags.

“She has been the railway minister for more than a year. I just want to ask …. Source  : Not a single Railways job created in Bengal: Buddhadeb.

NALCO profit up at Rs.224 crore in Q2

BHUBANESWAR – The state-run National Aluminium Company Limited (NALCO)’s net profit for the second quarter soared 40 percent at Rs.224 crore, the company said Saturday.

According to the reviewed financial results for the second quarter of the financial year 2010-11, NALCO has achieved higher net profit of Rs.224.04 crore, as against Rs.159.50 crore in …. Original source  : NALCO profit up at Rs.224 crore in Q2.

Punjab farmers end rail blockade, protests to continue

CHANDIGARH – Farmers in Punjab ended their rail blockade Saturday afternoon after thousands of passengers were stranded, but said protests against slow procurement of paddy by central and state government agencies will continue.

Although our demands have not been met by the government, we have decided to lift the blockade from the railway lines, for …. Original article on Gaea Times at  : Punjab farmers end rail blockade, protests to continue.

Railways, NTPC to ink pact on power plant

NEW DELHI – The railway ministry would Sunday ink a pact with the NTPC for building a captive power plant for itself at Adra in West Bengal.

The power plant will have a capacity of 1,320 MW (2 units of 660 MW each) and employ environment-friendly super critical technology, said a railway ministry statement Saturday.
… Read : Railways, NTPC to ink pact on power plant.

Delhi Metro extends corridor in Dwarka

NEW DELHI – The Delhi Metro Saturday added another 2.76 km to its network by extending train services to Dwarka sector 21, an official said.

According to a Delhi Metro spokesperson, the Metro services were so far available from Noida/Anand Vihar to Dwarka sector 9. The new section constitutes two stations – Dwarka sector 8 …. Source  : Gaea News Network.

‘CPI-M delayed Smart City project’

THIRUVANANTHAPURAM – Former Kerala industries minister P.K. Kunhalikutty, the brain behind the Rs.1,500-crore Smart City project, Saturday blamed the Communist Party of India-Marxist (CPI-M) for delaying the IT township project at Kochi.

“They (CPI-M) did not have a clue that the basic premise of getting IT entrepreneurs into a state is through building infrastructure. They …. Original article on Gaea Times at  : ‘CPI-M delayed Smart City project’.

Manmohan Singh concludes three-nation visit

HANOI – Prime Minister Manmohan Singh left here for home Saturday, ending a three-nation Asian tour of Japan, Malaysia and Vietnam during which he met with some top leaders from the region and concluded talks for major economic pacts with two countries.

During the visit, Manmohan Singh held bilateral talks with Malaysian Prime Minister Najib … Read this article on Gaea Times at : Manmohan Singh concludes three-nation visit.

Volatile supply from India may hit Bangladesh potato price

DHAKA – A “volatile” supply from India and a bad crop this year may lead to an increase in potato prices in Bangladesh ahead of the season approaching Bakr Eid, a media report said.

Prospects of a bad crop have sent the prices soaring by 50 percent in the last one week alone. But in …. Source  : Volatile supply from India may hit Bangladesh potato price.

Micro finance has great potential, says SBI chief

NEW DELHI – Regulators should take steps to sort out the controversies surrounding micro finance institutions (MFI), as they play an important role in economic growth, State Bank of India (SBI) Chairman O.P. Bhatt said Saturday.

Controversies associated with MFIs should be sorted out. These institutions have immense potential. They have already lent Rs.20,000 … Original article on : Micro finance has great potential, says SBI chief.

Hong Kong woos India Inc, keen on IT firms

NEW DELHI – Hong Kong is optimistic about economic ties with India, and expects more Indian companies, particularly information technology (IT) firms, to set up shop there, the city’s investment agency said.

“We are very optimistic about the future of investment and business relationship between India and Hong Kong. Presently there are leading Indian banks, … Read more »».

Reliance Industries Q2 net profit rises 28 percent

NEW DELHI – Reliance Industries Saturday reported a 28 percent rise in net profit for the second quarter ended Sep 30 at Rs.4,923 crore as against Rs.3,852 crore earned during the like period of the last fiscal.
The total income during the July-September quarter increased 22.5 percent to Rs.58,151 crore from Rs.47,476 …. Source  : Gaea News Network.