Business News – Newsletter for November 30, 2010

Tuesday, November 30, 2010

Sensex tapers off from day’s highs, broader markets gain

MUMBAI – A benchmark index of Indian equities markets Tuesday fell from its intra-day highs about an hour before closing bell. It had moved up from the negative in mid-day.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,373.23 points, was ruling at 19,508.67 points, up 103.57 points or …. Source article : Sensex tapers off from day’s highs, broader markets gain.

Indian economy grew 8.9 percent July-September

NEW DELHI – The Indian economy grew by 8.9 percent in the second quarter of this fiscal, latest data on gross domestic product (GDP) showed Tuesday, much above the forecasts and the government’s own expectations of 8.5 percent expansion this whole fiscal.

The expansion was indentical to the 8.9 percent growth logged during the first …. Source : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 46.04 and the Reference Rate for Euro is ` 60.36 on November 30, 2010. The corresponding rates for the previous day (November 29, 2010) were ` 45.81 and ` 60.66 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Investors’ money in banks is safe: Pranab

NEW DELHI – Stating that investors’ money in banks was safe, Finance Minister Pranab Mukherjee said Tuesday that the government would take appropriate action if it finds any irregularities in the disbursement of loans by financial institutions.

“There is no need to press the panic button. I am in touch with the RBI governor and …. Source article : Investors’ money in banks is safe: Pranab.

Best Cyber Monday Deals On Electronic Products

SAN FRANCISCO (GaeaTimes.com)- The Cyber Monday deals have ensured that the shoppers in the USA are hitting the retail stores like crazy and the offered products are getting sold fast both from stores and on line. The shopping frenzy is likely to subside in a few more hours and the last hour shoppers are …. Original article : Best Cyber Monday Deals On Electronic Products.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 30, 2010 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
(Purchase of securities by RBI)

5.25% …. Source article : Liquidity Adjustment Facility : Auction Results.

Mumbai JV wins bid for Nepal’s first recycling plant

KATHMANDU – Navi Mumbai’s Hydroair Tectonic’s joint venture with Nepal’s Kasturi Trade Link has won the bid for setting up Nepal’s first waste recycling plant, pipping five other Indian JVs in the fray as well as a Finnish consortium, breaking a long jinx on Indian bidders in the country.

The memorandum of understanding, signed between … Read : Mumbai JV wins bid for Nepal’s first recycling plant.

Comcast Outage Resolved

WASHINGTON DC (GaeaTimes.com)- Last Sunday saw Boston, Washington DC and its surrounding areas being hit by an Internet outage for some hours. The Internet facilities which failed were those of Comcast. Comcast customers complained of an Internet outage on Sunday evening which was solved later on in the midnight. The Comcast outage reportedly took place …. Source article on Gaea Times at : Comcast Outage Resolved.

Big Japanese aid for Bangladesh bridge

DHAKA – Japan will provide an additional $100 million to Bangladesh for the construction of a bridge over the Padma river.

The announcement came Monday evening in Tokyo in a joint statement signed by Prime Minister Sheikh Hasina, and her Japanese host, Prime Minister Naoto Kan.
The additional $100 million will take Japan’s total …. Original article on Gaea Times at : Big Japanese aid for Bangladesh bridge.

Sixth Kerala migration survey begins

THIRUVANANTHAPURAM – The sixth edition of the Kerala Migration Survey (KMS 2010), which will monitor the status of migration and remittances by non-resident Keralites to the state, has begun.

It will be conducted by the Centre for Development Studies (CDS), like the previous five editions, and will cover 15,000 sample households.
S. Irudaya Rajan, chair … Read this article on Gaea Times at : Sixth Kerala migration survey begins.

Indian firm catches the eye of Harvard Business School

WASHINGTON – An award winning drip irrigation technology developed by an Indian company that has caught the attention of the Harvard Business School holds out hope for poor farmers from earthquake-hit Haiti to Africa.

Jalgaon (Maharashtra)-based agro, pipes, processed foods and irrigation major Jain Irrigation Systems Ltd (JISL), which has won Unesco’s Water Conserver Award … Read more »».

Sensex slips in early trade

MUMBAI – A benchmark index of Indian equities Tuesday fell sharply in early trade to rule 134 points lower than its previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,373.23 points, was ruling at 19,270.13 points, down 134.97 points or 0.7 percent from its previous close at … Read the original article on Gaea Times at : Sensex slips in early trade.

After diplomatic assault, WikiLeaks to ‘take down a bank or two’

WASHINGTON – After sending shock waves across world capitals leaking a quarter million State Department cables, WikiLeaks founder Julian Assange has threatened to unleash tens of thousands of documents that could “take down a bank or two.”

A fresh “megaleak” will target a “big US bank early next year,” he told Forbes in an interview …. Original article : After diplomatic assault, WikiLeaks to ‘take down a bank or two’.

Money Market Operations as on November 29, 2010

… Read the original article on Gaea Times at : Money Market Operations as on November 29, 2010.

Volvo to recall 18,848 vehicles in China

BEIJING – Automobile giant Volvo has said it would recall 18,848 vehicles in China to repair manufacturing defects.

The recall beginning Monday will cover Volvo XC60, C30 2.0, S40 and S80L models in China due to defects in their airbag, engine software, and cooling systems, China’s quality watchdog said in a statement.
Xinhua reported …. Source : Volvo to recall 18,848 vehicles in China.