Business News – Newsletter for December 28, 2010

Tuesday, December 28, 2010

Joshi calls for radical change in role of CAPART

NEW DELHI – The Council for Advancement of People’s Action and Rural Technology (CAPART) needs a new institutional framework to develop linkages with panchayati raj institutions (PRI), Rural Development Minister C.P. Joshi Tuesday said.

Joshi called for a “radical change” in the role of CAPART, an autonomous body functioning under the aegis of the …. Read the original article : here.

Rains give respite from fog, but rail services affected

NEW DELHI – The capital witnessed light rainfall early Tuesday, adding to the chill. It helped ease heavy fog conditions as also flight operations at the Delhi airport, but rail services continued to be hit with 50 trains affected.

“There is a western disturbance over Jammu and Kashmir, because of which Delhi witnessed light … Read more »»».

India again saw gold rush despite robust stock markets (2010 in Retrospect)

NEW DELHI – Despite the sharp recovery of India’s capital markets, appetite for gold in the world’s largest consumer of the precious yellow metal remained robust in 2010, sending prices soaring to record highs at the retail level.

Prices had been on an upward climb throughout the year, particularly since May, when the economies of …. Source : India again saw gold rush despite robust stock markets (2010 in Retrospect).

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.17 and the Reference Rate for Euro is ` 59.75 on December 28, 2010. The corresponding rates for the previous day (December 27, 2010) were ` 45.15 and ` 59.32 respectively. Based on the Reference Rate for US …. Read the original article : RBI Reference Rate for US $ and Euro.

Sun shines on Goa tourism even as Europe freezes over

PANAJI – Despite Europe’s travel itineraries freezing up due to an intense cold wave, Goa’s tourism prospects luckily continue to bask in the mild winter sun here.

Travel and tourism industry stakeholders here say the European chill has not affected the Goa market much and also that the domestic tourist has helped tide over the … Read this article on Gaea Times at : Sun shines on Goa tourism even as Europe freezes over.

Malaysia to set up three panels for Indian community

KUALA LUMPUR – Three committees will be set up for Malaysia’s 2.1-million Indian community that will focus on areas where they would benefit the most, a minister has announced.

The areas that will be looked into would be crime among ethnic Indian youth, promoting retail business and small and medium-scale enterprises (SME), Deputy Minister in …. Source article : Malaysia to set up three panels for Indian community.

Dhaka looks to Moscow for oil, gas exploration

DHAKA – Bangladesh has offered Russian energy corporation Gazprom joint venture projects in oil and gas sector after lukewarm response to its bids from the western multi-national corporations.

State sector Petrobangla’s chairman Hossain Mansur said that they were hopeful of signing agreements at the end of next February when Gazprom’s chairman Viktor Zubkov visits here.
… Read more : Dhaka looks to Moscow for oil, gas exploration.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 28, 2010 are:

Amount (face value in ` crore)

Item

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

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

Calm before tourism storm as Sri Lankan coast awakens

ARUGAM BAY – The only people who were never frightened by the civil war were the surfers. No matter what, they always came here to Arugam Bay on Sri Lanka’s southeastern coast.

Surfers like Jason, in his mid-20s, with bleached dreadlocks and a full beard, his chest tattooed. The Australian doesn’t need long to consider … Read this article on Gaea Times at : Calm before tourism storm as Sri Lankan coast awakens.

Expert ‘actuaries’ who assess insurance risk getting younger

CHENNAI – Once considered the exclusive preserve of venerable middle-aged executives, the office actuaries — experts who scientifically review the risks in the life and non-life insurance business — is getting younger by the year.

“Earlier, Indian actuaries in the age bracket of around 45 years were hired to head the offices,” said G.L.N. Sarma, …. Source article on Gaea Times at : Expert ‘actuaries’ who assess insurance risk getting younger.

Money Market Operations as on December 27, 2010

…. Original article on Gaea Times at : Money Market Operations as on December 27, 2010.

New York, Boston airports open again

NEW YORK – New York’s three regional airports opened for business again Monday evening after a record blizzard dumped more than 50 cm of snow on the region and shut down transport.

The Federal Aviation Administration said that departure delays were about 15 minutes at John F. Kennedy, Laguardia and Newark airports. The major Boston …. Source article on Gaea Times at : New York, Boston airports open again.

Japan stocks fall on profit taking

TOKYO – Japanese shares were down in Tuesday morning trading, as investors sold to lock in gains.

The benchmark Nikkei 225 Stock Average lost 39.04 points, or 0.38 percent, to trade at 10,316.95 while the broader Topix index was down 0.43 points or 0.05 percent to 904.25.
On currency markets at 9 a.m. (0000 GMT), … Read the original article on Gaea Times at : Japan stocks fall on profit taking.

US stocks mixed amid winter storm

NEW YORK – US stocks were mixed Monday after a three-day Christmas holiday weekend, as investors took trading lightly in the midst of a blizzard in the northeastern US.

Wall Street traders along with many other workers in the region struggled to get to work on Monday after a major snow storm struck the region … Read more : US stocks mixed amid winter storm.

IATA predicts net profit of $15 bn for 2010

AMMAN – A senior official of the International Air Transport Association (IATA) has predicted net profits of the world’s airlines to reach $15 billion for 2010 – up from $8.9 billion in earlier projections.

Majdi Sabri, IATA’s regional vice president for the Middle East and North Africa, attributed the upward revision of earlier estimates to …. Original article : IATA predicts net profit of $15 bn for 2010.

Blizzard howls into US East Coast, blocking travel (Second Lead)

WASHINGTON – The first blizzard of the season rammed the northeastern US and continued to leave passengers stranded Monday at train stations, airports and highways just after the Christmas holidays.

New York City was in the eye of the storm, reporting more than 50 cm of snow fall by Monday morning. All flights were cancelled …. Original source : Blizzard howls into US East Coast, blocking travel (Second Lead).

Pakistan’s AirBlue starts Peshawar-Abu Dhabi flight

Abu Dhabi, Dec 27 (IANS/WAM) AirBlue, Pakistan’s largest privately-operated airline, has launched its new service from Abu Dhabi to Peshawar, an official said.

The launch of the link will bring the carrier’s number of weekly flights from Abu Dhabi to 18, the Abu Dhabi Airports Company (ADAC) said in a statement.
AirBlue will operate …. Read the original article : Pakistan’s AirBlue starts Peshawar-Abu Dhabi flight.

In the transmission segment, the firm secured three orders for constructing 765 kV transmission lines from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPN), Power Grid Corporation of India …. Source article on Gaea Times at : KEC International bags orders worth Rs.1,018 crore.