Business News – Newsletter for December 29, 2010

Metro stuck for 40 minutes near Patel Chowk metro station

NEW DELHI – Services on Delhi Metro’s Jahangirpuri-Gurgaon line were affected for 40 minutes Wednesday after a train got stuck in the tunnel near Patel Chowk station.

According to a DMRC official, the incident occurred around 1 p.m. when a fault developed in the train’s traction system.
A rescue train was sent to tow … Original article on : Metro stuck for 40 minutes near Patel Chowk metro station.

Indian mobile handsets market grows by 3.6 percent in Q3

NEW DELHI – The sales of mobile phones in India grew 3.6 percent to touch 40 million units during the quarter ended Sep 30, said a study by advisory firm IDC’s India quarterly mobile handsets tracker, 3Q 2010.

According to the study, Finnish handset maker Nokia had the largest share of 31.5 percent in …. Original article on Gaea Times at  : Indian mobile handsets market grows by 3.6 percent in Q3.

Mathrubhumi gets set to launch news channel

THIRUVANANTHAPURAM – “Mathrubhumi,” Kerala’s second most popular Malayalam daily, is getting ready to launch its 24-hour news and current affairs television channel shortly.

Speaking to IANS, M.V. Shreyams Kumar, Mathrubhumi’s director of electronic media, said they are hoping to launch the channel ahead of the forthcoming assembly elections, likely to be held in May 2011.
… Read more : Mathrubhumi gets set to launch news channel.

Chhattisgarh seeks Rs.300 crore damages for paddy farmers

RAIPUR – The Chhattisgarh government has sought at least Rs.300 crore compensation from the centre for the paddy growers whose crops were devastated due to unseasonal heavy rains early this month, an official said Wednesday.

The Bharatiya Janata Party led-government informed the centre that the rains lashed the state’s 18 districts early this month, which … Read : Chhattisgarh seeks Rs.300 crore damages for paddy farmers.

Highlights of developments in Indian economy

NEW DELHI – Some key developments in the Indian economy in 2010:
-GDP up 8.6 percent, 8.8 percent and 8.9 percent in first three quarters

-Industrial growth of around 11 percent between January and October
-Average export growth of over 25 percent during first 10 months
-Foreign exchange reserves up $11 billion and stand at … Read more : Highlights of developments in Indian economy.

Highlights of developments in Indian economy

NEW DELHI – Some key developments in the Indian economy in 2010:
-GDP up 8.6 percent, 8.8 percent and 8.9 percent in first three quarters

-Industrial growth of around 11 percent between January and October
-Average export growth of over 25 percent during first 10 months
-Foreign exchange reserves up $11 billion and stand at … Read this article on Gaea Times at : Highlights of developments in Indian economy.

Economy revives but inflation, reforms sore points (2010 in Retrospect)

NEW DELHI – The year’s first three quarters with over 8.5 percent growth marked a revival of the Indian economy in 2010, but the year also ends on a tart note due to high inflation, a virtual status quo on key reforms and allegations of some serious financial scams.

The year evidently started on a …. Source  : Economy revives but inflation, reforms sore points (2010 in Retrospect).

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.12 and the Reference Rate for Euro is ` 59.22 on December 29, 2010. The corresponding rates for the previous day (December 28, 2010) were ` 45.17 and ` 59.75 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex rises 138 points; HDFC, Bharti Airtel climb

MUMBAI – A benchmark index of the Indian equities market advanced more than half percent by noon Wednesday, led by good buying support in metal, banks and FMCG on the back of positive Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened in the positive terrain at 20,060.88 points … Read more : Sensex rises 138 points; HDFC, Bharti Airtel climb.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 29, 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.

Gujjar agitation worries Rajasthan tourism industry

JAIPUR – Rajasthan’s tourism industry is worried about the ongoing Gujjar agitation that has affected the influx of visitors to the desert state in this peak tourist season.

Gujjars, demanding five percent reservation in government jobs, have been protesting in the state since Dec 20. The protesters have laid siege to a railway track near … Read more >>.

New visa norms are the scourge of Goa tourism, says Official

PANAJI – The new visa regime which restricts travellers from staying in India for over three months is the new scourge of tourism in Goa, according to a travel and tourism industry spokesperson.

The stringent visa regime was severely affecting Goa’s tourism USP — repeat tourists from Europe, Travel and Tourism Association of Goa (TTAG) … Read the original article on Gaea Times at : New visa norms are the scourge of Goa tourism, says Official.

Chinese farmers prosper using internet

BEIJING – Farmers in China’s remote villages are prospering with trading agricultural products through the world wide web using internet connectivity provided at various information centres in rural parts of the country.

Information centres with internet have been set up in 2,362 villages in the autonomous region of Ningxia as part of a national one …. Original source  : Chinese farmers prosper using internet.

Women own or co-own 40 percent of US firms

WASHINGTON – Women entrepreneurs now own or co-own 40 percent of all businesses in the US and have created almost twice as many businesses as men between 2002 and 2007, say experts.

Currently, some 10.1 million firms are owned or co-owned by women, 40 percent of all businesses in the US, says the Centre for … Read more : Women own or co-own 40 percent of US firms.

US Congress bans `silent’ cars

WASHINGTON – With the number of electric cars likely to increase significantly in the coming year, the US Congress has banned “silent” vehicles to improve safety for pedestrians, cyclists and other road users.

Traffic authorities have been given 18 months to set a minimum volume for extremely silent cars. The law stipulates warning signals when … Read more »».

Money Market Operations as on December 28, 2010

…. Source article on Gaea Times at  : Money Market Operations as on December 28, 2010.

Japan stocks rise

TOKYO – Japanese shares were up in Wednesday morning trading, after an opening dip.

The benchmark Nikkei 225 Stock Average gained 17.31 points, or 0.17 percent, to trade at 10,309.94 while the broader Topix index was up 1.68 points or 0.19 percent to 904.51.
The markets dropped as the markets opened as the yen … Read more >>.

US struggles with clean-up, travel delays

NEW YORK – New Yorkers were Tuesday struggling to cope with the aftermath of one of the biggest snow storms to hit the region, severely hampering public transportation and leaving thousands without power.

The estimated 60 cm of snow that piled up over the weekend forced the cancellation of 4,500 flights in the New York … Read more »».

Awareness campaign on intellectual property rights in UAE

Dubai, Dec 29 (IANS/WAM) The UAE Tuesday launched a two-week nationwide campaign to create awareness on intellectual property rights so it can help prevent unfair business practices.

The slogan of the campaign is “Let us be partners in your protection and the protection of others”.
It is being organised by the economy ministry for the …. Source article  : Awareness campaign on intellectual property rights in UAE.

UAE discusses trade cooperation with Syria

Damascus, Dec 28 (IANS/WAM) The United Arab Emirates and Syria have vowed to strengthen their bilateral ties, especially in the fields of trade and investment.

UAE Minister of Foreign Trade Sheikha Lubna Bint Khalid Al Qasimi and Syrian Prime Minister Mohamed Naji al-Otari discussed Monday proposals to develop bilateral trade and investment cooperation.
…. Source article on Gaea Times at  : UAE discusses trade cooperation with Syria.