Business News – Newsletter for December 30, 2010

Govt. will take more steps to check price rise: Mukherjee

NEW DELHI – Union Finance Minister Pranab Mukherjee, expressing his concern over food inflation, which accelerated to a ten-week high in mid-December on rising prices of vegetables, on Thursday said the government will take more steps to check price rise.

“We are looking into it. So far as onion is concerned we have taken care of …. Source  : Gaea News Network.

Cold and drizzle in Delhi; fog affects flights, trains

NEW DELHI – It was a gloomy, cold and and dank Thursday morning as Delhi saw light drizzle. But the minimum temperature was above the average due to the cloud cover. Flight and train services were affected because of fog and low visibility.

The minimum temperature at 11.8 degrees Celsius was five degrees above the … Original article on : Cold and drizzle in Delhi; fog affects flights, trains.

Baring Private Equity invests $90 million in Cethar Vessels

CHENNAI – The Tiruchirapalli-based Rs.1,046 crore boiler manufacturer Cethar Vessels Ltd has received $90 million from private equity fund Baring Private Equity Partners India for an unspecified percentage stake, a top official said.

“We chose Baring Private Equity on account of their appetite for investment in infrastructure projects. We are sure that this partnership will …. Original article  : Baring Private Equity invests $90 million in Cethar Vessels.

Larsen and Toubro bags Rs.11.64 bn projects

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Thursday said that its metallurgical and water operating sectors have bagged projects worth Rs.1,164 crore (Rs.11.64 billion).

“The minerals and metals unit has secured an order worth Rs.523 crore from Tata Steel Limited. It is for a 600,000 tonnes per year continuous annealing and processing … Read more »»».

French retailer Carrefour opens first wholesale store in India

NEW DELHI – The world’s second largest retailer, the France-based Carrefour opened its first cash-and-carry wholesale store in India at the capital’s eastern suburb of Shahadra Thursday and said it would soon open more such outlets in the country.

“Opening of this first store marks Carrefours entry into the Indian market and will be … Read more : French retailer Carrefour opens first wholesale store in India.

Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect)

BANGALORE – Recovering from global tech meltdown, the resilient Indian IT industry returned to high growth during a tumultuous 2010 but is cautiously optimistic about 2011 in view of the economic uncertainty in Europe and the US, which account for 80-85 percent of its export revenue from software services and back office operations.

“Though 2010 …. Original source  : Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect).

ArcelorMittal sticks to offer deadline as rival raises bid

TORONTO – Even as ArcelorMittal stuck to its Thursday night deadline of friendly takeover offer of $492 million to Canada’s Baffinland Iron Mines Corporation, rival Nunavut Iron Ore upped its hostile bid to $1.40 share to buy 50.1 percent stake in it.

Since Nunavat, which was floated by a former Baffinland executive just recently to …. Original article  : ArcelorMittal sticks to offer deadline as rival raises bid.

No RBI approval needed for bank branches in northeast: minister

AGARTALA – The Reserve Bank of India (RBI) has relaxed norms for setting up bank branches in northeast India and no prior approval of the apex regulatory body is required in this regard, a senior Tripura minister said Thursday.

The clarification came during a meeting between RBI Governor D. Subbarao and Tripura’s Finance Minister Badal …. Original article on Gaea Times at  : No RBI approval needed for bank branches in northeast: minister.

Sensex climbs 0.42 percent; Maruti, Tata Motors rise

MUMBAI – A benchmark index of the Indian equities market climbed nearly half a percent by noon Thursday on buying support in auto, FMCG and technology stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened in the positive terrain at 20,274.12 points from the previous close of 20,256.03 points.
Keeping its … Original source on Gaea Times at : Sensex climbs 0.42 percent; Maruti, Tata Motors rise.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.90 and the Reference Rate for Euro is ` 59.47 on December 30, 2010. The corresponding rates for the previous day (December 29, 2010) were ` 45.12 and ` 59.22 respectively. Based on the Reference Rate for US …. Read the original article  : RBI Reference Rate for US $ and Euro.

China to set up rare earths trade body

BEIJING – China plans to set up an industry association and a government unit for the rare earths industry to gain more control over the precious metals, a media report said.

The rare earths industry association is likely to be launched in May next year and will assist companies in exports and international cooperation, Wang … Original article on : China to set up rare earths trade body.

Milk prices up by Rs.2 in Bihar

PATNA – Millions of people in Bihar will have to pay Rs.2 more for a kg of milk from Friday, officials Thursday said.

Bihar State Co-operative Milk Producers’ Federation (COMPFED), which sells milk and milk products in the state and outside it under the brand name Sudha, has increased the milk prices after an year.
… Read the original article on Gaea Times at : Milk prices up by Rs.2 in Bihar.

Food inflation zips on high onion, fruits, eggs, meat prices

NEW DELHI – Soaring prices of onions, fruits, vegetables, milk, eggs, meat and poultry sharply pushed India’s annual food inflation based on wholesale prices to 14.44 percent for the week ended Dec 18 from 12.13 percent for the week before.

This was the fourth straight week of rise in food inflation rate, which was pushed … Original article on : Food inflation zips on high onion, fruits, eggs, meat prices.

Liquidity Adjustment Facility : Auction Results

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

Amount  (face value in ` crore)                            

Item

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

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

Facebook billionaire visits Bangkok

BANGKOK – Mark Zuckerberg, the founder of the popular social-networking website Facebook and the world’s youngest billionaire, has been spotted in Bangkok, media reports said Thursday.

Zuckerberg, Time magazine’s person of the year, was attending a friend’s wedding in the Thai capital this week, The Nation newspaper reported.
He was first spotted at the … Read the original article on Gaea Times at : Facebook billionaire visits Bangkok.

Nicaragua exceeds one mn foreign tourists for first time

Managua, Dec 30 (IANS/EFE) More than one million foreign tourists visited Nicaragua this year, the first time that the country has exceeded that figure and an 8 percent increase with respect to 2009, authorities said.

Nicaraguan Tourism Institute, or Intur, president Mario Salinas told reporters Wednesday that they expect 1.01 million foreign visitors to have …. Original article on Gaea Times at  : Nicaragua exceeds one mn foreign tourists for first time.

Brazil oil field’s name changed to `Lula’

Rio de Janeiro, Dec 30 (IANS/EFE) Brazilian state-controlled energy giant Petrobras Wednesday confirmed the commercial viability of two massive offshore oil and gas fields located deep beneath the ocean floor, announcing that one of them will now be known as “Lula”.

The name of that field, determined to hold 5 billion barrels of recoverable oil …. Source article  : Brazil oil field’s name changed to `Lula’.

Flights stuck hours on runway in New York

NEW YORK – Passengers on international flights to New York were forced to wait hours on the tarmac in the wake of a weekend snow storm that continues to frustrate travellers, US media reported Wednesday.

At least 31 flights from international destinations were forced to wait more than three hours at John F. Kennedy International [..] Read the original article: here.

Japan stocks drop on stronger yen

TOKYO – Japanese shares were down in Thursday morning trading, as the yen reached a seven-week high against the dollar.

The benchmark Nikkei Stock Average lost 128.73 points, or 1.24 percent, to trade at 10,215.81 while the broader Topix index was down 9.90 points or 1.09 percent to 898.11.
A stronger yen makes … Original source on Gaea Times at : Japan stocks drop on stronger yen.

Money Market Operations as on December 29, 2010

… Read more >>.