Business News – Monthly Newsletter January 2011

Saturday, January 1, 2011

Pakistani exports show upward trend

ISLAMABAD – The exports by Pakistani manufacturers have touched $7.8 billion in the first four months of ongoing 2010-11 fiscal, which marks a substantial 14 percent increase compared to the same period last year.

According to a report issued by State Bank of Pakistan here Wednesday, almost all sectors showed encouraging upward growth in … Read this article on Gaea Times at : Pakistani exports show upward trend.

Airbus ready to Release Updated A320 on 2016

NEW YORK (GaeaTimes.com) — After a lot of controversy that continued till one year Airbus has finally announced to deliver its A320 series of aircrafts with new and improved engines. This new version of popular A320 single-aisle plane will be equipped with fuel-efficient engine.

According to Airbus executives, they plan to make this updated version of … Read : Airbus ready to Release Updated A320 on 2016.

Labourers decline work as aid flows in flood-hit Pakistan

ISLAMABAD – Labourers are shying away from taking on work in flood-hit areas of Pakistan due to the deluge of free aid, said a media report that pointed out when an NGO distributed shovels and sickels, the implements were promptly sold in the market.

Dawn reported Wednesday that free aid has resulted in shortage of … Original article on : Labourers decline work as aid flows in flood-hit Pakistan.

Marauding monkeys to face gun in Himachal – it’s official

SHIMLA – Himachal Pradesh takes pride in temples dedicated to god Hanuman, but the tale is about to turn grim for thousands for monkeys in the state. The government has now backed a farmer outfit’s plan to shoot monkeys at sight as the simians have been causing huge damage to crops.

“Operation Monkey” has already …. Original article  : Marauding monkeys to face gun in Himachal – it’s official.

India’s merchandise exports rise 21.36 percent in October

NEW DELHI – India’s merchandise exports rose 21.36 percent in October to almost $18 billion ((Rs.79,763 crore) compared to the like month of last year, while imports grew at their slowest pace — 6.8 percent to $27.68 billion, according to official data released Wednesday.

“The trade deficit for April-October 2010 was estimated at $72.77 billion … Read more >>>.

TVS Motor logs 29 percent November sales growth

CHENNAI – Logging growth across all segments, the TVS Motor Company registered a 29 percent increase in sales in November this year compared to the corresponding period last year.

The company sold 157,041 units last month as against 121,945 units sold in November 2009.
The cumulative sales for the April-November period this year stands at … Read the original article on Gaea Times at : TVS Motor logs 29 percent November sales growth.

Toyota Etios Launched In India

BANGALORE, INDIA (GaeaTimes.com)- Today is going to be a landmark for Toyota motor Corp in India. The Japanese car giant is going to launch its much talked about small car Etios in Bangalore in India. Toyota has witnessed a slower growth in India compared to other countries and in India it has focused on … Original article on : Toyota Etios Launched In India.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.70 and the Reference Rate for Euro is ` 59.53 on December 1, 2010. The corresponding rates for the previous day (November 30, 2010) were ` 46.04 and ` 60.36 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex builds on early gains

MUMBAI – A benchmark index of Indian equities Wednesday built on its morning gains even as buying activity picked up in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,529.99 points, was ruling at 19,726.08 points, up 204.83 points or 1.05 percent from its previous close at …. Source article on Gaea Times at  : Sensex builds on early gains.

Vodafone might take till 2020 to make Indian business turnaround

NEW YORK/NEW DELHI – British mobile operator Vodafone’s foray into India has been a disaster, so much so that insiders and experts have gone on record to say that it could take the firm until 2020 to make an economic profit.

According to a Wall Street Journal (WSJ) report, in 2007, Vodafone paid 5.5 billion … Original article on : Vodafone might take till 2020 to make Indian business turnaround.

India to phase out Cirus nuke research reactor soon

KAIGA – India will soon phase out the Cirus research reactor, the 40-MW power unit supplied by Canada in the mid-50s with heavy water from the US to the state-run Bhabha Atomic Research Centre (BARC) at Trombay near Mumbai, a top official said.

“Cirus will be phased out this year as per the Indo-US 123 …. Source article on Gaea Times at  : India to phase out Cirus nuke research reactor soon.

BlackBerry stock jumps 5.4 percent as investors return

TORONTO – Aggressive market posturing by the BlackBerry maker Research In Motion (RIM) after its recent tit-for-tat salvos with Apple seems to have fired the company’s fortunes in the stock market. RIM shares shot up 5.40 percent on the Toronto Stock Exchange Tuesday to close at $63.25.

After sinking below $50 and languishing at those …. Original article  : BlackBerry stock jumps 5.4 percent as investors return.

Symantec meet to focus on data, information security concerns

MUMBAI – Global security solutions provider Symantec will Thursday unveil its vision to secure and manage sensitive information and identities on multiple platforms spanning IT infrastructure.

“We are showcasing our latest technologies ranging from effective management of large data centres and cloud computing to security and storage at our premium technology conference ‘Vision 2010′ here,” … Read more »»».

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), "8.13 per cent Government Stock 2022" for a notified amount of ` 4,000 crore (nominal) and "8.30 per cent Government Stock  2040” for a notified amount …. Source  : Underwriting Auctions for Government Securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 1, 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 : Liquidity Adjustment Facility : Auction Results.

Pact allows Indian equipment to move through Bangladesh

DHAKA – A bilateral treaty signed between Dhaka and New Delhi will facilitate the transport of Indian equipment to a power plant being set up in India’s Tripura state, abutting Bangladesh.

A memorandum of understanding (MoU) was signed by Bangladeshi and Indian officials at the shipping ministry office here Tuesday, The Daily Star newspaper reported.
Read : Pact allows Indian equipment to move through Bangladesh.

Sensex rises in early trade

MUMBAI – A benchmark index of Indian equities was up 128 points as broader markets saw better buys Wednesday.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,529.99 points, was ruling at 19,650.11 points, up 128.86 points or 0.66 percent from its previous close at 19,521.25 points.
At …. Original article on Gaea Times at  : Sensex rises in early trade.

Money Market Operations as on November 30, 2010

…. Original article  : Money Market Operations as on November 30, 2010.

US stocks fall again over worries about European debts

NEW YORK – Continuing fears about fiscal instability among European Union governments overshadowed a favourable report on US consumer confidence as major Wall Street stock indices lost ground.

The New York-based Conference Board’s index of consumer confidence reached a five-month high. But continuing worries about budget deficits in several EU countries weighed on the market.
… Read more »»».

Agra’s sweet makers made to pay sanitation fee

AGRA – Makers of Agra’s trademark petha sweet were Tuesday slapped a monthly charge of Rs.3,000 by the municipal corporation for disposal of the waste generated by their units.

Municipal officials, along with an army of sanitation workers and police, visited the main petha market at Noori Darwaza and put pressure on the sweet … Original article on : Agra’s sweet makers made to pay sanitation fee.

Mobile connections touched 687.71 million in September

NEW DELHI – The number of mobile connections in India reached 687.71 million as on Sep 30, with the addition of 17.10 million subscribers in September, official data revealed Thursday.

According to the Telecom Regulatory Authority of India, the wireless phone user base grew 2.55 percent to 687.71 million in September, from 670.60 million in … Original article on : Mobile connections touched 687.71 million in September.

New Nepal casino targets Indians in UP, Bihar

KATHMANDU – While Nepal’s mainstream casino industry, with six of its eight casinos based in the capital, is going through troubled times, a ninth one has begun to operate in a border district, hoping to draw gamblers from neighbouring Uttar Pradesh and Bihar states across the border.

Nepalgunj, the main transport hub for Nepal’s mid- … Read the original article on Gaea Times at : New Nepal casino targets Indians in UP, Bihar.

Unique identification number launched in northeast India

AGARTALA – Aadhaar, a 12-digit identity number to be issued by the Unique Identification Authority of India (UIDAI) for all Indian residents, was formally launched in the northeastern state of Tripura Thursday.

Tripura is the first state in the northeast and the eighth in India where Aadhaar has been launched, according to officials here.
…. Original source  : Unique identification number launched in northeast India.

Kerala delaying Kochi project, insists Smart City Dubai

THIRUVANANTHAPURAM – Two days after receiving an ultimatum from Kerala Chief Minister V.S. Achuthanandan, Smart City Dubai Thursday said it was the state government which was delaying the Kochi infotech project.

Foundation stone for the Rs.1,500 crore ($335 million) Smart City Kochi IT project was laid three years ago. Smart City Dubai was supposed to … Read more : Kerala delaying Kochi project, insists Smart City Dubai.

Toyota India Eyes Production Hike

DELHI, INDIA (GaeaTimes.com)-Toyota Kirloskar Motor Limited which is a section of Toyota Motor Corporation of Japan is increasing its production capacity in its Indian plant. The new capacity is 80000 units a year up from 73000 units. It has said that it wants to double the car sales in India in 2011. In … Read more : Toyota India Eyes Production Hike.

Fed Reserve gave $9 trillion emergency loans to US banks

WASHINGTON – The Federal Reserve, America’s central bank, made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data.

The loans were made through a special loan programme set up by the Fed in the wake of the Bear Stearns collapse in March 2008 … Original source on Gaea Times at : Fed Reserve gave $9 trillion emergency loans to US banks.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.37 and the Reference Rate for Euro is ` 59.52 on December 2, 2010. The corresponding rates for the previous day (December 1, 2010) were ` 45.70 and ` 59.53 respectively. Based on the Reference Rate for … Read more >>>.

Sensex holding on to gains, Asian cues positive

MUMBAI – A benchmark index of Indian equities Thursday was holding on to morning gains led by rising realty and banking stocks, amid positive Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.66 points, was ruling at 19,979.33 points, up 129.33 points or 0.65 percent from its …. Source  : Gaea News Network.

Food inflation dips to four-month low at 8.6 percent

NEW DELHI – India’s annual food inflation fell to a four-month low of 8.6 percent for the week ended Nov 20 as fresh kharif crop arrivals had a dampening effect of prices of food grain and vegetables, according to official data released Thursday.

The annual inflation rate for the primary articles group slipped at … Read more »».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 2, 2010 are:

Amount  (face value in ` crore)                       

Item

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

1 day Repo Auction 
Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Etios Launch Makes Toyota Upbeat

BANGALORE, INDIA (GaeaTimes.com)- The largest automaker of the world, Toyota Motor Corp is bullish on increasing its market share in the Indian car market where it has a minuscule share till date. The Japanese Car giant officially unveiled its much touted made for India sedan Etios in India yesterday. Toyota wants to make … Read the original article on Gaea Times at : Etios Launch Makes Toyota Upbeat.

Sensex moves up in early trade

MUMBAI – A benchmark index of Indian equities Thursday slipped a tad in morning trade after breaching the 20,000-mark soon after opening.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.66 points, was ruling at 19,969.86 points, up 119.86 points or 0.6 percent from its previous close at 19,850 … Original source on Gaea Times at : Sensex moves up in early trade.

Spain to cut taxes on small business

Madrid, Dec 2 (IANS/EFE) Spanish Prime Minister Jose Luis Rodriguez Zapatero announced Wednesday a new set of measures to boost the economy while also curbing public spending, such as a tax cut for small business and scrapping special payments to people whose unemployment benefits have run out.

The cabinet is set to approve the package …. Source article on Gaea Times at  : Spain to cut taxes on small business.

Canadian markets hit pre-recession levels

TORONTO – Canadian markets hit a new high Wednesday after the global meltdown, with the composite index on the Toronto Stock Exchange (TSX) closing at 13,148.35 points.

The last time the Toronto Stock Exchange – the world’s biggest energy and mining market – had closed at these levels was in September 2008.
Keeping the momentum …. Original article on Gaea Times at  : Canadian markets hit pre-recession levels.

Money Market Operations as on December 01, 2010

…. Original article  : Money Market Operations as on December 01, 2010.

Japanese stocks surge on US, European gains, and weaker yen

TOKYO – Japanese shares soared in Thursday morning trading, buoyed by a weaker yen and rallies in US and European markets.

The benchmark Nikkei 225 Stock Average added 178.07 points, or 1.78 percent, to trade at 10,166.12 while the broader Topix index was up 11.77 points, or 1.36 percent, at 877.84.
Exporters got a boost … Original article on : Japanese stocks surge on US, European gains, and weaker yen.

Fed reports widespread US economic growth in November

WASHINGTON – The US economy is growing in most parts of the country, according to a monthly study released Wednesday by the rate- setting US Federal Reserve.

The Fed found that in 10 of its 12 regions nationwide, the economy was gaining strength in November. Only eight of the 12 regions showed growth in October …. Original article on Gaea Times at  : Fed reports widespread US economic growth in November.

Future Generali eyeing 34 percent growth this fiscal

KOLKATA – Future Generali, the insurance joint venture between Indias Future Group and Italys Generali, is looking at 34 percent growth in business by the end of the 2010-11 fiscal through its sales channel Mallassurance, it was announced here Wednesday.

We expect this initiative will help us achieve the highest ever 34 percent growth this …. Source  : Gaea News Network.

Premji to set up new Rs.8,846-crore endowment trust

BANGALORE – Wipro chairman Azim Premji late Wednesday announced that he would set up a new endowment trust with a whopping Rs.8,846 crore (Rs.88.5 billion) to fund various social initiatives.

The endowment trust will be set up with funds raised by transferring 213 million equity shares of mine in Wipro Limited, which have a current … Read more : Premji to set up new Rs.8,846-crore endowment trust.

Symantec to unveil strategies against cyber attacks

MUMBAI – Global security solutions provider Symantec Corporation will Thursday unveil strategies to enable enterprises to secure their data from cyber attacks.

Symantec worldwide sales executive Bill Robbins will unfold the strategy at the US-based companys premium technology conference here.
Robbins will examine the critical shift from infrastructure-centric to information-centric computing and discuss what such …. Original article on Gaea Times at  : Symantec to unveil strategies against cyber attacks.

Among bank head honchos, Indians get lowest salary in Nepal

KATHMANDU – Nepal may be one of the poorest nations in the world and India may have one of the fastest growing economies, but the head honchos of Nepali banks take home pays that are way ahead of the salaries received by the chiefs of Indian joint-venture banks in the country.

The two Indian … Original article on : Among bank head honchos, Indians get lowest salary in Nepal.

Larsen and Toubro bags UAE orders worth $158 million

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Friday said its construction division has bagged a contract worth Rs.716 crore (around $158 million) from the UAE to construct an intersection connecting a road between Abu Dhabi and Dubai.

The Sheikh Khalifa Interchange project is to be completed in two years and includes construction … Read more >>>.

‘Grameen’ Yunus refutes $100 mn anomalies charge

DHAKA – Bangladeshi Nobel Laureate Muhammad Yunus has refuted a charge that

he had transferred $100 million aid meant for his micro-credit bank Grameen to other projects.
The bank’s founder told The Daily Star newspaper that he had done so 14 years ago “to ensure maximum transparency and responsible use of the bank’s revolving … Original source on Gaea Times at : ‘Grameen’ Yunus refutes $100 mn anomalies charge.

Sensex dull in afternoon trade

MUMBAI – A benchmark index of Indian equities Friday were ruling lacklustre in afternoon trade even as profit booking gained strength in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,007.89 points, was ruling at 20,015.14 points – up 22.14 points or 0.11 percent from its previous … Read more »».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.09 and the Reference Rate for Euro is ` 59.63 on December 3, 2010. The corresponding rates for the previous day (December 2, 2010) were ` 45.37 and ` 59.52 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 December 3, 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  : here.

`Putin may have offered Berlusconi profits from joint projects’

Rome, Dec 3 (IANS/AKI) Russian Prime Minister Vladimir Putin may have offered Italy’s billionaire premier Silvio Berlusconi a share of the profits from projects jointly developed by their respective country’s biggest energy companies, according to a diplomatic cable posted on the whistleblowing WikiLeaks website.

“The Georgian ambassador in Rome has told us” that his government …. Original article  : `Putin may have offered Berlusconi profits from joint projects’.

Sensex crosses 20,000 mark in morning trade

MUMBAI – A benchmark index of Indian equities Friday was ruling moderately higher, having breached the 20,000 mark on opening.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,007.89 points, was ruling at 20,034.15 points – up 41.45 points or 0.21 percent from its previous close at 19,992.7 points.
…. Source article on Gaea Times at  : Sensex crosses 20,000 mark in morning trade.

Playboy to open casino in Mexico

Mexico City, Dec 3 (IANS/EFE) Playboy said its $7.5 million casino in the Mexican Caribbean resort city of Cancun would open this weekend.

The casion, which covers 1,200 sq. meters will be inaugurated Saturday with a private party and open to the public the next day.
The casino will offer gaming tables and machines to … Read this article on Gaea Times at : Playboy to open casino in Mexico.

Money Market Operations as on December 02, 2010

Read : Money Market Operations as on December 02, 2010.

US stocks jump for second day on more good economic news

NEW YORK – US stocks surged Thursday for the second straight session because of positive economic data, this time from the housing and retail sectors.

Sales of existing homes climbed a better-than-expected 10 percent in October, while a number of major retailers posted positive sales entering the holiday shopping season.
The figures offered hope that … Read more »».

GM IPO Brings Additional $1.8 Billion To US Treasury

WASHINGTON DC (GaeaTimes) — The U.S. Treasury Department made a statement on Thursday indicating that it received another $1.8 billion in net proceeds from General Motors’ IPO. This brings the tally to $13.5 billion, the amount repaid to the tax payers. The treasury received $11.7 Billion on November 23 by selling GM stock. It …. Source  : GM IPO Brings Additional $1.8 Billion To US Treasury.

US spending in M&A in Emerging Companies up By Double

NEW YORK (GaeaTimes.com) — U.S companies have been reported to spend nearly double the amount buying assets in emerging markets than done in 2009. This is the result of their expectation that they are seeking economies offering faster growth. In the process large cash reserves may be used up.
This is in the wake of …. Source article  : US spending in M&A in Emerging Companies up By Double.

Reports of Antitrust emerge from Google Inc’s Groupon Accusition

The rumored deal where Google is said to have purchased Groupon the deal-of the-day site may face antitrust security. The secretive $6 Billion planned buy out plan of Groupon was hinted by publications such as by the technology blog All Things D and by The New York Times.
According to the present situation as long … Read more >>>.

The Huffington Post Top Brass Plans To Surpass Wall Street Journal in a Few Years

NEW YORK (GaeaTimes.com) — The Huffington Post will be worth more than The Wall Street Journal in a few years if CEO Eric Hippeau. has his way the answer will definitely be true. In a recent interview he was quoted as saying “I think probably [us]” when asked the question which among “The Huffington … Read more »».

Two Gujarat entities win awards

GANDHINAGAR – The Gujarat government’s power and urban infrastructure entities have been cited at the 3rd KPMG Infrastructure Today Awards-2010, a official statement said Thursday.

Power entity Gujarat Urja Vikash Nigam Limited (GUVNL) and the watera and urban infrastructure body Gujarat Infrastructure Development Board (GIDB) bagged the awards for the most admired state entity in … Original source on Gaea Times at : Two Gujarat entities win awards.

Each Unique ID number costs Rs.100: Nilekani

NEW DELHI – It costs the Unique Identification Authority of India (UIDAI) Rs.100 to generate each “aadhaar” number, which will help address the challenges of inclusion, the authority’s chief Nandan Nilekani, said here Thursday.

It costs the authority Rs.50 to enrol each individual for the Unique ID (UID) and another Rs.50 on back-end costs, … Read the original article on Gaea Times at : Each Unique ID number costs Rs.100: Nilekani.

Sistema-Shyam launches MTS in Gujarat

AHMEDABAD – Sistema Shyam TeleServices Limited (SSTL) Thursday launched its mobile telephony brand MTS in Gujarat.

The company’s president and CEO Vsevolod Rozanov also said the company would invest Rs.100 crore over the next three months to ramp up its network in the state, reaching to over 150 dealers and 31,000 retail outlets.
Original source on Gaea Times at : Sistema-Shyam launches MTS in Gujarat.

Regulator cancels Pritam Insurance Brokers licence

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) Thursday formally cancelled the licence of Pritam Insurance Brokers – now known as Mount Shikhar Insurance Brokers.

The broking company agreed to service its existing clients for six months and make necessary arrangements for them.
Pritam Insurance Brokers sought renewal of its licence under the new … Original source on Gaea Times at : Regulator cancels Pritam Insurance Brokers licence.

Ship collision: Green damage to be assessed

KOLKATA – Port and pollution control authorities will assess the environmental damage from an oil spill after two container vessels collided in West Bengal’s Hooghly river Nov 22.

“The officials will visit the (collision) spot following a directive from the Calcutta High Court to prepare a detailed report on the extent of water pollution,” …. Source  : Ship collision: Green damage to be assessed.

Belgium seeks strong ties with India in IT, gems and jewellery

KOLKATA – Belgium has evinced interest in further boosting economic ties with India in sectors like IT, gems and jewellery, non-conventional energy sources and education.

Belgian Ambassador Jean M. Deboutte in a press meet Friday said: We can strengthen our economic ties with India by increasing our cooperation in the IT, non-conventional energy sources and … Read more : Belgium seeks strong ties with India in IT, gems and jewellery.

BlackBerry to provide India access to messenger services

NEW DELHI – Research in Motion (RIM), the Canadian company that makes BlackBerry mobile devices, Saturday said it is working to provide the Indian government lawful access to BlackBerry Messenger Services (BBM).

“RIM confirms that it is fully cooperating with the government of India and is enabling carriers in India to be able to provide … Read the original article on Gaea Times at : BlackBerry to provide India access to messenger services.

Tamil Nadu officials to estimate rain damages

CHENNAI – The Tamil Nadu government has asked eight senior officials to survey nine districts affected by heavy rains, estimate the extent of damage and also take relief measures if needed, it was decided in a cabinet meeting here Saturday.

The meeting was chaired by Chief Minister M. Karunanidhi. Officials were asked to survey Cuddalore, …. Original source  : Tamil Nadu officials to estimate rain damages.

Majority Chinese charities don’t disclose financial data

BEIJING – A majority of charity organisations in China – 75 percent – handling billions of yuan in donations, do not disclose their financial information, a media report said Saturday.

A survey said about 431,100 charities in China received 33.2 billion yuan ($4.9 billion) in 2009.
The China Charity and Donation Information Centre under the … Read more >>>.

US adds less jobs in a sluggish economy

WASHINGTON – A sluggish US economy added just 39,000 jobs in November while the unemployment rate rose to 9.8 percent, tempering hopes of a quick recovery from its worse slowdown in decades.

The numbers marked a major slowdown from October, when US employers added an upwardly revised 172,000 jobs, the Labour Department job report released … Read more >>.

Spanish military takes over air traffic control after strike

Madrid, Dec 4 (IANS/EFE) Prime Minister Jose Luis Rodriguez Zapatero’s government militarised the air traffic control system following Friday’s wildcat strike by controllers that virtually shut down Spain’s airspace.

Air force officers took over management of the control towers at 10 major airports, including those serving Madrid, Barcelona, Seville and the Canary Islands, the … Read more >>>.

US and South Korea reach deal on free-trade pact

WASHINGTON – The US and South Korea have reached a deal on a long-stalled free-trade agreement between the two powers, US President Barack Obama announced Friday.

The deal comes after both countries spent months ironing out differences over imports of beef, cars and other concerns since Obama came into office in early 2009.
The countries’ [..] Read the original article: here.

Wall Street ends week up despite unemployment rate increase

NEW YORK – US stocks produced gains Friday, ending the week in the black, despite an increase in the jobless rate that had pushed shares down earlier in the day.

The US unemployment rate climbed to 9.8 percent in November, the Labour Department reported, sharply denting hopes that the labour market was beginning to recover … Read : Wall Street ends week up despite unemployment rate increase.

US Fed’s Bernanke won’t rule out more monetary interventions

WASHINGTON – Federal Reserve Chairman Ben Bernanke will not rule out more monetary interventions to prop up the struggling US economy, according to details of an interview released by broadcaster CBS Friday.

The US central bank in November announced a controversial plan to buy up $600 billion in government bonds over the coming eight months. …. Source  : Gaea News Network.

US, South Korea reach tentative deal on free-trade agreement

WASHINGTON – The US and South Korea Friday reached a tentative deal on a long-stalled free-trade agreement, according to the top US trade official.

US Trade Representative Ron Kirk and Korean Minister for Trade Kim Jong-hoon had worked out their differences during a meeting in the US state of Maryland and were ready for the … Read more >>.

Obama Denies New Drilling Area To Big Oil

WASHINGTON (GaeaTimes.com) — President Obama’s announcement that new areas along the east coast and the gulf of Mexico for new drilling project has raise quite a few environmentalist’s eyebrows. The skepticism was not unfounded since after that the oil spill ensued. Now that White House tries to do a volte face. Since the oil … Read this article on Gaea Times at : Obama Denies New Drilling Area To Big Oil.

US unemployment climbs to 9.8 percent

WASHINGTON – The US unemployment rate climbed to 9.8 percent in November, the Labour Department reported Friday, sharply denting hopes that the labour market was beginning to recover after months of stagnation.

The jobless rate is the highest since April. The department said just 39,000 jobs were added during the month, compared to a revised …. Source article  : US unemployment climbs to 9.8 percent.

Mirant Corp. and RRI Energy Inc Merger Finalized, GenOn Energy is Born

HOUSTON (GaeaTimes.com) — Energy major Mirant Corp. and RRI Energy Inc. announced their merger on Friday. As a result a new entity called GenOn Energy Inc. is created. Shares of the formed entity will begin trading on Monday under the symbol “GEN”. Mirant, the Atlanta based company agreed to buy out the RRI energy …. Read the original article  : Mirant Corp. and RRI Energy Inc Merger Finalized, GenOn Energy is Born.

Small Business Sees Growth On Payroll, Economists Cautious

NEW YORK (GaeaTimes.com) — The small Business in the US are very excited about the payroll growth for the first time in almost 2-1/2 years this November. A survey report published by the National Federation of Independent Business claimed the above facts. It also said an average firm increase of 0.1 work in the [..] Read the original article: here.

Regional security, development to feature in GCC summit

CAIRO – Leaders of the Gulf Cooperation Council (GCC) countries are set to meet next week in the United Arab Emirates capital Abu Dhabi, where the bloc was founded about 30 years ago.

The leaders are expected to discuss a wide range of issues concerning regional security and development at the upcoming 31st GCC summit, …. Original source  : Regional security, development to feature in GCC summit.

Dollar Bows Under Heavy Pressure Of Unemployment

NEW YORK (GaeaTimes.com) — The dollar today was notably lower than the Euro and Yen. The data shows that even as the US services sector grew during the period on November, the factory order was conspicuous by its poor performance this October.
The Euro stood at $1.3352 on Friday, the value was notable greater by … Read more : Dollar Bows Under Heavy Pressure Of Unemployment.

Federal Spending Cut Plan Rejected

WASHINGTON (GaeaTimes.com) — The Deficit Panel today rejected the sweeping reform plan. The US tax code was unsuccessful in gathering enough votes from the 18-member presidential panel.
By this development on Friday it was clear that the the Republicans and Democrats had differences about the procedure to see the economy, during this tough time. The … Read more : Federal Spending Cut Plan Rejected.

European pressurised reactors costlier, less efficient: expert

MUMBAI – A leading nuclear expert Friday questioned the wisdom of going in for the European pressurised reactors (EPRs) at the Jaitapur nuclear plant, especially since they generate four times more waste than the pressurised water reactors (PWRs).

Addressing a daylong seminar organised by groups like Konkan Bachao Andolan and Janhit Seva Samiti opposing the …. Original article on Gaea Times at  : European pressurised reactors costlier, less efficient: expert.

TRAI rules out compensation for number portability

NEW DELHI – The telecom regulator Friday dismissed mobile companies’ contention that they should be paid for allowing subscribers to shift from one network to another using mobile number portability.

In an order issued late Friday, the Telecom Regulatory Authority of India (TRAI) also reprimanded companies for charging high cost for sending messages on … Read the original article on Gaea Times at : TRAI rules out compensation for number portability.

Wealth divide gets wider in China

BEIJING – The gulf between the rich and the poor has widened in China even as five percent of the country’s total population now have annual incomes of at least 300,000 yuan (about $45,000) after tax.

Results of the study carried out in more than 10 major cities show about 50 million Chinese have passed … Original article on : Wealth divide gets wider in China.

British shops to be stopped from selling provocative items

LONDON – Retailers in Britain would be told to stop selling “highly sexualised products” including T-shirts that bear provocative slogans like “Want me, need me, love me”, a media report said Sunday.

A government inquiry has been launched that will examine whether shops should be prevented from selling inappropriate items to pre-teens and children, such … Original article on : British shops to be stopped from selling provocative items.

Nepal’s Maoists fail to bring economy under state control

KATHMANDU – The battle by Nepal’s former Maoist guerrillas to push for a new economical model next year in which the state would control economy and all resources with the private sector was defeated Sunday with the major ruling parties thumbing down the proposal.

Giving in to pressure, the opposition party has now agreed to … Read more »»».

Teenagers obsessed with mobile phones: Survey

NEW DELHI – Teenagers are obsessed with mobile phones and carry them to schools, tution centres and other public places, a study released here Sunday said.

The study, conducted by the Associated Chambers of Commerce and Industry of India (Assocham), attributed this to socio-economic factors such as excess pampering by parents, easy access to pocket … Read more >>>.

This time, mobile phone users hope for real relief from pesky calls

NEW DELHI – Dheeraj Kumar, a real esate broker here and frequent traveller, finally hopes he will be spared from the unwanted calls from tele-marketing firms and the hole they burn in his wallet following new norms announced by the telecom watchdog.

Experts also agree that this time the penalty on errant companies that can … Original source on Gaea Times at : This time, mobile phone users hope for real relief from pesky calls.

India more important market than Pakistan: Afghan minister

CHANDIGARH – Afghanistan, ravaged by years of war, considers the Indian market more lucrative than Pakistan and wants both Indian expertise and investment in restructuring its agriculture and trade, an Afghan minister said here.

“India and Pakistan are major business partners for Afghanistan but we are more focused on India as it is … Original source on Gaea Times at : India more important market than Pakistan: Afghan minister.

Brand Bewakoof rings success in Jharkhand town

GIRIDIH – What’s in a name? Had legendary playwright Shakespeare posed this question in Jharkhand’s Giridih town, he would have got a collective reply – “everything”. Because not only has the word ‘bewakoof’ (stupid) made many a fortune here, it also commands an unflinching loyalty.

Within 20 metres of Court Road there are six Bewakoof …. Original article  : Brand Bewakoof rings success in Jharkhand town.

Apple updates iPhone operating system

CUPERTINO – The newest version of the operating system that powers iPhones, iPads and the iPod touch – iOS 4.2 – is ready for installation.

IPad users will notice the biggest changes, since this is the first ever update for that machine’s operating system. It will allow multitasking on the tablet computer, so multiple applications …. Source article on Gaea Times at  : Apple updates iPhone operating system.

Farm-reliant Ethiopia is fertile for India Inc: Dy Prime Minister (Interview)

NEW DELHI – Ethiopia not only seeks Indian investment but also offers itself as a base for import of farm and industrial goods produced there for a partnership that can help both the countries, says the east African country’s Deputy Prime Minister Hailemariam Desalegn.

Choosing India for his first overseas visit after being appointed a … Read this article on Gaea Times at : Farm-reliant Ethiopia is fertile for India Inc: Dy Prime Minister (Interview).

BlackBerry buys Swedish software developer

TORONTO – BlackBerry maker Research In Motion (RIM) is buying Sweden’s The Astonishing Tribe (TAT) which specializes in developing software that lets smart phone users personalize their device the way they like.

The unique software designed by TAT is found on 15 percent of all smart phones globally. By downloading the TAT software, even those … Original article on : BlackBerry buys Swedish software developer.

Snow grounds over 325 flights in Chicago

CHICAGO – Over 325 flights were cancelled at Chicago’s O’Hare International Airport due to heavy snowfall Saturday morning, reports Xinhua.

Flights in and out of O’Hare have also been delayed by about 30 minutes, Chicago Department of Aviation said.
Aviation officials are advising travellers to check their airlines’ website to find out the status of … Read this article on Gaea Times at : Snow grounds over 325 flights in Chicago.

On course to reach tax revenue target: Pranab

KOLKATA – The government is on course to reaching its target of mopping up direct tax revenue of Rs 4.30 lakh crore this year, Finance Minister Pranab Mukherjee said Saturday.

“Following the rationalisation of direct tax rates, the government is progressing well towards its target of collecting direct taxes of Rs 4.30 lakh crore this …. Source article  : On course to reach tax revenue target: Pranab.

Sarkozy’s Taj trip hustles tourists out

AGRA – Thousands of foreign and domestic tourists were asked to leave the precincts of the Taj Mahal just before French President Nicolas Sarkozy and his wife Carla Bruni came to visit the hitoric monument Saturday. Many others could not even enter though holding valid tickets.

“We came here from Sholapur on Thursday. …. Source  : Gaea News Network.

Mahindra, Italian firm tie-up for farm equipment

CHANDIGARH – The farm equipment wing of automobile giant Mahindra and Mahindra Saturday announced its tie-up with Italian company Maschio-Gaspardo, a leading global brand manufacturing rotary tillage equipment.

As a result of this partnership, Mahindras AppliTrac business will receive an exclusive supply of a complete range of rotary tillage equipment from Maschio-Gaspardo, company officials said …. Source article  : Mahindra, Italian firm tie-up for farm equipment.

DGCA asks airlines to be reasonable, transparent on airfares

NEW DELHI/BANGALORE – Aviation regulator, Directorate General of Civil Aviation (DGCA) Saturday said the airline industry should be reasonable and transparent on the air fare pricing issue.

“We have asked the airlines to be reasonable about their demands and to be transparent about their bucket seats,” said newly-appointed DGCA director, E.K. Bharat Bhushan after …. Original article on Gaea Times at  : DGCA asks airlines to be reasonable, transparent on airfares.

ICICI Bank hikes lending, deposit rates

MUMBAI – ICICI Bank, the country’s largest private sector lender, said Saturday it will raise its lending as well as deposit rates by up to 50 basis points effective Dec 6 on the back of tightening monetary policy by the country’s central bank.

The bank will increase interest rates for various tenors of retail fixed …. Original article on Gaea Times at  : ICICI Bank hikes lending, deposit rates.

Sarkozy wants more Indians to learn French

BANGALORE – French President Nicolas Sarkozy Saturday hoped that more and more Indians would learn to speak French and know about his country.

“French companies in India employ nearly 200,000 people and this number is expected to continue to rise. But how many of them were trained in France and do they speak French,” Sarkozy … Original source on Gaea Times at : Sarkozy wants more Indians to learn French.

Spain declares emergency to beat off wildcat air strike

MADRID – The Spanish government Saturday decreed a state of emergency, in an attempt to force air controllers staging a wildcat work protest to return to work immediately.

If the air controllers refused, they would face being prosecuted for disobedience under military law, Deputy Prime Minister and Interior Minister Alfredo Perez Rubalcaba said.
The government …. Source  : Spain declares emergency to beat off wildcat air strike.

Pawar favours introducing GM crops in India

CHANDIGARH – Ignoring criticism from various quarters, Agriculture Minister Sharad Pawar Saturday strongly favoured the introduction of Genetically Modified (GM) food crops in the country to ensure food security.

Pawar, who was here to inaugurate the ninth edition of Agro Tech 2010, said that GM food crops are necessary to meet the increasing demand of …. Original source  : Pawar favours introducing GM crops in India.

‘Filthy, expensive Goa no longer attracts German tourists’

PANAJI – Goa is no longer a favoured tourist destination for Germans because it is “expensive and dirty”, the Indo-German Friendship Society Goa (IGFSG) said Saturday.

Speaking to reporters here at a press conference called to announce a weeklong celebration to mark the arrival of the first German hippies to Goa sixty years ago, … Read the original article on Gaea Times at : ‘Filthy, expensive Goa no longer attracts German tourists’.

Sex ratio, literacy rate of Tibetans-in-exile up: survey

DHARAMSALA – The sex ratio, literacy rate and population of the Tibetans-in-exile have increased in the past 11 years, said a report released here Saturday.

The sex ratio for Tibetan population in exile has gone up. Its presently 798 females for 1,000 males against 792 in 1998, said the planning commission of the central Tibetan …. Source  : Gaea News Network.

Money Market Operations as on December 4, 2010

… Read more >>>.

US dollar is still the best choice: UAE Central Bank governor

ABU DHABI – The US dollar is still the best choice for the global economy, United Arab Emirates (UAE) Central Bank Governor Sultan Bin Nasser Al Suwaidi said here Monday.

Talking to mediapersons before the opening of the Gulf Cooperation Council (GCC) summit, Al Suwaidi said: “What are the choices. There is yen and euro. …. Read the original article  : US dollar is still the best choice: UAE Central Bank governor.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.85 and the Reference Rate for Euro is ` 59.92 on December 6, 2010. The corresponding rates for the previous day (December 3, 2010) were ` 45.09 and ` 59.63 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Drought-hit Bihar braces for rice scarcity

PATNA – Bihar is set to face a shortage of rice as paddy output has declined by at least 45 to 50 percent due to this year’s drought, an official said Monday.

An official of the state agriculture department said that as of now, paddy output appears to be less than 50 percent of the … Read the original article on Gaea Times at : Drought-hit Bihar braces for rice scarcity.

Scheme for a slum-free India to roll out by January

NEW DELHI – With around 93.06 million people projected to live in slums across India by 2011, the ambitious Rajiv Awas Yojana (RAY) meant to provide housing to the urban poor is expected to roll out by January, officials say.

Under the ministry of housing and urban poverty alleviation, RAY – a scheme to give …. Original article  : Scheme for a slum-free India to roll out by January.

No proposal to allot CWG flats to VIPs: DDA

NEW DELHI – Delhi’s housing agency has denied any proposal to allot Commonwealth Games (CWG) Village flats to politicians, bureaucrats and police officers, a Right to Information (RTI) query revealed Monday.

RTI activist Subhash Agrawal had sought details from the Delhi Development Authority (DDA) on whether it planned to make any privilege allotment to VIPs. …. Original source  : No proposal to allot CWG flats to VIPs: DDA.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 6, 2010 are:

Amount  (face value in ` crore)                    

Item

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

1 day Repo Auction 
Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Farmers reap rich harvest at Chandigarh agri-fair

CHANDIGARH – Farmers came from all over Punjab, Haryana and even from countries like Afghanistan to reap a rich harvest of technology at the Agro Tech 2010, and organisers said the response to the agri-fair from corporates too has grown this time.

The Dec 3-6 fair organised by the Confederation of Indian Industry (CII) saw …. Source article  : Farmers reap rich harvest at Chandigarh agri-fair.

Sensex up 145 points in morning trade

MUMBAI – A benchmark index of Indian equities Monday was ruling 145 points higher in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.25 points, was ruling at 20,112.48 points, up 145.55 points or 0.73 percent from its previous close at 19,966.93 points.
At the National Stock … Read more »»».

Money Market Operations as on December 03, 2010

[..] Read the original article: here.

Gulf foreign ministers meet to set GCC agenda

Abu Dhabi, Dec 6 (IANS/WAM) The foreign ministers of the Gulf Cooperation Council (GCC) have met to hammer out the agenda of the 31st summit of the grouping here Monday.

The meeting Sunday was chaired by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.
“We are meeting here today to complete the agenda of …. Source article  : Gulf foreign ministers meet to set GCC agenda.

UAE seeks unified currency for GCC

ABU DHABI – The UAE is still looking forward to a unified currency for the six-nation Gulf Cooperation Council, Economy Minister Sultan al-Mansouri said.

The UAE, the second-largest Arab economy and the world’s third largest oil exporter, opted out last year of the GCC plans for monetary union, becoming the second country in the six-nation …. Source article  : UAE seeks unified currency for GCC.

Abu Dhabi summit turning point for GCC

Abu Dhabi, Dec 5 (IANS/WAM) The Gulf Cooperation Council’s Abu Dhabi summit Dec 6-7 will be a turning point for the six-member bloc, its secretary general says.

Leaders of the GCC countries will meet for its 31st summit in the United Arab Emirates capital Abu Dhabi, where the bloc was founded about 30 years ago.
…. Original article  : Abu Dhabi summit turning point for GCC.

Madhya Pradesh to drum up support for Narmada project

BHOPAL – To avoid further hurdles, the Narmada Valley Development Authority (NVDA) has decided to mobilise public support for the mega project, an official said Sunday.

An arm of the Madhya Pradesh government, NVDA will use songs, documentary films, street plays and puppet shows to garner support, its chairman K.L. Agrawal said.
He said that …. Original article on Gaea Times at  : Madhya Pradesh to drum up support for Narmada project.

Punjab’s business clusters to create 5 lakh jobs

CHANDIGARH – In a bid to ensure inclusive growth and increase employment opportunities, the Associated Chambers of Commerce and Industry of India (Assocham) will develop 15 business clusters in different parts of Punjab, an official said Sunday.

“Currently, 20 such clusters are operational in Punjab which are providing employment to lakhs of people here,” Assocham …. Source article  : Punjab’s business clusters to create 5 lakh jobs.

Modi invites Andhra investors to Gujarat

HYDERABAD – Gujarat Chief Minister Narendra Modi Sunday said his dream was to develop his state as the globally-preferred place to live in and do business in and invited investors from Andhra Pradesh to be part of this growth story.

Addressing industrialists at a meeting organised by the Confederation of Indian Industry (CII), Modi invited …. Source article on Gaea Times at  : Modi invites Andhra investors to Gujarat.

Two extra coaches to ease rush on Delhi Metro

NEW DELHI – Looking to decongest trains, the Delhi Metro Sunday said it will add two coaches to the four-coach trains on the Dwarka-Noida line by December-end.

The additional coaches will be able to carry about 600 more passengers per train trip.
Subsequently, six-coach trains will be introduced on the Jahangirpuri-Gurgaon line to increase their …. Original article on Gaea Times at  : Two extra coaches to ease rush on Delhi Metro.

Airlines slash ticket prices after government intervenes

NEW DELHI – Flight tickets on most routes are expected to come down by 20-25 percent after the government and the aviation watchdog asked all airlines to bring down prices of last minute bookings to reasonable levels.

The move comes after officials of the civil aviation ministry and the Directorate General of Civil Aviation (DGCA) …. Read the original article  : Airlines slash ticket prices after government intervenes.

Pulses output to touch 16.5 mn tonnes this year: Pawar

NEW DELHI – India could end up producing up to 16.5 million tonnes of pulses this year, reducing the need for imports, Agriculture Minister Sharad Pawar said here Sunday.

“This year, as per our initial assessment, we are going to achieve our production targets with an all time record production of 16.5 million tonnes. … Read more >>.

Indian Statistical Institute, LSE sign research pact

KOLKATA – The Indian Statistical Institute (ISI) has signed an agreement with the London School of Economics (LSE) to help policy makers conduct research in formulating strategies to ensure long-term sustainable growth, Finance Minister Pranab Mukherjee announced Sunday.

“The agreement between the LSE and ISI was signed in London on November 29,” said Mukherjee at … Read this article on Gaea Times at : Indian Statistical Institute, LSE sign research pact.

TRAI targets 100 mn broadband subscribers by 2014

NEW DELHI – India’s telecom regulator Tuesday said it was targeting a 10-fold increase in broadband subscribers to 100 million by 2014.

The country has 10.29 million subscribers now. “We will have 100 million broadband subscribers by 2014,” Telecom Regulatory Authority of India (TRAI) chairman J.S. Sarma said at the fifth India Digital Summit 2010 … Read more : TRAI targets 100 mn broadband subscribers by 2014.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.84 and the Reference Rate for Euro is ` 59.72 on December 7, 2010. The corresponding rates for the previous day (December 6, 2010) were ` 44.85 and ` 59.92 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Sensex continues to languish in dull trade

MUMBAI – A benchmark index of Indian equities Tuesday continued to trade weak even as selling pressure increased in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,982.9 points, was ruling at 19,885.59 points – down 95.72 points or 0.47 percent from its previous close at 19,981.31 …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 7, 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.

India will create 58 mn more jobs by 2012: Labour Minister (Interview)

NEW DELHI – Labour Minister Harish Rawat says the government is confident of creating 58 million additional jobs by the end of the 11th Five Year Plan in 2012 thanks to the smart recovery in the farm sector and its resultant impact on the rural economy.

“Agriculture has responded very positively. With economy poised to … Read this article on Gaea Times at : India will create 58 mn more jobs by 2012: Labour Minister (Interview).

Cuba to build golf courses to attract tourists

HAVANA – The tourism ministry in Cuba has said it is negotiating with international construction companies to build 16 golf courses in a bid to attract more tourists to the country, a media report said.

Experts, including chief executive of the International Association of Golf Tourism Operators Peter Walton, have said Cuba could become the …. Original article on Gaea Times at  : Cuba to build golf courses to attract tourists.

Obama calls for ‘Sputnik moment’ to stay ahead of India, China

WASHINGTON – US President Barack Obama has called for another “Sputnik moment”, saying America must invest in innovation and technology and seize new opportunities to remain competitive with nations like India and China.

“We need a commitment to innovation we haven’t seen since president (John F.) Kennedy challenged us to go to the moon,” he …. Original source  : Obama calls for ‘Sputnik moment’ to stay ahead of India, China.

Japanese stocks fall on profit-taking, stronger yen

TOKYO – Japanese shares were down in Tuesday morning trading with export-oriented issues dragged down by the yen’s advance while investors sold shares to lock in immediate profits after recent gains.

The benchmark Nikkei 225 Stock Average lost 65.6 points, or 0.65 percent, to trade at 10,101.63 while the broader Topix index was down 4.86 …. Original article on Gaea Times at  : Japanese stocks fall on profit-taking, stronger yen.

Money Market Operations as on December 6, 2010

Read more : Money Market Operations as on December 6, 2010.

US stocks fall after Fed chief says economy needs more stimulus

NEW YORK – US stocks fell Monday after Federal Reserve Chairman Ben Bernanke said he would not rule out more monetary interventions to prop up the struggling economy.

Bernanke made the remarks in an interview aired Sunday by broadcaster CBS.
The US central bank in November announced a controversial plan to buy up $600 billion …. Original article  : US stocks fall after Fed chief says economy needs more stimulus.

First session of Gulf Cooperation Council summit ends

Abu Dhabi, Dec 7 (IANS/WAM) Leaders of the Gulf Cooperation Council (GCC) discussed political, economic, security and military issues Monday night in the first session of the 31st GCC Summit being held here in the United Arab Emirates (UAE).

The draft closing statement of the two-day summit was also discussed. The leaders will resume the …. Original article  : First session of Gulf Cooperation Council summit ends.

US envoy asks Pakistan to check corruption

ISLAMABAD – The new US ambassador to Pakistan, Cameron Munter, said Monday the country will not be able to attract foreign investment unless and until it is able to check corruption.

While addressing industry representatives at Karachi Stock Exchange, he said: “Corruption in government sector can deter foreign investors and their confidence should be … Read : US envoy asks Pakistan to check corruption.

Volvo India buys out partner’s stake in bus JV

BANGALORE – Transport solutions major Volvo Buses India Ltd Monday increased its equity holding in its bus joint venture to 100 percent by acquiring the entire 30 percent stake of its partner, Azad Coach Builders Ltd for an undisclosed sum.

“In the joint venture formed in 2008, we invested about Rs.100 crore (Rs.1 billion), that … Original source on Gaea Times at : Volvo India buys out partner’s stake in bus JV.

SAIL, Jindal among nine given mining rights in Chhattisgarh

RAIPUR – Public sector Steel Authority of India Ltd (SAIL) and private power utility Jindal Power Ltd (JPL) were among the total of nine companies that were allotted mines in Chhattisgarh since December 2000, the state assembly was told Monday.

Four companies, including SAIL, were allotted iron ore mines in the state while five companies, …. Original article on Gaea Times at  : SAIL, Jindal among nine given mining rights in Chhattisgarh.

Railways owe Chhattisgarh over Rs.1,600 crore for power

RAIPUR – Railways has to pay the Chhattisgarh government a whopping electricity bill of over Rs.1,600 crore, Chief Minister Raman Singh told the state assembly Monday.

Chhattisgarh has to recover Rs.1,617 crore from Railways, pending for nearly two years, Singh told the assembly in a written reply on the opening day of the winter session.
… Read this article on Gaea Times at : Railways owe Chhattisgarh over Rs.1,600 crore for power.

Himachal ties up with three helicopter taxi operators

DHARAMSALA – Himachal Pradesh Chief Minister Prem Kumar Dhumal said Monday that the government has signed an agreement with three operators of helicopter taxis and identified routes and fixed air fares to boost tourism.

“A memorandum of understanding has been signed with three companies to provide interstate and intrastate heli-taxi services. This will boost tourism … Read more »»».

Germany offers India joint defence production for third-party sale

NEW DELHI – Pitching hard to grab lucrative defence deals worth billions of dollars, Germany Monday said it has offered India provisions for forgoing an end user monitoring agreement and transfer of technology in joint production of military hardware for third-party sale in future.

German Ambassador Thomas Matussek told reporters here that, among other things, … Read more : Germany offers India joint defence production for third-party sale.

No India-EU free trade accord during PM’s visit

NEW DELHI – The much-awaited free trade agreement (FTA) between India and the European Union is unlikely to be ready for inking when Prime Minister Manmohan Singh visits Brussels for a summit with the 27-nation bloc Friday, German Ambassador Thomas Matussek said here Monday.

Matussek said the two sides were still making efforts to resolve …. Source article  : No India-EU free trade accord during PM’s visit.

RBI Announces OMO Purchase of Government Securities

Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct purchase of government securities under its Open market operations (OMO) as and when considered necessary. Accordingly, it has been decided to purchase the following government …. Source article on Gaea Times at  : RBI Announces OMO Purchase of Government Securities.

RBI governor tells banks to speed up reach to people

BANGALORE – Reserve Bank of India (RBI) Governor Duvvuri Subbarao Monday urged state-run banks to speed up financial inclusion to reach the people by opening up more Financial Inclusion Resource Centres (FIRCs) across the country.

Though we are doing our bit by opening our own FIRCs, it is not enough. Commercial banks should also open …. Original article on Gaea Times at  : RBI governor tells banks to speed up reach to people.

India’s exports up 26.8 percent; trade deficit narrows

NEW DELHI – India’s exports grew 26.8 percent to $18.9 billion in November while imports increased 11.2 percent to $27.8 billion, narrowing trade deficit to $8.9 billion in the month, Commerce Secretary Rahul Khullar said Wednesday.

Exports are doing pretty well. There is huge turnaround in exports of engineering products, especially automobiles. Gems and …. Original article  : India’s exports up 26.8 percent; trade deficit narrows.

Premji meets Buddhadeb over Wipro’s new campus

KOLKATA – Wipro head Azim Premji Wednesday called on West Bengal Chief Minister Buddhadeb Bhattacharjee here in what was described as a “positive meeting” on establishing the IT major’s second campus on the outskirts of the city.

Premji had a half-hour meeting with Bhattacharjee at the state secretariat Writers Buildings.
Wipro has purchased 50 acres … Read more >>.

Bangladesh to boost trade, ties with northeast

AGARTALA – Bangladesh will upgrade its diplomatic offices in northeast India to boost trade and people-to-people contact with the region, officials said here Wednesday.

“The Bangladesh government has approved plans to upgrade its mission in Agartala to deputy high commission level,” first secretary and head of Bangladesh’s Agartala mission (visa office) Mohammad Abu Taher Mondal … Original article on : Bangladesh to boost trade, ties with northeast.

Bangalore Nano event kicks off in India’s tech hub

BANGALORE – The Bangalore Nano 2010 got underway Wednesday in this tech hub to showcase the latest trends in nanotechnology, touted to be the third technological revolution in the world.

Organised by the Karnataka science and technology department, the third edition of the two-day conference-cum-trade show has attracted about 450 delegates, 50 speakers and 35 …. Original article  : Bangalore Nano event kicks off in India’s tech hub.

Issue of new Coins of ` 5 with the theme “Birth Centenary of Mother Teresa”

The Reserve Bank of India will shortly put into circulation coins of ` 5 with the theme "Birth Centenary of Mother Teresa".

The coin of above denomination shall conform to the following dimension, design and composition, namely :

Denomination of the coin

Shape and outside diameter

Number of
… Read more ` 5 with the theme “Birth Centenary of Mother Teresa””>>>>.

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 ` 59.63 on December 8, 2010. The corresponding rates for the previous day (December 7, 2010) were ` 44.84 and ` 59.72 respectively. Based on the Reference Rate for US … Original article on : RBI Reference Rate for US $ and Euro.

Sensex down on selling pressure

MUMBAI – A key Indian equities index was down nearly 200 points Wednesday on all-round selling.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 19,874.30 points, against the previous day’s close at 19,934.64 points. Three hours into trading, the index was ruling at 19,759.89 points with a loss … Original article on : Sensex down on selling pressure.

Afghanistan seeks Indian technology for its own green revolution

CHANDIGARH – Hoping to bring about a green revolution in their country after the years of turmoil and war, Afghanistan farmers and agri-experts are looking forward to working with their Indian counterparts and making use of Indian technology.

“We invite Indian farmers to participate in the ‘International Agfair 2011′ at Kabul next year. Indian has …. Read the original article  : here.

BlackBerry maker downgraded as Apple set to unveil iPad2

TORONTO – Shares of BlackBerry maker Research In Motion (RIM) have retreated after two brokerages downgraded the Canadian wireless giant in view of the stiff competition from Apple’s iPhone and Google Android devices.

RIM stock closed Tuesday at $62.12, slipping about two percent immediately after its downgrading by CSLA brokerage to “underperform” and by Gleacher … Original source on Gaea Times at : BlackBerry maker downgraded as Apple set to unveil iPad2.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.49 per cent Government Stock 2017” for a notified amount of ` 3,000 crore (nominal) and "8.26 per cent Government Stock 2027" for a notified amount of ` 3,000 crore (nominal) through auctions to be held on December 10, 2010. The underwriting … Original source on Gaea Times at : Underwriting Auctions for Government Securities.

60,000 Punjab power sector staffers on strike

CHANDIGARH – Nearly 60,000 employees of Punjab’s power sector went on a two-day strike Wednesday after their talks with the state’s power corporations regarding pay and other benefits failed.

President of the Joint Forum of Power Sector Employees Karam Chand Bhardwaj said power corporations Powercom and TransCo had failed to implement the demands of the [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 8, 2010 are:

Amount  (face value in ` crore)                       

Item

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

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

India’s biggest manmade lake to be tourist spot

BHOPAL – The Madhya Pradesh government will develop the reservoir of the Indira Sagar Dam in Khandwa district as a tourist spot, an official said.

According to the state government’s directives, preparation for the development of the islets in the reservoir have been completed. Resorts will be constructed by the tourism
department at a …. Source  : Gaea News Network.

CBI raids houses of Raja, four associates in 2G scam

NEW DELHI – The Central Bureau of Investigation (CBI) Wednesday searched the houses of former telecom minister A. Raja and four of his associates here over the 2G spectrum row, an official said.

“A CBI team reached the Delhi residence of Raja at around 7 a.m. Raids are still on,” a CBI official …. Read the original article  : CBI raids houses of Raja, four associates in 2G scam.

Money Market Operations as on December 7, 2010

… Original article on : Money Market Operations as on December 7, 2010.

Japanese stocks up on weaker yen

TOKYO – Japanese shares rose in Wednesday morning trading, hitting a seven-month high as export-oriented issues were bolstered by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 69.58 points, or 0.69 percent, to trade at 10,210.68 while the broader Topix index was up 4.2 points, or 0.48 percent, at 883.3.
Japan’s core private-sector … Read more >>>.

India’s Economy may Grow by 9% on 2011

NEW DELHI, INDIA (GaeaTimes.com) — According to Finance Mister of India, Mr. Pranab Mukherjee, India’s economy could grow by nine percent this fiscal year. If the growth rate is achieved, it will be the highest in the last 3 years and its fiscal deficit will not exceed the budgeted target of 5.5 percent of … Read more >>.

Bank Of America Will Pay $137 Million in Bond Rigging

Bank of America will have to pay $ 137 million to settle a case of municipal bond bid-rigging against the bank. The investigation probes into whether large U.S. banks had made advance decisions on which investment house would win the auctions of guaranteed investment contracts that dictates the cities and counties to buy with …. Source article  : Bank Of America Will Pay $137 Million in Bond Rigging.

Tax Cut Stock Hope Falters After Surging Investor Rates

NEW YORK (GaeaTimes.com) — The investors honeymoon with the tax cut extension was cut short by the rising bond yields. The S&P 500 did manage to hit a two-year intraday high after the announcement that President Barack Obama made the deal with Republicans to renew the tax cuts implemented in the Bush-era. The high …. Original source  : Tax Cut Stock Hope Falters After Surging Investor Rates.

CBS of urban cooperative banks to begin this month

AHMEDABAD – Union Agriculture minister Sharad Pawar will flag off the national launch of the Core Banking Solutions (CBS) drive of Of urban cooperative banks at their two-day national meet “Coop Core 2010″ beginning here on December 25.

The drive aims to link more than 7,000 branches of 1,674 urban cooperatives banks …. Source article  : CBS of urban cooperative banks to begin this month.

Nepal to hold beauty contest for elephants

KATHMANDU – Nepal has the highest mountain in the world and now, the Himalayan republic is going to win another jumbo distinction when it holds the world’s “biggest” beauty pageant — for elephants.

From Dec 26, Nepal’s “Elephant Land”, the hot and fertile Terai plains in the south, will hold the three-day Chitwan Elephant Festival …. Source  : Gaea News Network.

CVC Thomas refuses to comment on Supreme Court notice

NEW DELHI – Chief Vigilance Commissioner P.J. Thomas Thursday refused to comment on the Supreme Court notice asking him to explain why his appointment should not be quahed.

“I cannot talk about the issue. The matter is sub-judice, and before the court, Thomas told reporters on the sidelines of an event here.
The Supreme … Read more >>.

Onion, milk prices keep India’s annual food inflation high

NEW DELHI – After falling to a four-month low, India’s annual food inflation rose again to 8.69 percent for the week ended Nov 27, as prices of onions, milk, fruits, meat and poultry continued to rule high, commerce ministry data showed Thursday.

The food inflation rate, based on the official wholesale price index, had dropped [..] Read the original article: here.

Tata Winger Platinum Launched

DELHI, INDIA (GaeaTimes.com)- On Wednesday India based leading car maker Tata motors unveiled the Tata Winger Platinum in its attempt to take on rivals like Toyota and Mahindra and Mahindra. The new model can easily accommodate 7 people and it is targeted mainly at the mid size families who want a car that offers …. Original article  : Tata Winger Platinum Launched.

Sensex slumps 200 points on continued selling pressure

MUMBAI – A benchmark index of Indian equities slumped nearly 200 points in afternoon trading Thursday on continued selling pressure in realty, auto and banking scrips.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 19,746.15 points, slipped in the red in the midsession. The index …. Read the original article  : Sensex slumps 200 points on continued selling pressure.

Norway clean chit to Grameen Bank on funds transfer

DHAKA – Norway has given a clean chit to Nobel laureate Muhammad Yunus’ Grameen Bank that was charged with embezzlement and unauthorised transfer of funds of a Norwegian aid agency, an official statement said.

According to the statement posted on the Norwegian foreign ministry website, Minister for Environment and International Development Erik Solheim said the …. Source  : Gaea News Network.

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 ` 60.04 on December 9, 2010. The corresponding rates for the previous day (December 8, 2010) were ` 45.12 and ` 59.63 respectively. Based on the Reference Rate for US …. Source  : RBI Reference Rate for US $ and Euro.

Level playing field for all telecom operators: Sibal

NEW DELHI – Communications Minister Kapil Sibal Thursday promised a level playing field for all telecom operators, saying he wanted growth in the sector and not politics.

“We will ensure a level playing field for all telecom operators,” Sibal told reporters on the sidelines of the India Telecom 2010 summit here.
His response came to …. Original article  : Level playing field for all telecom operators: Sibal.

Congress backs Kochi infotech project

THRISSUR – With the Kerala government trying to revive the much delayed Kochi infotech project, the opposition Congress Thursday said it was ready to play any role in its successful completion.

The foundation stone for the Rs.1,500 crore ($335 million) Smart City Kochi IT project was laid three years ago. Smart City Dubai was supposed … Original article on : Congress backs Kochi infotech project.

Crops worth millions washed off in Chhattisgarh rains

RAIPUR – After braving a poor monsoon, farmers in Chhattisgarh are again facing testing times as unabated rains since Tuesday have destroyed their paddy crops stored in open grounds.

“Despite a poor monsoon, the farmers showed courage this kharif season and somehow managed through loans. They had stocked the paddy in open fields for procurement … Original source on Gaea Times at : Crops worth millions washed off in Chhattisgarh rains.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 9, 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.

Money Market Operations as on December 8, 2010

[..] Read the original article: here.

US stocks rally over extension of tax cuts

NEW YORK – US stocks rose Wednesday, boosted by a proposal to extend tax cuts and news that the government intends to sell at least $15 billion of its shares in American International Group (AIG).

Investors were still considering the implications of a proposal that keeps the George W. Bush-era tax cuts for middle-income earners … Original source on Gaea Times at : US stocks rally over extension of tax cuts.

Get To Know Real Time Stock Discussions On Yahoo Finance Via StockTwits

In a shock announcement Yahoo Finance today announced that the search engine giant has started to pull data from StockTwits’ ApI. Stock Twit is a service that finds and documents conversations related with stocks from the microblogging site twitter which are tagged with a $ symbol.
The stream of this service can be seen in …. Original article  : Get To Know Real Time Stock Discussions On Yahoo Finance Via StockTwits.

Gannett, McClatchy Looks up, Advertising Outlook Says Company

Gannet Co revealed todays that it is expecting a stronger fourth quarter earnings. It also mentioned that local and digital newspapers were benefiting greatly with improved advertising thus ensuring that the shares soar by as much as 5 percent. McClatchy a similar company also mentioned that the earnings are bound to go up for …. Original article  : Gannett, McClatchy Looks up, Advertising Outlook Says Company.

Toyota to establish rare earth plant in India

TOKYO – A Toyota Motor group company is to build a rare earth processing plant in India to secure supply sources outside China, the Japanese company has said.

Japanese trading house Toyota Tsusho Corp said in a statement Wednesday that it would start to export to Japan in 2012 about 3,000 to 4,000 tonnes of … Read this article on Gaea Times at : Toyota to establish rare earth plant in India.

Treasury To Get Rid Of AIG Stake

The Treasury seems to be prepared to loose its stake in the insurer American International Group (AIG, incidentally this company was bailed out during the recession. In the offering AIG and the Treasury would sell their stocks. The amount is estimated at $ 10 billion.
This action by the Government indicated that the observation that …. Source  : Treasury To Get Rid Of AIG Stake.

Aviation watchdog to analyse published airfare

NEW DELHI – The Directorate General of Civil Aviation (DGCA) Wednesday said that it will analyse the airfare data submitted by domestic airlines to ensure transparency in the tariff.

“Tariff data is being examined for any discrepancy. Observations on the same will be communicated to the airlines to make it more passenger friendly so that … Read more >>.

Indian defence research agency plans $110 mn nano foundry

BANGALORE – India’s state-run Defence Research and Development Organisation (DRDO) plans to set up a nano foundry with Rs.500 crore (about $110 million) investment to roll out products for various applications, a top official said here late Wednesday.

In the run-up to setting up the nano foundry, we are designing a nanofab as a national … Read more >>>.

Chandigarh sells maximum chess boards online: eBay

CHANDIGARH – Chandigarh traders sold the maximum number of chess boards to global customers and bought the maximum memorabilia related to World War-I (WWI) from July 2009 to June 2010, a report by leading online retailer eBay said Wednesday.

Chandigarh is an important market for eBay India and it has emerged as the ninth largest …. Original source  : Chandigarh sells maximum chess boards online: eBay.

October factory output raises hope for double-digit growth

NEW DELHI – Led by a strong growth in the automobile, manufacturing and power sectors, India’s factory output expansion sped to 10.8 percent in October from just 4.4 percent in the previous month, raising hopes of double-digit growth this fiscal.

“Figures suggest the industrial growth for the past seven months averaged at 10.3 per cent. … Read more : October factory output raises hope for double-digit growth.

India to set up 19 training institutes in Africa

NEW DELHI – A foreign trade institute in Uganda and a diamond centre in Botswana are amongst the 19 training institutes that India will set up across Africa in the next two years.

The two sides have finalised the location of the institutes ahead of India’s second continent-level summit with Africa next year.
They … Original source on Gaea Times at : India to set up 19 training institutes in Africa.

Industrial output up 10.8 percent in October

NEW DELHI – India’s industrial output accelerated to 10.8 percent in October from 4.4 percent in the previous month, led by a healthy growth in manufacturing, automobiles and power sectors.

“Now the seven month average is 10.3 percent. I hope this trend will continue and we will register double digit industrial growth this fiscal,” … Read the original article on Gaea Times at : Industrial output up 10.8 percent in October.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 22, 2010 to November 26, 2010.

All Figures are in USD Millions    

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
…. Source  : Foreign Exchange Turnover Data.

SpiceJet orders 15 aircraft from Bombardier for $446 million

TORONTO – In a major deal for the burgeoning Indian aviation market, Bombardier Thursday won a $446-million order from SpiceJet airline for 15 turboprop aircraft.

Though the Canadian company has sold regional jets to Indian companies, it is the first time that it has won an order for Q400 NextGen turboprop aircraft. Compared to big … Read : SpiceJet orders 15 aircraft from Bombardier for $446 million.

Sensex rebounds 140 points on positive industrial output

MUMBAI – A benchmark index of Indian equities rebounded over one percent Friday on better than expected 10.8 percent growth in industrial output in October.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 19,201.89 points, was trading nearly one percent higher at 19,390 points …. Original article  : Sensex rebounds 140 points on positive industrial output.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.22 and the Reference Rate for Euro is ` 59.99 on December 10, 2010. The corresponding rates for the previous day (December 9, 2010) were ` 45.17 and ` 60.04 respectively. Based on the Reference Rate for US …. Read the original article  : here.

Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 50000.00 (Rupees Fifty thousand only) on Sampada Sahakari Bank Ltd., Pune, 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 violation of Reserve …. Source  : Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised.

Italy’s Boggi Milano mulls India as sourcing hub

CHENNAI – Italian menswear brand Boggi Milano, which has a 140 million euro turnover, is planning to source garments from Indian manufacturers for its global markets, a senior official said.

An Italian team is expected to be here in February to take a final call on the matter.
“We are holding discussions with garment …. Source article  : Italy’s Boggi Milano mulls India as sourcing hub.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 10, 2010 are:

Amount (face value in ` crore)                            

Item

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

3 days Repo Auction 
…. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Obama cites India deals to propose easing export controls

WASHINGTON – Citing $10 billion worth of “landmark” deals with India and other trade initiatives, US President Barack Obama has proposed easing export controls on technology products for 37 allies, but India does not figure in the first list.

Easing export controls for technology items with military uses would help meet his goal … Read the original article on Gaea Times at : Obama cites India deals to propose easing export controls.

India to get first Super Hercules airlifters next week

WASHINGTON – The first of India’s six C-130J Super Hercules airlifters, considered the world’s most advanced transport aircraft, will be formally delivered Dec 16 at a ceremony in Marietta, Georgia.

Two of the planes purchased from the US in a $1 billion deal, will be flown to India in early 2011, while two more will …. Original article on Gaea Times at  : India to get first Super Hercules airlifters next week.

India-European Union set to expand business ties

BRUSSELS – India and the 27-nation European Union are set to expand economic ties by setting the stage for a major trade and investment deal that is expected to multiply the quantum of business between them. The agreement is expected to generate two-way trade worth about 100 billion euros.

The two sides cleared the decks … Read : India-European Union set to expand business ties.

Money Market Operations as on December 9, 2010

… Read : Money Market Operations as on December 9, 2010.

Tokyo stocks lower on profit-taking

TOKYO – Stocks in Tokyo lost ground in Friday morning trading following profit-taking as the benchmark Nikkei index opened at a seven-month high.

The Nikkei 225 Stock Average was down 44.18 points, or 0.43 percent to trade at 10,241.7, while the broader Topix index declined 2.17 points, or 0.24 percent, to 889.43.
Shares of major … Read this article on Gaea Times at : Tokyo stocks lower on profit-taking.

Master Card Buys Out Travelex

The Wikileaks inspired Anonymous seige has barely affected Mastercard as it would seem. The card major announced today that it was buying pre-paid cash card business of exchange group Travelex for 290 million pounds. Travelex’s prepaid card business’ primary focus on travelers using plastic instead of travelers checks.
MasterCard Chief Executive Ajay Banga says
be an …. Original source  : Master Card Buys Out Travelex.

Billion Dollar Green Tech IPO in 2011 Says John Doerr

John Doerr has been flying off the radar after the Internet Bubble went bust. There is no denying the fact that his backing of a company was considered to make it a goldmine in stock value. He could be seen every where as an investor but of late he has been missing from the … Read more : Billion Dollar Green Tech IPO in 2011 Says John Doerr.

Indian Stocks Struggle For the Third Consecutive Sessions

NEW DELHI, INDIA (GaeaTimes.com) — India’s fortune’s are not going well at the moment, at least no on the share trading front. India’s saw its shares lowered for three consecutive sessions. The investors are shying away from the market owing to the present situation of the Indian politics, which is embroiled in allegations of …. Source article on Gaea Times at  : Indian Stocks Struggle For the Third Consecutive Sessions.

Etihad opens premium lounge at Manchester airport

Abu Dhabi, Dec 9 (IANS/WAM) The UAE’s national carrier Etihad Airways has opened a premium lounge for its passengers at the Manchester airport in Britain, it was announced Thursday.

The airline had signed a three-year deal in 2009 to be the official shirt sponsor and partner of the football club Manchester City FC and the …. Original article  : Etihad opens premium lounge at Manchester airport.

India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead)

BRUSSELS -India and Europe are about to conclude a key free trade pact but there would be no compromise on intellectual property rights in the agreement that is expected to give a fillip to business ties between the two sides, official sources said here Thursday.

Essentially the decks have been cleared (for finalising the agreement), … Read this article on Gaea Times at : India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead).

Sensex slips 2.29 percent for the week, broader markets lose more (Weekly Market Review)

MUMBAI – A benchmark index of the Indian equities markets lost 458 points this week as traders shed higher positions, especially in banking stocks after banks hiked deposit rates sparking worries over their margins.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shed 2.29 percent or 458.04 points to close at 19,508.99 … Read : Sensex slips 2.29 percent for the week, broader markets lose more (Weekly Market Review).

Yamaha SZ R Launched In India

DELHI, INDIA (GaeaTimes.com)- Noted Japanese two wheeler maker Yamaha Motors recently unveiled one mainstream and one high end bike in India. The costlier FZ1, with a 998cc engine is targeted at the buyers who want a powerful sport bike and do not bother about shelling out a price that can fetch a mid level …. Original article on Gaea Times at  : Yamaha SZ R Launched In India.

China’s price index rises to 5.1 percent

BEIJING – China’s consumer price index (CPI), a major gauge of inflation, rose to a 28-month high of 5.1 percent in November. Economists have blamed excess liquidity for pushing up the prices, Xinhua reported Saturday.

The growth rate picked up from 4.4 percent in October, the National Bureau of Statistics (NBS) said.
An 11.7 …. Original source  : China’s price index rises to 5.1 percent.

Tata Nano In Spotlight

AHMEDABAD, INDIA (GaeaTimes.com)- The Nano was possibly the car that gave Tata Motors the noted Indian car maker more recognition in global car industry than what it got after acquiring super luxury brands like Jaguar and Land Rover two years back! Touted as the people’s car, the Nano was the first in India …. Source article on Gaea Times at  : Tata Nano In Spotlight.

Bill to regulate MFIs tabled in Andhra assembly

HYDERABAD – A bill to regulate microfinance institutions in Andhra Pradesh was tabled in the assembly Saturday.

The bill, which will replace the ordinance promulgated in October, was tabled by Minister for Legislative Affairs D. Sreedhar Babu amid pandemonium over the opposition demand for withdrawal of cases against Telangana students.
The bill, copies of … Read the original article on Gaea Times at : Bill to regulate MFIs tabled in Andhra assembly.

New air route links Pakistan to China’s Taklamakan desert

BEIJING – An air route linking Pakistan capital Islamabad to Kashi in China’s Taklamakan desert that would enhance commercial and trade relations between the two countries has been inaugurated, a media report said.

Kashi is an oasis town within the Taklamakan desert in the Xinjiang Uygur Autonomous Region, and is a trade hub along the …. Original source  : New air route links Pakistan to China’s Taklamakan desert.

US stocks rally over upbeat economic data

NEW YORK – US stocks were up Friday, with the Standard and Poor’s 500 Index closing at a two-year high, as investors welcomed new data that showed the US trade deficit narrowed in October.

According to data from the Commerce Department, the trade deficit decreased 13 percent to $38.7 billion. It said that exports were … Read this article on Gaea Times at : US stocks rally over upbeat economic data.

UniCredit Should be Concerned about Picard Lawsuit

After we reported that Irving Picard, Court Appointed Trustee made a multi billion dollar Suite against the Austrian Banker had embroiled even Italy’s largest bank Unicredit. The latest news on this matter is that this law suit actually serves as a crippling blow to his no controversy agenda after the former Chief, Alessandro Profumo … Read : UniCredit Should be Concerned about Picard Lawsuit.

Madoff Trustee In $59 Dollar Law Suit Against Bank Medici Founder

WASHINGTON (GaeaTimes.com) — After almost 2 years after the world got to know about the biggest Ponzi scheme in History was actually perpetrated by Bernard Madoff, his investment firm filed its biggest and probably its last law Suit. The suit was filed by the court appointed trustee, Irving Picard of the firm. The massive … Read the original article on Gaea Times at : Madoff Trustee In $59 Dollar Law Suit Against Bank Medici Founder.

United States Trade Deficit Falls to A 9 Months Low

WASHINGTON (GaeaTimes.com) — The Trade Deficit for the United States Of America is now at a 9 months low. The reason for this is that the demand for American Goods have gone up around the world. Moreover the export has been pushed at a two year high.
According to Commerce Department Sources the trade deficit … Read the original article on Gaea Times at : United States Trade Deficit Falls to A 9 Months Low.

AIG Employees To Wear Their Company Logo Again

NEW YORK (GaeaTimes.com) — Fresh off from the news of a corporation like S&P filing for Bankruptcy now we are off to some brighter news. American International Groups INC the insurer that had to bailed out by the Government is in the process of restructuring and re organization. The employees now will be sporting …. Source article  : AIG Employees To Wear Their Company Logo Again.

Standard & Poor’s To File For Bankrupcy, Another Grocer Bites The Dust

The popular Grocer A&P is not in high cash rations at the moment. The concern has reportedly filed for bankruptcy protection, this development is because they want desperately to restructure their ever increasing debt.
The grocer firm which operates brands like SuperFresh, Food Emporium and Pathmark Stores and the company was founded in 1859. The …. Source article on Gaea Times at  : Standard & Poor’s To File For Bankrupcy, Another Grocer Bites The Dust.

Etihad Airways launches non-stop service to South Korea

Abu Dhabi, Dec 10 (IANS/WAM) The UAE’s national carrier Etihad Airways was Friday night set to commence a non-stop flight to Seoul, making it its first ever service to South Korea.

Seoul becomes Etihad’s 65th destination on the network in just seven years of operations, the airline said.
The inaugural flight, EY876, …. Source article  : Etihad Airways launches non-stop service to South Korea.

Goa lifeguards’ strike upsets tourism industry

PANAJI – The tourism industry Friday urged the Goa government to get lifeguards back on the state’s beaches ahead of Christmas and New Year seasons, which sees a peak inflow of tourists.

Speaking to reporters, Travel and Tourism Association of Goa (TTAG) spokesman Ralph de Souza said that the government needed to intervene and get … Read more »».

India takes up EU’s tariff waiver to Pakistan

BRUSSELS – India is in talks with the European Union over trade and tariff concessions the 27-nation bloc has offered to flood-hit Pakistan because more consultations were required before the waiver is implemented, Prime Minister Manmohan Singh said Friday.

He told reporters here after the 11th India-EU summit that the matter is being discussed even … Read this article on Gaea Times at : India takes up EU’s tariff waiver to Pakistan.

Delhi’s Outer Ring Road closed Saturday

NEW DELHI – Delhi’s Outer Ring Road will be temporarily closed to traffic Saturday, traffic police said here Friday.

According to Delhi Traffic Police statement, the Outer Ring Road-Rao Tula Ram Marg flyover will be temporarily closed from 12 noon Saturday till Sunday afternoon for carrying out certain modifications to facilitate traffic on both … Original article on : Delhi’s Outer Ring Road closed Saturday.

BSNL shortlists Alcatel-Lucent, ZTE for network equipment

NEW DELHI – State-owned Bharat Sanchar Nigam Ltd (BSNL) Friday said that it has shortlisted ZTE and Alcatel-Lucent to supply network infrastructure for 5.5 million GSM lines.

“The technical bids have been opened and the financial bids are also open,” BSNL chairman and managing director Gopal Das told reporters on the sidelines of India Telecom … Original source on Gaea Times at : BSNL shortlists Alcatel-Lucent, ZTE for network equipment.

Airtel launches high capacity submarine cable

NEW DELHI – Telecom giant Bharti Airtel Friday launched its IMEWE (India-Middle East-Western Europe) cable system, an ultra high capacity fiber optic submarine cable system to deliver better connectivity requirements of Middle East and European countries to Asia transiting through India.

“IMEWE will open a second gateway for Airtels customers to the European …. Original article  : Airtel launches high capacity submarine cable.

India-EU close in on trade pact

BRUSSELS – India and the European Union Friday said they were closing in on a key free trade agreement to be readied by early 2011. But some problems remain in finalising the pact that is expected to ramp up the two-way business volume to 100 billion euros from 77 billion euros presently.

European Commission … Read more >>.

India launches online application for citizenship

NEW DELHI – India has introduced a new online application system for faster, simpler and transparent processing/tracking of the applications for grant of Indian citizenship, officials said Friday.

The new system will help in setting up a centralised database of citizenship applications with the home ministry.
“There will be uniformity in processing of applications … Original source on Gaea Times at : India launches online application for citizenship.

India, Germany set ambitious trade target

BERLIN – India and Germany, economic powerhouses of Asia and Europe and “strategic partners”, have pledged to expand trade ties and increase the two-way business to 20 billion euros by 2012 – a quantum jump from the current 13 billion euros. Germany is India’s largest business partner in Europe.

Following a meeting in snow-covered … Read the original article on Gaea Times at : India, Germany set ambitious trade target.

78,000 tonnes of garbage collected from Three Gorges Dam

BEIJING – Sanitation workers have collected 78,000 tonnes of garbage from China’s Three Gorges Dam, the world’s largest hydro-power project on the Yangtze river in the country’s southeast.

More than 68,000 workers and 21,000 boats were used to collect the garbage, Xinhua reported.
The surface area of the water in the dam has increased after … Read more >>>.

Two mn Bolivians suffer severe hunger: UN

La Paz, Dec 12 (IANS/EFE) Two million Bolivians – one out of every five inhabitants – suffers “severe hunger”, the representative of the UN’s Food and Agriculture Organization (FAO) in La Paz said in a statement.

According to Elisa Panades, the number of people suffering from severe food deprivation in this Andean country increased over [..] Read the original article: here.

Finnair to donate to UNICEF campaign for Indian children

NEW DELHI – Nordic carrier Finnair said it would donate US 50 cents to a UNICEF campaign on behalf of Indian children for every new addition to its Facebook account as part of its “change for good” campaign.

UNICEF (United Nations Children’s Fund) works for child rights, their survival, development and protection.
Finnair tied-up with … Read more >>>.

India-Africa ties in ‘transformational phase’

NEW DELHI – India’s ties with Africa are in a “transformational phase” and its efforts are radically different from what any other country is doing in the vast and quickly changing continent, a senior official said here.

The Indian government’s challenge was to convert warm political relations with the 53-nation continent into productive economic ties, … Read more : India-Africa ties in ‘transformational phase’.

Telecom sector needs policy certainty: Assocham president (Interview)

NEW DELHI – Even though the Indian telecom industry is growing the fastest in the world, a stable policy framework is crucial to maintain the expansion and avoid scams like the one over allotment of airwaves, says the new chief of a top industry lobby.

“What’s important for any industry is there is a policy … Read : Telecom sector needs policy certainty: Assocham president (Interview).

Railways to install fog safety devices

NEW DELHI – Northern Railway will install 500 fog safety devices in trains touching the national capital to ensure safety and avoid delays during winters when visibility deteriorates sharply, according to its spokesperson.

“We have already placed an order of 500 fog safety devices. These will be installed by the end of this month …. Read the original article  : here.

Four-nation gas deal signed in Turkmenistan

ASHGABAT – India, Turkmenistan, Afghanistan and Pakistan signed two cooperative pacts Saturday on a gas pipeline project linking the four countries.

The four nations signed an inter-government agreement on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Natural Gas Pipeline Framework, as well as a deal on measures to implement the project in Ashgabat, the capital of Turkmenistan, Xinhua reported. … Original source on Gaea Times at : Four-nation gas deal signed in Turkmenistan.

‘Over Rs.23,000 crore raised in private equity deals in 2010???

KOLKATA – Private equity deals raised between Rs.23,000 crore to Rs.24,000 crore in India this year compared to Rs.14,000 crore in 2009 (calendar year), market analysts said here Saturday.

“This calendar year, private equity deals have risen to between Rs.23,000 to Rs.24,000 crore than last years Rs.14,000 crore,” said Utsav Parekh, chairman, Smifs Capital Markets …. Original article on Gaea Times at  : ‘Over Rs.23,000 crore raised in private equity deals in 2010′.

State-run, private Indian firms tie up for Africa projects

NEW DELHI – The state-run Engineering Projects India (EPI) Saturday signed an agreement with Universal Empire Infrastructures Limited (UEIL) to secure high value infrastructure development projects in Africa and South Asia.

“Indian private and public enterprises are joining hands as they eye business opportunities, and also to compete against China’s rapid forays in infrastructure … Read more >>>.

Insurance fund for road accident victims facing deficit

CHENNAI – The system of paying third-party liability claims in road accidents out of a common premium pool is likely to continue in the future while the corpus is running into a deficit, said the Indian insurance regulator Saturday.

In a motor insurance contract, the insurer and the policy holder are the first and second …. Original article on Gaea Times at  : Insurance fund for road accident victims facing deficit.

Rains wash off paddy worth millions in Orissa

BHUBANESWAR – Incessant unseasonal rains since Monday have destroyed paddy crop worth millions of rupees in Orissa, an official said Saturday.

“Most parts of the state have witnessed widespread rains, and as a result winter paddy crops stored in the fields have been damaged,” an official of the state agriculture department told IANS.
The worst-hit …. Original source  : Rains wash off paddy worth millions in Orissa.

Are low health premiums viable, asks insurance regulator

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) Saturday expressed its concern at the low premium charged by some government health insurance schemes and the rampant undercutting of rates by public sector general insurers.

“The premium rate per head under the Arogyasri scheme (in Andhra Pradesh) has come down to Rs.75 per head from … Read more : Are low health premiums viable, asks insurance regulator.

I will prove my innocence, says Raja; meets Karunanidhi

CHENNAI – Former union communications minister A. Raja, under the Central Bureau of Investigation (CBI) scanner for alleged impropriety in the allocation of telecom spectrum licenses to mobile phone companies, met DMK party chief and Tamil Nadu Chief Minister M. Karunanidhi Saturday at his official residence here.

The meeting assumes significance as Karunanidhi, who had [..] Read the original article: here.

Wipro bags outsourcing deal from Vasan Eye Care

BANGALORE – Indian infotech giant Wipro Saturday said it won a five-year outsourcing contract from Vasan Eye Care, a unit of Tamil Nadu-based Vasan Healthcare group.

The scope of service includes entire IT infrastructure management, encompassing data centre management and end-user support services, Wipro vice-president for managed IT services Kiran Desai said in a statement … Original article on : Wipro bags outsourcing deal from Vasan Eye Care.

Merger norms for general insurance firms in a week

CHENNAI – A decision on the merger proposal of Royal Sundaram Alliance with Reliance General Insurance is likely soon with the industry watchdog set to announce its new norms on the matter for non-life insurance companies in a week’s time.

“We are in the process of finalising the norms for mergers and acquisitions in non-life …. Source  : Merger norms for general insurance firms in a week.

Electric car REVAi to be marketed in Pune

PUNE – Mahindra Reva Electric Vehicles Pvt. Limited has announced that REVAi vehicle would be available at four Mahindra dealers in Pune.

This is one of the major initiatives announced by the company after its acquisition of the Reva car by the Mahindra Group …. Read the original article  : Electric car REVAi to be marketed in Pune.

China’s urban fixed-asset investment up 24.9 percent

BEIJING – China’s urban fixed-asset investment rose by 24.9 percent in the first 11 months year-on-year to 21.07 trillion yuan ($3.19 trillion), China’s statistics authority said Saturday.

The growth rate was 0.5 percentage points higher than the figure during the first 10 months, Xinhua reported citing the National Bureau of Statistics (NBS).
The … Read more >>>.

Mizoram asked to seek private partners in power, health

AIZAWL – The Planning Commission has asked Mizoram to seek private partnership in power, health and education sectors besides developmental projects to accelerate the economic growth of the state, an official said Saturday.

The advice came at a meeting between Planning Commission member B.K. Chaturvedi and senior Mizoram government officials led by Chief Secretary Pu …. Original article on Gaea Times at  : Mizoram asked to seek private partners in power, health.

China’s industrial output up 13.3 percent in November

BEIJING – China’s industrial value-added output year-on-year growth rose to 13.3 percent in November from 13.1 percent in October, the National Bureau of Statistics (NBS) said Saturday.

The growth rate for the first 11 months was 15.8 percent year-on-year, down 0.3 percentage points from the January-to-October period, Xinhua reported citing the NBS.
The …. Source article  : China’s industrial output up 13.3 percent in November.

China allays India’s concerns over trade deficit

NEW DELHI – Ahead of Chinese Premier Wen Jiabao’s visit, China Monday allayed India’s concerns over the widening trade deficit, estimated to be $19.2 billion, and pitched for greater business and investment, including opening of Chinese banks in India.

“China does not purposely seek trade surplus with other countries. In the long run, a …. Source article  : China allays India’s concerns over trade deficit.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 13, 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.

Helicopter services in Manipur soon for better communication

IMPHAL – Manipur will soon introduce helicopter services to improve communication between state capital Imphal and the mountainous and plain areas of the northeastern state, officials said here Monday.

Manipur, bordering Myanmar, is the sixth northeastern state in India which has introduced chopper services to develop faster communication between various regions.
The government-owned helicopter service …. Read the original article  : Helicopter services in Manipur soon for better communication.

Sensex slips into the red

MUMBAI – All round selling saw a benchmark index of Indian equities falling into the red Monday, although broader market indices maintained to hold on to early gains.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,600.28 points, was ruling at 19,409.64 points, up 93.99 points or 0.48 percent …. Original article on Gaea Times at  : Sensex slips into the red.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.25 and the Reference Rate for Euro is ` 59.69 on December 13, 2010. The corresponding rates for the previous day (December 10, 2010) were ` 45.22 and ` 59.99 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Sensex moves up after weak start

MUMBAI – A benchmark index of Indian equities crept into the green after a weak start Monday morning.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,600.28 points, was ruling at 19,546.94 points, up 38.05 points or 0.2 percent from its previous close at 19,508.89 points.
It had fallen … Read more : Sensex moves up after weak start.

Money Market Operations as on December 10, 2010

…. Source  : Gaea News Network.

Weaker yen, rise on Wall Street give boost to Japanese stocks

TOKYO – Japanese stocks rose in Monday morning trading after the yen weakened against the dollar and shares on Wall Street rose.

The Nikkei 225 Stock Average was up 14.69 points, or 0.14 percent, to trade at 10,226.64 while the broader Topix index saw a 1.83-point, or 0.21-percent, increase to 890.05.
In the US, a …. Source  : Gaea News Network.

Dubai World gets new board of directors

DUBAI – Dubai World, one of the UAE’s most troubled investment concerns, announced Sunday that it had received a new board of directors to oversee the company’s strategies and financial affairs.

Sheikh Mohamed bin Rashed, the ruler of Dubai, appointed the new board which will be lead by Ahmed bin Saeed al-Maktoum, head of Dubai’s … Read more »»».

Himachal farmers kill monkeys to save crop

SHIMLA – Ignoring criticism by animal lovers, farmers in Himachal Pradesh have killed over 50 monkeys in the past two days to save their crops, a member of a peasants’ group said Sunday.

The Kheti Bachao Sangharsh Samiti (KBSS), a farmers’ outfit that took the initiative to motivate farmers take up guns against wild animals, …. Source article on Gaea Times at  : Himachal farmers kill monkeys to save crop.

India, Belgium trade to go beyond diamonds

ON BOARD AIR INDIA ONE – India and Belgium want to diversify their trade ties – currently dominated by diamonds – in sectors like IT, energy and infrastructure development, a senior official said Sunday.

(Indian) Prime Minister (Manmohan Singh) and his Belgian counterpart (Yves Leterme) want to diversify the bilateral trade, said Secretary (west) in …. Read the original article  : here.

Arpita Singh sets record as art mart booms again

NEW DELHI – The boom is back in the auction market. With Arpita Singh’s “Wish Dream” mural selling at Rs.9.6 crore ($2.24 million) – a record for an Indian woman artist – experts say quality and rarity are once again winning over the “square inch”.

With prices of art stabilising, buyers are willing to …. Original article on Gaea Times at  : Arpita Singh sets record as art mart booms again.

Nitin Seth is Ashok Leyland’s executive director

CHENNAI – Nitin Seth has been appointed as the executive director of Ashok Leyland’s light commercial vehicles (LCVs) division, the company announced here Tuesday.

Seth, formerly with Tata Motors, will work closely with the Ashok Leyland-Nissan Motor Company joint venture to roll out LCVs.
According to the company statement, Seth will operate under the direction …. Read the original article  : here.

‘ICT can reduce 10 percent of greenhouse gas emissions’

NEW DELHI – Information, Communication and Technology (ICT) solutions have the potential to reduce 10 percent of the country’s total greenhouse gas (GHG) emissions by 2030 — thereby leading to energy cost savings of around Rs.137,000 crore (Rs.1.37 trillion) per annum, a report released here Tuesday said.

The report — titled “ICT Contribution to …. Original source  : ‘ICT can reduce 10 percent of greenhouse gas emissions’.

Minister denies Kannur airport stake allotment

THIRUVANANTHAPURAM – Kerala Tourism and Home Minister Kodiyeri Balakrishnan Tuesday denied making any allotment of shares in the proposed Kannur international airport.

The paperwork has begun with regard to the allotment of shares. Initially at the time of talks, a few private sector players wanted 74 percent. When it was said that would not be …. Original article  : Minister denies Kannur airport stake allotment.

Bangladesh workers resume production as Hasina gets tough

DHAKA – Production partially resumed in garment factories in Bangladesh Tuesday as Prime Minister Sheikh Hasina ordered tough action against the agitators in a bid to end violence that has left four people dead.

Hasina also ordered the setting up of two committees to look into the implementation of the new wage structure formulated …. Read the original article  : Bangladesh workers resume production as Hasina gets tough.

Reliance Communications Launching 3G Service

MUMBAI, INDIA (GaeaTimes.com)- Reliance Communications which is one of the top mobile network service providers in India has launched its 3G service in Kolkata, Delhi, Chandigarh and Mumbai. It is the second private operator after Tata Docomo to roll out 3G Mobile service in India. The 3G service will gradually be rolled out … Read the original article on Gaea Times at : Reliance Communications Launching 3G Service.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.01 and the Reference Rate for Euro is ` 60.31 on December 14, 2010. The corresponding rates for the previous day (December 13, 2010) were ` 45.25 and ` 59.69 respectively. Based on the Reference Rate for …. Read the original article  : RBI Reference Rate for US $ and Euro.

India’s annual inflation drops to 7.48 percent in November

NEW DELHI – India’s annual rate of inflation based on wholesale prices fell to 7.48 percent in November compared to 8.58 percent in the previous month, although the indices for three major constituent commodity groups registered a rise, according to official data released Tuesday.

The continued fall in overall inflation will help the cause of … Original source on Gaea Times at : India’s annual inflation drops to 7.48 percent in November.

Punjab aims to develop Amritsar as expo hub

AMRITSAR – It is famous as the Sikh holy city, but Amritsar could soon come to be known as a trade expo hub. After nearly 300,000 footfalls at an international trade exhibition, Punjab now plans to set up a permanent convention centre here on the lines of Delhis Pragati Maidan.

Deputy Chief Minister Sukhbir …. Source  : Punjab aims to develop Amritsar as expo hub.

Sensex moves up in noon trade

MUMBAI – A benchmark index of Indian equities Tuesday rose in noon trade with broader markets managing to hold on to early gains.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,746.75 points, was ruling at 19,797.36 points – up 105.58 points or 0.54 percent from its previous close …. Read the original article  : Sensex moves up in noon trade.

American Airlines Checking Boeing 757s

FORT WORTH (GaeaTimes.com)- American Airlines is going to thoroughly check a majority of its total Boeing 757 fleet as it has said in a statement. It decided to perform the check in 87 of its aircrafts belonging to the range after one plane in its fleet developed a gaping hole while it was …. Source article  : American Airlines Checking Boeing 757s.

Mumbai’s Engineering Hub building to be ready by June

MUMBAI – The Engineering Hub building of Mumbai, housing offices of all the engineering departments of the city, will be operational by June 2011, an official said Tuesday.

The municipal headquarter in Chhatrapati Shivaji Terminus is a heritage building. The upcoming Engineering Hub too will be an architectural marvel, said Rahul Shevale, chairman of Brihanmumbai …. Source article  : Mumbai’s Engineering Hub building to be ready by June.

Liquidity Adjustment Facility : Auction Results

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

Amount  (face value in ` crore)                           

Item

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

1 day Repo Auction
…. Original source  : Liquidity Adjustment Facility : Auction Results.

I’m aware of corporate nervousness over phone tapping: PM

NEW DELHI – Prime Minister Manmohan Singh Tuesday said he was aware of the “nervousness in the corporate sector” over phone tapping and asked Cabinet Secretary K.M. Chandrasekhar to look into the matter and submit a report within a month.

“I am aware of the nervousness in the corporate sector arising out of the powers …. Read the original article  : here.

Aware of corporate nervousness over phone tapping: PM

NEW DELHI – Stating that he was aware of the “nervousness in the corporate sector” over phone tapping, Prime Minister Manmohan Singh Tuesday asked Cabinet Secretary K.M. Chandrasekhar to look into the matter and submit a report within a month.

I am aware of the nervousness in the corporate sector arising out of the powers …. Source  : Gaea News Network.

Sensex ruling dull in morning trade

MUMBAI – A benchmark index of Indian equities was ruling dull in morning trade Tuesday.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,746.75 points, was ruling at 19,728.67 points – up 36.89 points or 0.2 percent from its previous close at 19,691.78 points.
At the National Stock Exchange … Read the original article on Gaea Times at : Sensex ruling dull in morning trade.

Bolivia to buy satellite from Chinese firm

La Paz, Dec 14 (IANS/EFE) The Bolivian government and China Great Wall Industry Corporation moved a step closer to finalising a deal for Bolivia’s first communications satellite with the signing here Monday of a purchase agreement.

Talks on the prospective Tupac Katari satellite, named after the leader of an 18th century rebellion against the Spanish, … Read more : Bolivia to buy satellite from Chinese firm.

Home sales dip in Spain

Madrid, Dec 14 (IANS/EFE) Home sales fell 17.7 percent year-on-year to 27,198 units in Spain in October, hitting the lowest level since January 2007, authorities said.

The October figures indicate that the downward trend in sales that started in September, ending eight months of rising sales, has not changed, said the National Statistics Institute, or … Read the original article on Gaea Times at : Home sales dip in Spain.

Tokyo shares flat on profit-taking

TOKYO – Japanese stocks were flat in Tuesday morning trading as the yen’s advance weighed on the market and investors sold shares to lock in profits after recent gains.

The Nikkei 225 Stock Average was up 0.08 points to 10,293.97 while the broader Topix index was up 1.49 points at 898.89 after the Nikkei ended …. Read the original article  : Tokyo shares flat on profit-taking.

Money Market Operations as on December 13, 2010

Read more >>.

US stocks mixed as Obama’s tax plan inches forward

NEW YORK – US stocks erased gains from earlier Monday as President Barack Obama’s compromise tax cut plan with Republicans appeared poised to pass the Senate.

The Standard & Poor’s 500 Index had rallied earlier after China refrained from raising interest rates. But investors were restless over the uncertainty of tax cuts slated to expire …. Read the original article  : here.

91 day Treasury Bills : Auction Result

Date of Auction : December 15, 2010

I.

Notified Amount

` 2000.00 crore

II.

Underwriting notified amount

N.A.

III.

Competitive Bids received

 

(i)

Number

89

(ii)

Amount

` 7406.25 crore

IV.

Cut-off price

` 98.24 (YTM is 7.1858%)

V.

Competitive bids accepted

 

(i)

Number

42

(ii)

Amount

` 2000.00 crore

VI.

Partial Allotment Percentage of Comp. Bids

13.49 (15 Bids)

VII.

Weighted Average Price

` 98.25

VIII.

Non-competitive bids received

 

(i)

Number

2

(ii)

Amount

` 3000.00 …. Source  : 91 day Treasury Bills : Auction Result.

364 day Treasury Bills : Auction Result

Date of Auction : December 15, 2010

I.

Notified Amount

` 1000.00 crore

II.

Underwriting notified amount

N.A.

III.

Competitive Bids received

 

(i)

Number

52

(ii)

Amount

` 4772.00 crore

IV.

Cut-off price

` 93.18 (YTM is 7.3393%)

V.

Competitive bids accepted

 

(i)

Number

12

(ii)

Amount

` 1000.00 crore

VI.

Partial Allotment Percentage of Comp. Bids

60.61 (4 Bids)

VII.

Weighted Average Price

` 93.20

VIII.

Non-competitive bids received

 

(i)

Number

Nil

(ii)

Amount

Nil

IX.

Non-competitive bids accepted

 

(i)

Number

Nil

(ii) 

Amount

Nil

(iii)

Partial Allotment Percentage 

Nil

Ajit … Read more >>.

Sensex slips to day’s low

MUMBAI – A benchmark index of Indian equities slipped to its day’s low about 45 minutes before the closing bell as selling intensified in realty and banking stocks and spread across the market.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,791.22 points, was ruling at 19,596.63 – down … Read more »»».

‘China has high expectations from Premier Wen’s India visit’

NEW DELHI – A top Chinese official says Beijing has high expectations and attaches significant importance to the three-day India visit of Premier Wen Jiabao, who arrived here Wednesday with top officials and 400-strong team of business leaders.

“China-India relations are significant. The leaders of both nations agree the world has enough space for the …. Original article  : ‘China has high expectations from Premier Wen’s India visit’.

Polo prices up by 2.9 percent from Jan 1

MUMBAI – German automobile major Volkswagen’s Indian subsidiary Wednesday said it would increase the price of its popular selling hatchback car model Polo by 2.9 percent from Jan 1, 2011.

According to the company, the hike in prices comes as the car manufacturer was facing a rise in input cost like components in the past … Read this article on Gaea Times at : Polo prices up by 2.9 percent from Jan 1.

TAPI pipeline to India could be pipedream: Pakistani daily

ISLAMABAD – The Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline “could remain a pipedream for years”, a leading Pakistani daily said Wednesday while admitting that it was “a good project – on paper”.

An editorial in Dawn Wednesday said: “TAPI could remain a pipedream for years, for it is linked to a final peace settlement in Afghanistan and … Read more >>>.

Bihar to generate additional 3,960 MW of power

PATNA – Power-starved Bihar is to set up three new thermal power plants to generate 3,960 MW of energy, an official said Wednesday.

The plants, of 1,320 MW each, will be set up at Kajra in Lakhisarai, Piparpainti in Bhagalpur and Chusa in Buxar districts, an energy department official said.
While the state has … Read : Bihar to generate additional 3,960 MW of power.

Sensex down 73 points in afternoon trade

MUMBAI – A benchmark index of Indian equities was ruling weak in afternoon trade Wednesday. Broader markets too saw some selling amid dull cues from other Asian bourses.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,791.22 points, was ruling at 19,725.97 – down 73.22 points or 0.37 …. Read the original article  : here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 15, 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.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.32 and the Reference Rate for Euro is ` 60.27 on December 15, 2010. The corresponding rates for the previous day (December 14, 2010) were ` 45.01 and ` 60.31 respectively. Based on the Reference Rate for US …. Original article  : RBI Reference Rate for US $ and Euro.

Fiat to build $1.7 bn car factory in Brazil

Rio de Janeiro, Dec 15 (IANS/EFE) Fiat SpA has announced that it plans to invest 3 billion reais ($1.7 billion) to build a second plant in Brazil, the carmaker’s No. 2 market after its native Italy.

The new factory will be located in the industrial complex in Suape, a port in the northeastern state of …. Original article  : Fiat to build $1.7 bn car factory in Brazil.

Ecopetrol makes new oil find in Colombia

Bogota, Dec 15 (IANS/EFE) State-owned Empresa Colombiana de Petroleos, or Ecopetrol, said it found oil at a new well in central Colombia, raising the number of new petroleum discoveries this year to seven.

The well is located in Meta province and is included in the Cao Sur exploration and production contract, the company said in … Read more >>>.

IMF likely to expand credit line for Mexico

Mexico City, Dec 15 (IANS/EFE) The International Monetary Fund (IMF) is likely to approve Mexico’s request to increase to $73 billion the flexible credit line the institution created last year for Latin America’s No. 2 economy, IMF Managing Director Dominique Strauss-Kahn said here Tuesday.

The matter will be promptly taken up by the IMF executive …. Original source  : IMF likely to expand credit line for Mexico.

Ministerial panel to decide diesel price hike Dec 22

NEW DELHI – A ministerial panel under Finance Minister Pranab Mukherjee meets here Dec 22 to take a call on allowing state-run fuel retailers to hike the prices of diesel, with crude oil now costing around $90 per barrel in global markets.

“As far as petrol prices are concerned, the government has already de-regulated this …. Source  : Gaea News Network.

Tokyo shares edge lower on profit-taking

TOKYO – Japanese stocks inched down in Wednesday morning trading as investors sold shares to lock in profits a day after the Nikkei 225 Stock Average ended at a fresh seven-month high.

The benchmark Nikkei was down 3.81 points, or 0.04 percent, to 10,312.96 while the broader Topix index was down 0.16 points, or … Original source on Gaea Times at : Tokyo shares edge lower on profit-taking.

Money Market Operations as on December 14, 2010

Read more »».

CBI raids Radia, Raja’s relatives

NEW DELHI – The Central Bureau of Investigation (CBI) Wednesday raided the homes and offices of business lobbyist Niira Radia and relatives of former telecom minister A. Raja in Tamil Nadu over the spectrum row.

CBI Deputy Inspector General of Police Vinita Thakur said the New Delhi premises of former Telecom Regulatory Authority of India …. Original article  : CBI raids Radia, Raja’s relatives.

Morgan Stanley Removes Apple From Its Best Ideas List

Apple Inc as a corporation can do no wrong. Or that was the popular investor perception as the company’s stock value sky rocketed to more than 50% from the start of the year. Analysts have also predicated more growth by the end of the financial year. However On Tuesday Morgan Stanley has decided to …. Original article on Gaea Times at  : Morgan Stanley Removes Apple From Its Best Ideas List.

AIG Share Prices Locked at 2 Years High After Chairman talks Acquisition

AIG have been looking up since the news that the Treasury was planning on selling of 92% shares of the troubled company first broke. In a slow but gradual process the badges have returned to a place of pride on their employees shirts now after the company is seemingly going off from the life …. Read the original article  : AIG Share Prices Locked at 2 Years High After Chairman talks Acquisition.

Americans Shun 3D TV, Best Buy Shares Tumble 14.8%

Americans might be spending quite a lot on their holidays as we reported recently but now it seems that Best Buy had learned that the customers are not willing to pay for something which they feel is expensive at the moment. Its promotion of the expensive 3D televisions have been largely ignored. The buyers …. Read the original article  : Americans Shun 3D TV, Best Buy Shares Tumble 14.8%.

India wants more market access from China

NEW DELHI – India has sought more market access from China, Foreign Secretary Nirupama Rao said Thursday.

Rao told a news conference that there was a “big imbalance” in the trade between the two Asian giants and that India’s trade deficit was growing.
“We would like more market access,” she said, after the conclusion of … Read this article on Gaea Times at : India wants more market access from China.

India, China set trade target of $100 bn by 2015

NEW DELHI – India and China Thursday agreed to establish a strategic economic dialogue and set a new bilateral trade target of $100 billion by 2015 to bridge the trade deficit.

A joint communique was released after one hour of formal talks between Indian Prime Minister Manmohan Singh and visiting Chinese Premier Wen Jiabao. …. Read the original article  : India, China set trade target of $100 bn by 2015.

Indian agency set to launch heaviest satellite for telecom, TV

CHENNAI – Scientists at the Indian Space Research Organisation (ISRO) were set to launch their heaviest satellite from near here Monday to retire an old one sent up in 1999 and ensure continuity of telecom, TV and weather services, officials said.

The satellite, officially called GSAT-5P, will blast off on the state-run space agency’s
…. Source  : Gaea News Network.

Tripura, Mizoram facing shortage of food grain

AGARTALA/AIZAWL – Tripura and Mizoram are facing a food crisis as the Food Corporation of India (FCI) has not supplied the allocated quota of food grain to the two states, officials said Thursday.

“In view of the inadequate railway wagons and feeble tracks of NFR (Northeast Frontier Railways), the FCI is unable to supply food …. Original article  : Tripura, Mizoram facing shortage of food grain.

India’s food inflation rises for second week

NEW DELHI – India’s annual food inflation rose for the second consecutive week, to 9.46 percent for the week ended Dec 4, as prices of food items like milk, poultry and fruits continued to rule high, official data release Thursday showed.

The food inflation rate, based on the official wholesale price index, had dropped to …. Original article on Gaea Times at  : India’s food inflation rises for second week.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.39 and the Reference Rate for Euro is ` 60.05 on December 16, 2010. The corresponding rates for the previous day (December 15, 2010) were ` 45.32 and ` 60.27 respectively. Based on the Reference Rate for … Read : RBI Reference Rate for US $ and Euro.

India’s central bank marginally eases monetary policy

MUMBAI – With inflation on the decline, India’s central bank Thursday eased its monetary policy marginally by lowering the amount commercial banks have to retain as cash, gold or government bonds, to release more money for corporate lending.

At the same time, the Reserve Bank of India (RBI) also announced it will buy government securities … Read more »»».

Mid-Quarter Monetary Policy Review: December 2010

Monetary Measures

It has been decided to:

retain the repo rate at 6.25 per cent and the reverse repo rate at 5.25 per cent under the Reserve Bank’s liquidity adjustment facility (LAF);
retain the cash reserve ratio (CRR) at 6.0 per cent of net demand and time liabilities (NDTL) of scheduled banks.

Liquidity …. Source  : Gaea News Network.

RBI Announces OMO Purchase of Government Securities

As indicated in the Mid-Quarter Monetary Policy Review of December 2010 released today, the Reserve Bank shall conduct Open Market Operation (OMO) auctions for purchase of government securities for an aggregate amount of ` 48,000 crore in the next one month. The OMO purchase auctions of ` 12,000 crore each will …. Original article  : RBI Announces OMO Purchase of Government Securities.

ArcelorMittal set to buy Canadian iron ore company for $433 million

TORONTO – Unless a rival bidder emerges possibly from China by Monday, ArcelorMittal is set to take over Canada’s Baffinland Iron Mines for $433 million.

ArcelorMittal has already received a ‘no action’ letter from Canada’s Commissioner of Competition for its bid, clearing the way for its takeover of Baffinland until a rival bid emerges by … Read the original article on Gaea Times at : ArcelorMittal set to buy Canadian iron ore company for $433 million.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 16, 2010 are:

Amount  (face value in ` crore)                        

Item

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

4 days Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

India has allayed US concerns over nuclear liability

WASHINGTON – US concerns about India’s nuclear liability law have been addressed by New Delhi signing an international treaty and assuring a level playing field for US companies, says a senior official.

“I think they have been,” Assistant Secretary, Bureau of South and Central Asian Affair Robert Blake said in response to question during a … Original source on Gaea Times at : India has allayed US concerns over nuclear liability.

British media considers China a threat

BEIJING – Business leaders in Britain see China as a place of opportunity but the media and communication sectors still consider China a “threat”, a survey has revealed.

The survey done by KL Communications, a Chinese branding and corporate communications company based in Britain, was released this week.
It found business leaders in Britain are … Read more »».

Eco concerns land mega Himachal projects in jeopardy

SHIMLA – At least four hydropower and cement projects worth Rs.6,000 crore (over $1.3 billion) have got stuck in Himachal Pradesh in less than four months due to green concerns. Local people as well as environmentalists say these will gobble up a considerable chunk of forest land and cause immense damage to natural resources.

Cement …. Source article  : Eco concerns land mega Himachal projects in jeopardy.

China’s GDP to hit $5.5 trillion in 2010: report

BEIJING – A Chinese government think-tank has said China’s economy in 2010 would grow 10 percent year-on-year with gross domestic product (GDP) reaching 37 trillion yuan ($5.56 trillion).

The Chinese Academy of Social Sciences (CASS) in its annual report, Blue Book of China’s Society, Wednesday noted that in 2010 China made great efforts to …. Original article on Gaea Times at  : China’s GDP to hit $5.5 trillion in 2010: report.

Brazil takes steps to increase private lending

Brasilia, Dec 16 (IANS/EFE) Brazilian Finance Minister Guido Mantega has announced a set of measures designed to increase long-term lending by private banks and increase liquidity in capital markets.

Brazil’s BNDES development bank and other public institutions have provided the bulk of long-term credit since the global financial crisis prompted private lenders to draw back, …. Source  : Brazil takes steps to increase private lending.

Tokyo stocks inch up on mixed bag of business news

TOKYO – Stocks in Tokyo rose modestly in Thursday morning trading as good news, including the yen’s drop against the dollar, mixed with concerns about European debt.

The benchmark Nikkei 225 Stock Average was virtually flat, rising 2.46 points, or 0.02 percent, to trade at 10,312.24 while the broader Topix index did better, gaining … Read more >>.

Money Market Operations as on December 15, 2010

Read more >>.

US stocks drop over euro-zone concerns

NEW YORK – US stocks fell Wednesday as fresh concerns over Spain’s deficits overshadowed some positive US economic news.

Euro-zone debt concerns were fuelled as ratings agency Moody’s said it was reviewing Spain’s Aa1 sovereign credit rating for a possible downgrade, while Ireland’s parliament approved the country’s own bail-out package from the EU and International …. Read the original article  : US stocks drop over euro-zone concerns.

Silicon Valley upbeat After Yahoo Cut Back, Nokia lays Off 700

Yesterday we reported how Yahoo had cut 700 jobs in order to save costs. New research data has shown that this action was an exception from the present situation of the Silicon Valley companies. According to industry reports a vast majority of the Silicon Valley companies are actively procuring talent.
Even blogs such as mashable …. Read the original article  : here.

Chinese media harps on ties with India

BEIJING – The Sino-Indian pledge to promote bilateral ties was splashed across the Chinese media Friday, with reports emphasising the positives from the Manmohan Singh-Wen Jiabao meeting.

China’s official news agency Xinhua said in a report carried by state-run People’s Daily that Prime Ministers Wen and Manmohan Singh had reaffirmed their commitment to promote bilateral … Read the original article on Gaea Times at : Chinese media harps on ties with India.

Kannur airport nod in view of Keralites’ contribution: Patel

KANNUR – Civil Aviation Minister Praful Patel Friday said the central government sanctioned the Kannur airport despite some legal issues as non-resident Keralites contribute significantly to India’s overall growth with their remittances.

He was speaking at the foundation stone laying ceremony for the airport.
“People from Kerala make a group which contributes to the overall …. Source article  : Kannur airport nod in view of Keralites’ contribution: Patel.

India, Russia to sign fifth generation fighter jet deal

NEW DELHI – India and Russia are set to sign over a dozen agreements, including a key pact on a fifth generation fighter aircraft and on expanding civil nuclear cooperation, during Russian President Dmitry Medvedevs two-day visit here next week.

Medvedev touches down here with a large business delegation Monday night for an annual …. Source  : India, Russia to sign fifth generation fighter jet deal.

Free Shipping Day Is Today

SAN FRANCISCO (GaeaTimes.com)- Those who did not shop as much as they wanted in the Black Friday and Cyber Monday have another chance to buy without worrying about shipping of the products. Today is being celebrated as the free shipping day in the USA. The shoppers can buy online and get the products delivered …. Source  : Gaea News Network.

Parle to buy apple concentrate from Himachal

SHIMLA – Food and beverage company Parle Agro will buy 300 tonnes of apple juice concentrate from the state-run Himachal Pradesh Horticultural Produce Marketing and Processing Corp (HPMC), a minister said here Friday.

The apple concentrate is used for fruit juices, nectars and drinks.
“Parle Agro has placed an order for procurement of 300 tonnes … Read more : Parle to buy apple concentrate from Himachal.

BlackBerry posts 40 percent growth to beat forecasts

TORONTO – Beating forecasts, BlackBerry maker Research In Motion (RIM) posted its sixth straight quarter of record smart phone sales in its third-quarter results of fiscal 2011 announced Thursday.

The Canadian wireless giant reported a record revenue of $5.5 billion during the quarter, raking in a profit of $911.1 million or $1.74 per share.
RIM …. Source  : Gaea News Network.

After roads, Bihar’s power sector a Nitish priority

PATNA – After fulfilling the dreams of good roads in Bihar in his first term as chief minister, Nitish Kumar wants to make a difference in the power sector during his second term that ends in 2015.

“After roads, the power sector is a priority of Nitish Kumar for the development of Bihar,” an official …. Source  : Gaea News Network.

Bihar conclave to discuss challenges of change

PATNA – Nearly 200 delegates, including 30 NRIs of Bihar origin, will participate in a two-day conclave here from Saturday to discuss the challenges of change in the state.

Dozens of delegates, including NRIs who have made their mark in various fields, have arrived here to discuss ways of accelerating the pace of socio-economic … Read the original article on Gaea Times at : Bihar conclave to discuss challenges of change.

China’s foreign trade to top $2.9 trillion in 2010

BEIJING – China’s foreign trade will exceed $2.9 trillion this year, and the country expects its trade and international payments to be more balanced over the next five years, said Commerce Minister Chen Deming.

It is very likely that China could become the world’s largest exporter and the second largest importer by the end …. Source article on Gaea Times at  : China’s foreign trade to top $2.9 trillion in 2010.

Spain sells $3.2 bn in bonds

Madrid, Dec 17 (IANS/EFE) Spain raised 2.4 billion euros ($3.2 billion) in a Thursday auction of 10- and 15-year bonds, although the interest rate it was forced to pay on that debt was the highest since 1997.

The Spanish treasury issued 1.78 billion euros in 10-year bonds at an average interest rate of 5.48 percent, …. Original article on Gaea Times at  : Spain sells $3.2 bn in bonds.

China’s machinery, electronics exports up 30 percent

BEIJING – China’s machinery and electronic exports were up 30 percent year-on-year, and is on course to become the world’s largest exporter of such goods in 2010, reports Xinhua.

China exported $842.74 billion worth of machinery and electronic products in the first 11 months, up 32.7 percent from a year earlier, Zhang Yujing, director …. Source article on Gaea Times at  : China’s machinery, electronics exports up 30 percent.

Brazilian economy creates 2.5 mn new jobs

Rio de Janeiro, Dec 17 (IANS/EFE) Brazil’s economy generated upwards of 2.5 million new jobs in the first 11 months of this year, 7.7 percent more than during all of 2009, the labour ministry said.

The statistic covers only formal employment with benefits and social security contributions.
President Luiz Inacio Lula da Silva’s job-creation target …. Original article  : Brazilian economy creates 2.5 mn new jobs.

Indian innerwear firm to make inroads into Iran, Iraq

KOLKATA – Leading hosiery company Dollar Industries, which is behind the highest selling Indian innerwear brands in the Gulf, now plans to venture into Iraq, Iran and Myanmar, a top company official says.

“As of now, we are looking to enter Iraq, Iran and Myanmar by the end of the current fiscal,” managing director Vinod … Read more : Indian innerwear firm to make inroads into Iran, Iraq.

Indian stock markets closed Friday on Muharram

MUMBAI – Indian stocks markets will have an extended weekend with trading closed Friday on account of Muharram.

During the truncated trading week, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 1.87 percent to close at 19.864.45 points, compared to the previous weekly close at 19,508.89 points.
Original article on : Indian stock markets closed Friday on Muharram.

US stocks gain on better economic data

NEW YORK – US stocks were pushed to two-year highs Thursday amid promising employment data and signs of improvement in the housing and manufacturing sectors.

Weekly claims for unemployment benefits unexpectedly rose only slightly, the Labour Department reported, despite the US unemployment rate climbing to 9.8 percent in November.
New construction in the fragile housing … Read the original article on Gaea Times at : US stocks gain on better economic data.

Obama-Republican tax deal set for final vote in House

WASHINGTON – The US House of Representatives was preparing to vote Thursday on a tax compromise bill agreed between President Barack Obama and Republicans, possibly ending a months-long political battle that threatened an already fragile US economy.

The legislation would extend for two years a major round of tax cuts first enacted under then president … Read the original article on Gaea Times at : Obama-Republican tax deal set for final vote in House.

Corruption in public services on the decline: survey

NEW DELHI – The extent of corruption encountered by citizens while availing public services has been on the decline in recent years, says a survey conducted by the Centre of Media Studies (CMS), a non-profit organisation.

The “2010 India Corruption Survey” by the CMS showed a decline in graft over a period of five years … Original source on Gaea Times at : Corruption in public services on the decline: survey.

Integrated mining cities mooted in Gujarat

AHMEDABAD – The concept of introducing integrated mining cities in India was discussed here Thursday at a seminar, organised as a run-up to the Vibrant Gujarat 2011 Summit.

The seminar was organised by the Gujarat government and the Confederation of Indian Industry (CII) with the support of the Industrial Extension Bureau.
The seminar which brought …. Source article  : Integrated mining cities mooted in Gujarat.

MCD demolishes 8 buildings in east Delhi

NEW DELHI – Cracking down on unauthorised constructions, the Municipal Corporation of Delhi (MCD) Thursday demolished eight properties in east Delhi and also sealed two properties in the area.

“The MCD’s building department with the police help sealed two properties in Pandav Nagar and demolished eight properties in Farsh Bazar and Pandav Nagar police station …. Source article  : MCD demolishes 8 buildings in east Delhi.

India’s GSM phone subscribers grow 3.4 percent in November

NEW DELHI – India’s GSM phone subscriber base grew 3.4 percent in November with the addition of 17.5 million subscribers taking the total number of subscribers to 526 million, the Cellular Operators Association of India (COAI) said Thursday.

Telecom giant Bharti Airtel added 3.1 million subscribers to have a total of 149.5 million subscribers. … Read the original article on Gaea Times at : India’s GSM phone subscribers grow 3.4 percent in November.

Sensex moves up 1.82 percent (Weekly Market Review)

MUMBAI – A benchmark index of the Indian equities markets closed with modest gains in a truncated week of trading.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 1.82 percent or 355.96 points to close at 19,864.85.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty also …. Source  : Sensex moves up 1.82 percent (Weekly Market Review).

Himachal remains ‘power-full’ after bountiful monsoon

SHIMLA – Bountiful rains during the monsoon this year have helped Himachal Pradesh remain “power-full”.

Officials said plentiful flow in most of the rivers has allowed hydropower generation to remain good at a time when it generally reaches its lowest ebb due to the freezing of glaciers in winter.
“All the 21 run-of-river hydropower projects … Read more »».

Pakistan, China to sign fresh trade agreements

ISLAMABAD – Pakistan and China were Saturday set to sign fresh trade agreements worth $10 billion aimed at deepening strategic and economic relations between the two countries.

The new deals will be inked at a trade summit of Chinese business representatives accompanying Premier Wen Jiabao and their Pakistani counterparts.
These come on the top of …. Source  : Pakistan, China to sign fresh trade agreements.

WikiLeaks: Sudan’s president may have stolen $9 bn

NAIROBI/LONDON – Sudan’s President Omar al-Bashir may have looted up to $9 billion from public coffers and deposited it in British banks, according to a diplomatic cable leaked to Britain’s Guardian newspaper.

The cable released by the whistleblowing WikiLeaks site detailed a conversation between International Criminal Court Chief Prosecutor Luis Moreno-Ocampo and a top US … Read : WikiLeaks: Sudan’s president may have stolen $9 bn.

eBay communities make participants better buyers and sellers: Study

WASHINGTON – Customers of eBay who participate in the company’s online communities become more conservative buyers and more selective and efficient sellers, a new study from Rice University’s Jones Graduate School of Business has found.

To do this, the researchers started with data from a yearlong study of 13,735 new eBay Germany customers. (The authors noted …. Read the original article  : here.

Midnight tax-cut vote makes Obama ‘new Comeback Kid’

WASHINGTON – In a major political victory for President Barack Obama, the US Congress approved a $858 billion deal brokered by the White House and supported by opposition Republicans to extend Bush-era tax cuts for another two years.

In a midnight vote, the lame duck House of Representatives passed the measure by a 277 to …. Source article  : Midnight tax-cut vote makes Obama ‘new Comeback Kid’.

Indian firm to invest $250 mn in knowledge, food processing hubs in East Africa

KIGALI – An Indian company has signed a pact with the Rwanda Development Board (RDB) to invest $250 million for a knowledge hub and an integrated food park in this East African country, once associated with its fratricidal conflict that claimed nearly a million lives.

India’s Universal Empire Infrastructures (UEIL) has been in discussion with …. Source article on Gaea Times at  : Indian firm to invest $250 mn in knowledge, food processing hubs in East Africa.

Italian industrial output falls for second consecutive month

Rome, Dec 18 (IANS/AKI) Italy’s industrial output fell in October for the second consecutive month, signalling that the country’s export-led economy is having difficulty emerging from last year’s deep recession.

Production fell 0.1 percent from September, when it dropped 2.1 percent, Rome-based state statistics agency ISTAT said Friday.
Adjusted for a different number of … Read : Italian industrial output falls for second consecutive month.

Brazil jobless rate lowest in 8 years

Rio de Janeiro, Dec 18 (IANS/EFE) Brazil’s unemployment rate dipped to 5.7 percent last month, the lowest level since March 2002, authorities said.

The jobless total fell 0.4 percent from October and was down significantly from the November 2009 figure of 7.4 percent.
Brazil’s official unemployment rate is computed on the basis of the number … Read more >>.

Obama signs tax compromise into law

WASHINGTON – US President Barack Obama Friday signed into law a compromise tax deal reached with Republicans, ending months of political wrangling that threatened to leave US families facing a massive tax hike at the start of the year.

The legislation includes a two-year extension of across-the-board tax cuts that were first enacted under former …. Source article on Gaea Times at  : Obama signs tax compromise into law.

US stocks mixed at week’s end on positive economic data

NEW YORK – US stocks ended the week mixed as a key gauge of the US economy’s performance released Friday suggested the country’s recovery was beginning to gather steam.

The New York-based Conference Board’s Leading Economic Index jumped 1.1 percent in November to 112.4, marking the fifth straight monthly increase. Improved sales forecasts from some … Read this article on Gaea Times at : US stocks mixed at week’s end on positive economic data.

Yahoo to cut features after latest round of layoffs

SAN FRANCISCO – Yahoo is to cut some prominent website features following the announcement this week that it is firing some 600 workers, or 4 percent of its work force.

While many of the targeted features have been little used, some, like the Delicious bookmark sharing service have proved popular among Yahoo users who fired …. Original article  : Yahoo to cut features after latest round of layoffs.

Per Capita Income to double in nine years with current growth rate: Ahluwalia

NOIDA – Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said with the current growth rate, the ‘Per Capita Income’ (PCI) of India will get doubled in nine years.

Ahluwalia, who was conferred Honorary Degree of Doctor of Philosophy … Original source on Gaea Times at : Per Capita Income to double in nine years with current growth rate: Ahluwalia.

Kingfisher, British Airways ink frequent flyer pact

BANGALORE – India’s leading private carrier Kingfisher Airlines Friday entered into a comprehensive frequent flyer agreement with British Airways (BA), covering their entire route network.

“The agreement will enable frequent fliers of both airlines to earn points when they travel on the respective flights anywhere in the world,” Kingfisher vice-president (commercial) Manoj Chacko said in … Original source on Gaea Times at : Kingfisher, British Airways ink frequent flyer pact.

Dinosaur fossil park to come up in Madhya Pradesh

BHOPAL – A National Dinosaur Fossil Park is coming up in Madhya Pradesh’s Dhar district where over 100 dinosaur eggs in fossil form were found, officials said Friday.

The park will be spread over 89.740 hectare forest area near Bagh Caves, 80 km from Dhar town, the district headquarters, where fossils of …. Source  : Dinosaur fossil park to come up in Madhya Pradesh.

Elephanta village to get solar power

MUMBAI – Thirty homes of a village at the Elephanta Island, only a few kilometres away from Mumbai, will Monday get illuminated using solar power.

The Mumbai Metropolitan Region development Authority (MMRDA) and Pune-based Science and Technology Park (STP) will supply solar power to the village and also provide a port charging mobile phones.
… Read the original article on Gaea Times at : Elephanta village to get solar power.

Chaos at Delhi airport’s T-3 as IT systems fail

NEW DELHI – Chaotic scenes were witnessed Friday at the snazzy new Terminal-3 (T3) of the Indira Gandhi International Airport here when the information technology systems failed for about an hour, forcing the airlines staff to manually check-in passengers, leading to long queues.

“The IT systems experienced some problem, which started at 4.25 p.m. … Read : Chaos at Delhi airport’s T-3 as IT systems fail.

Swedish firm to launch new power technology next year

AHMEDABAD – Sandwik Asia Pvt Ltd, a fully-owned subsidiary of the $13 billion Sandwik AB Group of Sweden, will launch a new boiler technology that will usher in major technological changes in power production in India over the next decade, a company official said.

Ajay Sambrani, vice-president and product unit head of Sandwik … Read more >>>.

Companies Bill to be tabled in budget session: Khurshid

MUMBAI – The revised Companies Bill will be tabled in parliament in the coming budget session, Minister of State for Corporate Affairs Salman Khurshid said here Friday.

Views of many stakeholders will be taken into consideration, including those of various committees. We will introduce a corporate and people friendly bill in the next budget …. Original article  : Companies Bill to be tabled in budget session: Khurshid.

Gujarat chemical units sign MOU with Indo-African chamber

GANDHINAGAR – The Gujarat Chemical Association (GCA) Friday signed a memorandum of understanding (MoU) with the Indo-African Chamber of Commerce and Industries (IACCI) for promoting bilateral trade, especially for the small and medium enterprises (SMEs).

The MoU will also serve as a platform for promoting technology transfer, joint ventures and investment in the chemical sector.
…. Source  : Gaea News Network.

‘Local manufacturing to drive medical electronics industry’

NEW DELHI – India needs a conducive environment for local manufacturing and R&D projects to drive its medical electronics industry, a new report says.

A report prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI)-Medical Electronics Forum (MEF) (FICCI-MEF) has outlined a 13-fold strategy which also stresses on reaching all sections of … Read : ‘Local manufacturing to drive medical electronics industry’.

A non-resident Indian can remit $1 mn from property sales (NRI Watch)

The prices of ancestral properties left in India by emigrating non-resident Indians (NRIs) have escalated beyond their belief. Little wonder they have developed a new and intense interest in claiming their share, especially with recession biting hard in the West. In the last few years, the ancestral homes in India are valued in crores.

So … Original article on : A non-resident Indian can remit $1 mn from property sales (NRI Watch).

Gizmos straight out of sci-fi films coming up: Intel

NEW DELHI – Come 2011, and tech enthusiasts can look forward to newer, smarter, powerful and personalised technologies seen only in science fiction movies, says Intel, the world’s largest computer chip manufacturer, in its annual trends report.

The company’s ‘Technology Trend Predictions for 2011′ report said smart TVs, cloud computing and secured internet environment, digital … Read this article on Gaea Times at : Gizmos straight out of sci-fi films coming up: Intel.

Over 2,000 aspiring entrepreneurs to gather at TiE summit

NEW DELHI – Over 2,000 budding entrepreneurs are expected at The Indus Entrepreneurs (TiE) summit here that will feature icons like Infosys founder N.R. Narayana Murthy and Nobel laureate Amartya Sen among more than 100 speakers.

With a theme of ‘Enterprising India, the event will be held at Siri Fort Auditorium here from Dec …. Original article  : Over 2,000 aspiring entrepreneurs to gather at TiE summit.

Gujarat eyes $1 bn investment for pharma industry

AHMEDABAD – Gujarat, which accounts for nearly a half of the Indian pharma industry’s turnover, is betting big on making the state a global hub as it eyes deals worth over $1 billion at the upcoming business conclave here next month.

“Our government is proactive. We have systems in place. The discretionary mechanism in the …. Original article on Gaea Times at  : Gujarat eyes $1 bn investment for pharma industry.

Orissa announces relief package for farmers

BHUBANESWAR – Orissa Saturday announced a special package of Rs.900 crore for farmers who suffered losses due to unseasonal rains early this month.

Announcing the package in the assembly here, Chief Minister Naveen Patnaik said the state government will contribute Rs.600 crore and the rest will come from the calamity relief fund (CRF) of the …. Read the original article  : here.

Steel magnate’s birthday bash in French Alps draws frowns

LONDON – A mega-party by steel magnate Viktor Pinchuk in Courchevel, a ski resort in the French Alps, has led some locals to brand the extravagant spending obscene, a media report said Saturday.

The Ukranian businessman, also an art collector, whose fortune Forbes estimates stands at $3.1 billion, is sparing no expense for the 300 …. Source  : Gaea News Network.

Pakistan, China sign 22 economic agreements

ISLAMABAD – Pakistan and China Saturday signed 22 new trade agreements, worth $15-billion, aimed at deepening strategic and economic toes between the two countries, officials said.

These come on the top of another 13 agreements worth around $20 billion signed Friday after bilateral meetings.
The fresh deals were inked at a business summit addressed by …. Source  : Pakistan, China sign 22 economic agreements.

Snow disrupts travel across Europe as three die in Italy

LONDON – Hundreds of flights out of London airports were cancelled Saturday as fresh snow blocked runways, adding to a continent-wide disruption caused by unusually early and heavy snowfalls that now stretch south to most of the Mediterranean coast.

In Italy, at least three people died in snow-related incidents in a space of just 24 …. Original source  : Snow disrupts travel across Europe as three die in Italy.

Provide Bihar coal linkage for new power plants: Sushil Modi

PATNA – Bihar Deputy Chief Minister Sushil Kumar Modi Saturday demanded coal linkages for thermal power plants upcoming in the state.

“We demand that the central government provide us coal linkage for upcoming thermal power plants in Bihar,” Modi said in his address at the two-day Bihar conclave that began here Saturday.
Modi made …. Source  : Gaea News Network.

Bihar conclave begins with call to invest

PATNA – A two-day Bihar conclave began here Saturday with Deputy Chief Minister Sushil Kumar Modi asking delegates, including non-resident Indians (NRIs) of Bihar origin, to come forward and invest in the state.

“It is time for you to invest and contribute to help develop Bihar,” Modi said in his inaugural address here.
Modi said [..] Read the original article: here.

Third party should keep stolen mobiles’ database, say firms

NEW DELHI – A third party regulator should maintain the database of stolen mobile handsets and the equipment identity register should be maintained on a national level, say telecom service providers.

“The CEIR (Central Equipment Identity Register) should be maintained by third party or regulator and it should accessible by all operators. For easy …. Source article on Gaea Times at  : Third party should keep stolen mobiles’ database, say firms.

Ready to answer CBI questions on spectrum: Arun Shourie

CHENNAI – Former union communications minister Arun Shourie Saturday said he is ready to answer the Central Bureau of Investigation’s (CBI) questions on the 2G spectrum allocation during his tenure.

Speaking to reporters on the sidelines of a function here, he said: “I would be happy to answer the questions. I can answer the questions … Read this article on Gaea Times at : Ready to answer CBI questions on spectrum: Arun Shourie.

Countdown for India’s advanced satellite launch begins Sunday

CHENNAI – The countdown for Monday’s launch of India’s heaviest communication satellite, meant to retire an earlier one sent up in 1999 and ensure continuity of telecom, TV and weather services, will begin at 11.01 Sunday morning, an official said.

GSAT-5P will blast off to space from Satish Dhawan Space Centre at Sriharikota, around 80 … Original source on Gaea Times at : Countdown for India’s advanced satellite launch begins Sunday.

India must be wary of defence imports: Narayanan

KOLKATA – West Bengal Governor M.K. Narayanan Saturday made a scathing criticism of the Indian military and the defence production industry and said there was a vested interest in “buying than making” the needed equipment at home.

The former national security advisor blamed the military for its deep seated complex about using indigenous equipment, and …. Source article  : India must be wary of defence imports: Narayanan.

Misunderstood risks in investment drive financial market instability: Study

WASHINGTON – According to a new study, our incomplete or incorrect understanding of how decisions in the present affect future options means that we may underestimate the risk associated with investment decisions.

Dr Ole Peters from Imperial College London suggests how policy makers …. Source  : Misunderstood risks in investment drive financial market instability: Study.

US Congress clears tax cut deal to hand Obama a big win

WASHINGTON – In a major victory for US President Barack Obama, the US Congress has approved a $858 billion deal brokered by the White House and opposition Republicans to extend Bush era tax cuts for two years.

In a midnight vote, the lame duck House of Representatives passed the measure by a 277 to 148 … Read : US Congress clears tax cut deal to hand Obama a big win.

Wipro joins Greenpeace rankings for energy efficiency

BANGALORE – IT bellwether Wipro became the first Indian firm to join Greenpeace’s Cool IT Leaderboard rankings for its commitment to energy efficiency, the company said Friday.

“We were the only Indian company to be part of the Cool IT Leaderboard rankings for our transparent mitigation plant that frontloads energy efficiency and direct renewable energy … Original article on : Wipro joins Greenpeace rankings for energy efficiency.

Chaos at Delhi airport T-3 as IT systems fail

NEW DELHI – Chaotic scenes were witnessed Friday at the snazzy new Terminal-3 (T3) of the IGI airport here when the information technology systems failed, forcing the airlines staff to manually check-in passengers.

The IT systems experienced some problem, which started at 4.25 p.m. in the evening and continued till 5.30 p.m., after which the … Read the original article on Gaea Times at : Chaos at Delhi airport T-3 as IT systems fail.

Sri Lanka no more underdeveloped country: World Bank

COLOMBO – Sri Lanka is no longer an underdeveloped country, having surpassed the per capita income of $2,000, a World Bank official said here Friday.

Ngozi Okonjo-Iweala, managing director of World Bank, said Sri Lanka was no longer qualified for International Development Association loans that provide interest free financial assistance to underdeveloped countries, Xinhua …. Read the original article  : Sri Lanka no more underdeveloped country: World Bank.

Tatas now acquire British Salt for $144.6 million

MUMBAI – Now half of Britain will be using Tata salt. The group has acquired the dominant salt-maker company which has the 50 percent share of the British market.

Tata Chemicals’s UK subsidiary Brunner Mond has signed a deal to acquire British Salt Limited for $144.6 million (93 million pound), the company announced Monday.
… Read more »»».

Dabur factory in Nepal raided: Reports

KATHMANDU – Consumer goods giant Dabur India’s joint venture in Nepal has been raided by officials acting on complaints against the quality of its Real brand of fruit juice, media reports said Monday.

However, there was no immediate confirmation from Dabur Nepal despite efforts to contact the multinational company in Kathmandu.
At least three television …. Source  : Gaea News Network.

Sensex moves in to positive; Hero Honda surges 14 percent

MUMBAI – A benchmark index of Indian equities moved into positive territory in the afternoon session Monday on strong buying support in auto and technology stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened deep in the red at 19,770.02 points, moved in the positive territory in the afternoon …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.38 and the Reference Rate for Euro is ` 59.77 on December 20, 2010. The corresponding rates for the previous day (December 16, 2010) were ` 45.39 and ` 60.05 respectively. Based on the … Read more : RBI Reference Rate for US $ and Euro.

ArcelorMittal forced to up bid for Canadian iron-ore giant

TORONTO – ArcelorMittal’s battle to take over Canada’s Baffinland Iron Mines took an interesting turn Sunday after it was forced to raise its friendly bid by 14 percent to $1.25 per share when rival Nunavat Iron offered $1.35 per share to buy 50.1 percent stake in it.

ArcelorMittal, which previously offered $1.10 per share or [..] Read the original article: here.

‘Positive Sino-Indian ties good for Bangladesh’

DHAKA – The positive outcome of last weeks Sino-Indian talks should be heartily welcomed by Bangladesh and augurs well for the South Asian region, a Dhaka daily says.

The Daily Star commended the growing emphasis on economic ties between India and China taking precedence over their political differences.
Chinese Premier Wen Jiabao was in India … Original article on : ‘Positive Sino-Indian ties good for Bangladesh’.

Determined to formulate food security act: PM

NEW DELHI – Prime Minister Manmohan Singh Monday said his government was determined to formulate a national food security act to ensure that no citizen goes to bed hungry.

“We want that no citizen of our country must sleep hungry. We are determined about the formulation of the national food security act,” he said at …. Original article on Gaea Times at  : Determined to formulate food security act: PM.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 20, 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.

Amritsar looks at trade revival – with Pakistani help

AMRITSAR – Amritsar, Sikhism’s holy city which was an important business centre in northern India at one time, is looking to revive trade with help from an unexpected quarter – Pakistan.

The trading community in the two countries feels there is much scope for increasing business between them through the land route to millions …. Read the original article  : Amritsar looks at trade revival – with Pakistani help.

Medvedev to discuss trade, energy during India visit

MOSCOW/NEW DELHI – Russian President Dmitry Medvedev will Monday begin an official three-day visit to India during which he will discuss trade, economic, energy and cultural cooperation as well as international issues.

During the visit, he will meet his Indian counterpart Pratibha Patil, Prime Minister Manmohan Singh and Foreign Minister S.M. Krishna.
A number of … Read the original article on Gaea Times at : Medvedev to discuss trade, energy during India visit.

We will rein in inflation: PM

NEW DELHI – Prime Minister Manmohan Singh Monday said the rate of inflation would be curbed by early next year to settle at 5.5 percent.

“We made all efforts to reduce inflation and will continue these. By March next year, inflation is expected to settle at 5.5 percent,” the prime minister said in his address … Read more : We will rein in inflation: PM.

RBI announces rate of interest on Floating Rate Bonds, 2020

The rate of interest on the Floating Rate Bonds, 2020 (FRB, 2020) applicable for the half year December  21,  2010 to June 20, 2011 shall be 7.23 percent per annum.

It may be recalled that the rate of interest on the FRB, 2020 was set at average rate (rounded off up to …. Original source  : RBI announces rate of interest on Floating Rate Bonds, 2020.

Airlines warn against travel to snowed-in Britain

AUCKLAND – Holiday makers wanting to fly to Britain have been advised not to do by many airlines who said they could not guarantee they would be able to land due to the massive snowfall.

Snow storms have closed the main airports in the British capital – including Heathrow, Gatwick and Stansted. Scores of flights … Read more »»».

Medvedev begins India visit Monday

Moscow, Dec 20 (IANS/RIA Novosti) Russian President Dmitry Medvedev will Monday begin an official three-day visit to India to discuss trade, economic, energy and cultural cooperation, as well as international issues.

During the visit, he will meet his Indian counterpart Pratibha Patil, Prime Minister Manmohan Singh and Foreign Minister S.M. Krishna.
A number of documents … Read this article on Gaea Times at : Medvedev begins India visit Monday.

India starts river project in Myanmar

YANGON – India has begun construction of a river port and waterway terminal in Myanmar, aimed at promoting trade between the two countries.

Construction for the Myanmar-India Kaladan Multimodal Transit Transport Project in Sittway township of Rakhine state began Sunday, Xinhua reported Monday citing official daily New Light of Myanmar.
The construction in the Kaladan … Read : India starts river project in Myanmar.

Money Market Operations as on December 16, 2010

… Read the original article on Gaea Times at : Money Market Operations as on December 16, 2010.

Tokyo stocks inch down on Korean, European worries

TOKYO – Japanese stock lost ground slightly in Monday morning trading on concerns about tension on the Korean Peninsula and Europe’s continuing debt problems.

The benchmark Nikkei 225 Stock Average fell 32.55 points, or 0.32 percent, to trade at 10,271.28 while the broader Topix index was down 0.78 points, or 0.09 percent, to 902.36.
On …. Source  : Gaea News Network.

UAE, Maldives sign MoU on banking cooperation

Abu Dhabi, Dec 19 (IANS/WAM) The Central Bank of the UAE and the Maldives Monetary Authority Sunday signed a memorandum of understanding (MoU) here to boost cooperation in the banking sector.

The agreement will pave the way for exchange of information and cooperation, including technical assistance and training and combating money laundering and terrorist financing. … Read this article on Gaea Times at : UAE, Maldives sign MoU on banking cooperation.

Delhi to float tenders for more bus route clusters

NEW DELHI – With Jan 31, 2011 fixed as last day for Blueline buses on the capital’s roads, the Delhi government has decided to float tenders for more routes soon under the cluster system.

The city has so far cleared five clusters, a system under which the over 600 routes in the city have been …. Source article  : Delhi to float tenders for more bus route clusters.

20 Metro stations get phone bill payment machines

NEW DELHI – With the installation of multi-service payment machines at 20 Metro stations across the city, commuters will be able to pay mobile phone bills or recharge phones on the move, an official said Sunday.

According to the Delhi Metro, the touch screen machines named ‘Unipay’ can be used by commuters by inserting currency … Read more : 20 Metro stations get phone bill payment machines.

Russia asks Pakistan to expedite 26/11 probe, backs India for UNSC seat

NEW DELHI – India and Russia Tuesday inked 30 agreements in areas ranging from science, peaceful use of nuclear energy to culture and pharmaceuticals and also inked a contract for jointly building a fifth generation fighter jet. The two countries also asked Pakistan to bring the 26/11 perpetrators to justice.

Eleven … Original article on : Russia asks Pakistan to expedite 26/11 probe, backs India for UNSC seat.

Airtel launches GPS to help track Bangladeshi fishing boats

DHAKA – India’s Bharti Airtel Limited, which has acquired 70 percent stake in Bangladesh’s Warid Telecom, has launched a GPS-based vessel locating service to enable the country’s fishermen communities to track their fishing boats.

This service is in line with the promise of taking mobile telephony to Bangladesh’s rural areas and its long coastline on …. Source  : Airtel launches GPS to help track Bangladeshi fishing boats.

Sotheby’s Hong Kong sells wine worth $6.7 mn in 2010

HONG KONG – The Sotheby’s auction house said Tuesday that it sold a record $6.76 million of wine in Hong Kong in 2010, more than it sold the world over in 2009.

The auction total came in a year that Sotheby’s raised $11.34 million through wine auctions worldwide, more than double 2009’s $5.37 million.
The …. Source  : Sotheby’s Hong Kong sells wine worth $6.7 mn in 2010.

Bhopal’s seige by protesting farmers swells

BHOPAL – Thousands of protesting farmers continued their siege of the Madhya Pradesh capital for the second day Tuesday, blocking all roads leading to Chief Minister Shivraj Singh Chouhan’s house here to press their demands, including uninterrupted power supply to rural areas.

The number of farmers under the banner of Bharti Kisan Sangh (BKS) Tuesday … Original article on : Bhopal’s seige by protesting farmers swells.

Dabur Nepal’s woes mount after vigilance raid

KATHMANDU – The woes of Dabur Nepal, Indian FMCG giant Dabur India’s independent group company in Nepal, mounted Tuesday after state watchdogs raided its storehouse and sealed it with an admonition not to sell and distribute its fruit juices till investigations were completed.

“We have sealed nearly 74,000 cartons of Dabur Nepal’s fruit …. Original article  : Dabur Nepal’s woes mount after vigilance raid.

India, Russia boost ties with 11 agreements

NEW DELHI – India and Russia Tuesday signed 11 agreements, boosting ties in areas like science, the peaceful use of nuclear energy, culture and pharmaceuticals, but a key defence pact on the joint production of a fifth generation fighter aircraft was not announced.

The agreements were signed in the presence of Prime Minister Manmohan Singh …. Source article on Gaea Times at  : India, Russia boost ties with 11 agreements.

Mahindra Thar Launched

NEW DELHI, INDIA (GaeaTimes.com)- The much awaited utility car of the year has been launched today by Mahindra & Mahindra. This sports utility vehicle, named as Mahindra Thar 4X4, will first hit the market in Rajasthan and Kerala and later, it would be introduced in the rest of the nation.
Mahindra Thar 4X4, is expected …. Source article  : Mahindra Thar Launched.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.26 and the Reference Rate for Euro is ` 59.61 on December 21, 2010. The corresponding rates for the previous day (December 20, 2010) were ` 45.38 and ` 59.77 respectively. Based on the Reference Rate for US … Read more »».

Srinagar airport to activate low visibility landing aid

SRINAGAR – An Instrumentation Landing System (ILS) will soon be available at the Srinagar International Airport to help pilots land in low visibility, an official said Tuesday.

At present, the minimum visibility that must be available for landing of an aircraft at the Srinagar airport is two kilometres. The visibility is extremely poor at the …. Source  : Gaea News Network.

Toyota agrees to pay $32 mn fine over recalls

TOKYO – Toyota Motor Corp Tuesday said it would pay a record $32.4 million in additional fines under an agreement with the US Transportation Department.

The world’s largest carmaker agreed to pay the civil penalties as the result of two separate investigations into its recall process, the US agency said late Monday.
“Safety is our …. Source article on Gaea Times at  : Toyota agrees to pay $32 mn fine over recalls.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 21, 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.

US shuts down 80 websites for selling fake goods

WASHINGTON – Over 80 websites have been shut by US officials after it was found they were dealing in counterfeit goods.

The Department of Homeland Security has seized over 80 domain names since November, saying the bogus merchandise, including fake purses and prescription drugs, were harming the US economy and endangering American lives, Fox News …. Read the original article  : US shuts down 80 websites for selling fake goods.

Delhi-Mumbai train services hit as Gujjars protest (Lead, Changing dateline)

BAYANA – Train services between Delhi and Mumbai were hit as Gujjars, demanding reservation for the community in government jobs, laid siege to a railway track near Bayana in Bharatpur district of Rajasthan.

Gujjars under the leadership of Colonel K.S. Bainsla, convener of Gujjar Arakshan Sangharsh Samiti, after holding a Mahapanchayat in Bayana, about 150 …. Read the original article  : Delhi-Mumbai train services hit as Gujjars protest (Lead, Changing dateline).

WikiLeaks: British businessmen overeducated, says Branson

LONDON – Virgin group owner Richard Branson, who left school at 15 and ran his own business when others his age were studying, believes that “British entrepreneurs are overeducated”, reveals a US cable that was put out by WikiLeaks.

In January 2008, the multi-billionaire Branson was at a lunch hosted by Chinese businessmen in Beijing, …. Original article  : WikiLeaks: British businessmen overeducated, says Branson.

West Bengal plans to give Metro stake to railways

KOLKATA – The West Bengal government plans to hand over its stake in the Kolkata Metro Rail Corporation (KMRC) to the railways, KMRC Managing Director Sumantra Chowdhury has said.

“The state government has proposed to hand over its stake if railways carry out the project. A proposal was presented to the centre in October this …. Source article on Gaea Times at  : West Bengal plans to give Metro stake to railways.

Passengers stranded as Gujjar agitation continues

MATHURA – Hundreds of passengers were stranded Tuesday as movement of trains between Mathura in Uttar Pradesh and Rajasthan’s Bharatpur was disrupted by Gujjars who have been agitating for reservation in government jobs, officials said.

“The protesters have been sitting on the railway track at Piloo ka Pura near Bharatpur and trains had to be …. Original article  : Passengers stranded as Gujjar agitation continues.

Money Market Operations as on December 20, 2010

Read more : Money Market Operations as on December 20, 2010.

Tokyo stocks rise on ease in worries over Koreas

TOKYO – Japanese shares rebounded in Tuesday morning trading, boosted by easing concerns about tensions on the Korean Peninsula.

The benchmark Nikkei 225 Stock Average gained 75.27 points, or 0.74 percent, to trade at 10,291.68 while the broader Topix index was up 5.04 points, or 0.56 percent, to 903.59.
South Korea ended a live-firing drill [..] Read the original article: here.

Boeing to provide satellite communication system to Mexico

LOS ANGELES – Boeing Company has said that it will provide a satellite communications system to Mexico under a one-billion-dollar contract.

The system, known as MEXSAT, will consist of three satellites, two ground sites, associated network operations systems and reference user terminals, Boeing said in a statement Monday.
MEXSAT will provide secure communications for Mexico’s … Read : Boeing to provide satellite communication system to Mexico.

Groupon Acquires Amazon VP Finance

When in the tech business one rarely says no to a $ 6 Billion take over by Google. Groupon did just that after a number of days of speculation it rejected the bid. It seems that they have also added a new CFO which a move that is giving fire to the speculation that … Read more »».

Sibal assures level-playing field for all telecos

NEW DELHI – The government will ensure a level-playing field for all telecom operators, irrespective of the technology platform they operate from, as the overriding objective was to maintain growth, Communications Minister Kapil Sibal said Wednesday.

“I was very happy the three captains of the telecom sector that I met were extremely constructive about their … Read this article on Gaea Times at : Sibal assures level-playing field for all telecos.

Sensex, Nifty witness choppy session

MUMBAI – A benchmark index of the Indian equities market was witnessing choppy session with positive bias Wednesday, due to lack of buying activities ahead of holiday season.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,118.82 points, up 58.50 points from the previous close of 20,060.32 points, … Read more »».

Tripura Gramin Bank posts profit for 10th year in row

AGARTALA – Tripura Gramin Bank (TGB) posted a net profit of Rs.35.35 crore, the highest among the regional rural banks (RRBs) in eastern and northeastern India, in the last fiscal, the bank’s chairman said Wednesday.

TGB, one of Indias 82 RRBs, has been making profit for the past 10 years consecutively.
The bank, celebrating 35th …. Original source  : Tripura Gramin Bank posts profit for 10th year in row.

NDA demands PM’s resignation over 2G scam

NEW DELHI – The National Democratic Alliance (NDA) Wednesday sought Prime Minister Manmohan Singh’s resignation “on moral grounds” if the government fails to answer opposition concerns on the alleged irregularities in the 2G spectrum allocation.

“If you are saying the prime minister’s post should be above suspicion, then you should honestly form a JPC (joint … Read the original article on Gaea Times at : NDA demands PM’s resignation over 2G scam.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.13 and the Reference Rate for Euro is ` 59.32 on December 22, 2010. The corresponding rates for the previous day (December 21, 2010) were ` 45.26 and ` 59.61 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Bangladesh, India to set up border bazaars

DHAKA – Bangladesh and India are working to set up a number of haats – or local markets – along the border as a way of easing access for local traders and to curb smuggling.

The first markets would begin in India’s northeastern state of Tripura that has proposed seven locations.
Visiting Tripura Minister of …. Original article on Gaea Times at  : Bangladesh, India to set up border bazaars.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 22, 2010 are :

Amount  (face value in ` crore)                     

Item

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

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

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 ` 2,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 2,000 crore (nominal) and "8.30 per cent Government Stock  2040” for a … Read more >>>.

India-Bangladesh to start work on bridge this month

AGARTALA – Indian and Bangladeshi officials will start work later this month on a bridge over the Feni river in Tripura to get access to Bangladesh’s Chittagong sea port for carrying goods and heavy machinery from India to its landlocked northeast, says a minister.

Tripura Commerce and Industries Minister Jitendra Chaudhury held separate meetings in … Original article on : India-Bangladesh to start work on bridge this month.

ArcelorMittal bid goes before Canadian regulators

TORONTO – Canadian regulators will hear Wednesday a challenge to ArcelorMittal’s bid for Canadian mining company Baffinland Iron Mines Corp. for $492 million.

The hostile bidder Nunavat Iron Ore Tuesday succeeding in getting a hearing by the Ontario Securities Commission for a temporary ban on Baffinland’s shareholder new rights plan for selling the mining company … Read : ArcelorMittal bid goes before Canadian regulators.

Sensex opens 58 points up on positive global cues

MUMBAI – A benchmark index of Indian equities opened 50 points higher Wednesday, taking positive cues from global stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,118.82 points, up 58.50 points from the previous close, after gaining nearly one percent Tuesday.
At the National Stock Exchange C&X …. Source  : Sensex opens 58 points up on positive global cues.

Microsoft Windows 7 Phone passes 1.5 mn mark

SAN FRANCISCO – More than 1.5 million Windows Phone 7 devices have been sold in the six weeks since the smartphone went on the market, Microsoft announced Monday.

While far from the 300,000 daily activations attributed to the iPhone and phones powered by Google’s Android operating system, the Windows Phone sales figures met the company’s … Read : Microsoft Windows 7 Phone passes 1.5 mn mark.

Money Market Operations as on December 21, 2010

…. Source  : Money Market Operations as on December 21, 2010.

Tokyo stocks inch up on US rally

TOKYO – Japanese shares edged up in Wednesday morning trading, supported by a rally on Wall Street.

The benchmark Nikkei 225 Stock Average gained 5.95 points, or 0.06 percent, to trade at 10,376.48 while the broader Topix index was up 2.04 points, or 0.23 percent, to 908.25.
Overnight, major US stock indices closed at their … Read : Tokyo stocks inch up on US rally.

Japan exports up 9.1 percent, trade surplus falls in November

TOKYO – Japanese exports rose 9.1 percent in November from a year earlier to 5.44 trillion yen ($64.9 billion), the government said Wednesday.

The rise was the 12th consecutive monthly increase, the Finance Ministry said in a preliminary report.
Japan’s imports climbed 14.2 percent to 5.28 trillion yen, leaving the country’s trade surplus at 162.8 …. Source  : Gaea News Network.

Intel Says McAfee Acquisition Approved By FTI

Intel announced on Tuesday that US anti-trust regulators announced that the 7.68-billion-dollar acquisition of the computer security firm McAfee, known for its antivirus and network security product. However the deal is still being examined in Europe.
The Federal Trade Commission has concluded its review of the proposed McAfee transaction and has cleared it,
Intel vice president …. Original article  : Intel Says McAfee Acquisition Approved By FTI.

US stocks rise to highest levels in two years

NEW YORK – Major US stock indices Tuesday closed at their highest levels in more than two years as investors looked to 2011 with increased confidence.

The broader Standard & Poor’s 500 Index climbed 0.60 percent to 1,254.60, exceeding its close of 1,251.70 Sep 12, 2008 – the last session before Lehman Brothers filed the … Read more »».

SalesForce Acquires Etacts A Social CRM Startup

Salesforce has acquired Etacts, a Y-combinator startup in the contact management system for an undisclosed amount. The company tried to introduce contact management and as well as relationship management for an undisclosed sum. The Etacts product tied to bring relationship management to its users’ personal e-mail contacts. The usp of their tech was an … Read more >>.

AT&T Bags Qualcomm Spectrum For 1.93 Billion

Network major AT&T has agreed to pay $1.93 billion for the wireless spectrum via Qualcomm Inc. The reported spectrum should have about 300 million people covered. This in accordance with AT&T’s plan to upgrade its network and continue its efforts to build the next generation LTE network.
AT&T is noted as the second … Read : AT&T Bags Qualcomm Spectrum For 1.93 Billion.

India, Russia sign 29 agreements from defence to trade

NEW DELHI – India and Russia Tuesday inked 29 bilateral agreements, which include building advanced stealth jets to increasing banking linkages and setting up a steel plant.

While 11 agreements were signed in the presence of Prime Minister Manmohan Singh and Russian President Dmitry Medvedev here Tuesday, 18 more deals were signed on the sidelines … Original article on : India, Russia sign 29 agreements from defence to trade.

Dabur Nepal under fresh fire after godown raid

KATHMANDU – Dabur Nepal, one of the largest multinationals in Nepal, faced fresh fire Thursday, three days after an official raid on its godown in southern Nepal, with police beginning a probe into allegations that five people fell ill after drinking its Real brand fruit juice.

The new development occurred in Banepa, a small town … Read more >>.

Household budgets go haywire as veggie prices shoot up

NEW DELHI – When Kamala Devi moved to Delhi from Bihar 10 years back, hoping for a better life, she never thought that some day she would want to go back home. But burdened under the rising prices of vegetables, she is mulling over just that – even if only for a while.

“I … Read the original article on Gaea Times at : Household budgets go haywire as veggie prices shoot up.

Make banking available to all: Pratibha Patil

MUMBAI – President Pratibha Patil Thursday said the first priority of the Indian banking system must be to support a vibrant and inclusive economy and pointed out that only 45 percent of Indians has access to bank accounts.

Speaking after the inauguration of centenary celebrations of the Central Bank of India, she said banking … Original article on : Make banking available to all: Pratibha Patil.

Ford Explorer 2011 Gets IIHS Nod

SAN FRANCISCO (GaeaTimes.com)- Ford one of the leading automakers in the USA is delighted because its flagship SUV the Ford Explorer 2011 has been picked as a model with Top Safety Pick Designation by the Insurance Institute for Highway Safety. The SUV did extremely well in various types of crash and impact tests. … Read more >>.

Don’t overstock onions, traders say

NEW DELHI – A grouping of traders Thursday urged people not to stock up onions, saying prices were set to fall.

The Azadpur Agriculture Product Market Committee (APMC) said since the central government had put a hold on export of onions, it was likely to push down prices.
“We appeal to the people in Delhi …. Source  : Don’t overstock onions, traders say.

Facebook eyeing to re-connect with China?

BEIJING – Facebook founder and chief executive Mark Zuckerberg met with some of China’s top technology leaders, fuelling speculation about the social networking website’s ambitions to enter the country’s market where it is censored.

Zuckerberg Wednesday visited the offices of Sina Corp., a leading Chinese web portal, and met with its CEO Charles Chao, the … Original article on : Facebook eyeing to re-connect with China?.

Looking forward to allocate more spectrum, says Sibal

NEW DELHI – Communications Minister Kapil Sibal said Thursday that the ministry is looking forward to allocate more spectrum to telecom operators for offering basic services.

“The real problem in India is that we have the lowest volumes of spectrum available to the public, so we need to increase the volume,” Sibal told reporters … Read more >>>.

Reserve Bank Cancels the Licence of The Golaghat Urban Co-operative Bank Ltd., Golaghat (Assam)

In view of the fact that the Golaghat Urban Co-operative Bank Ltd., Golaghat (Assam), had ceased to be solvent, all efforts to revive it had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling …. Original article on Gaea Times at  : Reserve Bank Cancels the Licence of The Golaghat Urban Co-operative Bank Ltd., Golaghat (Assam).

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

NEW DELHI – High prices of onions, fruits, vegetables, milk, eggs, meat and poultry sharply raised India’s annual food inflation based on wholesale prices to 12.13 percent for the week ended Dec 11 from 9.46 percent for the week before.

This was the third successive week of a rise in the food inflation rate, pushing … Read : Food inflation zooms on high onion, fruits, eggs, meat prices.

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

NEW DELHI – High prices of onions, fruits, vegetables, milk, eggs, meat and poultry sharply raised India’s annual food inflation based on wholesale prices to 12.13 percent for the week ended Dec 11 from 9.46 percent for the week before.

This was the third successive week of a rise in the food inflation rate, pushing …. Original article on Gaea Times at  : Food inflation zooms on high onion, fruits, eggs, meat prices.

Haryana expressway to de-congest Delhi traffic delayed again

CHANDIGARH – A major expressway in Haryana that will ease the inflow of traffic passing through Delhi has been given a new set of completion deadlines with the already delayed project missing yet another date.

No amount of pulling up and warnings to the construction company, D.S. Constructions, at the level of Haryana Chief Minister … Read more : Haryana expressway to de-congest Delhi traffic delayed again.

Onion prices will come down soon, says Sheila Dikshit

NEW DELHI – Delhi Chief Minister Sheila Dikshit Thursday said the prices of onion will come down soon following a series of measures taken by the central and the city governments.

“Both the central and Delhi governments have taken a series of measures and the impact has been seen in the wholesale market. We …. Original source  : Onion prices will come down soon, says Sheila Dikshit.

Himachal warms up to Christmas tourist rush

SHIMLA – Its not the snow, but the sun that is alluring the tourists to ring in the Christmas at most of the popular destinations in Himachal Pradesh.

The Met Office here Thursday predicted that there would be no white Christmas in the popular tourist resorts as the temperatures are rather high. But thousands of … Read more >>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.02 and the Reference Rate for Euro is ` 59.12 on December 23, 2010. The corresponding rates for the previous day (December 22, 2010) were ` 45.13 and ` 59.32 respectively. Based on the Reference Rate for US … Read : RBI Reference Rate for US $ and Euro.

Arjun Urban Co-operative Bank Ltd., Solapur, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees One lakh only) on Arjun Urban Co-operative Bank Ltd., Solapur, 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 (AACS) for …. Source article  : Arjun Urban Co-operative Bank Ltd., Solapur, Maharashtra ??? Penalised.

After 5 months, Kashmir rail services back on track

SRINAGAR – Train services resumed in the Kashmir Valley Thursday after remaining suspended for nearly five months because of the widespread unrest.

Operations were restored between Anantnag district in south Kashmir and the central district of Badgam Thursday.
Complete resumption of operations will take place in two phases. In the next phase, we will resume …. Read the original article  : here.

Mad rush for investment homes ruining Goa, say activists

PANAJI – There are some who rush to Goa with swimwear and sun tan. They’re all right. But those who rush to the state with surplus cash and seduced by the idea of a second home for investment purpose are not all right, say Goan activists, among them master architect Charles Correa.

They are the …. Source  : Gaea News Network.

Why no green signal to Kochi Metro, asks minister

THIRUVANANTHAPURAM – Kerala Minister for Parliamentary Affairs M. Vijayakumar Thursday said that it remains a mystery why the central government is not giving the nod for the Kochi Metro project.

“We are all quite surprised because when it comes to Kochi Metro the central government has not yet given the sanction while similar projects …. Original article on Gaea Times at  : Why no green signal to Kochi Metro, asks minister.

Chandigarh to get its first cactii garden

CHANDIGARH – Chandigarh, which is famous for its unique rock garden, will soon get a cactii garden, much to the delight of tourists and botanists.

This cactii garden is coming up at the botanical gardens, which is spreads over 176 acres of land, near Sarangpur village here.
Work is on and very soon the … Read this article on Gaea Times at : Chandigarh to get its first cactii garden.

Chile government to sell stakes in water utilities

Santiago, Dec 23 (IANS/EFE) Chile Wednesday announced plans to divest its minority stakes in four water utilities, saying it expects to raise some $1.6 billion from the sales.

The government is looking to finalise the deals within a period of between six and nine months, according to Economy Minister Juan Andres Fontaine, who confirmed reports …. Source  : Gaea News Network.

Cool Grey 11 Sneakers Make People Crazy

SAN FRANCISCO (GaeaTimes.com)- Ever since Nike announced that a limited edition Cool Grey 11 Retro Sneakers will be launched ahead of Christmas, the fans of stalwart former basketball player Michael Jordan were on cloud nine. The retro sneakers was launched on Dec 23rd midnight at some selected retail outlets which made thousands of …. Source article on Gaea Times at  : Cool Grey 11 Sneakers Make People Crazy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 24, 2010 are:

Amount  (face value in ` crore)                          

Item

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

3 days Repo Auction 
Original article on : Liquidity Adjustment Facility : Auction Results.

US approved business with blacklisted countries: NYT

WASHINGTON – The US has allowed American companies to do billions of dollars worth of business with Iran and other countries blacklisted as sponsors of terrorism, The New York Times reported Friday.

Despite economic sanctions and trade embargoes enforced by the US government, the Treasury’s Office of Foreign Assets Control can make certain exceptions.
The … Read the original article on Gaea Times at : US approved business with blacklisted countries: NYT.

Rupee Co-operative Bank Ltd., Pune, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees Five lakh only) on Rupee Co-operative Bank Ltd., Pune, 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 (AACS) for violation …. Source article on Gaea Times at  : Rupee Co-operative Bank Ltd., Pune, Maharashtra ??? Penalised.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 6, 2010 to December 10, 2010.

All Figures are in USD Millions    

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
… Original source on Gaea Times at : Foreign Exchange Turnover Data.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.23 and the Reference Rate for Euro is ` 59.34 on December 24, 2010. The corresponding rates for the previous day (December 23, 2010) were ` 45.02 and ` 59.12 respectively. Based on the Reference Rate for US … Read more »»».

Indian IT industry upset over US healthcare cost burden

BANGALORE – The resilient Indian IT industry Saturday expressed outrage over the latest US law to increase the visa fee on its skilled workers to share the healthcare burden of 9/11 victims.

“It’s a retrograde step targeting the Indian IT industry again to meet the healthcare costs in the US. It is a disappointing move,” …. Source article  : Indian IT industry upset over US healthcare cost burden.

Sensex slides 0.28 percent to 19,926 points

MUMBAI – A benchmark index of the Indian equities market declined 0.28 percent in the morning session Friday on selling pressure in auto and banking stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 19,911.46 points, down 71.42 points from the previous close of 19,982.88 points.
The Sensex was …. Original article on Gaea Times at  : Sensex slides 0.28 percent to 19,926 points.

Delhi Metro completes eight years, plans more trains

NEW DELHI – The Delhi Metro, which is rapidly becoming the lifeline of the capital carrying some 16 lakh passengers daily, completed eight years in operation Friday with plans afoot to add more trains and increase ridership further.

The year 2010 was a huge hit as the daily ridership doubled during the Commonwealth Games Delhi …. Original article on Gaea Times at  : Delhi Metro completes eight years, plans more trains.

Italy’s Fiat dealers in for a sad Christmas

Milan, Dec 24 (IANS/AKI) Holiday shoppers pack the streets around Milan’s famous Gothic cathedral shopping centre carrying bags from Gap, Gucci and Prada. But a few blocks away at a Fiat showroom, there’s no sign of the bustle.

About a third of Italy’s 3,600 dealerships are at risk of going bankrupt in the next 18 …. Read the original article  : Italy’s Fiat dealers in for a sad Christmas.

Tokyo stocks fall on stronger yen

TOKYO – Japanese shares were down in Friday morning trading as the yen rose against both the dollar and the euro.

The benchmark Nikkei 225 Stock Average lost 73.52 points, or 0.71 percent, to trade at 10,272.96 while the broader Topix index was down 4.60 points, or 0.51 percent to 901.18.
A stronger yen makes …. Source article on Gaea Times at  : Tokyo stocks fall on stronger yen.

Money Market Operations as on December 23, 2010

… Read more »»».

US threatens China with WTO case on rare earth exports

WASHINGTON – US trade officials Thursday threatened trade action against China over exports of rare earth materials, one day after embarking on a separate case before the World Trade Organization (WTO) against wind power subsidies.

The office of the US Trade Representative (USTR) also accused China of a “troubling trend” towards state intervention into its …. Source  : Gaea News Network.

US stocks mixed on uncertain economic data

NEW YORK – US stocks were mixed Thursday ahead of the Christmas holiday, with the Dow Jones Industrial Average hitting a new two-year high but other major indices losing ground.

The investor uncertainty was caused by mixed data from a fragile US economy, with orders of durable goods falling more than expected but a gauge …. Source  : Gaea News Network.

London Based Investment Firms Gauging Twitter User Emotions For Hedge Fund

This news is a bit late but it should come as a welcome to those of you who missed. An investment firm based in London is actively using twitter as a stock market predictions. This gives fuel to the fire of the idea that twitter can actually be sourced for more useful things than …. Original source  : London Based Investment Firms Gauging Twitter User Emotions For Hedge Fund.

DP World sells 76 pc of Australian operating arm

Dubai, Dec 24 (IANS/WAM) Dubai-based DP World, the world’s major port operator, has inked a deal to sell 75 percent of its Australian operating arm to Citi Infrastructure Investors for $1.5 billion.

The state-backed firm has said that proceeds will go to reducing net debt.
DP World will continue to provide management services at the … Read more : DP World sells 76 pc of Australian operating arm.

Google Buys Port Authority Building Spends 2.9 Billion Dollars

NEW YORK (GaeaTimes.com) — The former Port Authority building located at New York’s 111 Eighth Avenue. The amount by which Google made the purchase was undisclosed..
The report first surfaced in early December. It can be speculated that the deal went through in the 1.9 billion range. the 2.9 million worth of square foot in …. Original article  : Google Buys Port Authority Building Spends 2.9 Billion Dollars.

‘Land a major hindrance in developing tourism in Bengal’

KOLKATA – Lack of availability of land is posing a major hindrance in developing tourism in West Bengal, a top official said Thursday.

“A major impediment in developing tourism in the state is the lack of land availability,” West Bengal Tourism Development Corporation Managing Director T.V.N. Rao said at a seminar here.
He also …. Read the original article  : here.

Tomatoes join high-priced onions, more supplies come from Pakistan (Intro Roundup)

NEW DELHI – As onion prices continued to pinch, tomatoes too joined the league forcing the government to think of banning their exports. Meanwhile, more truckloads of onions came in from Pakistan to tide over the situation and the Delhi government opened 400 outlets in the city to sell onions at Rs.40 a kg.

The … Read more : Tomatoes join high-priced onions, more supplies come from Pakistan (Intro Roundup).

Mumbai’s excise, customs collections cheer up Mukherjee

MUMBAI – Excise and customs collections in Mumbai till November during this fiscal have been satisfactory, Union Finance Minister Pranab Mukherjee said Thursday after a meeting with chief commissioners.

“Mumbai’s indirect tax collections up to November stood at Rs.56,000 crore. Customs duty collection from April-November was Rs.28,000 crore, while central excise collections amounted to Rs.16,000 …. Original article  : Mumbai’s excise, customs collections cheer up Mukherjee.

Christmas toy makers in China in dire straits

BEIJING – Chinese manufacturers who supply 60 percent of the world’s Christmas toy products are in dire straits as rising labour and material costs as well as the appreciation of the renminbi are forcing them to shut business.

“If the situation does not improve, we’ll definitely quit,” said Cai Qichang, owner of an arts and … Original source on Gaea Times at : Christmas toy makers in China in dire straits.

Google brings extra Christmas cheer to Nepal

KATHMANDU – Despite a deepening political crisis that has cast a dark shadow over its floundering peace process, the Himalayan republic of Nepal still has a good cause to rejoice this Christmas with a pat on the back coming from an unexpected benefactor – Google.

For two days starting from Christmas eve, Google replaced its …. Source  : Gaea News Network.

Six Canadian MPs for Vibrant Gujarat summit

TORONTO – With Canada joining Japan in becoming a partner country at the next Vibrant Gujarat summit in January, six Canadian MPs and dozens of businessmen will make a pitch for Canadian investment and technology in the fastest growing Indian state.

Held biennially immediately after Pravasi Bharatiya Divas since 2003, the Vibrant Gujarat summit is …. Source  : Six Canadian MPs for Vibrant Gujarat summit.

Christmas Village greets tourists at China’s north pole

BEIJING – A Santa Claus House, a Christmas Post Office and snow buildings are all set to greet the visitors to the Christmas Village which was opened in China’s north to attract more number of tourists in winter.

The Village in Mohe county of the northeastern Heilongjiag province which is popular as the “country’s north …. Source  : Gaea News Network.

Virtualisation poses challenges to disaster recovery plans: study

BANGALORE – Indian enterprises face challenges in protecting and recovering data as they increasingly adopt virtualisation and cloud computing, a study by global security solutions provider Symantec Corporation revealed.

“Virtualisation is having a big impact on the disaster recovery plans of Indian enterprises due to the complexity of managing disparate virtual, physical and cloud resources … Read this article on Gaea Times at : Virtualisation poses challenges to disaster recovery plans: study.

Pakistani onions poor, claim Chandigarh wholesalers

CHANDIGARH – Chandigarh has refused to accept “poor quality” onions from Pakistan and wholesalers here Saturday said they will take supplies of the commodity – whose prices have been skyrocketing – from Rajasthan and Gujarat at competitive prices.

As many as 177 truckloads of onions reached Punjab from Pakistan through the Attari-Wagah border check-post Tuesday. … Original source on Gaea Times at : Pakistani onions poor, claim Chandigarh wholesalers.

First women-only call centre opens in Saudi Arabia

JEDDAH – Saudi women, who are prohibited by society from living or working independently without written permission from a male guardian, will now be part of a first-of-its-kind “women-only” call centre in the country.

Kanoo Travel, one of the leading travel management companies in the Middle East, said 20 female employees have undergone telephone operation … Original source on Gaea Times at : First women-only call centre opens in Saudi Arabia.

Snow and ice plunge Europe into Christmas transport chaos

BERLIN/PARIS/LONDON – Winter weather hit weary travellers across Europe Friday as pre-Christmas ice and snow disrupted air and road networks.

In Paris around 2,000 passengers were marooned at Europe’s third largest airport, Charles de Gaulle. Around a third of Friday’s 1,200 scheduled flights were cancelled after a strike by workers at Glykol, which makes de-icing [..] Read the original article: here.

Suspended officer’s message gets chief minister on wrong foot

BHOPAL – Madhya Pradesh Chief Minister Shivraj Singh Chouhan was caught on the wrong foot Friday when he released a book that carried a message from an IAS officer who has been suspended by the government on corruption charges.

The book “Sankalan,” published by the women and child welfare department, was released during the launch …. Source  : Suspended officer’s message gets chief minister on wrong foot.

Ready to discuss ‘no-go’ definition: Jairam Ramesh

NEW DELHI – Environment Minister Jairam Ramesh Friday said he is ready to discuss a more liberal definition of “no-go” areas where mining activities were prohibited on environmental concerns.

“I am ready to sit down and discuss a more liberal definition of what is ‘no-go.’ I am open-minded at every step,” Ramesh told reporters …. Original article  : Ready to discuss ‘no-go’ definition: Jairam Ramesh.

Onion prices down to Rs.40/kg on Christmas eve

NEW DELHI – Delhiites were in for a pleasant surprise on Christmas eve as onion prices were down to Rs.40 per kg Friday after having sky-rocketed to Rs.80 per kg a few days back.

Supply from Pakistan, coupled with raids on hoarders by the authorities, resulted in a fall in onion prices in the wholesale … Original article on : Onion prices down to Rs.40/kg on Christmas eve.

Buddhadeb wants India-Bangaldesh working group

KOLKATA – West Bengal Chief Minister Buddhadeb Bhattacharjee Friday suggested an India-Bangladesh joint working group to identify areas of trade and commerce between the two countries.

“To (face) the intense competition in the global market, countries need to come closer, particularly Bangladesh, India and Bhutan. It’s high time we rise above local outlook. It’s time …. Original source  : Buddhadeb wants India-Bangaldesh working group.

Pakistan owes $53 bn foreign debt

ISLAMABAD – Pakistan is under the burden of more than $53 billion foreign debt despite the repayment of over $6 billion in the last three years.

The country has paid $2.3 loan in the last financial year followed by $2.3 billion in 2008-9 and $1.13 billion in 2007-08 along with the interest worth $982.6 million, …. Read the original article  : Pakistan owes $53 bn foreign debt.

CBI quizzes Raja in 2G spectrum scam (Second Lead)

NEW DELHI – The Central Bureau of Investigation (CBI) Friday questioned former communications minister A. Raja here for several hours in connection with the 2G spectrum scandal, two weeks after it raided his premises in New Delhi and Tamil Nadu.

The DMK leader, who was forced to quit Prime Minister Manmohan Singh’s cabinet last month. …. Source article on Gaea Times at  : CBI quizzes Raja in 2G spectrum scam (Second Lead).

Tata Steel evaluating Rio Tinto’s offer for Riversdale

MUMBAI – Tata Steel Ltd Friday said it was evaluating Rio Tinto’s $3.91 billion takeover offer for Riversdale Mining.

“Tata Steel will evaluate the takeover bid in the context of other alternatives available to Tata Steel,” the company said in a regulatory filing.
The company owns 24 percent stake in Riversdale Mining.
The …. Read the original article  : Tata Steel evaluating Rio Tinto’s offer for Riversdale.

Sensex rebounds 91 points, Reliance Comm surges 10 percent (Roundup)

MUMBAI – A benchmark index of the Indian equities market closed 91 points higher Friday, snapping two-day losing streak on the back of good buying support in consumer durables and FMCG stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 19,911.46 points, settled at 20,073.66 …. Source article  : Sensex rebounds 91 points, Reliance Comm surges 10 percent (Roundup).

Shortage of masons, labourers hit real estate developers in Pune

PUNE – A shortage of masons and skilled labourers is affecting construction industry in Pune.

All these years, a majority of this labour force used to come from the Orissa, Bihar and Jharkhand but with ample opportunities in their own states, these labourers are not too keen to hop over to [..] Read the original article: here.

Delhi Metro’s airport line likely to begin in 15 days

NEW DELHI – The much-awaited Airport Express Line of Delhi Metro is likely to be operational in the next 15 days, its managing director E. Sreedharan said Friday.

He said the work on the 22-km Airport Express line was complete and operations could begin in 24 hours. But the Delhi Metro Rail Corporation (DMRC) was … Read more >>.

45 truckloads of onions arrived from Pakistan Friday

AMRITSAR – Forty-five trucks loaded with onions arrived here Friday from Pakistan through the Attari-Wagah border check-post Friday, an importer said. So far, 177 truckloads of onions have reached India since Tuesday to check spiralling prices of the vegetable in the country. Each truck carries around 10-12 tonnes of onions.

Today around 45 trucks, carrying … Read more >>.

Government monitoring foreign capital impact: Mukherjee

NEW DELHI – The government is constantly monitoring the impact of foreign capital inflows on exchange rates and there was no need to press the panic button, Finance Minister Pranab Mukherjee said Friday.

So far, foreign capital flows are well within the absorptive capacity of our economy and exchange rate and monetary management has …. Source  : Gaea News Network.

Delhi Metro to get new helpline number

NEW DELHI – Delhi Metro is all set to get a new helpline number to provide better and improved customer care services, an official said Sunday.

The new 24-hour helpline number, 155363, which will replace the existing number, 128128, and will be operational from Jan 1 to register complaints and suggestions regarding Delhi Metro services.
…. Read the original article  : here.

New ‘Silk Route’ via Bangladesh to connect northeast India

AGARTALA – State-owned Oil and Natural Gas Corporation (ONGC) will build a new ‘Silk Route’ via Bangladesh – a 50 km road connecting Indias landlocked northeastern states with neighbouring countries – a top company official said.

ONGC will invest Rs.250 million ($5.5 million) in Bangladesh for the project that will will also see … Original source on Gaea Times at : New ‘Silk Route’ via Bangladesh to connect northeast India.

Record holiday crowd at Taj Mahal

AGRA – Chilly winds and foggy conditions notwithstanding, the holiday crowd at the Taj Mahal in Agra continued to swell over the weekend, resulting in long queues at the monument to love and traffic jams on its approaches.

“Despite the disruption of rail and road traffic by the Gujjar agitation, the number of people visiting … Read more >>>.

First Indian seaplane service launches Monday

NEW DELHI – India will Monday get its first seaplane service that is expected to improve connectivity and tourism in the Andaman and Nicobar Islands in the Bay of Bengal.

“This is the first time that seaplane operations are being introduced in India. The scheme approved by the government of India for Andaman and … Read : First Indian seaplane service launches Monday.

Futures trading in sugar to re-start in India Monday

MUMBAI – Futures trading in sugar is set to resume Monday after the government’s ban for 19 months, with the Forward Markets Commission (FCC) regulator giving its formal nod to commodity exchanges.

The permission was given after a strong outlook for production during this sugar year, which started Oct 1, estimated at 25.5 million tonnes [..] Read the original article: here.

Heavy fog disrupts flights, trains in Delhi

NEW DELHI – Heavy fog disrupted flight and train schedules in the capital, leaving thousands of passengers stranded in the bitter cold at the international airport and railway station Sunday.

A thick blanket of fog enveloped the capital, bringing visibility to near zero. The general visibility at the main and new runways at the Indira … Original article on : Heavy fog disrupts flights, trains in Delhi.

Huge number of Indian youth remain unemployable, says report

NEW DELHI – Rapid economic growth in the country is expected to generate 10-15 million jobs by next year but lack of suitable skilled candidates poses a major threat, a leading industry lobby said Sunday.

“Approximately 10 to 15 million jobs are expected to be created by next year, in which 75 percent will require …. Original article  : Huge number of Indian youth remain unemployable, says report.

Russia’s ‘Silicon Valley’ to cost $4 bn

Moscow, Dec 26 (IANS/RIA Novosti) The construction of Skolkovo research hub near Moscow, dubbed Russia’s answer to Silicon Valley in the US, could cost up to 120 billion rubles (nearly $4 billion), an official said Saturday.

The project is expected to complete by 2015, Viktor Maslakov, the city manager of the Skolkovo fund, said. The …. Source article on Gaea Times at  : Russia’s ‘Silicon Valley’ to cost $4 bn.

Fog in Delhi disrupts Himachal flights

SHIMLA – Flights in and out of Himachal Pradesh were badly hit Sunday morning owing to heavy fog in Delhi, an official said here.

“Flights from Delhi to Shimla and from Delhi to Kullu were cancelled at the last minute due to dense fog in Delhi. This is the first time this season that air … Read the original article on Gaea Times at : Fog in Delhi disrupts Himachal flights.

Fog disrupts flights in Delhi

NEW DELHI – Delhi saw a heavy fog cover Sunday morning that led to a sharp drop in visibility, disrupting several international and domestic flights at the airport here, officials said.

The thick fog saw the visibility dropping to near zero in the city, according to the India Meteorological Department (IMD). The general visibility at …. Read the original article  : here.

Buy computer cartridge, get two kg onion free

KOLKATA – While onion prices are bringing tears in the eyes of customers, a computer accessories outlet in Kolkata is giving away the bulb as freebies to romp up its sales.

Talking about the innovative marketing strategy, Tushar Ranka, the shop owner, said: “We are offering a kg of onion for every cartridge refill and …. Source  : Gaea News Network.

China raises interest rates again

BEIJING – The People’s Bank of China said it will raise the one-year lending and deposit interest rates by 25 basis points from Sunday, the second rate hike this year.

The bank had raised the benchmark lending and deposit rates Oct 20 by 25 basis points, first in about two years.
“This rate hike …. Original source  : China raises interest rates again.

Sweden eyes stronger ties with UAE

Stockholm, Dec 25 (IANS/WAM) Sweden Saturday expressed its desire for wider trade and investment relations with the Gulf Cooperation Council (GCC) and the United Arab Emirates.

“We see many good reasons to deepen our cooperation with the GCC and the UAE through and beyond a Free Trade Agreement,” Josa Karre, an official at the …. Read the original article  : here.

Trains cancelled, highway blocked as Gujjars continue stir

BAYANA – Train and road traffic via Bharatpur district of Rajasthan was disrupted Saturday, the sixth day of the Gujjar agitation for reservation in jobs, officials said.

Thousands of train passengers were stranded while trucks lined up on the national highway to Jaipur. Train services between Agra and Jaipur via Bharatpur remained suspended, while many … Read more : Trains cancelled, highway blocked as Gujjars continue stir.

All factors to be considered before diesel price hike: Pranab

HALDIA – Union Finance Minister Pranab Mukherjee Saturday said the government will consider all factors before taking a decision on hiking the price of diesel.

“It is very hypothetical,” Mukherjee told mediapersons when asked to spell out the thinking within the government on raising diesel prices.
“A decision will be taken by the group of …. Source  : All factors to be considered before diesel price hike: Pranab.

Onion prices: Delhi wholesale market to function Sunday

NEW DELHI – To ensure that onion and tomato prices remain stable over the weekend, the Azadpur wholesale market will remain open on Sunday, the market association announced Saturday.

According to the Azadpur Agriculture Product Market Committee (APMC), routine trading will be held at the market like on weekdays. The wholesale market normally remains closed … Read the original article on Gaea Times at : Onion prices: Delhi wholesale market to function Sunday.

Excise duty exemption for Himachal industry extended

SHIMLA – The central government has decided to extend excise duty exemption for all industrial units set up in the state before March 31 this year, Himachal Pradesh Chief Minister Prem Kumar Dhumal said here Saturday.

The Central Board of Excise and Customs has decided that full excise duty exemptions would be available on capacity … Read the original article on Gaea Times at : Excise duty exemption for Himachal industry extended.

No decision yet on Indian Oil Corporation’s public offer

HALDIA – The government is yet to take a decision on floating a follow-on public offer (FPO) of the Indian Oil Corporation (IOC), a top bureaucrat said here Saturday.

“There has been no decision yet on the FPO of IOC and, therefore, a question of postponement dosent arise, Petroleum and Natural Gas Secretary S. Sundareshan … Read more >>>.

Raja quizzed again, says he ‘cooperated’ (Second Lead)

NEW DELHI – Former communications minister A. Raja was quizzed by the CBI for the second consecutive day Saturday on the 2G spectrum scam. Emerging after six hours of questioning, Raja said he was cooperating with the probe agency.

Raja, a senior leader of the DMK, reached the Central Bureau of Investigation (CBI) headquarters … Read more : Raja quizzed again, says he ‘cooperated’ (Second Lead).

Heavy fog delays flights at IGI airport

NEW DELHI – Many international and domestic flights were Saturday delayed by several hours due to heavy fog for the first time this winter at the Indira Gandhi International Airport here, an official said.

“Due to foggy conditions around the runway, many international and domestic flights were delayed by two to three hours in the … Read more >>.

Goa tourism hopes for Japanese boost

PANAJI – Attracting a lot of negative publicity in western Europe and Russia due to a string of high profile sex crimes against foreign tourists, Goa is now looking at Japan to expand its tourism base.

A state level delegation led by Tourism Minister Nilkanth Halarnkar and director of Goa Tourism Swapnil Naik returned from … Read this article on Gaea Times at : Goa tourism hopes for Japanese boost.

India has 706 million mobile connections: TRAI

NEW DELHI – India’s mobile phone market added 18.98 million new subscribers to its network in October, taking the total number of connections to 706.69 million, official data has showed.

According to the Telecom Regulatory Authority of India (TRAI), the wireless phone user base grew 2.76 percent to 706.69 million in October from 687.71 million …. Original source  : India has 706 million mobile connections: TRAI.

Heavier payload caused Indian rocket’s failure: Expert

BANGALORE – Instability introduced by excessive payload weight was most likely responsible for the failure of an Indian rocket’s launch on Christmas day, an expert in the field and former scientist of the Indian Space Research Organization (ISRO) says.

The scientist, with over two decades of experience with rocket motors, who did not want …. Read the original article  : here.

Russian ex-oil tycoon convicted in fraud case

Moscow, Dec 27 (IANS/RIA Novosti) Russia’s former oil tycoon Mikhail Khodorkovsky and his business partner Platon Lebedev were found guilty of embezzling 218 tonnes of oil worth $97.5 million by a Moscow court Monday.

Khodorkovsky and Lebedev, who have already spent seven years behind bars for tax evasion, are facing new charges of embezzling 218 …. Original article on Gaea Times at  : Russian ex-oil tycoon convicted in fraud case.

PM writes to Joshi, says ready to appear before PAC

NEW DELHI – Prime Minister Manmohan Singh has written to the chairman of parliament’s Public Accounts Committee (PAC) Murli Manohar Joshi and conveyed his willingness to appear before it in connection with the 2G spectrum scandal, officials said Monday.

Manmohan Singh is understood to have written to Joshi days after his announcement at the …. Original article on Gaea Times at  : PM writes to Joshi, says ready to appear before PAC.

Fog hits flights, trains in Delhi again

NEW DELHI – Several flights and trains were disrupted for the second consecutive day Monday as fog enveloped the national capital, leaving a large number of passengers stranded.

Ten domestic flights were cancelled and 20 were delayed as the heavy fog led to drop in visibility while six trains were cancelled and 55 were delayed, … Original article on : Fog hits flights, trains in Delhi again.

Sunny day in Himachal, flights resume

SHIMLA – The hills of Himachal Pradesh saw a sunny but cold day Monday and flight services resumed though they were running behind schedule due to fog in New Delhi.

It was a bright sunny day almost across the whole state and such conditions would continue till Tuesday, Manmohan Singh, director of the meteorological office … Read the original article on Gaea Times at : Sunny day in Himachal, flights resume.

Transporters’ strike cripples life in Kashmir

SRINAGAR – Passenger transport operators struck work throughout Jammu and Kashmir Monday protesting increase in taxes, rise in fuel prices, stringent laws against road accidents and lack of facilities at bus and taxi stands here.

All passenger transport vehicles, including buses, mini-buses, taxis, and three-wheelers, remained off the roads in the Kashmir Valley and the …. Source article  : Transporters’ strike cripples life in Kashmir.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.15 and the Reference Rate for Euro is ` 59.32 on December 27, 2010. The corresponding rates for the previous day (December 24, 2010) were ` 45.23 and ` 59.34 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 27, 2010 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction 
Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

The thinking car: How future vehicles will make drivers redundant

BERLIN – Get in, lean back, relax – travelling in a car could one day be as easy as that. Scientists in Germany are conducting experiments that may lead to driverless vehicles and in a few decades transport might be possible without the need for human oversight behind the steering wheel.

Tinosch Ganjineh has a … Read more »».

Sensex climbs 0.50 percent on Asian cues

MUMBAI – A benchmark index of Indian equities market climbed 0.50 percent in the morning session Monday on positive cues from other Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened marginally in the red at 20,062.60 points from the previous close of 20,073.66 points. However, it was in … Read more »»».

Fog disrupts flights, trains in Delhi again

NEW DELHI – Flight and trains schedules were again disrupted Monday as a heavy fog enveloped the national capital. The weather office, however, forecast a sunny day ahead.

Many passengers were stranded at the Indira Gandhi International Airport here with several flights running behind schedule.
The India Meteorological Department (IMD) said the fog would clear, … Read the original article on Gaea Times at : Fog disrupts flights, trains in Delhi again.

Bolivia plans $1.73 bn in energy investments in 2011

La Paz, Dec 27 (IANS/EFE) Bolivia plans to invest $1.73 billion in the energy industry in 2011, focusing on gas to ensure adequate production to supply Argentina and Brazil, as well as the domestic market, an official said.

“It’s going to be a level of investment that will break records going back a long time, …. Original article on Gaea Times at  : Bolivia plans $1.73 bn in energy investments in 2011.

Japan stocks rise on high tech tie-ups

TOKYO – Japanese shares were up in Monday morning trading, buoyed by several large deals among technology companies, which outweighed concerns over China’s recent base rate increase.

China’s decision to hike its rates by 25 basis points Saturday came as little surprise to investors, observers said.
The announcement of several alliances in the semiconductor …. Original article  : Japan stocks rise on high tech tie-ups.

Money Market Operations as on December 24, 2010

…. Original article  : Money Market Operations as on December 24, 2010.

One in two Germans want Deutschmark back: Survey

BERLIN – Almost one in two Germans would like to drop Europe’s common euro currency and revert back to the old Deutschmark, according to a survey.

The poll, conducted on behalf of the daily Bild, showed that 49 percent of those questioned preferred the old German currency, which was replaced when the euro was introduced … Read the original article on Gaea Times at : One in two Germans want Deutschmark back: Survey.

Over 100 flights cancelled in Chicago due to snow

CHICAGO – Over 100 flights have been called off at the O’Hare International Airport in Chicago because of snow and difficulties in de-icing the planes, officials said.

The Chicago Department of Aviation (CDA) said there were also many cancellations at the city’s Midway International Airport morning, Xinhua reported Monday.
The department recommended that travellers check … Read more »»».

Istanbul’s Grand Bazaar turns 550

ISTANBUL – Over 3,000 people gathered Sunday in Istanbul’s historic Grand Bazaar to celebrate its 550th anniversary.

Established in 1461 by Mehmed the Conqueror eight years after the conquest of Istanbul, the Grand Bazaar is one of the biggest covered bazaars in the world.
It has 58 covered streets and over 1,200 shops that attract …. Original article  : Istanbul’s Grand Bazaar turns 550.

Blizzard bears down on New York, Boston

WASHINGTON – New York and Boston were being hit Sunday by the first blizzard of the season as a snow storm moves out of the South and brings a belated white Christmas to much of the East Coast.

Even before the first flake fell, airlines Saturday – Christmas Day – were offering to re-book flights … Read : Blizzard bears down on New York, Boston.

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.

More Bluelines going out, private low-floors being introduced

NEW DELHI – More than 1,200 Blueline buses will be phased out from the capital’s roads by Friday, and the Delhi government is introducing private low-floor buses in several clusters to replace them, it was announced here Monday.

Transport Minister Arvinder Singh Lovely Monday announced a detailed plan for the phase out of Blueline buses … Original article on : More Bluelines going out, private low-floors being introduced.

Dense fog hits hard Delhi, north India (Roundup)

NEW DELHI – A blinding fog Monday morning hit hard the capital disrupting air, rail and road traffic in a major way and in parts of north India, amid warnings that fog was here to stay for some days.

Thousands of men, women and children were stranded — and fuming — for hours both at …. Source  : Gaea News Network.

KEC International bags orders worth Rs.1,018 crore

MUMBAI – Power transmission major KEC International Ltd Monday said it has bagged orders worth Rs.1,018 crore for the construction of transmission lines and other civil projects.

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.

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.

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 >>.

Arbitration will be our last resort: Smart City Dubai

KOCHI – The deadlock between the Kerala government and Smart City Dubai continued over the fate of the proposed Rs.1,500 crore Smart City Kochi project, with the latter making it clear that arbitration would be their last resort.

As expected, the 23rd board meeting of Smart City Kochi held here Friday, ended in 20 minutes …. Source article  : Arbitration will be our last resort: Smart City Dubai.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 13, 2010 to December 16, 2010.

All Figures are in USD Millions         

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
Read more »».

In 2011, cars to come with star ratings on energy efficiency

NEW DELHI – Car owners in India will come to know, probably from 2011, how eco-friendly their vehicle is. The government is coming up with star labelling for the automobile sector in order to stipulate strict fuel efficiency norms for cars.

The Bureau of Energy Efficiency (BEE), a statutory body under the power ministry, …. Source article on Gaea Times at  : In 2011, cars to come with star ratings on energy efficiency.

BlackBerry says India can’t access encrypted data

TORONTO – Denying reports that it has agreed to allow access to its encrypted corporate data to Indian authorities, BlackBerry maker Research In Motion (RIM) Thursday said unscrambling encrypted email on its devices is simply not “technologically feasible.”

India has been seeking access to all encrypted communications as the terrorists involved the 2008 Mumbai … Read more >>>.

Cethar Vessels to cut boiler price, start price war

CHENNAI – Super critical boilers – those which operate at high temperature and pressure – are going to cost less in 2011 as Indias second largest boiler maker, the Rs.1,046-crore Cethar Vessels, is set to reduce price drastically and ignite a price war, a top company official said Friday.

We will bring down the price …. Source article on Gaea Times at  : Cethar Vessels to cut boiler price, start price war.

Sensex soars past 20,500 points; Reliance Comm, Bajaj Auto climb

MUMBAI – A benchmark index of the Indian equities market soared past 20,500 points level in the afternoon session Friday, the last trading day of the year 2010, led by buying support in realty, banking and auto stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), opened in the positive at …. Source  : Gaea News Network.

IMF warns Pakistan of budget deficit

WASHINGTON – The International Monetary Fund (IMF) has issued a stern warning to the debt-ridden Pakistan to take immediate measures to cut its spiralling budget deficit, a media report said Friday.

According to the Wall Street Journal, a senior Pakistani government official said the international donor has written a letter to President Asif Ali Zardari, … Read this article on Gaea Times at : IMF warns Pakistan of budget deficit.

Kashmir sees record tourists, hundreds more for New Year

GULMARG – The Kashmir Valley welcomed a record 7.25 lakh tourists this year despite the four-month unrest that paralysed the region in summer. And the popular winter sports destination of Gulmarg, now covered with a pristine white blanket of snow, saw around 500 visitors arriving on New Year’s eve Friday.

“We had around 700,000 domestic … Original source on Gaea Times at : Kashmir sees record tourists, hundreds more for New Year.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.81 and the Reference Rate for Euro is ` 59.81 on December 31, 2010. The corresponding rates for the previous day (December 30, 2010) were ` 44.90 and ` 59.47 respectively. Based on the …. Source article  : RBI Reference Rate for US $ and Euro.

Srinagar-Jammu national highway still closed

SRINAGAR – The Srinagar-Jammu national highway remained closed for the second day Friday as snowfall and inclement weather threw life out of gear across the Kashmir Valley.

Four feet deep snow has accumulated on the road in the Banihal area of the Srinagar-Jammu highway. The Border Roads Organisation is busy making efforts to reopen the … Original article on : Srinagar-Jammu national highway still closed.

RBI announces rate of interest on Floating Rate Bonds, 2017

The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (January 2, 2011 to July 1, 2011) shall be 7.56 per cent per annum.

It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as …. Source article on Gaea Times at  : RBI announces rate of interest on Floating Rate Bonds, 2017.

BlackBerry denies reports on PlayBook battery life

TORONTO – BlackBerry maker Research In Motion (RIM) Thursday denied reports that the launch of its PlayBook tablet is being delayed because of its poor battery life compared to Apple’s iPad’s 10 hours.

The denial follows reports two days ago in which attributed to Kaufman Bros. analyst Shaw Wu has been quoted as saying that … Read more : BlackBerry denies reports on PlayBook battery life.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 31, 2010 are:

Amount (face value in ` crore)                          

Item

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

3 days Repo Auction 
… Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2010???

The Reserve Bank of India today released its ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, June 2010 (rbi.org.in/scripts/QuarterlyPublications.aspx?head=Quarterly%20Statistics%20on%20Deposits%20and%20Credit%20of%20Scheduled%20Commercial%20Banks) ’. The publication contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on last Friday of June 2010 (June 25, 2010). … Read the original article on Gaea Times at : RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2010′.

Spanish PM expects weak economic growth in fourth quarter

Madrid, Dec 31 (IANS/EFE) The Spanish economy will grow in the fourth quarter of this year, but it will be a “slow and weak” growth, Prime Minister Jose Luis Rodriguez Zapatero said Thursday, adding that “what remains ahead is a very decisive task of consolidation and strengthening”.

The premier gave an accounting of 2010 at …. Read the original article  : Spanish PM expects weak economic growth in fourth quarter.

Ford, Chrysler recall over 160,000 vehicles

WASHINGTON – Automobile giants – Ford Motor Company and Chrysler – have announced the recall of more than 160,000 vehicles for repairing manufacturing defects, a media report said Friday.

Ford Motor Co. said Thursday it is recalling 19,600 trucks and crossover sports utility vehicles (SUVs) over concerns that an electrical short could cause a fire, … Original article on : Ford, Chrysler recall over 160,000 vehicles.

Murdoch waits for Ofcom report on BSkyB deal

LONDON – Media baron Rupert Murdoch and his News Corporation are reported to be waiting anxiously for media regulator Ofcom to rule on whether his proposed eight billion pound buyout of BSkyB should be subjected to a Competition Commission inquiry.

Ofcom’s team, which includes specialist lawyers and economists and is headed by chief executive Ed Richards, …. Source  : Gaea News Network.

Kodachrome rolls into history

LOS ANGELES – The last lab in the world to develop Kodachrome film closed its doors Thursday as the iconic colour slide film fell victim to the advantages offered by digital cameras.

Dwayne’s Photo in Parsons, Kansas stopped accepting film at noon local time (1600 GMT). Beforehand it was swamped with deliveries from enthusiasts of … Read more »»».

Cold winds sweep Delhi, temperatures to drop

NEW DELHI – It was a relatively clear morning as cold winds swept Delhi on the last day of the year Friday and the weather office warned that the city would get colder in the days to come.

The weather office said the day would be partly cloudy. The light morning fog affected train services, … Read more >>.

Sensex rises in morning trade

MUMBAI – A benchmark index of Indian equities was Friday ruling in the green in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,412.76 points, was ruling at 20,468.77 points – up 79.7 points or 0.39 percent from its previous close at 20,389.07 points.
At the National … Read this article on Gaea Times at : Sensex rises in morning trade.

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