Business News – Newsletter for February 22, 2010

Monday, February 22, 2010

Drugmaker Novarits says meningitis vaccine gets US approval for people between 11 and 55

Novartis gets US approval for meningitis vaccine

BASEL, Switzerland – Swiss drugmaker Novartis AG said Monday that its meningitis vaccine Menveo has been approved for use in teenagers and adults by the U.S. Food and Drug Administration.
Menveo is a vaccine against four common types of bacterial meningitis, which affects between 1,000 and 3,000 people each year …. Source  : Gaea News Network.

German airline Lufthansa cancels hundreds of flights as pilots begin 4-day strike

Lufthansa nixes 800 flights as pilots strike

BERLIN – German airline Lufthansa canceled about 800 flights Monday, affecting some 10,000 passengers worldwide, after more than 4,000 pilots began a four-day walkout over job security.
Europe’s biggest airline by sales said many long-haul flights to the U.S., including New York and Denver, were canceled because of the strike …. Original article  : German airline Lufthansa cancels hundreds of flights as pilots begin 4-day strike.

Iran says it plans to begin construction of 2 uranium enrichment sites in next few months

Iran VP: work on 2 enrichment sites to begin soon

TEHRAN, Iran – Iran’s vice president says the country plans to begin construction on two new uranium enrichment facilities in the next Iranian calendar year, which begins March 21.
Ali Akbar Salehi, who is also the head of Iran’s nuclear program, said Monday Tehran intends to use …. Source article on Gaea Times at  : Iran says it plans to begin construction of 2 uranium enrichment sites in next few months.

Orissa miffed by Mamata cold shoulder

BHUBANESWAR – Leaders in Orissa are miffed with Railway Minister Mamata Banerjee for not meeting an all-party delegation from the state that wanted to apprise her of their needs ahead of the railway budget.

“It is unfortunate that the minister has no time for an all-party delegation which customarily apprises the state’s demand to the rail … Read the original article on Gaea Times at : Orissa miffed by Mamata cold shoulder.

Sterlite wins $160 mn power project for northeast

PUNE – Fibre-optic cable manufacturer Sterlite Technologies has won a project worth $160 million (Rs.800 crore) for developing a power transmission network in northeastern India, the company said in a regulatory filing Monday.

The project has been awarded to the Sterlite Technologies on Build, Own, Operate and Maintain (BOOM) basis wherein the company would commission the …. Source article  : Sterlite wins $160 mn power project for northeast.

Hong Kong rejoices over Berlin film prize, seeing renaissance in low-budget local story

Hong Kong rejoices over Berlin film prize
HONG KONG – Hong Kong celebrated a rare foreign prize for one of its films Monday – a low-budget family drama set in the 1960s – a triumph viewed as a huge moral boost for a struggling industry overshadowed by the booming Chinese market.

Alex Law’s “Echoes of the Rainbow” … Read more »».

Obama to unveil latest health care proposal Monday, days before bipartisan summit on the issue

New Obama health proposal would limit rate hikes
WASHINGTON – Taking the fight to insurance companies, President Barack Obama is trying to revive his stalled health care overhaul.
Obama will propose giving federal authorities the power to limit rate hikes by health insurers – part of a new blueprint for remaking the health …. Source  : Gaea News Network.

ArcelorMittal explores other Jharkhand sites for steel plant

RANCHI – Steel giant ArcelorMittal is looking for an alternative site in Jharkhand to set up a 12 million tonne greenfield plant after it faced difficulties in the earlier selected site straddling Khuti and Gumla districts, an official said Monday.

The company representatives visited villages in Bokaro district Sunday and interacted with residents of Kasmar block, …. Source article on Gaea Times at  : ArcelorMittal explores other Jharkhand sites for steel plant.

Indian markets join Asian rally, Sensex up 163 points

MUMBAI – Indian equities markets were in an uptrend Monday, joining the rally in other Asian bourses. A key benchmark index for Indian equities managed to hold on to its early morning gains and was ruling 163 points higher in the afternoon.

At 1.14 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), … Read this article on Gaea Times at : Indian markets join Asian rally, Sensex up 163 points.

Raw milk proponents take cause to capitols, courtrooms as public health officials warn of risk

Raw milk debate spills into capitols, courts

DES MOINES, Iowa – Debate about the health attributes and risks of raw milk is spilling into statehouses and courtrooms across the country as proponents of unpasteurized dairy products push to make them easier for consumers to buy.
Supporters of the raw milk cause say pasteurization, the process of heating …. Source  : Raw milk proponents take cause to capitols, courtrooms as public health officials warn of risk.

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 February 1, 2010 to February 5, 2010.

All Figures are in USD Millions     

MERCHANT

INTER BANK

Position
Date

 
Spot

FCY/INR Forward

Forward
…. Source article  : Foreign Exchange Turnover Data.

India expanding civil n-energy programme: President

NEW DELHI – India is fast expanding its “ambitious” civil nuclear energy programme and has signed peaceful atomic agreements with many countries, President Pratibha Patil said here Monday, adding that many more such deals were being negotiated.

“As part of the ambitious expansion of the country’s nuclear energy programme, approval was accorded to the construction of …. Source  : India expanding civil n-energy programme: President.

Pentagon report paints bleak picture of Taiwan air defense capabilities

Pentagon paints grim picture of Taiwan air defense

TAIPEI, Taiwan – The Pentagon has painted a grim picture of Taiwan’s air defense capabilities, raising serious doubts about the island’s ability to withstand an attack from rival China.
A U.S. Defense Intelligence Agency report obtained Monday by The Associated Press says while Taiwan has almost 400 combat aircraft …. Original article on Gaea Times at  : Pentagon report paints bleak picture of Taiwan air defense capabilities.

Government committed to rapid development in northeast: Patil

NEW DELHI – The government is committed to the rapid development of infrastructure in the northeastern states, President Pratibha Patil said here Monday.

“My government remains committed to the rapid development of infrastructure in the northeastern states. The special accelerated road development programme covering almost 10,000 kilometres is in progress,” Patil said addressing a joint sitting …. Read the original article  : Government committed to rapid development in northeast: Patil.

Government committed to meet climate challenges: President

NEW DELHI – The government is committed to meet the challenges of climate change, President Pratibha Patil said Monday.

She said that an ambitious solar mission has been initiated to generate 20,000 MW of clean power by 2022.
“My government has taken several steps to meet the challenges of climate change. The National Action Plan [..] Read the original article: here.

India to grow 7.5 percent this fiscal: President

NEW DELHI – President Pratibha Patil Monday kicked off the budget session of parliament on a positive note, saying the country not only faced the global financial crisis with strong policies but was also poised to grow at 7.5 percent this fiscal.

“At a time when industrialised countries have experienced negative growth, India has continued to …. Source article  : India to grow 7.5 percent this fiscal: President.

Shree Renuka Sugars rises on Brazilian deal news

MUMBAI – The scrip of sugar refining major Shree Renuka Sugars Ltd (SRSL) rose more than 3.94 percent at the Bombay Stock Exchange during morning trade Monday, after the company said it was acquiring majority stake in a large Brazilian sugar and ethanol firm.

The SRSL stock rose more than 3.94 percent to Rs.187 during morning …. Source  : Gaea News Network.

Penn State coach Joe Paterno’s trademark thick-rimmed glasses net $9,000 at charity auction

Penn State coach’s glasses net $9,000 for charity

STATE COLLEGE, Pa. – Two Penn State graduates are paying $9,000 for a chance to see through Hall of Fame football coach Joe Paterno’s trademark thick-rimmed glasses.
The bid from Michelle and Kevin Coppola won an auction for a pair of spectacles donated by the Nittany Lions coach, who’s …. Original article on Gaea Times at  : Penn State coach Joe Paterno’s trademark thick-rimmed glasses net $9,000 at charity auction.

India’s growth rate impressive: President Patil

NEW DELHI – The government’s financial stimulus had yielded “handsome results” and the economic growth of India was likely to improve around 7.5 percent despite the meltdown, President Pratibha Patil said Monday.

“The global economic slowdown was met by strong policies of administering a domestic stimulus to the economy which has yielded handsome results,” Patil said … Read more >>.

Government working to deliver on inclusive growth: Patil

NEW DELHI – President Pratibha Patil Monday said her government was working single-mindedly to deliver the promise of inclusive growth for the “aam aadmi”, who had to be protected against the “ravages” of the economic crisis and the failure of the monsoon in mid 2009.

“Since assuming office in May 2009, my government has worked single-mindedly … Read more : Government working to deliver on inclusive growth: Patil.