Business News – Newsletter for February 24, 2010
Wednesday, February 24, 2010
Act now, or you’ll have e-waste mountain, UN tells India
BALI – India, China and other developing countries face “the spectre of hazardous e-waste mountains” unless they step up action to collect and recycle e-waste, the UN Environment Programme (UNEP) has warned.
As sales of electronic products in India, China and other developing countries are set to rise sharply in the next 10 years, these “e-waste …. Original article on Gaea Times at : Act now, or you’ll have e-waste mountain, UN tells India.
Indian Budget 2010-2011: Apparel Industry Speculations
NEW DELHI, INDIA (GaeaTimes.com)- With the declaration of the Union budget of India just days away, industries in India are gearing up to see an economic reform that would make things better for them in an era just recovering from a worldwide recession. Not all the industries, though. The textile industry [..] Read the original article: here.
UK ends unlimited support for Northern Rock deposits in May; protection will match other banks
UK trims support for Northern Rock depositors
LONDON – The British government said Wednesday that it will withdraw unlimited guarantees for depositors in Northern Rock in May as another step to preare for the mortgage lender’s return to private ownership.
Northern Rock was the first British casualty of the global credit crisis, nearly collapsing before being taken …. Source : Gaea News Network.
China’s Hummer purchase, stalled by regulators, may take private equity route
China’s Hummer buy may take private equity route
SHANGHAI – The planned purchase of General Motors Co.’s Hummer brand by a Chinese heavy equipment maker appears stalled by regulators, but that hasn’t stopped investors from setting up a fund to invest in the deal.
GM and Sichuan Tengzhong Heavy Industrial Machinery Corp. extended the deadline for Hummer’s … Read this article on Gaea Times at : China’s Hummer purchase, stalled by regulators, may take private equity route.
Price rise forces Rajya Sabha adjournment for second day
NEW DELHI – An incensed opposition Wednesday forced three adjournments of the Rajya Sabha, the last one for the day, as it demanded a discussion on rising prices of essential commodities under a rule that requires voting. This was the second successive day that the house proceedings were disrupted.
The trouble began when the house assembled …. Source article on Gaea Times at : Price rise forces Rajya Sabha adjournment for second day.
Railways to spend Rs.41,426 crore to modernise network, services
NEW DELHI – The government planned to spend Rs.41,426 crore ($8.29 billion) to modernise the rail network and improve customer services, Railway Minister Mamata Banerjee said while presenting her ministry’s budget in parliament Wednesday.
Out of this, Rs.4,411 crore will be spent to lay 1,000 km of new lines and Rs.1,302 crore for improving passenger amenities. … Read more : Railways to spend Rs.41,426 crore to modernise network, services.
No fare hikes, 52 new trains announced in India’s rail budget (Roundup)
NEW DELHI – Passengers were spared a fare hike, freight rates were lowered for some essential items and 52 new trains announced in India’s rail budget for 2010-11 that promises a new model to promote private investment in expanding the world’s second largest railroad network under a single management.
“We have saved Rs.2,000 crore ($40 million) …. Original article : No fare hikes, 52 new trains announced in India’s rail budget (Roundup).
German medical company Fresenius sees fourth quarter net income rise 32 percent
Fresenius Q4 net income up 32 percent
FRANKFURT – German medical company Fresenius SE said Wednesday that its fourth quarter net income increased by 32 percent, thanks in part to a strong rise in North American revenue.
Fresenius said it earned euro155 million ($209 million) in the October-December period, compared with euro117 million in the fourth quarter … Original article on : German medical company Fresenius sees fourth quarter net income rise 32 percent.
Oil boom brings jobs, money, hope to long-impoverished ND American Indian reservation
American Indian reservation reaping oil benefits
NEW TOWN, N.D. – An oil boom on American Indian land has brought jobs, millions of dollars and hope to long-impoverished tribal members who have struggled for more than a century on the million-acre Fort Berthold Indian Reservation.
In little more than a year, oil companies have put dozens of money-producing …. Source : Oil boom brings jobs, money, hope to long-impoverished ND American Indian reservation.
Nationwide strike against Greek fiscal austerity plan halts flights, services
Nationwide strike in Greece against austerity plan
ATHENS, Greece – Greek unions have staged a nationwide strike, grounding flights, shutting schools and crippling public services, to protest government austerity measures aimed at reducing public debt.
All flights to and from Greek airports are canceled Wednesday, while trains and ferries are also idle. Commuters in Athens are left …. Source : Gaea News Network.
Lawmakers say UK government must act to stop libel tourism ‘humiliation’ of Britain
UK lawmakers: govt must act to stop libel tourism
LONDON – A group of lawmakers urged Britain’s government on Wednesday to change laws that lead foreigners to bring libel cases to U.K. courts, saying the laws risk stifling investigative journalism and media freedom.
The chairman of the House of Commons Culture, Media and Sport committee said it … Original article on : Lawmakers say UK government must act to stop libel tourism ‘humiliation’ of Britain.
Indian Railway Budget 2010-11
NEW DELHI, INDIA (GaeaTimes.com)- The honorable railway minister of India, Mamata Banerjee has drafted the railway budget for the year 2010-2011 and presently, she is putting forth her plans for the development of the Indian railway sector. As per the reports, people have high expectations from the railway budget 2010-2011 and hope for …. Original source : Indian Railway Budget 2010-11.
Scheduled Banks’ Statement of Position in India as on Friday, February 12, 2010
(Amount in Rupees crore)
Scheduled Commercial Banks (SCBs) (including RRBs)
All Scheduled Banks
13.02.2009
29.01.2010
12.02.2010
13.02.2009
29.01.2010
12.02.2010
I
Liabilities to the Banking System (A)
*
*
*
*
a) Demand & time deposits from banks
45021.10
55417.65
55186.00
49151.62
58176.90
57426.93
**
b) Borrowings from banks
31842.63
17995.50
19691.20
31867.06
18002.66
19723.19
c) Other demand & time liabilities
25244.63
5556.58
5584.78
25247.89
5571.18
5592.07
II
Liabilities to Others (A)
a) Deposits (other than from banks)
3687952.28
4295391.28
4299842.94
3800987.63
4434255.68
4438911.69
i) Demand
448047.83
561193.65
544884.83
458681.90
574922.89
558646.69
ii) …. Source : Gaea News Network.
Railway budget highlights (Roundup)
NEW DELHI – Highlights of the 2010-11 railway budget presented by Mamata Banerjee in parliament Wednesday:
– No increase in passenger fares
– Rs.100 reduction in freight per wagon for fertilisers and kerosene
– Free travel for cancer patients in 3rd AC classes
– Cost-sharing in public-private-partnership (PPP) mode in some gauge-conversion projects
– …. Original source : Railway budget highlights (Roundup).
Oil hovers below $79 in Asia after US crude supplies drop, suggesting demand on the mend
Oil hovers below $79 after US crude supply drop
SINGAPORE – Oil prices hovered below $79 a barrel Wednesday in Asia after a report showed U.S. crude inventories unexpectedly fell last week, suggesting demand may be improving.
Benchmark crude for April delivery was up 6 cents to $78.92 a barrel at late afternoon Singapore time in electronic … Read : Oil hovers below $79 in Asia after US crude supplies drop, suggesting demand on the mend.
Survey shows German consumer confidence stagnant amid fears over economy, jobs
German consumer confidence stagnant
BERLIN – German consumer confidence is stagnating amid worries over the outlook for the economy and jobs as well as the potential impact of Greece’s debt crisis on the rest of Europe, a survey showed Wednesday.
The GfK research group said its forward-looking consumer climate index for March stands at 3.2 points – …. Source : Gaea News Network.
Railway budget highlights (Seventh Lead)
NEW DELHI – Highlights of the 2010-11 railway budget presented by Mamata Banerjee in parliament Wednesday:
– Cost-sharing in public-private-partnership (PPP) mode in some gauge-conversion projects
– Further extension of Kolkata Metro on priority basis; stations to be named after Bahadur Shah Zafar, Tagore family
– Karmabhoomi trains to be introduced for migrant labour
– New …. Original article : Railway budget highlights (Seventh Lead).
Fuel leakage prompts Maruti to recall A-Star model cars
MUMBAI – Maruti Suzuki India declared that it is recalling 100,000 of its A-Star hatchbacks, potentially undermining future sales of the best-selling vehicle on Tuesday.
The recall of the model, which is mainly exported to several European countries including Germany, Britain and France, began in November to fix a fuel leakage problem.
This was confirmed by …. Read the original article : here.
Toyota’s CEO faces media-hungry lawmakers facing re-election, apologizes for dangerous flaws
Toyota CEO apologizes for recall, accidents
WASHINGTON – Japanese formality meets freewheeling Washington as the mysterious scion of the Toyota empire apologizes before a House committee investigating deadly flaws that sparked the recall of 8.5 million cars.
Akio Toyoda, the automaker’s 53-year-old chief executive, says the company grew too fast to keep up with safety controls.
“We pursued …. Original article on Gaea Times at : Toyota’s CEO faces media-hungry lawmakers facing re-election, apologizes for dangerous flaws.
India schedules auction of third generation telecom spectrum
NEW DELHI – India Wednesday announced the schedule for auctioning radio frequency spectrum to private players for third generation (3G) telephony, with the process due to begin Thursday by issuing a general notice to interested players.
The schedule calls for the process to end April 10. The government also said auction for spectrum for broadband services …. Original article on Gaea Times at : India schedules auction of third generation telecom spectrum.