Saturday, March 13, 2010

Business News – Newsletter for March 13, 2010

Saturday, March 13, 2010


With three-day power cut, Andhra industry fears job loss

HYDERABAD – Industry in Andhra Pradesh is reeling under unprecedented electricity cuts and the Confederation of Indian Industry (CII) has warned that workers may lose their jobs.

The around 30 percent power cut has got the industry worried at a time when it was just recovering from losses it suffered during the Telangana agitation.
“It is …. Read the original article  : here.

Bentley unveils super luxury Mulsanne at Rs.2.9 crore

NEW DELHI – British luxury car maker Bentley Saturday unveiled its new model Mulsanne priced at Rs.2.9 crore (approx $638,000) and said it would hit the Indian market by October.

We have debuted this car in the Indian market for Bentley car connoisseurs. India has a very strong and vibrant economy. We are very hopeful about …. Original source  : Bentley unveils super luxury Mulsanne at Rs.2.9 crore.

Obama’s bid to remove senators’ projects from health care bill runs into political reality

Senators resist Obama over projects in health bill
WASHINGTON – President Barack Obama says he wants projects helping specific states yanked from the health care bill Congress is writing. Democratic senators, being senators, beg to differ.
The Senate-approved health measure lawmakers hope to send to Obama soon would steer $600 million over the next decade …. Original article on Gaea Times at  : Obama’s bid to remove senators’ projects from health care bill runs into political reality.

Striking government employees take out rally in Srinagar

SRINAGAR – Jammu and Kashmir government employees struck work for the fifth consecutive day Saturday and took out a rally in Srinagar demanding wage arrears according to the Sixth Pay Commission’s recommendations.

Hundreds of striking employees took out a rally from the S.M.H.S. hospital and proceeded towards the old secretariat.
More than 4.5 lakh employees have …. Source article  : Striking government employees take out rally in Srinagar.

Fate of Kochi IT park project hangs in balance

THIRUVANANTHAPURAM – The fate of the proposed Rs.1,500 crore IT park in Kochi to be built by Dubai-based developer Smart City Dubai will be decided at a board of directors meeting later this month.

The Kerala government is adamant that no freehold rights over the project would be given to the builder as such a [..] Read the original article: here.

Dhaka keen to attract more Indian, Chinese funds

DHAKA – Bangladesh has decided not to bargain with foreign lenders for lowering loan interest rates in a bid to attract funds from India, China, South Korea and others for funding development projects, officials said here.

Dhaka expects investments from India, which has also pledged $1 billion of credit when Prime Minister Sheikh Hasina was in … Read more : Dhaka keen to attract more Indian, Chinese funds.

‘Oil mafia siphoned Rs.90 bn annually during Musharraf regime’

ISLAMABAD – Pakistan’s oil mafia is alleged to have siphoned Rs.90 billion annually during former president Pervez Musharrafs tenure by supplying substandard diesel at the rates of the high quality premium variety, a media report said Saturday.

Some key officials of Musharraf’s presidency, the petroleum ministry, the Central Board of Revenue, marketing agency Pakistan State Oil … Read more »».

Canada’s Bengal Co. to explore oil, gas in Cauvery Basin

TORONTO – Bengal Energy Ltd, a Canadian oil and gas exploration and production company based in Calgary, said Friday it is joining an Indian consortium for exploration in the Cauvery basin.

Headed by Chayan Chakrabarty, the Canadian company said it will join the Gas Authority of India (GAIL) and the Gujarat State Petroleum Corporation to undertake …. Original source  : Canada’s Bengal Co. to explore oil, gas in Cauvery Basin.

China’s legislative advisory body: Keep economy stable and steady

China gov’t advisers urge steady economy
BEIJING – China’s top parliamentary adviser said Saturday that keeping the economy stable and steady must remain the government’s biggest priority this year.

Jia Qinglin, the Communist Party’s No. 4 ranking leader, told delegates at the close of the annual session of the legislative advisory body that more will need to … Original article on : China’s legislative advisory body: Keep economy stable and steady.

Canadian currency nears parity with US dollar, markets hit new high

TORONTO – Canadian markets Friday crossed the 12,000-mark and the Canadian dollar reached record levels against the US for the first time since mid-2008.

While the markets made small gains on metal prices to cross the 12,000-mark for the first time since September 2008, the Canadian dollar – or the loonie – surged to 98.20 cents …. Original source  : Canadian currency nears parity with US dollar, markets hit new high.

Eveready hikes battery prices by 5-10 percent

KOLKATA – Eveready Industries India has hiked the prices of its range of dry cell batteries by 5 to 10 percent, a senior company official said here.

The prices were increased from Friday.
“Over the past 4-5 months there has been a continuous upward climb in the prices of zinc, a key raw material for making … Read more »»».

MLS players insist labor strive and strike vote isn’t about money but player rights

MLS players say they’re unified in labor talks

SEATTLE – Kasey Keller wants to make sure fans who hear about a possible strike in Major League Soccer understand the current standoff is about player rights and not salaries.
“This is truly a case of guys who could make more money going out and getting a job, but … Original source on Gaea Times at : MLS players insist labor strive and strike vote isn’t about money but player rights.

Chile tells China to make use of free trade deal

SANTIAGO – Chile has called on China to make full use of a free trade deal that helped it become the country\’s top trading partner, Xinhua reported.

\”Our free trade agreement is still young. We have to take advantage of it in benefit of both nations,\” Chilean President Sebastian Pinera said Friday.
\”We are looking …. Read the original article  : Chile tells China to make use of free trade deal.

NYC officials: Taxi drivers scammed riders by $8.3M-plus by setting meters to suburban rate

NYC: Taxi drivers overcharged riders by $8.3M-plus

NEW YORK – Thousands of New York City taxi drivers overcharged passengers by more than $8.3 million over the past two years by setting their meters at a rate that was supposed to be used for trips to the suburbs, the Taxi and Limousine Commission said Friday.
At least 1.8 … Read more »».

Nortel Networks posts 4th-quarter net income of $1.8 billion, boosted by sale of business

Nortel Networks posts profit in 4Q
TORONTO – Bankrupt telecom equipment maker Nortel Networks Corp. said Friday it posted a profit in the fourth quarter, thanks to a large gain related to an asset sale.

For the three months ended Dec. 31, Nortel said its net income was $1.78 billion, or $3.34 per share. The company recorded …. Source  : Gaea News Network.

Halozyme Therapeutics reports smaller loss due to $5.8 million in payments from Roche, Baxter

Halozyme narrows 4Q loss due to Hylenex payment

SAN DIEGO – Biotechnology company Halozyme Therapeutics Inc. said Friday that it trimmed its fourth-quarter loss with help from a large payment from its partner Baxter International and Swiss drug maker Roche.
Halozyme said it lost $12.7 million, or 14 cents per share, compared with a loss of $16.8 …. Source article  : Halozyme Therapeutics reports smaller loss due to $5.8 million in payments from Roche, Baxter.

UTEP ousts Tulsa 75-61, reaches title game of Conference USA tournament

UTEP bounces Tulsa 75-61
TULSA, Okla. – Randy Culpepper scored 21 points to lead No. 25 UTEP to a 75-61 victory over Tulsa in the semifinals of the Conference USA tournament on Friday.

Arnett Moultrie added 18 points, Christian Polk scored 13 points and Derrick Caracter added 10 for the top-seeded Miners (26-5).
The Miners’ offense was effective … Read the original article on Gaea Times at : UTEP ousts Tulsa 75-61, reaches title game of Conference USA tournament.

Motorola’s Jha gets $3.77M in 2009 pay, accepts bonus but slashes own salary

Motorola’s Jha gets $3.77M in 2009, accepts bonus

NEW YORK – After grabbing headlines with a sign-on bonus of more than $100 million, Motorola Inc. co-CEO Sanjay Jha has settled down to a more pedestrian $3.77 million in annual pay.
Motorola revealed Friday in a regulatory filing that Jha received a 2009 salary of $905,769 in 2009, …. Original source  : Motorola’s Jha gets $3.77M in 2009 pay, accepts bonus but slashes own salary.

FDA puts black box warning on Plavix, says certain patients can’t process blood thinner

FDA warning: some patients cannot process Plavix

WASHINGTON – The Food and Drug Administration is adding its strongest warning to the label for Plavix, cautioning that some patients do not respond to the blockbuster blood thinner.
The FDA said in a statement Friday that certain patients with a genetic variation cannot metabolize the drug, putting them at …. Original article on Gaea Times at  : FDA puts black box warning on Plavix, says certain patients can’t process blood thinner.

High profile Riverton Houses apartment complex auctioned for $125M

Middle-class NYC apartment complex sold at auction

NEW YORK – The developer of a high profile middle-class Harlem apartment complex has lost ownership of the property after defaulting on the mortgage.
A lawyer for Laurence Gluck confirmed Friday that Wells Fargo, acting as a trustee for bond holders, won the auction for Riverton Houses with its own … Original article on : High profile Riverton Houses apartment complex auctioned for $125M.

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