Vedanta not to hike Cairn India offer price

MUMBAI – International metals major Vedanta Group Monday said it would not hike the price of the open offer to minority shareholders of oil producer Cairn India in which it is seeking to acquire a majority stake.

“There is no question…The price is final and it is a very lucrative offer,” Chairman Anil Agarwal told …. Source  : Gaea News Network.

Money Market Operations as on October 9, 2010

…. Source  : Money Market Operations as on October 9, 2010.

Pranab Mukherjee seeks more financial sector reforms

WASHINGTON – Finance Minister Pranab Mukherjee indicated here that the Government of India was wanting to implement more reforms in the financial sector, but has not gone ahead with the process as the Congress led United Progressive Alliance (UPA) government …. Read the original article  : Pranab Mukherjee seeks more financial sector reforms.

Nirma To Delist From BSE & NSE

MUMBAI, INDIA (Gaea Times.com) Nirma Ltd. has announced its intentions of delisting its shares from the stock exchanges. The announcement was made today before the trading hours. The announcement has caused a rise in the shares of the company, it rose to a yearly high of 18 percent on the Bombay Stock Exchange or … Read this article on Gaea Times at : Nirma To Delist From BSE & NSE.

Sensex soars in morning trade as Asian stocks surge

MUMBAI – A benchmark index of Indian equities Monday soared in opening trade, tracking gains in other Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up more than 200 points within minutes of the opening bell to touch 20,461.27 points.
It later settled about 155 points or 0.77 percent … Read the original article on Gaea Times at : Sensex soars in morning trade as Asian stocks surge.

Money Market Operations as on October 08, 2010

…. Original article on Gaea Times at  : Money Market Operations as on October 08, 2010.

Homeless Venezuelans to get homes from government

Caracas, Oct 11 (IANS/EFE) Over 1,000 homeless people, living in temporary shelters here in the Venezuelan capital, would be given homes bought from private builders by the government in the South American nation.

President Hugo Chavez said the government will purchase 1,138 homes from builders and donate them to people currently living in shelters in … Read the original article on Gaea Times at : Homeless Venezuelans to get homes from government.

Abu Dhabi announces new housing scheme

Abu Dhabi, Oct 10 (IANS/WAM) At least 3,000 plots will be allotted for the construction of houses in various parts of Abu Dhabi as part of a new scheme announced Sunday.

Abu Dhabi President Sheikh Khalifa bin Zayed Al Nahyan issued a decree granting delivery of 3,000 plots to citizens of the emirate. Plots … Read more : Abu Dhabi announces new housing scheme.

No solution yet for more voice to emerging markets: Pranab

WASHINGTON – No solution has yet been found on how to give a greater say to emerging markets in the global economic governance structure to reflect their growing importance, according to Indian Finance Minister Pranab Mukherjee.

The issue of giving more voice to and increasing the voting power of emerging economies was discussed during …. Original source  : No solution yet for more voice to emerging markets: Pranab.

‘India gaining from N-renaissance in Asia’

MAHABALIPURAM – With over 35 nuclear power reactors under construction across Asia, a nuclear renaissance is sweeping across the continent and India is no exception, said speakers at the Asian Nuclear Prospects 2010 (ANUP 2010) conference Sunday.

The international conferences, designed to foster the growth of nuclear energy in Asia, kick started here – around … Read : ‘India gaining from N-renaissance in Asia’.

India to build 25 reactors in next five years

MAHABALIPURAM – India is planning to build 25 reactors in the next five years, a senior official said Sunday.

Speaking to reporters on the sidelines of the inaugural function of Asian Nuclear Prospects 2010, Nuclear Power Corporation of India Ltd (NPCIL) chairman and managing director S.K. Jain said: “India has 19 operational reactors now. …. Source article on Gaea Times at  : India to build 25 reactors in next five years.

India committed to fast breeder reactor programme

KALPAKKAM – Despite deciding to import a series of light water reactors (LWR), India is committed to a three-stage nuclear programme and fast breeder reactors are important for its energy security, Minister of State for Science and Technology Prithiviraj Chavan said Sunday.

Speaking at the silver jubilee celebrations of Fast Breeder Test Reactor (FBTR) …. Original article on Gaea Times at  : India committed to fast breeder reactor programme.

Chinese N-reactors for Pakistan worry India

KALPAKKAM – India is concerned over China’s supplies of nuclear reactors to Pakistan which has a poor record as a nuclear power, Minister of State for Science and Technology Prithviraj Chavan said here Sunday.

“We have expressed our concerns at the appropriate place. If China and Pakistan do that within the exiting international regime, they …. Source article on Gaea Times at  : Chinese N-reactors for Pakistan worry India.

Mumbai hosts textile and apparel machinery expo

MUMBAI – The Garment and Textile Machinery and Accessories (Gartexma) 2010 expo showcasing Indian textile and apparel machinery and accessories kicked off here Sunday.

Organised in association with CISMI (Community of International Sewing Machine Industry, India) and Dara Projects, the show is a B2B (business to business) platform to promote technology, products and …. Source article on Gaea Times at  : Mumbai hosts textile and apparel machinery expo.

Kashmir unrest: Private sector lays off 50,000 employees

SRINAGAR – Four months and counting… The unending unrest in the Kashmir Valley has begun to pinch hard the state’s economy. Some 50,000 skilled and non-skilled workers have been retrenched by their employers and many more are likely to lose their jobs, a local media report said Saturday.

The four months of shutdowns and curfews …. Source  : Gaea News Network.

Kerala, Gujarat tourism promos target different segments: Piyush Pandey

NEW DELHI – Two promotion campaigns capturing the spiritual essence of Kerala and the vibrant colours of Gujarat are proving to be major draws for footloose itinerants worldwide for whom India has become one of the top 10 tourism destinations.

The campaigns, both high-profile, target different tourist segments, ad film-maker Piyush Pandey of Ogilvy …. Original source  : Kerala, Gujarat tourism promos target different segments: Piyush Pandey.

Prozone’s Mall Opening In Aurangabad

AURANGABAD, INDIA (GaeaTimes.com)- Aurangabad is going to become the first city in Maharashtra as well as India to get the biggest and first ever horizontal design based mall. The Mall which has been opened has a footprint of 1 million sq ft. Nikhil Chaturvedi who is the managing director of Prozone and its mother … Read this article on Gaea Times at : Prozone’s Mall Opening In Aurangabad.

National mission on clean coal technologies soon

MAHABALIPURAM – The government will announce soon its ninth national mission on clean coal technologies.

“The National Mission for Clean Coal (Carbon) Technologies will have several sub missions like the development of advanced ultra super-critical boilers for thermal power plants, carbon capture and value addition, including carbon capture and storage,” said R. Chidambaram, principal …. Original article on Gaea Times at  : National mission on clean coal technologies soon.

Delhi doubles circle rates of properties

NEW DELHI – The Delhi cabinet Tuesday doubled the circle rates of properties — the minimum selling price of a plot — in the capital, a move that will help the government earn more revenue.

A meeting, chaired by Chief Minister Sheila Dikshit, decided to retain the earlier marked categories on which the circle rates … Read more »».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.74 and the Reference Rate for Euro is ` 61.81 on October 12, 2010. The corresponding rates for the previous day (October 11, 2010) were ` 44.30 and ` 61.93 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Lower industrial output pulls down Sensex

MUMBAI – A benchmark index of Indian equities Tuesday fell further in noon trade after the government released industrial production numbers for August, which were lower than analysts’ expectations.

Most of the 13 sectoral indices on the Bombay Stock Exchange (BSE) were in the red, with capital goods, metals and realty stocks facing the …. Original article  : Lower industrial output pulls down Sensex.

Tata Motors launch 4-wheel drive crossover Aria

MUMBAI – Tata Motors launched the first Indian crossover four-wheeler called the Tata Aria.

Aria, which is a mingling of the refinement of sedan and the sturdiness of a SUV, is priced between Rs 12.91 lakhs to Rs 15.50 lakhs.

Aria, the most expensive cars of Tata so far, will help the auto giant compete with Toyota …. Source  : Gaea News Network.

India’s industrial output grows at 5.6 percent in August

NEW DELHI – India’s industrial production in August grew at a much slower rate of 5.6 percent compared to the revised figures of 15.2 percent in the previous month, with a decline in capital goods output adding to the base effect, according to official data released Tuesday.

August’s index of industrial production (IIP) numbers was … Read this article on Gaea Times at : India’s industrial output grows at 5.6 percent in August.

Tata Aria Crossover Car Launched

MUMBAI, INDIA (GaeaTimes.com)- Leading India based car maker Tata Motors unveiled its much touted crossover car Aria on Monday in a ceremony in Mumbai. It is a cross between a sedan and SUV, a has been claimed by the company. The car scores high on both styling and performance says Tata Motors. All three … Original source on Gaea Times at : Tata Aria Crossover Car Launched.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 12, 2010 are :

Amount  (face value in ` crore)                   

Item

1 day Reverse Repo Auction
(Sale of securities by … Read more : Liquidity Adjustment Facility : Auction Results.

Mercedes-Benz recalls over 100,000 vehicles

NEW YORK – Mercedes-Benz is recalling over 85,000 vehicles in the US and 22,000 in Britain due to steering problems, a media report said.

The US National Highway Traffic Safety Administration said the problem has to do with the vehicles’ power steering system, which “may fail due to the loss of power steering fluid”, Sky …. Read the original article  : Mercedes-Benz recalls over 100,000 vehicles.

E-book industry booms in China

BEIJING – The e-book industry in China is booming and is now the second biggest in the world after the US industry.

In 2009, the number of e-books sold in China reached 3.82 million, and that in the first half of 2010 amounted to over 20 percent of the world’s total.
However, there had been …. Read the original article  : E-book industry booms in China.

Sensex tumbles in morning trade

MUMBAI – A benchmark index of Indian equities Tuesday dived sharply in morning trade, having opened on a green note.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,357.79 points, was after 40 minutes into trade ruling at 20,215 points, down 124.89 points or 0.61 percent from its previous …. Read the original article  : here.

Wall Street stocks rise in very light trading

NEW YORK – Major US stock indices booked minimal gains Monday in slow holiday trading.

On a day when much of the country observed Columbus Day, including the federal government, the New York Stock Exchange saw its lowest trading volume of the year.
The blue-chip Dow Jones Industrial Average added 3.86 points, or 0.04 percent, …. Source  : Gaea News Network.

Tokyo shares fall on stronger yen

TOKYO – Japanese stocks declined in Tuesday morning trading as investor sentiment was hurt by a stronger yen and investors sold shares to lock in immediate gains.

The benchmark Nikkei 225 Stock Average lost 84.49 points, or 0.88 percent, to trade at 9,504.39 while the broader Topix index was down 6.63 points, or 0.79 percent, … Original source on Gaea Times at : Tokyo shares fall on stronger yen.

Money Market Operations as on October 11, 2010

… Original source on Gaea Times at : Money Market Operations as on October 11, 2010.

Nine private companies bid for rural welfare project

NEW DELHI – Nine private companies have bid for 15 pilot projects under the government’s Provision of Urban Amenities in Rural Areas (PURA) scheme that seeks to enhance livelihood opportunities in rural areas through public-private-partnership (PPP), an official said Monday.

Rural Development Secretary B.K. Sinha told reporters that private companies will work “as an agent … Read more >>.

Microsoft, the underdog, launches mobile comeback

NEW YORK – Hoping to gain back ground lost to its rivals Google and Apple, Microsoft Monday launched a new line of smartphones that chief executive Steve Ballmer claimed were more “intuitive” and “delightful” than their competitors.

Nine different phones, all running the brand-new Windows Phone 7 software and made by HTC, Dell, Samsung and … Read more : Microsoft, the underdog, launches mobile comeback.

Petrofac to get BP’s share in UAE gas plant

Sharjah, Oct 11 (IANS/WAM) Multinational oil services firm Petrofac has signed a $250 million deal with the Sharjah government to take over the operational responsibility and management of BP’s 40 percent share in the Sajaa Gas Plant in the United Arab Emirates.

The agreement was signed between Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, … Read more »»».

Modi meets 14 foreign envoys

GANDHINAGAR – Chief Minister Narendra Modi met ambassadors and high commissioners of 14 countries here Monday and sought to promote Gujarat as an ideal investment destination.

The envoys of Argentina, Peru, Tajikistan, Georgia, Burundi, Rwanda, Sri Lanka, Vietnam, Hungary, Ethiopia, Cambodia and Nepal were among those who met the chief minister.
They were invited by … Read more >>>.

Durex launches e-store to increase condom sales

MUMBAI – Durex India has launched an eStore to facilitate the sale of condoms online.

“We came up with the eStore for our Indian customers to enable them purchase products online. In India, people are still hesitant to go to a store and buy condoms. They are even more hesitant to enquire about the variety [..] Read the original article: here.

No loan recovery from NREGA wages, Haryana warns banks

CHANDIGARH – The Haryana government Monday warned banks against recovering outstanding loans from the wages earned by people under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

Haryana Financial Commissioner and Principal Secretary (panchayat and development department) P Raghavendra Rao said that banks, at their own level, could not recover their loan amount out … Original article on : No loan recovery from NREGA wages, Haryana warns banks.

Lower seed potato and tomato yield in Himachal due to rains

KULLU – Plentiful monsoon rains and foggy conditions have damaged the high-variety seed potato and tomato crops in Himachal Pradesh’s Lahaul Valley.

Horticulture experts say lack of sunshine has led to the spread of late blight disease, affecting the crops. They say
the seed potato yield would come down by 25-30 percent … Read this article on Gaea Times at : Lower seed potato and tomato yield in Himachal due to rains.

UAE-Canada row over landing rights

TORONTO – The United Arab Emirates’ (UAE) plans to expand Etihad and Emirates global operations have resulted in a diplomatic row with Ottawa, with the Gulf nation deciding to shut a Canadian base for denial of more landing rights in Canada to its carriers.

The two UAE airlines operate six flights a week from Dubai …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.50 and the Reference Rate for Euro is ` 62.09 on October 13, 2010. The corresponding rates for the previous day (October 12, 2010) were ` 44.74 and ` 61.81 respectively. Based on the Reference Rate for [..] Read the original article: here.

Sensex soars 300 points in noon trade

MUMBAI – A benchmark index of Indian equities Wednesday shot up 300 points in noon trade, with heavyweight scrips leading the uptrend.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,223.45 points, was ruling at 20,504.81 points, up 301.47 points or 1.49 percent from its previous close at 20,203.34 …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

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

Panels to examine Jammu, Ladakh development needs

NEW DELHI – As part of confidence building measures in Jammu and Kashmir, the central government has set up two special task forces to examine the development needs of its Ladakh and Jammu regions, an official said Wednesday.

Narendra Jadhav, Planning Commission member, will head the group for Ladakh and his colleague in the plan …. Read the original article  : here.

India, UAE can’t risk backlash over BlackBerry: Analysts

TORONTO – Though BlackBerry maker Research In Motion (RIM), based at Waterloo near here didn’t react Tuesday to India’s decision to extend its deadline till Dec 31 to satisfy New Delhi’s security concerns, analysts said no emerging economy wants to risk a backlash by throwing out BlackBerry.

The Indian home ministry Tuesday gave its second … Original article on : India, UAE can’t risk backlash over BlackBerry: Analysts.

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 Rs.4,000 crore (nominal), "7.80 per cent Government Stock 2020"  for a notified amount of Rs.4,000 crore (nominal) and " 8.26 per cent Government Stock  2027” for a notified amount … Original article on : Underwriting Auctions for Government Securities.

Sensex dull in morning trade

MUMBAI – A benchmark index of Indian equities Wednesday was ruling tardy, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,223.45 points, was after half an hour ruling at 20,219.85 points, up 16.51 points or 0.08 percent from its previous close at 20,203.34 … Read : Sensex dull in morning trade.

Money Market Operations as on October 12, 2010

…. Original article  : Money Market Operations as on October 12, 2010.

Apple in talks for Indian iPhone

SAN FRANCISCO – Apple is holding talks to bring the iPhone to two of India’s biggest mobile phone operators, the Wall Street Journal reported Tuesday.

Apple’s hit mobile device is currently available in India only through Bharti AirTel and Vodafone, whose cellular systems run on the GSM technology. But Apple is now talking with Tata … Read more >>>.

2,200 flats to be added to Delhi’s government colony

NEW DELHI – To counter the shortage of government houses in the capital, the union cabinet Tuesday approved a proposal for building about 4,550 flats in place of the existing 2,331 ones in a south Delhi colony.

The union cabinet approved a proposal for redevelopment of Kidwai Nagar (East) for construction of residential accommodation for …. Read the original article  : 2,200 flats to be added to Delhi’s government colony.

Jiangsu Group tops list of China’s top-500 private companies

BEIJING – China’s largest privately owned steel company Jiangsu Shagang Group has topped the list of its top 500 private companies in 2010, a media report said Tuesday.

With a revenue of 146 billion yuan ($21.9 billion), the group topped the list for the second year in a row, China Daily reported.
The Suning … Read more »»».

Wage revision of Braithwaite, Burn Standard workers resolved

KOLKATA – The long standing issue of implementation of a tripartite memorandum of settlement of wage revision of workers of ailing wagon makers Braithwaite and Burn Standard was resolved Tuesday by the railway ministry, said an official.

The wage revision will benefit at least 1,250 employees of the two companies and will be effective from …. Source  : Gaea News Network.

Indian, Scottish business groups tie-up to boost trade

NEW DELHI – Indian and Scottish business relations will be further enhanced with the Federation of Indian Chambers of Commerce and Industry (FICCI) signing partnership agreements with the Scottish Chambers of Commerce (SCC) Tuesday.

The agreements coincide with the visit of Alex Salmond, first minister of Scotland who is leading a trade and tourism …. Source  : Gaea News Network.

Magma Fincorp Q2 profit up 67 percent

KOLKATA – Non-banking finance company Magma Fincorp clocked a profit after tax (PAT) of Rs.26.36 crore in the second quarter (July-September) of 2010-11 compared to Rs.15.75 crore during the corresponding period last fiscal, a rise of 67 percent.

We have recorded 28 percent growth in disbursement and 67 percent growth in PAT, Sanjay Chamria, …. Original source  : Magma Fincorp Q2 profit up 67 percent.

Mega container terminal for Chennai port approved

NEW DELHI – The government Tuesday approved development of a mega container terminal worth Rs.3,686 crore at Chennai port to boost exports and imports in the region and cut down on freight and shipping costs.

The decision to develop the container terminal was taken at a meeting of the Cabinet Committee on Infrastructure chaired by …. Source article on Gaea Times at  : Mega container terminal for Chennai port approved.

High tax structure keeping away PlayStation customers: Sony

KOLKATA – Sony Computer Entertainment Europe (SCEE) Tuesday said the high tax structure in India is keeping away many potential customers from its flagship product PlayStation.

“The PlayStation 3, which is available at around $330 per unit in global market is priced around $380-390 per unit in India due to the tax structure. We have …. Source article  : High tax structure keeping away PlayStation customers: Sony.

China has 189 billionaires

BEIJING – China’s billionaires rose by 69 to 189 this year, according to the Hurun Rich List 2010 Tuesday.

The growth of domestic market has been a major factor for the rising number of billionaires, China Daily reported, quoting the rich list report.
“We can see from the first 10 richest Chinese that their major …. Original article  : China has 189 billionaires.

Property prices to rise in Delhi, BJP protests (Second Lead)

NEW DELHI – Property prices are set to shoot up in the Indian capital. The Delhi government Tuesday doubled “circle rates” — the minimum selling price of a plot.

In a bid to generate more revenue for itself in the form of stamp duty, the Delhi cabinet hiked June 14 the “circle rates” based on … Original article on : Property prices to rise in Delhi, BJP protests (Second Lead).

Vedanta earmarks around Rs.500 crore for community projects

JAIPUR – The Vedanta goup has earmarked around Rs.500 crore (Rs.5 billion) for community development projects in India in fiscal 2011.

The group has adopted more than 3,000 Anganwadi centres to provide nutrition to over 120,000 underprivileged children in rural areas of Rajasthan, Chattisgarh and Orissa.
“Vedanta has put heart and soul in … Original article on : Vedanta earmarks around Rs.500 crore for community projects.

Sensex sheds modest early gains

MUMBAI – A benchmark index of Indian equities slipped from the modest highs seen in morning and was ruling flat in afternoon trade. Broader markets, however, continued to attract buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,700.42 points, was ruling at 20,676.5 points, down 11.38 points … Read more »»».

France’s Nuvia is first n-sector support company to make India base

CHENNAI – French nuclear engineering and support services company Nuvia is planning to use India as its third global hub to service the domestic and overseas markets, apart from targeting the joint ventures floated by Nuclear Power Corporation of India Ltd (NPCIL).

“Apart from deploying personnel in Indian projects we will also depute our people …. Read the original article  : France’s Nuvia is first n-sector support company to make India base.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.18 and the Reference Rate for Euro is ` 62.25 on October 14, 2010. The corresponding rates for the previous day (October 13, 2010) were ` 44.50 and ` 62.09 respectively. Based on the Reference Rate for … Read more »»».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 14, 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.

Spanish home sales up 30 percent in August

Madrid, Oct 14 (IANS/EFE) Home sales in Spain grew 29.6 percent in August compared with the same month of 2009, the eighth-consecutive month that indicator has risen on an annual basis, although month-on-month sales were unchanged, the government said.

A total of 43,817 homes were sold in August 2010, with new homes accounting for 53 …. Source article on Gaea Times at  : Spanish home sales up 30 percent in August.

US embargo has cost us $2 bn in investment: Cuba

Havana, Oct 14 (IANS/EFE) The Cuban government estimates that US firms would have invested more than $2 billion here over the past decade but for Washington’s economic embargo against the communist-ruled island, Communist Party daily Granma said.

Granma analysed how the embargo has hampered the participation of foreign companies on the island, where that activity …. Source  : US embargo has cost us $2 bn in investment: Cuba.

Foreign investors eyeing India to avoid West’s economic doldrums

MUMBAI – Economists and policy makers reckon that the economic doldrums in the United States, along with much of Europe and Japan, could benefit emerging nations like India.

According to the New York Times, with an economic growth rate of nearly nine percent and a stock market … Read more »»».

Nano was born out of a doodle by Ratan Tata

NEW DELHI – Guess how the Rs.1 lakh ($2,200) car Nano was born? It took some idle doodling by Ratan Tata, head of the Tata Group of companies, at lifeless board meetings, says a book chronicling its making.

“It started by my spending a lot of time doodling at boring board meetings. Most of us …. Source  : Gaea News Network.

Qatar Airways pilot dies in flight

DOHA – A Qatar Airways flight en-route from the Philippines to Qatar was forced to land in Kuala Lumpur after one of the pilots died on board, the flag-carrier said in a statement.

“Qatar Airways regrets to inform that the captain of flight QR645, operating from Manila to Doha, passed away on board,” Xinhua quoted …. Source  : Gaea News Network.

Monopoly, the ultimate board game, turns 75

BERLIN – Think of real estate speculation and dubious lending policies and the current financial crisis comes to mind.

But low-down real estate deals and unstable speculation have always belonged to Monopoly. For 75 years it’s been an amusing board game luring people who take pleasure in playing a game in which they can drive …. Source  : Monopoly, the ultimate board game, turns 75.

Obama waives ban on C-130 cargo aircraft sales to China

WASHINGTON – In a significant gesture to China, US President Barack Obama has issued a waiver on restrictions on export of C-130 cargo aircraft to China to be used in oil spill response operations at sea.

In an Oct 8 letter to the Speaker of the House of Representatives and the President of the Senate, …. Original article  : Obama waives ban on C-130 cargo aircraft sales to China.

Sensex slips from opening highs

MUMBAI – A benchmark index of Indian equities was ruling 65 points higher Thursday, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,700.42 points, was after 45 minutes, ruling at 20,753.79 points, up 65.91 points or 0.32 percent from its previous close at … Original article on : Sensex slips from opening highs.

Tokyo shares surge 1.8 percent on Wall Street rally

TOKYO – Japanese stocks soared 1.8 percent in Thursday morning trading as investor sentiment was bolstered by overnight gains on Wall Street.

The benchmark Nikkei 225 Stock Average added 171.27 points, or 1.82 percent, to trade at 9,574.78 while the broader Topix index was up 12.33 points, or 1.5 percent, at 834.98.
Overnight, major US … Read : Tokyo shares surge 1.8 percent on Wall Street rally.

India to start talk with US firms for nuclear supplies: Envoy

WASHINGTON – India hopes to commence commercial negotiations with US companies shortly regarding supply of nuclear equipment under the landmark India-US civil nuclear deal, according to the Indian ambassador to the US Meera Shankar.

US companies were eyeing a substantial piece of India’s estimated $150 billion nuclear pie, but their enthusiasm has been dampened somewhat …. Source  : India to start talk with US firms for nuclear supplies: Envoy.

Money Market Operations as on October 13, 2010

…. Original article  : Money Market Operations as on October 13, 2010.

Households do not see respite from rising prices

MUMBAI – Households do not expect a respite from rising prices in the near future and a majority of them see at least one percentage point rise in general inflation by next year on higher costs of food, housing and services, a Reserve Bank of India survey reveals.

Households expect inflation to rise by 30 …. Source article  : Households do not see respite from rising prices.

Apple gets anti-sexting patent

SAN FRANCISCO – Apple has been granted a patent that allows parents to prevent their children from sending and receiving sexually explicit text messages.

The patent was granted Tuesday by the US Patent and Trademark Office and allows parents or other administrators of mobile phones to set definitions for banned texts. Messages containing the offending … Read more >>.

BMW to build new X3 sport-utility vehicles in US

NEW YORK – German luxury car giant BMW is moving production of yet another of its sport-utility vehicles to the US, the world’s biggest market for luxury cars.
The company Wednesday unveiled the X3 model’s new home at its production plant in Spartanburg, South Carolina, which has already been producing the larger X5 … Original article on : BMW to build new X3 sport-utility vehicles in US.

Abu Dhabi to host global food industry expo

Abu Dhabi, Oct 13 (IANS/WAM) Abu Dhabi will host a global food industry expo Nov 22-24, it was announced Wednesday.

SIAL Middle East 2010 will bring together professionals involved in buying and selling food products and services from across the world.
It will be organised at the Abu Dhabi National Exhibition Centre (ADNEC).
–IANS/WAM
… Read more >>.

Inflation rises to 8.62 percent in September

NEW DELHI – The wholesale price inflation rose to 8.62 percent in September from 8.51 percent in the previous month, increasing pressure on the Reserve Bank of India (RBI) to further tighten the monetary policy.

A sharp jump in food prices and increase in the prices of most manufactured products continue to push … Read more >>.

Sensex drops 189 points on profit booking in IT heavyweights

MUMBAI – A benchmark index of Indian equities Friday slipped 189 points lower in afternoon trade with bluechip IT companies Infosys and TCS coming under selling pressure.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,299.12 points – down 189.74 points or 0.93 …. Source  : Gaea News Network.

Areva to import critical parts for first nuke units in India

CHENNAI – French nuclear group Areva is at an advanced stage of negotiations with the Nuclear Power Corporation of India Ltd (NPCIL) to supply six mega light water reactors and will import major components like pressure vessel and primary loop for the first two units.

Areva is seeking to sell six 1,750 MW European … Read this article on Gaea Times at : Areva to import critical parts for first nuke units in India.

New oil blocks up for auction with no more tax breaks

NEW DELHI – India Friday launched the ninth round of auction of its hydrocarbon assets for 34 blocks, including eight deep water ones, but removed the tax exemptions given to investors in the crucial sector.

“NELP 9 (New Exploration licensing Policy) is being launched in the background of positive economic conditions, including revision of APM …. Source article  : New oil blocks up for auction with no more tax breaks.

Chhattisgarh to procure Rs.5,000 crore worth paddy

RAIPUR – Chhattisgarh farmers are all set to earn Rs.5,000 crore during the 2010-11 paddy procurement season starting November, the state government said Friday.

The state government will procure paddy Nov 1, 2010-Jan 31, 2011 from farmers at Rs.1,000 per quintal rate for common grade paddy and Rs.1,030 per quintal for Grade-A category paddy, a …. Original article  : Chhattisgarh to procure Rs.5,000 crore worth paddy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 15, 2010 are:

Amount  (face value in ` crore)                        

Item

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

3 days Repo Auction 
…. Source article  : 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 ` 44.03 and the Reference Rate for Euro is ` 61.95 on October 15, 2010. The corresponding rates for the previous day (October 14, 2010) were ` 44.18 and ` 62.25 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Infosys on hiring spree as attrition climbs up

BANGALORE – Infosys Technologies has stepped up hiring on robust growth in the second quarter (July-Sept) of this fiscal (2010-11) to make up for the rising attrition to meet the increasing demand of the resilient industry.

Though the IT bellwether added 14,264 new employees during the quarter under review (Q2), the exit of 6,618 of …. Source article  : Infosys on hiring spree as attrition climbs up.

India’s annual food inflation nudges up to 16.37 percent

NEW DELHI – India’s annual food inflation moved up a bit to 16.37 percent for the week ended Oct 2 compared to 16.24 percent the previous week, increasing the pressure on the Reserve Bank of India to continue with its view on tightening key interest rates.

The annual inflation rate for the primary articles … Read more >>>.

Infosys returns to double-digit growth, ups guidance again

BANGALORE – Returning to double digit growth in net profit and revenue during the second quarter (July-Sep), India’s second largest IT bellwether Friday revised revenue guidance for this fiscal (2010-11) again.

Consolidated revenue for fiscal 2011 will be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Read : Infosys returns to double-digit growth, ups guidance again.

India to take up outsourcing issue with Obama

NEW DELHI – During the visit of US President Barack Obama here, India will raise concerns expressed by its IT industry over the US curbs on outsourcing, External Affairs Minister S.M. Krishna said here Friday.

“There are some serious reservations being expressed about India’s IT industry about outsourcing and the tightening of visa rules. …. Read the original article  : India to take up outsourcing issue with Obama.

China’s communist party begins 12th Plan discussions

BEIJING – The ruling Communist Party of China (CPC) opened a key meeting here Friday to discuss the nation’s next five-year development plan.

The 17th central committee of the CPC will review proposals for the country’s 12th five-year programme (2011-2015) on national economic and social development, Xinhua reported.
The period would be critical for building …. Original article on Gaea Times at  : China’s communist party begins 12th Plan discussions.

Ahmedabad, Bangalore, Chennai among world’s fastest-growing cities

WASHINGTON – Three Indian cities – Ahmedabad, Bangalore and Chennai – have been listed among the world’s fastest-growing cities by Forbes magazine. It also called Gujarat the “most market-oriented and business-friendly” among Indian states.

“The urban powerhouses of the next decade aren’t behemoths like New York or Mumbai, but smaller cities like Chongqing, China; … Read more >>>.

Infosys declares 200 percent interim dividend

BANGALORE – Infosys Technologies Ltd Friday declared 200 percent interim dividend of Rs.10 per share and a whopping 300 percent special dividend of Rs.30 per share of Rs.5 at par value for its 30th year.

In a regulatory filing, the IT bellwether said the record date for the payment of dividend is Oct 22.
An … Read more >>>.

Sensex 97 points lower in morning trade

MUMBAI – A benchmark index of Indian equities Friday was ruling 97 points lower in morning trade. However, smaller sized scrips saw buying.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,518.5 points, was ruling at 20,400.13 points after 45 minutes – down 97.51 points or 0.48 percent from … Read this article on Gaea Times at : Sensex 97 points lower in morning trade.

Infosys ups guidance for fiscal 2011 on strong growth

BANGALORE – Infosys Technologies Ltd revised its guidance upwards for the fiscal 2010-2011 on strong growth during the second quarter (July-Sept).

In a regulatory filing Friday, the IT bellwether said its consolidated revenue for fiscal 2011 would be around Rs.270.58 billion (Rs.27,058 crore), an increase of 19 percent year-on-year (YoY) and 1.7 percent higher than … Original source on Gaea Times at : Infosys ups guidance for fiscal 2011 on strong growth.

Infosys posts net profit of over Rs.17 bn in Q2

BANGALORE – Infosys Technologies Ltd posted a net profit of Rs.17.37 billion (Rs.1,737 crore) for the second quarter (July-Sept) of the fiscal 2010-11, registering year-on-year (YoY) growth of 13.2 percent and 16.7 percent sequentially as per the Indian accounting standard.

In a regulatory notification Friday, the IT bellwether said its consolidated revenue for the quarter …. Original article on Gaea Times at  : Infosys posts net profit of over Rs.17 bn in Q2.

After Mahindra’s $10 mn, Tata donates $50 mn to Harvard

WASHINGTON – India’s Tata Group has given America’s prestigious Harvard Business School a $50 million donation, the largest gift the school has received from an international donor in its 102-year history.

Earlier this month Anand Mahindra, head of India’s Mahindra Group, gave $10 million to Harvard where he earned his undergraduate and master’s degrees.
… Original article on : After Mahindra’s $10 mn, Tata donates $50 mn to Harvard.

Money Market Operations as on October 14, 2010

… Original source on Gaea Times at : Money Market Operations as on October 14, 2010.

China shuts down 1,355 coal mines

BEIJING – China has shut down 1,355 coal mines with total production capacity of 125.19 million tonnes until September this year as part of the country’s efforts towards restructuring the mining industry.

The National Energy Administration (NEA) said that it has surpassed its annual target of eliminating outdated mines with 121.67 million tonnes of production …. Original source  : China shuts down 1,355 coal mines.

Canadian uranium miner for joint venture in India

CHENNAI – With India planning to acquire uranium mines abroad, Canadian uranium mining major Cameco has expressed interest in partnering with the Uranium Corp of India Ltd (UCIL) or Nuclear Power Corp of India Ltd (NPCIL) within or outside the country.

The $2.3 billion turnover company, having interests in uranium exploration, mining and nuclear power … Read more >>>.

World’s largest diamond bourse opens in Mumbai

MUMBAI – The world’s largest diamond exchange opens in the city’s business district Bandra-Kurla Complex on Sunday, taking India from a manufacturing to a trading hub and challenging the dominance of traditional centres like Belgium and Israel.

Bharat Diamond Bourse (BDB), designed by eminent architect Balakrishna Doshi and spread over 20 acres with nine interlinked …. Original article  : World’s largest diamond bourse opens in Mumbai.

Physical beauty ‘affects worldwide trends in fashion, cosmetics’

WASHINGTON – Physical attractiveness is a desirable quality is not a new notion, but a new study has revealed that it also affects worldwide trends in fashion, cosmetics and more recently, aesthetic surgery.

According to Anil Mathur of Hofstra University in New York and colleagues there and at the City University of New York, marketers cannot …. Source  : Physical beauty ‘affects worldwide trends in fashion, cosmetics’.

State Bank of India to issue more retail bonds

MUMBAI – The State Bank of India (SBI) Chairman O P Bhatt has said that he bank is aiming to issue retail bonds worth five billion rupees.

“State Bank has been talking about issue of retail bonds for quite some time. We believe that the investment opportunities that the Indian consumer, especially the customers of bank … Read this article on Gaea Times at : State Bank of India to issue more retail bonds.

Oz dollar hits parity with US greenback for first time since floated in 1983

CANBERRA – The Australian dollar has reportedly reached parity with the US dollar for the first time since it was floated in December 1983.

According to News.com.au, the Australian currency reached as high as US1.0003 dollars on Friday night before pulling back to stand at 99.14 US cents shortly after midnight and then …. Source  : Oz dollar hits parity with US greenback for first time since floated in 1983.

Sensex slips for second consecutive week (Weekly Market Review)

MUMBAI – The benchmark index for Indian stock markets fell two weeks in a row as domestic traders looked to book profits, with stocks having rallied handsomely in the past few months.

Foreign funds, however, continued with their persistent buying in the equities and bond markets, sparking off protests from the services sector to check … Original source on Gaea Times at : Sensex slips for second consecutive week (Weekly Market Review).

US deficit second largest in history

WASHINGTON – The hole in the US government budget remained in the stratosphere for 2010, lending more ammunition to opposition Republicans less than three weeks before mid-term elections.

The shortfall totalled $1.294 trillion in the fiscal year ended Sep 30, second only to the $1.416-trillion deficit in 2009, the Treasury Department said Friday.
Lingering unemployment …. Read the original article  : US deficit second largest in history.

BMW recalls 21,771 cars in China; Jaguar 30

BEIJING – German auto giant BMW has recalled more than 21,000 luxury sedans from Chinese customers to fix the faulty brake system, while British carmaker Jaguar Land Rover has announced the recall of its 30 Discovery 3 TDV6 diesel vehicles.

BMW’s vehicles which have been recalled include 21,383 imported BMW 5, 6 and 7 Series …. Read the original article  : BMW recalls 21,771 cars in China; Jaguar 30.

Progress in currency dispute as yuan strengthens: US

WASHINGTON – US Treasury Secretary Timothy Geithner said Friday that China has made progress in recent weeks in easing its undervalued currency, which has increasingly become an irritation in China’s trade relations with the US and other Western economies.

In a statement, Geithner “recognised China’s actions since early September to accelerate the pace of currency …. Original article on Gaea Times at  : Progress in currency dispute as yuan strengthens: US.

Russia, Venezuela agree on nuclear plant project

MOSCOW – Russia and Venezuela agreed Friday to jointly build what would be the South American country’s first nuclear power plant.

Russian President Dmitry Medvedev and his visiting Venezuelan counterpart Hugo Chavez were on hand while representatives of the two countries signed the agreement.
Sergei Kiriyenko, head of the Russian nuclear company Rosatom, said that …. Source article on Gaea Times at  : Russia, Venezuela agree on nuclear plant project.

Swiss break through Alps, creating world’s longest tunnel

SEDRUN – Swiss engineers broke through a final 180 cm of rock deep in the Alpine mountains Friday, linking the world’s longest rail tunnel.

The 57-km Gotthard Base Tunnel in southern Switzerland will be used for transport through the Alps, shortening current travel times.
Routes will be more direct and the trains will whiz through … Read more >>.

China’s Canton trade fair opens

BEIJING – China’s largest trade expo, the Canton Fair, opened Friday in the southern Guangdong province amid growing concerns that a stronger yuan would weigh on the country’s exports.

Over 23,500 firms from China and abroad are participating in the fair in Guangzhou provincial capital, organizers said.
Sellers and buyers at the fair are monitoring … Original article on : China’s Canton trade fair opens.

RBI will intervene if inflows turn lumpy: Subbarao

CHANDIGARH – Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Friday said the central bank will intervene in the forex market if inflows turn lumpy and volatile.

The RBI had earlier on Thursday bought dollars to stem the rupee’s strength.

“I can only say that …. Source article  : RBI will intervene if inflows turn lumpy: Subbarao.

High Court approves RNRL merger with R-Power

MUMBAI – The Bombay High Court Friday gave green signal to the proposed merger of two Anil Ambani group companies, Reliance Power and Reliance Natural Resources Ltd (RNRL), to create a Rs.50,000-crore entity.

The High Court approved the Composite Scheme of Arrangement between Reliance Natural Resources Ltd. and Reliance Power and other group companies …. Read the original article  : here.

30 bank branches, 40 ATMs opened on a single day

MALAPPURAM – The South Indian Bank (SIB) Friday created history in the banking sector by opening 30 branches and 40 ATM centres across the country on a single day, a bank official here said.

The Thrissur-headquartered SIB, with 610 branches, also exceeded 1,000 banking outlets with more than 400 ATM centres.
The branches were opened … Read more »»».

India’s GSM subscribers base grows by 2.58 percent

NEW DELHI – India’s GSM mobile subscribers base grew 2.58 percent in September with the addition of over 12.4 million subscribers with the state-owned Bharat Sanchar Nigam Ltd.(BSNL) alone signing over 2.3 million users to gain a market share of 14.71 percent.

The total number of subscribers in the country crossed 494 million as … Read the original article on Gaea Times at : India’s GSM subscribers base grows by 2.58 percent.

Mukesh Ambani’s home world’s most expensive

WASHINGTON – Reliance Industries chairman Mukesh Ambani’s new 27-storey Mumbai skyscraper likely sets a record as the world’s most expensive residential home, according to Forbes magazine.

“India’s richest man, and the fourth-richest man in the world, has eschewed understatement,” the magazine said reporting Ambani’s plans to move into the 570-foot building, called Antila, this …. Original article  : Mukesh Ambani’s home world’s most expensive.

‘Delhi markets suffered huge loss during Games’

NEW DELHI – Markets in the national capital suffered huge losses during Oct 3-14 Commonwealth Games, a traders’ forum claimed Friday.

The Confederation of All India Traders (CAIT) claimed that a survey conducted among commercial establishments in Delhi found that the business went down by nearly 30-40 percent during the period.
“They (organisers) may be … Read more »».

Neyveli Lignite workers’ strike: Karunanidhi seeks PM’s help

CHENNAI – Tamil Nadu Chief Minister M.Karunanidhi has sought Prime Minister Manmohan Singh’s help in resolving the strike by contract workers in the Neyveli Lignite Corporation Ltd (NLC), warning about likely disruption in power generation.

In a letter to the prime minister, released to the media Friday, Karunanidhi referred to the nearly month-long strike by …. Read the original article  : Neyveli Lignite workers’ strike: Karunanidhi seeks PM’s help.

Environment panel to re-assess Navi Mumbai airport plan

NEW DELHI – The environment ministry’s Expert Appraisal Committee (EAC) will visit Mumbai next week to hold talks with the Maharashtra government on the Navi Mumbai airport project, Environment Minister Jairam Ramesh said Friday.

The City and Industrial Development Corporation of Maharashtra (CIDCO) Thursday submitted a revised draft of the project and the EAC team … Read the original article on Gaea Times at : Environment panel to re-assess Navi Mumbai airport plan.

US may outsource lightweight satellite launches to India

NEW DELHI – The United States could outsource lightweight satellite launches to India.

Lockheed Martin, the biggest US defence, aerospace and military technology corporation, broached the subject recently with the Indian Space Research Organisation (ISRO) and its export arm, Antrix.
Lockheed Martin’s India Chief Executive Roger Rose told India Strategic defence magazine (www.indiastrategic.in) that as … Read this article on Gaea Times at : US may outsource lightweight satellite launches to India.

India Inc’s business confidence for falls: Survey

NEW DELHI – The business confidence of India Inc. for the October-December quarter has fallen on concerns such as inflation and high interest rates, says a survey.

The survey by the Confederation of Indian Industry (CII) says the industry lobby’s business confidence index for October-December 2010 fell by 1.4 points to 66.2 as …. Source  : Gaea News Network.

India Post allowed to be agent for other insurers

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) has allowed India Post to distribute insurance products as a corporate agent for domestic life, non-life, farm and health insurers.

The new regulations bars India Post to act as a referral partner (sharing of database to insurers) of any insurance company.
The new regulation will throw … Read : India Post allowed to be agent for other insurers.

Reliance Broadcast plans 50 patented shows over 24 months

MUMBAI – Reliance Broadcast Network, a multi-media entity within the Anil Ambani Group, plans to host some 50 patented shows and events across languages over the next year for a big slice in the Rs.1,600 crore ($350 million) market.

Called intellectual property business in industry jargon, these shows and programmes span music awards, talent hunts …. Read the original article  : here.

China’s GDP to grow at nine percent in 2011: Govt. Researchers

BEIJING – Government researchers in China feel that the country’s Gross Domestic Product (GDP) will grow about nine percent next year, but the economy will be confronted by rising labor costs, liquidity problems and difficulty in sustaining rapid growth in the long run.

“China’s exports … Read the original article on Gaea Times at : China’s GDP to grow at nine percent in 2011: Govt. Researchers.

Seabuckthorn to green Himachal’s Lahaul Valley

KEYLONG – The rugged, inhospitable terrain of this landlocked valley in Himachal Pradesh is sought to be greened with plantations of seabuckthorn, a medicinally rich plant, that will not only help check soil erosion but also benefit the local people economically.

“A huge patch of land near Keylong (the district headquarters of Lahaul and Spiti … Read the original article on Gaea Times at : Seabuckthorn to green Himachal’s Lahaul Valley.

EU-India trade up 26 percent in 2010

BRUSSELS – Exports from the 27-member European Union to India have increased to 19.4 billion euro until July this year, up 26 percent from 15.4 billion euro during the first seven month of 2009.

For the same period, Indian exports to the EU went up by 25 percent from 15.1 billion euro to 18.8 billion …. Read the original article  : EU-India trade up 26 percent in 2010.

Old age allowance to 2 lakh more in Haryana

CHANDIGARH – Nearly 2 lakh new beneficiaries will be given old age allowance in Haryana next week, Social Justice and Empowerment Minister Geeta Bhukkal said Saturday

A total of 194,394 new beneficiaries would get lump sum amount of Rs.2,500 as five months pension from the month of April to August this year, she said, …. Source article  : Old age allowance to 2 lakh more in Haryana.

ONGC makes two new oil and gas discoveries

NEW DELHI – The Oil and Natural Gas Corporation (ONGC) has made two new discoveries of oil and gas reserves – gas at the Krishna-Godavari basin block and oil in the Cauvery basin.

“The two discoveries have been notified to Directorate General of Hydrocarbon after the previous board meeting held Sep 22,” ONGC said … Original article on : ONGC makes two new oil and gas discoveries.

Haryana bans polythene bags

CHANDIGARH – The Haryana government Saturday announced a complete ban on usage, storage and recycling of polythene carry bags in the state

The ban has been approved by Chief Minister Bhupinder Singh Hooda, an official spokesman said here.
At present, the ban was not proposed to be imposed on use of plastic for packing material …. Read the original article  : Haryana bans polythene bags.

‘Punjab deputy commissioners accountable for paddy procurement’

CHANDIGARH – Deputy commissioners across Punjab will be held accountable for paddy procurement in the state, Deputy Chief Minister Sukhbir Singh Badal said here Saturday.

The announcement came following mounting complaints received by the state government that paddy procurement, which started Oct 1 in 1,670 procurement centres across Punjab, was not being done properly, leading …. Source  : Gaea News Network.

Timings of Metro on Sarita Vihar route revised

NEW DELHI – Metro services on the Central Secretariat-Sarita Vihar section will begin an hour late instead of 6 a.m. from Sunday to Oct 24, a Metro official said Saturday.

The move was aimed at facilitating the line’s integration with the Sarita Vihar-Badarpur section, a Metro official said. Normal services will resume Oct 25.
…. Source article  : Timings of Metro on Sarita Vihar route revised.

Double-digit growth turning point for IT industry: Infosys

BANGALORE – India’s IT bellwether Infosys Technologies Friday termed its return to double-digit growth in the second quarter (July-Sept) of this fiscal (2010-11) as a turning point for the resilient Indian IT industry and a sign of robust growth ahead.

“Registering double-digit growth after many quarters is a turning point because when downturn happened, lot …. Read the original article  : here.

364-day Treasury Bills auction: Rs.2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on October 20, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Source  : 364-day Treasury Bills auction: Rs.2,000 crore under regular auction.

91-day Treasury Bills auction: Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on October 20, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion … Original source on Gaea Times at : 91-day Treasury Bills auction: Rs.4,000 crore under regular auction.

RBI Board meets today at Chandigarh Punjab and Haryana to include Financial Literacy in School Curriculum

The state governments of Punjab and Haryana have agreed to include financial literacy in the school curriculum. This was in response to the Reserve Bank of India Governor Dr. D. Subbarao’s suggestion to the government of Punjab and Haryana in separate meetings with the officials of both the state … Read : RBI Board meets today at Chandigarh Punjab and Haryana to include Financial Literacy in School Curriculum.

Union Bank raises base rate by 50 bps to 8.5 percent

NEW DELHI – Public sector lender Union Bank of India said Friday it will increase its base rate by 50 basis points (bps) to 8.5 percent and deposit rates by 25 basis points on various categories from Oct 18.

“In view of the recent macroeconomic scenario, hardening interest rates and RBI’s policy stance, the bank …. Source  : Gaea News Network.

Sensex closes 372 points down as domestic traders offload (Roundup)

MUMBAI – A benchmark index of Indian equities fell for the second straight day Friday, closing 372 points lower as domestic investors offloaded their portfolios amid demand from the services sector that the central bank intervene to check currency gains, limiting foreign fund inflows that have crossed $4.5 billion in October.

The 30-share sensitive index … Read the original article on Gaea Times at : Sensex closes 372 points down as domestic traders offload (Roundup).

Ordinance issued to regulate micro finance firms in Andhra

HYDERABAD – Andhra Pradesh Friday issued an ordinance to regulate micro finance institutions (MFIs) in the wake of a spate of suicides due to harassment to borrowers.

Governor ESL Narasimhan gave his assent to the ordinance, the draft of which was approved by the state cabinet Thursday. It provides for three years’ imprisonment and Rs.1 … Read this article on Gaea Times at : Ordinance issued to regulate micro finance firms in Andhra.

India to align copyright norms with global standards

NEW DELHI – India will align its copyright regulations with international norms to curb rising piracy and violations of intellectual property rights.

“The Copyright Amendment Bill 2010 contains better provisions to deal with technology issues by extending protection of copyright material in India over digital networks related to literary, dramatic, musical and artistic works, …. Original article  : India to align copyright norms with global standards.