Business News – Weekly Newsletter for October 18-25, 2010

Business News – Weekly Newsletter for October 18-25, 2010

Monday, October 25, 2010

Obama visit may unshackle high-tech exports to India

WASHINGTON – Going by the buzz in industry circles, easing of US export controls and removal of key Indian units from the banned ‘Entities List’ could well be the next big thing during President Barack Obama’s visit to India.

At present India is denied technology in 11 of the 16 categories, just one short of … Read this article on Gaea Times at : Obama visit may unshackle high-tech exports to India.

Terminal 3 to welcome domestic flights from Oct 30

NEW DELHI – Domestic flights will start operating from the Indira Gandhi International Airport’s newly built Terminal 3 (T3) from Oct 30 to ensure seamless transfer of international passengers, said a Delhi International Airport Ltd (DIAL) official.

The first domestic flight is scheduled to take off from Terminal 3 at 5 a.m. on Oct …. Source article : Terminal 3 to welcome domestic flights from Oct 30.

Scrap fuel price deregulation, demands CPI-M

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Monday asked the central government to scrap deregulation in petrol pricing, after public sector oil companies increased prices twice in the past three weeks.

“By deregulating petrol pricing, the government has opened the way for successive hikes in prices,” the CPI-M politburo said.
“The public sector … Read more »»».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 18, 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.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.26 and the Reference Rate for Euro is ` 61.45 on October 18, 2010. The corresponding rates for the previous day (October 15, 2010) were ` 44.03 and ` 61.95 respectively. Based on the Reference Rate …. Source : Gaea News Network.

Sensex slips further as selling intensifies

MUMBAI – A benchmark index of Indian equities slipped further in noon trade Monday on sustained selling that spread to the broader markets.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,160.55 points, was ruling at 19,938.71 points, down 186.34 points or 0.92 percent from its previous close … Read more >>.

Curfew imposed in Srinagar to scuttle separatist march

SRINAGAR – Shops, offices were closed and public transport was off the roads in Srinagar Monday as authorities re-imposed curfew but only in six areas of the city to scuttle the separatist protest march in Jammu and Kashmir.

“Curfew has been imposed in six police station areas of Srinagar city and Baramulla and Kupwara districts … Read more »»».

Fields full of ripe paddy in valley of unrest

SRINAGAR – As the soothing autumn sun shines over the Kashmir Valley, farmer Ghulam Muhammad, 31, feels satisfied when he surveys his abundant paddy crop. The yield has been good this year, and farming activity in the valley has remained untouched by the ongoing unrest in the towns.

Farmers like Muhammad are busy harvesting, threshing … Read more »»».

Floods leave Pakistani textile firms in need of Indian cotton

ISLAMABAD – Pakistan’s textile industry, hit by a record hike in cotton prices following a massive crop damage in the recent floods, has become dependent on the import of clothing material from India to sustain its order books, say experts.
Pakistani cotton traders worry that any cancellation of Indian contracts or even delays in …. Read the original article : Floods leave Pakistani textile firms in need of Indian cotton.

Bombardier unveils two long-haul corporate jets

TORONTO – Bombardier, a world leader in metro and corporate aviation, has unveiled two new jets, the Global 7000 and Global 8000, to reaffirm its undisputed position in the large business jet category.
While the Global 7000 will have a range of 13,520 kilometres, the Global 8000 will be able to fly a globe-girdling …. Read the original article : Bombardier unveils two long-haul corporate jets.

Sensex slips below 20,000 points in early trade

MUMBAI – A benchmark index of Indian equities Monday slipped below the 20,000-mark after opening some 35 points lower compared with the previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,160.55 points, was ruling at 19,974.52 points, down 150.53 points or 0.75 percent from its previous close … Read the original article on Gaea Times at : Sensex slips below 20,000 points in early trade.

Tokyo shares rise in mid-morning trading

TOKYO – Tokyo stocks rose slightly in mid-morning trading Monday, with gains in high-technology issues even as the strong yen dragged down the market.

The 225-issue Nikkei Stock Average gained 0.50 percent, or 47.41 points, from Friday’s close. The broader Topix index of all First Section issues rose 7.46 points, or 0.90 percent.
Mazda Motor … Read more »»».

Money Market Operations as on October 15, 2010

… Original article on : Money Market Operations as on October 15, 2010.

YouTube sued for ‘derogatory’ video by Toronto cop

TORONTO – Posting online comments or YouTube videos anonymously may soon be over if some recent cases are anything to go by.

A Toronto cop, who was mocked after videos of his actions during the G-20 summit here in June were posted on YouTube, is suing Google for $1.2 million in damages and seeking the … Original article on : YouTube sued for ‘derogatory’ video by Toronto cop.

Soured on Obama, voters motivated by economic frustrations

SCRANTON – Kelli Henning has sent out 85 job applications in recent months, to no avail.

Despite her 14 years of experience managing a corner store, the 33-year-old resident of Scranton, Pennsylvania, has been unable to find work. Along with her husband, she has been seeking assistance at the state job training centre.
“They say …. Source : Gaea News Network.

Sharjah Islamic Bank posts $52 mn Q3 profit

Sharjah, Oct 17 (IANS/WAM) The Sharjah Islamic Bank Sunday posted a third quarter net profit of 191.6 million dirhams (about $52 million).

The balance sheet grew since December 2009 with total assets reaching 16.3 billion dirhams from 16 billion dirhams.
Liquid assets rose by 410.2 million dirhams to reach 3.6 billion dirhams, up … Original article on : Sharjah Islamic Bank posts $52 mn Q3 profit.

UAE, Algeria sign cooperation agreement

Algiers, Oct 17 (IANS/WAM) The UAE and Algeria Sunday signed an agreement to boost cooperation and dialogue between their parliaments.

Visiting UAE Federal National Council (FNC) speaker Abdul Aziz Al Ghurair and Algerian National People’s Assembly speaker Abdelaziz Ziari signed the document here.
At a press conference, Al Ghurair described his talks with … Read more : UAE, Algeria sign cooperation agreement.

2G spectrum scam may be India’s biggest scandal: Advani

NEW DELHI – Senior Bharatiya Janata Party (BJP) leader L.K. Advani said Sunday that the 2G spectrum scam may be the country’s biggest scandal since Independence.

The BJP leader also welcomed the move by the government to set up a committee to look into the preparations for the 2010 Commonwealth Games and hoped that … Read more : 2G spectrum scam may be India’s biggest scandal: Advani.

China’s GDP to grow nine percent in 2011

BEIJING – China’s GDP will grow by nine percent next year although rising labour costs will hit the economy, a media report said Sunday.

Liu Shijin, deputy director of the Development Research Centre of the State Council, made the forecast at a forum organised by the Bank of Communications, China Daily reported.
Liu forecast …. Original article on Gaea Times at : China’s GDP to grow nine percent in 2011.

India’s largest initial public offering opens Monday

MUMBAI – State-run Coal India’s $3.5 billion dollar initial public offering (IPO), the biggest in the history of Corporate India, will open Monday at a price band of Rs.225-245 a share, setting the direction for the stock market this week.

The mega public float, experts believe, is expected to attract foreign investors and lead to … Read the original article on Gaea Times at : India’s largest initial public offering opens Monday.

TRAI 2G pricing recommendations by October-end

NEW DELHI – The telecom regulator would come out with new recommendations on the pricing of 2G (second generation) spectrum by this month-end, Telecom Regulatory Authority of India (TRAI) Chairman J.S. Sarma said Monday.

We are more or less coming to a close to our work… I suppose very shortly, said Sarma. On being … Read this article on Gaea Times at : TRAI 2G pricing recommendations by October-end.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.46 and the Reference Rate for Euro is ` 61.85 on October 19, 2010. The corresponding rates for the previous day (October 18, 2010) were ` 44.26 and ` 61.45 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 October 19, 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 Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Dip in Pakistan’s onion exports to benefit India, China

ISLAMABAD – Indian and Chinese onion exporters will get a major share of the global onion market this year as Pakistani exports are set to drop due to extensive damage to the crop caused by the heavy rains in the country, say experts.

Heavy rains at the time of sowing have damaged … Original article on : Dip in Pakistan’s onion exports to benefit India, China.

IBM net income up 12 percent boosted by BRIC sales

WASHINGTON – Buoyed by strong performance in Brazil, Russia, India and China as well as solid sales of analytics software and services, the third-quarter net income of International Business Machines Corp (IBM), rose 12 percent to US$3.6 billion.

While total revenue reached $24.3 billion, a jump of 3 percent, revenue in the four BRIC countries …. Original article on Gaea Times at : IBM net income up 12 percent boosted by BRIC sales.

Going nuclear is a 100-year commitment: IAEA official

CHENNAI – Even as 60 more countries in the world have shown interest to embrace nuclear power to meet their energy needs, only one third of these may generate atomic power, says an official of the International Atomic Energy Agency (IAEA).

“Nuclear power is not like any other mode of power. Going nuclear is a … Original source on Gaea Times at : Going nuclear is a 100-year commitment: IAEA official.

Tokyo shares rise on US rally

TOKYO – Tokyo stocks gained in mid-morning trading Tuesday as gains on Wall Street boosted investor sentiment, but the yen’s strength weighed on the market.

The benchmark Nikkei 225 Stock Average gained 50.44 points, or 0.53 percent, to trade at 9,548.93 while the broader Topix index was up 3.61 points, or 0.43 percent, at 834.13.
…. Source : Gaea News Network.

Sensex dull in morning trade

MUMBAI – A benchmark index of Indian equities Tuesday was ruling flat in morning trade, having slipped from its opening highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,298.55 points, was ruling at 20,139.59 points, down 29.3 points or 0.15 percent from its previous close at 20,168.89 points.
…. Read the original article : Sensex dull in morning trade.

Financial stocks lead US market upswing

WASHINGTON – Financial shares boosted the major US market indices Monday, leading the S&P 500 to a five-month high.

Citigroup, which is 12 percent owned by US taxpayers, rallied 5.4 percent after its earnings topped estimates.
The blue-chip Dow Jones gained 80.91 points, or 0.73 percent, to close at 11,143.69. The Standard and Poor’s 500 … Original article on : Financial stocks lead US market upswing.

Money Market Operations as on October 18, 2010

…. Original article on Gaea Times at : Money Market Operations as on October 18, 2010.

Microsoft’s Chief Software Architect Ozzie Ray Resigns

NEW YORK (GaeaTimes.com) — Today, Microsoft announced that their Chief Software Architect Ozzie Ray will resign and leave the company after his transition period. CEO, Steve Balmer said that Ozzie would remain on board for a while and then he would leave the company.
Ray will be focusing more on the entertainment arena where Microsoft …. Read the original article : Microsoft’s Chief Software Architect Ozzie Ray Resigns.

CFA Warns Consumers against Online Payday Loan Sites Scams

NEW YORK (GaeaTimes.com) — The Payday loan system, despite of it’s simplicity, poses a serious threat to it’s consumers. Not only the high interest rate effects the financial conditions of a borrower, but some of the online lenders are exploiting their customers in broad daylight. Recently Consumer Federation of America (CFA) has warned people to … Original source on Gaea Times at : CFA Warns Consumers against Online Payday Loan Sites Scams.

Apple reports record earnings, revenue

SAN FRANCISCO – Apple reported record profits and revenue Monday as sales of its iPhones and Macs rose sharply, and consumers snapped up more than four million iPads.

Apple said it earned $4.31 billion in the quarter compared to $2.53 billion a year ago. Revenue rose to $20.34 billion compared to $12.21 billion a year … Read more >>>.

IBM reports 12-percent profit boost

SAN FRANCISCO – IBM posted a 12-percent increase in third-quarter profits Monday as revenue jumped in the company’s key growth markets of Brazil, Russia, India and China (BRIC).

The technology giant known as Big Blue said it earned $3.59 billion in the quarter, compared to $3.21 billion a year ago. Global revenue rose three percent …. Original article on Gaea Times at : IBM reports 12-percent profit boost.

Malaysia, UAE vow to strengthen ties

Kuala Lumpur, Oct 18 (IANS/WAM) Malaysia and the United Arab Emirates Monday vowed to strengthen bilateral relations, particularly in the areas of economy, tourism and investment.

At a meeting with Malaysian Prime Minister Najib Tun Razak here, visiting UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan expressed his country’s keenness to improve relations and … Read more : Malaysia, UAE vow to strengthen ties.

Communist Party of China sets agenda for five years (Roundup)

BEIJING – The ruling Communist Party of China (CPC) Monday vowed to make vigorous efforts to promote political restructuring and said measures would be taken to improve living standards across the country.

The decisions were taken at a meeting of the CPC central committee to determine the country’s development agenda for the next five years [..] Read the original article: here.

Patil to give away Jamnalal Bajaj awards

MUMBAI – President Pratibha Patil will Oct 28 confer the Jamnalal Bajaj awards for the year 2010, an official here said Monday.

“These annual awards are given out to recognise and suitably honour the efforts of the men and women who have dedicated their life to Gandhian constructive work and the ideals which Jamnalal Bajaj …. Source : Patil to give away Jamnalal Bajaj awards.

India, Sudan ratify investment promotion agreement

NEW DELHI – India and Sudan Monday ratified a bilateral investment promotion and protection agreement, which was signed seven years ago to strengthen economic relations.

Govind Mohan, joint secretary (infrastructure and investment) in the finance ministry, and Sudanese Ambassador to India Khidir Haroun Ahmed signed the instruments of ratification here.
India has so far …. Source article : India, Sudan ratify investment promotion agreement.

Essar Oil Q2 net profit Rs.1.3 billion

MUMBAI – Essar Oil Monday reported a net profit of 1.3 billion for the quarter ended Sep 30 as against net loss of Rs 0.94 billion for the same period last fiscal.

The total income rose by 14 percent at Rs.109.64 billion compared to Rs.96.03 billion same period last year, the company said in [..] Read the original article: here.

India, US to ink aviation safety pact

NEW DELHI – India and the United States are in the process of entering into a bilateral agreement which would lead to mutual acceptance of aeronautical products developed in either countries, the civil aviation ministry said Monday.

The two countries have completed two key processes prior to signing of the pact, Bilateral Aviation Safety Agreement …. Source : Gaea News Network.

Minimum support prices for pulses, wheat raised

NEW DELHI – The government Wednesday raised the minimum support prices (MSP) of gram and masur dal by Rs.340 and Rs.389 a quintal respectively and that of wheat by Rs.20.

The decision to raise the MSP of various Rabi crops was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by …. Source article on Gaea Times at : Minimum support prices for pulses, wheat raised.

Himachal’s Kinnaur weavers to benefit from trademark

SHIMLA – With the Kinnauri shawls receiving the prestigious Geographical Indications (GI) tag, over 1,000 weavers involved in the creation of the iconic shawls stand to gain the most.

“The registration will now check unauthorised production and misuse of its name. Only weavers registered with the Kinnaur Handloom Weavers Association (of Kalpa) can sell the …. Read the original article : here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.29 and the Reference Rate for Euro is ` 61.05 on October 20, 2010. The corresponding rates for the previous day (October 19, 2010) were ` 44.46 and ` 61.85 respectively. Based on the Reference Rate for US …. Source : RBI Reference Rate for US $ and Euro.

A car that runs on land, sea or in air

LONDON – It is a car that could come straight out of a James Bond movie, changing into a speedboat, helicopter or jet whenever the respective mode of transport is required. The Halo Interceptor could be the solution to all your transport problems, provide you have the necessary cash of course.

British designer Phil Pauley … Read more >>.

HCL Q1 net profit falls 35 percent

NEW DELHI – HCL Technologies Wednesday reported a 35.2 percent fall in net profit at Rs.194.88 million for the first quarter ended Sep 30 as against Rs.300.75 million in the corresponding period last fiscal.

The total income of the company stood at Rs.1,540.34 million, compared to Rs.1,295 million from a year ago.
“HCL … Read more >>.

Oberoi Realty Off To A Good Start

MUMBAI, INDIA (Gaea Times.com) Mumbai based Oberoi Realty started trading on the stock exchange today against an issue price of Rs. 260. The company has got off to a good start on the bourses and has reportedly registered a rise of 7.69 percent to trade at Rs. 280 on the Bombay Stock Exchange or … Read more : Oberoi Realty Off To A Good Start.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 20, 2010 are :

Amount (face value in ` crore)

Item

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

1 day Repo Auction
(Purchase … Original article on : Liquidity Adjustment Facility : Auction Results.

Certificate of Registration – Cancelled

The Reserve Bank of India has cancelled the certificates of registration granted to the following companies, having their registered offices at the address shown against them, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the companies cannot transact the business of a non-banking …. Read the original article : Certificate of Registration – Cancelled.

Sensex dips in noon trade

MUMBAI – A benchmark index of Indian equities Wednesday slipped in noon trade tracking other Asian markets, which were trading lower after China raised key interest rates.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,924.02 points, was ruling at 19,875.16 points, 107.97 points or 0.54 percent down from …. Source : Sensex dips in noon trade.

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), "8.08 per cent Government Stock 2022" for a notified amount of ` 5,000 crore (nominal) and "8.30 per cent Government Stock 2040” for …. Original article on Gaea Times at : Underwriting Auctions for Government Securities.

Protests over pension reform cripple life in France

PARIS – The protests by French labour unions against President Nocolas Sarkozy’s pension overhaul plan entered its second week Wednesday, thwarting fuel and other supplies and disrupting normal life across the country.

Sarkozy has proposed increasing the standard, minimum retirement age to 62 years, from a current level of 60, in order to bridge a … Read more »»».

Harley-Davidson posts Q3 profits, but sales drop

NEW YORK – Harley-Davidson Inc Tuesday said its third-quarter profits more than doubled, led by the improved performance of its financial services unit, but reported a drop in worldwide sales.

The largest US motorcycle maker said its net income climbed to $88.8 million from $26.5 million a year earlier. While revenue dropped 1.9 percent to …. Source article : Harley-Davidson posts Q3 profits, but sales drop.

Sensex pares early losses

MUMBAI – A benchmark index of Indian equities Wednesday moved up from opening lows, but was ruling flat about 30 minutes into trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,924.02 points, was ruling at 19,985 points, almost unchanged from its previous close at 19,983.13 points.
At the …. Source : Gaea News Network.

Britain to cut 500,000 public sector jobs

LONDON – Nearly half a million public sector workers in Britain are to lose their jobs as the government plans to reduce more than 80 billion pounds in public spending in the next four years, the biggest cut since the Second World War.

Danny Alexander, chief secretary to the Treasury, unwittingly disclosed the full scale …. Source : Britain to cut 500,000 public sector jobs.

Money Market Operations as on October 19, 2010

…. Original article : Money Market Operations as on October 19, 2010.

US stocks drop on China interest rates, earnings’ reports

NEW YORK – US stocks fell sharply Tuesday amid mixed corporate earnings and as China raised interest rates for the first time since 2007.

China’s central bank, the People’s Bank of China, announced a rise in its benchmark interest rates by 0.25 percentage points. It said its one-year deposit rate would rise to 2.50 percent … Read more »»».

Yahoo’s earnings rise in third quarter

SAN FRANCISCO – Yahoo posted a 113-percent rise in third quarter earnings Tuesday, but investors were still disappointed by the struggling web pioneer’s failure to meet its sales forecast.

The web portal, which again has been subject to speculation about a sale in recent days, said its income more than doubled to $396 million from … Read more : Yahoo’s earnings rise in third quarter.

US Treasury to sell 1.5 bn Citigroup shares

NEW YORK – The US Treasury Department Tuesday announced plans to sell 1.5 billion shares of Citigroup common stock as it seeks to reduce its stake in the banking giant.
This is the fourth round of government sales of Citigroup shares and will be conducted by Morgan Stanley, who will have “discretionary authority to … Read the original article on Gaea Times at : US Treasury to sell 1.5 bn Citigroup shares.

DTC earned Rs.60 crore extra during CWG

NEW DELHI – The Delhi Transport Corporation (DTC) earned an additional revenue of Rs.60 crore during the Commonwealth Games by providing its services to the Games Organising Committee and other agencies, an official said.
Delhi Transport Minister Arvinder Singh Lovely congratulated the DTC employees for their dedicated service during the Games and announced a …. Source : DTC earned Rs.60 crore extra during CWG.

UN agency to partner in Vibrant Gujarat 2011 Summit

AHMEDABAD – The United Nations Industrial Development Organization (UNIDO) has accepted an invitation from the Gujarat government to be a ‘partner organisation’ in the Vibrant Gujarat 2011 Summit.
UNIDO is the specialised agency of the United Nations that promotes accelerated industrial growth in developing nations and countries with economies in transition.
It is … Original source on Gaea Times at : UN agency to partner in Vibrant Gujarat 2011 Summit.

South Indian Bank Q2 net profit up at Rs.77 crore

THRISSUR – Private sector South Indian Bank (SIB) Thursday declared its highest ever quarterly net profit of Rs.77.00 crore for the second quarter as against Rs.72.56 crore for the corresponding period of the previous year.

The total business of the bank increased by Rs.9,942 crore to Rs.43,089 crore from Rs.33,147 crore on a year-on-year basis, … Read more : South Indian Bank Q2 net profit up at Rs.77 crore.

Last Day For Coal India IPO Subscription

MUMBAI, INDIA (Gaea Times.com) Coal India IPO received a positive response in the market from institutional investors, with today being the last day for retail and High Net Worth Individuals. Coal India saw a subscription of 12 times, received bids for 742 crore equity shares as against the issue of 63.2 crore shares. …. Source article : Last Day For Coal India IPO Subscription.

Cochin Shipyard bags Rs.1,500 cr Coast Guard order

KOCHI – Cochin Shipyard Limited (CSL) has received an order of Rs.1,500 crore to build 20 fast patrol vessels (FPV) for the Coast Guard, the company said here Thursday.

According to the shipyard, this is the single biggest contract executed by Coast Guard and would go a long way to beef up the coastal …. Original article on Gaea Times at : Cochin Shipyard bags Rs.1,500 cr Coast Guard order.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.36 and the Reference Rate for Euro is ` 61.95 on October 21, 2010. The corresponding rates for the previous day (October 20, 2010) were ` 44.29 and ` 61.05 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

India’s annual food inflation falls to 15.53 percent

NEW DELHI – India’s annual food inflation fell to 15.53 percent for the week ended Oct 9 from 16.37 percent in the previous week on improved supplies of food articles and lower prices of some vegetables.

Official data released Thursday showed the annual inflation rate for the primary articles group also fell to 18.05 … Read the original article on Gaea Times at : India’s annual food inflation falls to 15.53 percent.

China’s economic growth slows to 9.6 percent third quarter

BEIJING – China’s economic growth continued to decelerate duering the third quarter of this year, as the government started to pull out the fiscal stimulus package, even as rising inflation has started to pose new challenges.

The gross domestic product (GDP) grew 9.6 percent in the third quarter over the like period of last year, …. Source : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 21, 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 Gaea Times at : Liquidity Adjustment Facility : Auction Results.

BlackBerry boss hits out at Apple’s Steve Jobs

TORONTO – Hitting back at Apple boss Steve Jobs who Monday claimed that “we have now passed RIM (Research In Motion)” in smartphone sales, BlackBerry maker co-CEO Jim Balsillie says his rival is trying to create a “distortion field” to manipulate customers.

In the battle of two titans which began with Jobs firing the first …. Read the original article : BlackBerry boss hits out at Apple’s Steve Jobs.

Pakistan turns down World Bank, ADB loan

ISLAMABAD – Pakistan has turned down a $2 billion loan from the Asian Development Bank (ADB) and another $1 billion loan from the World Bank to reconstruct infrastructure destroyed by the devastating floods. Islamabad has now decided to rebuild “from its own resources”.

The News International cited sources as saying that the move stunned the … Read this article on Gaea Times at : Pakistan turns down World Bank, ADB loan.

Tokyo shares mixed on yen’s ups and downs, US gains

TOKYO – Tokyo stocks were mixed in morning trading Thursday after overnight gains on Wall Street and fluctuations in the yen.

The benchmark Nikkei 225 Stock Average gained 18.91 points, or 0.2 percent, to trade at 9,400.51 while the broader Topix index was down 3.05 points, or 0.37 percent, at 820.64.
An initially stronger yen … Read more : Tokyo shares mixed on yen’s ups and downs, US gains.

Sensex up 133 points in morning trade

MUMBAI – A benchmark index of Indian equities Thursday moved up 133 points higher in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,951.34 points, was ruling at 20,005.75 points, up 133.60 points or 0.67 percent at 19,872.15 points.
At the National Stock Exchange (NSE), the 50-share … Read : Sensex up 133 points in morning trade.

Money Market Operations as on October 20, 2010

…. Original article on Gaea Times at : Money Market Operations as on October 20, 2010.

US stocks rebound on earnings’ reports

NEW YORK – Wall Street was buoyed Wednesday by corporate earnings’ reports from several major airlines and other companies, ending higher after the previous day’s sharp declines.

Yahoo said its income more than doubled to $396 million from $186 million in the year-ago quarter after markets closed Tuesday.
Delta Airlines, the second-largest US carrier, Wednesday … Read more : US stocks rebound on earnings’ reports.

Japanese bank to increase investments in Emirati projects

Abu Dhabi, Oct 20 (IANS/WAM) A leading Japanese financial institution Wednesday assured the United Arab Emirates of increasing Japanese investments in various Emirati projects.

Executive director of the Japan Bank for International Cooperation (JBIC) Fumio Hoshi met with UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi here and discussed ways of strengthening relations between …. Original source : Japanese bank to increase investments in Emirati projects.

US to announce massive arms sale to Saudi Arabia

WASHINGTON – The US is expected to announce an arms deal with Saudi Arabia Wednesday worth up to $60 billion that would include advanced fighter jets, helicopters and other weaponry in what amounts to the largest US arms deal ever.

The Obama administration was also to inform Congress of the deal after weeks of discussions …. Original article on Gaea Times at : US to announce massive arms sale to Saudi Arabia.

Bangladesh commerce minister arrives Thursday

NEW DELHI – Bangladesh Commerce Minister M. Faruk Khan will arrive here Thursday on a three-day visit during which he will hold talks with his Indian counterpart over strengthening bilateral trade.

The Bangladeshi minister will be accompanied by a 20-member delegation comprising of heads of different business chambers.
He will hold talks with Indian Commerce … Read this article on Gaea Times at : Bangladesh commerce minister arrives Thursday.

Four lakh vehicles added on Delhi roads

NEW DELHI – As many as 6,352,939 vehicles plied on Delhi roads during 2009-10 — a good four lakh jump from the previous year, a report said Wednesday.

According to the Delhi Statistical Hand Book-2010 prepared by the Directorate of Economics and Statistics, as many as 6,352,939 vehicles, including 2,013,680 jeeps and cars, were registered … Read this article on Gaea Times at : Four lakh vehicles added on Delhi roads.

Rediff introduces mobile email service

NEW DELHI – Rediff in partnership with Mahanagar Telephone Nigam Ltd (MTNL) Wednesday introduced a mobile email service for Rs.50 a month.

“We will provide quite secure and user-friendly services. Its most features are like BlackBerry. But it is cheaper, more importantly, works on most phones including entry-level phones, said Ajit Balakrishnan, chairman and CEO …. Original article on Gaea Times at : Rediff introduces mobile email service.

Innovation key to solving country’s critical problems: PM

NEW DELHI – Prime Minister Manmohan Singh Wednesday said that innovation in conservation methods is key to solving the critical challenges our nation faces in providing food, water and energy security to the people.

“In India we have lived with the idea of being a resource-rich land, taking for granted the limitless bounty of …. Read the original article : Innovation key to solving country’s critical problems: PM.

On-the-spot police recruitment begins in Jammu and Kashmir

JAMMU – Chief Minister Omar Abdullah Wednesday launched an on-the-spot police recruitment drive in the backward area of Warwan in Jammu and Kashmir’s Kishtwar district as part of efforts to grant jobs in remote areas.

It was after a gap of more than a decade that the drive was re-launched Wednesday. Omar’s father and former …. Original source : On-the-spot police recruitment begins in Jammu and Kashmir.

Toyota Recall October 2010 Makes Headlines

AICHI, JAPAN (GaeaTimes.com)- The year 2010 has proved to be particularly bad for Japanese car maker Toyota motors. The shadow of recall is not leaving the famous car maker since the beginning of the year. The latest recall announced by Toyota becomes effective in October 2010. It was on Thursday that Toyota Motors … Read the original article on Gaea Times at : Toyota Recall October 2010 Makes Headlines.

IBS to host global aviation conference in Dubai next week

THIRUVANANTHAPURAM -Kerala-based travel and logistics software provider, IBS Software Services, is expecting to win more clients as passenger movements would be up by 7.5 per cent and cargo by 18.5 per cent this fiscal, according to the International Air Transport Association (IATA).

“In the last two years we have got 70 per cent of the …. Original source : IBS to host global aviation conference in Dubai next week.

China vies with India for Nepal power project

KATHMANDU – Three Indian companies and an Indian joint venture are vying with three Chinese companies for a hydropower project in Nepal, underscoring the two giant neighbours’ growing interest, presence and eventual rivalry in Nepal’s energy industry.

Larsen and Toubro, and Mumbai’s Jyoti Structures Ltd and KEC International Ltd are the three Indian companies that … Read this article on Gaea Times at : China vies with India for Nepal power project.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on October 22, 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 : Liquidity Adjustment Facility : Auction Results.

Sensex languishes in afternoon trade

MUMBAI – A benchmark index of Indian equities was ruling dull in highly range-bound trade Friday afternoon, although buying was seen in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,334.14 points, was ruling at 20,228.66 points, down 31.92 points or 0.16 percent from its previous … Read : Sensex languishes in afternoon trade.

Nepal Maoists halt India-aided railway survey in Nepal

KATHMANDU – Keeping its sights trained on India-aided projects in Nepal, the opposition Maoist party has now obstructed the survey on a railway project in southern Nepal that is being funded by the Indian government to improve transport links between the two neighbouring countries and boost trade.

A detailed engineering survey of the 68km long …. Source : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.46 and the Reference Rate for Euro is ` 62.07 on October 22, 2010. The corresponding rates for the previous day (October 21, 2010) were ` 44.36 and ` 61.95 respectively. Based on the Reference Rate for US … Read more »»».

Larsen and Toubro issues long-term infrastructure bonds

KOLKATA – Larsen and Toubro (L and T) Infrastructure Finance Company Limited announced a public issue of long-term infrastructure bonds here on Thursday.

The issue was made under section 80CCF of Income Tax Act, 1961 to resident Indian individuals.

S. Maheshwari, Chief Executive Officer, L and T Infrastructure Bond Finance Company Limited said: “You get an yield … Read the original article on Gaea Times at : Larsen and Toubro issues long-term infrastructure bonds.

Wipro sees higher IT revenue in Q3 on strong growth

BANGALORE – Wipro Limited Friday projected marginally higher revenue of $1.33 billion from its global IT services business for the third quarter (Oct-Dec) of this fiscal (2010-11) on 4.5 percent sequential growth expectation.

We expect revenue from our IT services business to be $1.33 billion in third quarter as against $1.27 billion in second quarter …. Read the original article : here.

RIM Check to keep tab on BlackBerry’s security deals

TORONTO – With Research In Motion (RIM) facing demands from India and other nations for access to its encrypted data, Toronto-based Citizen Lab Thursday launched a website to monitor BlackBerry data traffic to know its secret security deals – if any – with these countries.

RIM is said to have reached a deal with the …. Source : RIM Check to keep tab on BlackBerry’s security deals.

Bangladesh wants ‘quota’ in Indian cotton export

DHAKA – Bangladesh will demand a separate quota in India’s export of raw cotton to ensure adequate supply for its garment sector, the prime foreign exchange earner of the country, in view of rising prices.

“We’ll demand a separate quota for raw cotton during the bilateral trade talks with India,” the Daily Star newspaper Friday …. Read the original article : Bangladesh wants ‘quota’ in Indian cotton export.

Eyeing English readers, best-selling foreign authors head to India

NEW DELHI – Indian readers of contemporary English fiction are reaping a rich harvest as top British and American authors head to India to promote their books. Best-selling names Ken Follet, Peter James and Wilbur Smith are the latest to chart out trips to the country.

India has one of the biggest English language readerships … Read more >>>.

$917 mn finance for Madhya Pradesh power plant

WASHINGTON – The Export-Import Bank of the United States (Ex-Im) has approved a $917 million export finance guarantee to support US exports to the Sasan Power Ltd coal-fired power plant in Madhya Pradesh.

US vendors including Bucyrus International, located in Milwaukee, Wisconsin will sell and export mining and associated equipment to Sasan Power for the …. Original article on Gaea Times at : $917 mn finance for Madhya Pradesh power plant.

Wipro projects $1.33 bn from IT business in Q3

BANGALORE – Wipro Ltd Friday projected $1.33 billion from its global IT services business in the third quarter (October-December) of fiscal 2010-11.

In a regulatory filing, the IT bellwether said Q3 guidance would be in the range of $1.32-1.34 billion, which is $65 million higher than its projection of $1.25-1.28 billion for the second quarter.
…. Original source : Wipro projects $1.33 bn from IT business in Q3.

World Bank gives $13 mn for Mizoram roads project

WASHINGTON – The World Bank has approved a credit worth $13 million in additional financing for the Mizoram State Roads Project to continue revitalizing and modernising the state’s highway system.

The project will help improve the management and carrying capacity of the core state road network in order to lower transportation bottlenecks and costs, and … Original article on : World Bank gives $13 mn for Mizoram roads project.

Wipro net up 10 percent in second quarter

BANGALORE – Wipro Ltd Friday posted a net profit of Rs.1,285 crore (Rs.12.85 billion) for second quarter (July-Sep) of this fiscal 2010-11, registering an increase of 10 percent year-on-year (YoY).

In a regulatory filing, the IT bellwether said its total revenue for the quarter under review was Rs.7,731 crore (Rs.77.31 billion), an increase of 12 …. Source : Wipro net up 10 percent in second quarter.

Record 5.2 million iPhones activated in US

SAN FRANCISCO – A record 5.2 million iPhones were activated in the last quarter by AT&T, which holds exclusive rights to the hit device in the US, the telecom giant has said.

The record-setting sales mark beat the previous record of 3.2 million iPhones that AT&T sold in the prior quarter, when Apple’s iPhone 4 …. Original source : Record 5.2 million iPhones activated in US.

Money Market Operations as on October 21, 2010

American Express profit up 70 percent

NEW YORK – American Express reported a profit boost of 70 percent in its third quarter over the same period last year, saying well-heeled card holders were spending more and paying their bills more often on time.

Net income was $1.09 billion, up from $642 million. Revenues were up 17 percent as tight controls on …. Read the original article : American Express profit up 70 percent.

Tokyo shares rise on US gains

TOKYO – Tokyo stocks climbed in Friday morning trading, supported by modest overnight gains on Wall Street.

The benchmark Nikkei 225 Stock Average gained 34.23 points, or 0.37 percent, to trade at 9,410.71, while the broader Topix index was up 3.25 points, or 0.4 percent, at 823.65.
The market was cautious ahead of a two-day … Read : Tokyo shares rise on US gains.

Navi Mumbai airport plan tweaked on green concerns

MUMBAI – The Maharashtra government Friday made minor changes in the design of the proposed international airport at Navi Mumbai, keeping in view the objections raised by the environment ministry that had raised concerns about possible loss of mangrove forests.

This was conveyed to the central government appointed 13-member Expert Appraisal Committee (EAC), headed by … Read more »»».

Toyota Recall Announced Again!

AICHI, JAPAN (GaeaTimes.com)- Toyota Motors the eminent Japan based car maker which was known as the manufacturer of some of the most reliable and robust cars in the world is fighting the spate of recalls that started haunting it since the beginning of this year. The earlier recalls involving its flagship hybrid Prius …. Read the original article : here.

Sensex ends flat, broader markets gain in volatile week (Weekly Market Review)

MUMBAI – The benchmark index for Indian stock markets ended flat in a rather volatile week of trade. Mid-to-smaller valued scrips, however, saw better buys.

The Bombay Stock Exchange’s 30-share sensitive index (Sensex) nudged 0.2 percent or 40.81 points up to end the week at 20,165.86 points.
At the National Stock Exchange (NSE), the 50-share …. Read the original article : here.

IRDA move will kill variable insurance segment: Industry

CHENNAI – The category of variable insurance products (including universal life products) will be killed if the draft norms issued by the Indian insurance regulator is implemented in its current form, feel industry officials.

The Insurance Regulatory and Development Authority (IRDA) Thursday made two major announcements – issuance of draft on norms governing the variable …. Read the original article : IRDA move will kill variable insurance segment: Industry.

CWG nips Himachal florists’ fortunes in bud

SHIMLA – The flower business in Himachal Pradesh is bouncing back with the onset of the festive and marriage season after the Commonwealth Games disaster as florists failed to get bulk orders to supply flowers, chiefly roses, carnations and marigolds, as expected.

Moreover, the restrictions imposed by the security agencies in the national capital during … Read more >>.

Snags hit Kolkata Metro again

KOLKATA – Metro services in Kolkata were disrupted yet again following technical snags Saturday, a day after its top boss was shunted out in the wake of a derailment three days ago.

A train failed to roll further due to a technical snag in the signalling panel board at Kavi Nuzrul station, a Metro … Read this article on Gaea Times at : Snags hit Kolkata Metro again.

Runway at world’s first commercial spaceport ready

LONDON – A runway at the world’s first commercial spaceport in New Mexico is complete and space tourists are expected to take flight in 18 months, with British industrialist Richard Branson likely to be among them, says a media report.

The Spaceport America in New Mexico desert is the world’s first facility designed to launch …. Original source : Runway at world’s first commercial spaceport ready.

Not just match, Goa rains queer pitch for mining too

PANAJI – Rains are not just threatening to disrupt the India-Australia cricket match Sunday. The unprecedented October downpour in Goa, leading to turbulent seas, are also affecting the export of ore, a senior industry official said Friday.

Speaking to IANS, Goa Mineral Ore Exporters Association (GMOEA) executive director S. Sridhar said while it would …. Source : Not just match, Goa rains queer pitch for mining too.

Breakthrough agreement on IMF reform

KYONGJU – Leading developed and developing nations Saturday agreed to far-reaching reforms of the International Monetary Fund aimed at giving more weight in IMF decision-making to developing countries.

The reforms are meant to reflect the growing power of developing countries such as China and India in the world economy by reapportioning IMF voting rights and … Read : Breakthrough agreement on IMF reform.

US stock indexes mixed in daily trading

NEW YORK – US benchmark indexes were mixed in daily trading Friday, but all three indexes capped their third straight week of gains.

Strong earnings reports through the week, accentuated by better than expected performances by passenger airlines, pushed investor interest, Bloomberg financial news agency reported.
The blue-chip Dow Jones Industrial Average shed 14.01 points …. Read the original article : US stock indexes mixed in daily trading.

China, UAE discuss ways to boost ties

Beijing, Oct 22 (IANS/WAM) China and the United Arab Emirates Friday discussed ways to bolster bilateral relations in various fields, especially in the areas of energy and investment.

At a meeting with Chinese Vice President Xi Jinping here, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan hoped his visit to Beijing would further …. Original source : China, UAE discuss ways to boost ties.

Nuclear bomb shelter put on sale

LONDON – A privately-owned bomb shelter in Britain capable of withstanding a blast 80 times that of the atomic bomb that devastated Hiroshima has been put on sale, a media report said Friday.

A man who feared a Cold War missile strike is selling his 350,000-pound house complete with a nuclear bunker, the Daily Telegraph …. Source article on Gaea Times at : Nuclear bomb shelter put on sale.

Recovery in IT industry is solid, sustainable: Premji

BANGALORE – Recovery in the IT industry is solid and sustainable, as growth during the last two-three quarters has been exceptional, Wipro chairman Azim Premji asserted Friday.

Recovery in growth has been fairly exceptional, solid and sustainable. It is not a catch-up of the past demand. And lot of spending is discretionary, which again is …. Original source : Recovery in IT industry is solid, sustainable: Premji.

Air India to pay employees incentive before Diwali

NEW DELHI – National carrier Air India has agreed to pay incentives to its employees before Diwali.

Earlier Air India had postponed the payment of performance linked incentives (PLI) to Nov 14, triggering protests from employees’ unions as the important festival of Diwali falls Nov 5.
The incentives and PIL has been preponed to Nov …. Source article : Air India to pay employees incentive before Diwali.

Unauthorised interception of communications to be prosecuted

NEW DELHI – The central government Friday said companies and individuals who possess equipment having capabilities of monitoring and surveillance of communication have to file an information to the government within 60 days or they shall be liable for prosecution.

Those who fail to meet the deadline can face imprisonment of up to three … Read more »»».

Wipro admits to performing lower than industry peers (Second Lead)

BANGALORE – India’s third largest IT bellwether Wipro Ltd Friday admitted that its performance during the second quarter (July-Sept) of this fiscal was lower than industry peers TCS and Infosys Technologies sequentially and annually.

“We acknowledge and recognise the growth by the industry. We will rise to the occasion and the challenge by putting our organisation … Read more >>.

Indian tax authorities ask Vodafone to pay over Rs.112 bn

NEW DELHI – Indian tax authorities Friday asked global mobile firm Vodafone to pay over Rs.112 billion (around $2.53 billion) as tax in the 2007 purchase of Hutchinson Whampoa’s mobile business. Vodafone maintained it was not liable to pay and also questioned the calculation of the assessment.

The tax department’s claim of its right to …. Read the original article : Indian tax authorities ask Vodafone to pay over Rs.112 bn.

Second Liquidity Adjustment Facility : Auction Results

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

Amount (face value in Rs. crore)

Item

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

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

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

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on October 27, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the …. Source article : 182-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 27, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at … Read more »».

India to set up autonomous civil aviation watchdog

NEW DELHI – The Air India Express crash in Mangalore in May that killed 158 passengers and crew has led India to fast-track an independent Civil Aviation Authority (CAA) to ensure better aviation safety, security and regulation, a top official said.

The autonomous authority will provide for more flexibility and faster decision-making, along with greater … Read more >>>.

A bewitching Taj under the full moon

AGRA – The Taj Mahal looked ethereal as it glistened under a full moon Saturday, providing an “unforgettable experience” to a large number of tourists who had come to view the 17th century white marble mausoleum in Agra.

All the 400 tickets to the Taj were sold Friday and people were allowed to enter in …. Read the original article : A bewitching Taj under the full moon.

Exporters expect demand to pick up, wary of currency fluctuations

NEW DELHI – Indian exporters are optimistic about rise in demand in key markets such as the US and European Union (EU) in the coming months, although the spike in prices of raw material and an appreciating rupee continue to hurt margins.

About 64 percent of exporters’ current conditions are substantially better compared to the …. Read the original article : Exporters expect demand to pick up, wary of currency fluctuations.

From Tetris to Batman: new video games with familiar faces

MUNICH – Whether its former New York cop Kyle Hyde – now investigating crime as a detective – or Batman, this autumn making his umpteenth digital return to Gotham City, one thing is clear, old favourites are in fashion for gaming this season.

Tetris is perhaps the most familiar face to return to the gaming …. Original article on Gaea Times at : From Tetris to Batman: new video games with familiar faces.

Villagers give nod to Jindal project

RAIPUR – Dozens of villagers Saturday gave the nod to Jindal Power Limited’s (JPL) coal washery project but expressed concern about pollution fallout due to the project to Kelo river, the lifeline of the people in Raigarh district.

A public hearing was held at a school complex at Tamnar area, some 250 km from here … Read more : Villagers give nod to Jindal project.

Mamata hints at CPI-M hand in Kolkata Metro snags

KOLKATA – Trinamool Congress chief and Railway Minister Mamata Banerjee Saturday hinted that the recent snags in Kolkata Metro and train accidents in West Bengal are the handiwork of the ruling Communist Party of India-Marxist (CPI-M) to defame her.

“I have all the information. I know who are creating these problems in Metro,” …. Original article on Gaea Times at : Mamata hints at CPI-M hand in Kolkata Metro snags.

India- Bangladesh sign MOU to establish Border Haats

NEW DELHI – India and Bangladesh here on Saturday signed a Memorandum of Understanding (MOU) for establishing Border Haats, a traditional commodity market, along the Meghalaya-Bangladesh border.

Two agreements on procedures were signed to facilitate movement … Read more »»».

Categorise households for legal entitlement of foodgrain: NAC

NEW DELHI – The National Advisory Council (NAC), chaired by Sonia Gandhi, Saturday urged the government to move beyond the below poverty line (BPL) criteria and recommended “priority” and “general” categories for legal entitlement of foodgrain under the proposed food security act.

“The priority households (46 percent in rural areas and 28 percent in urban … Read more : Categorise households for legal entitlement of foodgrain: NAC.

Kids come before jobs for working women: Survey

NEW DELHI – Women prefer to work part time, rather than take up a full-time job, in order to spend maximum time with their children, a report said Saturday.

According to the study “Women’s Preference Towards Work”, conducted by the Associated Chambers of Commerce and Industry of India’s (Assocham) Social Development Foundation, (ASDF), seven in …. Source : Kids come before jobs for working women: Survey.

Pakistani legislators want liquor ban to be lifted

ISLAMABAD – Pakistani legislators are advocating lifting of the ban on sale of liquor in state-run hotels and resorts in a desperate bid to “attract tourists and increase revenue”, the Express Tribune reported Saturday.

In a meeting of the Senate’s standing committee on tourism, chairperson of the committee Nilofer Bakhtiar questioned the “wisdom behind … Original article on : Pakistani legislators want liquor ban to be lifted.

Mothers prefer part-time jobs: Survey

NEW DELHI – Working women prefer to opt for part-time jobs if they have kids, a study published by the Associated Chambers of Commerce and Industry of India (Assocham) said Saturday.

Over 4,700 working parents in cities like Delhi, Mumbai, Chandigarh, Pune, and Bangalore, among others, were part of the survey conducted by Assocham’s … Original article on : Mothers prefer part-time jobs: Survey.

Rain adds to misery of paddy farmers in Punjab

CHANDIGARH – Friday’s rain has added to the woes of Punjab farmers, who have been desperately waiting for the procurement of their paddy crop which is lying in the state’s grain markets.

They fear rotting of their yield as the moisture content in it has gone up with rainfall and hailstorms. The farmers are also … Read : Rain adds to misery of paddy farmers in Punjab.

Southwest Airlines On A High

DALLAS (GaeaTimes.com)- Southwest Airlines the budget carrier is reaping the benefits of the acquisition deal it had signed with AirTran Airways. The airline is now going to extend its flight operations in places like South Carolina. From Greenville and Charleston the airline is going to begin its 7 flights a week scheme. … Read more >>>.

State Government of Andhra Pradesh announces Auction of State Development Loan 2020 for Rs.500.000 crore on October 26, 2010

Please refer to our earlier press release dated October 21, 2010, announcing SDL Auction for ten State Governments to be held on October 26, 2010. In this connection, the State Government of Andhra Pradesh has also announced the sale of its 10-year State Development Loan (SDL) for an aggregate amount of …. Source : State Government of Andhra Pradesh announces Auction of State Development Loan 2020 for Rs.500.000 crore on October 26, 2010.

Investment by FIIs under PIS : M/s. GMR Infrastructure Limited

The Reserve Bank of India today notified that M/s. GMR Infrastructure Limited (rbi.org.in/scripts/BS_FiiUSer.aspx#GMRI) has agreed to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges, under the Portfolio Investment Scheme (PIS) up to 35 per … Read the original article on Gaea Times at : Investment by FIIs under PIS : M/s. GMR Infrastructure Limited.

The new plant in Chengdu, provincial capital of Sichuan, will produce mainly laptop computers, Xinhua reported.
Investment for the first phase stands at $299 million, with total investment due to reach $2 …. Source article on Gaea Times at : Foxconn sets up $2bn plant in China.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2009

2010

Variation

Oct. 16

Oct. 8

Oct. 15#

Week

Year

Loans and advances

Central Government

—

State Governments

348

1,291

1,705

415

1,358

2. Foreign Exchange Reserves

Variation over

Item

As on Oct. 15, 2010

Week

End-March 2010

End-December 2009

Year

`
Crore

US$
…. Source article on Gaea Times at : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

Sensex closes 94 points lower, Wipro loses on poor results (Roundup)

MUMBAI – A benchmark index of Indian equities closed 94 points lower Friday with selling pressure intensifying in frontline stocks, erasing most of the gains from earlier sessions.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,334.14 points, closed at 20,165.86 points, down 94.72 points or 0.47 percent … Original article on : Sensex closes 94 points lower, Wipro loses on poor results (Roundup).