Business News – Newsletter for November 2, 2010

Reliance Communications launches free calling offer schemes

NEW DELHI – Reliance Communications Tuesday launched two schemes offering free calling between 11 p.m. to 6 a.m. for its subscribers during this festival season.

The company is offering its new customers, who subscribe between Nov 1 and Nov 30, free calling benefits to any local Reliance mobile between 11 p.m. to 6 a.m. … Read more : Reliance Communications launches free calling offer schemes.

Food prices should be brought down further: Sonia

NEW DELHI – Expressing concern at rising prices, Congress president Sonia Gandhi said the prices of food items needed to be brought down further and the responsibility for doing so also lay with the states.

Addressing a meeting of the All India Congress Committee (AICC) here, Gandhi said it was also the duty of … Read this article on Gaea Times at : Food prices should be brought down further: Sonia.

Petroleum price hike a death blow, says Pakistani daily

ISLAMABAD – The steep hike in prices of petroleum products will be “a death blow to most middle-income people”, a Pakistani daily said in an editorial.

The editorial Tuesday in the Express Tribune said: “In raising petroleum prices by just under Rs.6 per litre, the government has delivered what many will see as a death …. Source article on Gaea Times at  : Petroleum price hike a death blow, says Pakistani daily.

Markets flat post rates hike

MUMBAI – Indian equities markets Tuesday were ruling flat after the Reserve Bank of India hiked the short-term borrowing and lending rates by 25 basis points each.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,407.18 points, was ruling at 20,348.08 points, down 7.55 points or 0.04 percent …. Source article  : Markets flat post rates hike.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.43 and the Reference Rate for Euro is ` 61.92 on November 2, 2010. The corresponding rates for the previous day (November 1, 2010) were ` 44.42 and ` 62.16 respectively. Based on the Reference Rate for … Read more >>.

Pakistani traders gush about business trip to Chandigarh

CHANDIGARH – Happy with the warm hospitality, Pakistani traders who came to this union territory to participate in Chandigarh Fair-2010, are taking the business trip as an opportunity to develop local contacts and explore new places here.

“Besides a business trip, this is an opportunity to discover our roots in Punjab and meet … Original source on Gaea Times at : Pakistani traders gush about business trip to Chandigarh.

Palpable sense of change as Bihar votes

PATNA – On the chaotic streets of Patna, rickshaw puller Ram Jagan Yadav casts a thoughtful glance around and says, “Change is here and change is the rule.” As life goes on amid the Bihar polls, people have not failed to note that things are different.

Fewer posters on the walls, fewer rallies and …. Original article  : Palpable sense of change as Bihar votes.

RBI Announces OMO Purchase of Government Securities

The liquidity adjustment facility (LAF) window of the Reserve Bank has remained in an injection mode since September 9, 2010. The average daily net injection of liquidity through LAF was ` 61,700 crore in October 2010 with a peak injection of ` 1,28,685 crore on October 30, 2010. With a … Read this article on Gaea Times at : RBI Announces OMO Purchase of Government Securities.

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), "8.13 per cent Government Stock 2022" for a notified amount of Rs.5,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount of …. Original article  : Underwriting Auctions for Government Securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 2, 2010 are :

Amount  (face value in ` crore)                  

Item

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

1 day Repo Auction 
…. Original source  : Liquidity Adjustment Facility : Auction Results.

RBI hikes key interest rates by 25 basis points

MUMBAI – The Reserve Bank of India (RBI) Tuesday hiked its short-term borrowing and lending rates by 25 basis points, continuing with its tight monetary policy stance to tame inflation, but hinted that the rates would not undergo any more changes in the immediate future.

The repurchase rate now stands revised to 6.25 percent … Read more >>>.

Kolkata Metro services hit for 30 minutes

KOLKATA – After a series of disruptions last month, Metro services in Kolkata were hit again Tuesday morning for half an hour after a train developed a technical snag at a station.

“The Dum Dum Metro station-bound train reached Mahanayak Uttam Kumar station and developed a technical snag. All the passengers were evicted,” Metro Railway … Read more >>.

Obama wooed by immense Indian business potential: Pakistani daily

ISLAMABAD – Barack Obama “has to keep both Pakistan and India happy”, said a leading Pakistani daily ahead of the US president’s Nov 6-9 visit to India. It noted that Obama had been “wooed by the immense Indian business potential”.

An editorial in the Dawn said “presidents (Bill) Clinton and (George W.) Bush and now … Read this article on Gaea Times at : Obama wooed by immense Indian business potential: Pakistani daily.

Venezuela nationalises steelmaker

Caracas, Nov 2 (IANS/EFE) Venezuelan President Hugo Chavez has announced the nationalisation of steelmaker Sidetur and of several real estate developers that failed to complete housing projects.

Chavez broke the news Sunday during a six-hour edition of his weekly television programme, a week after announcing in the same venue that his government was nationalising the … Read this article on Gaea Times at : Venezuela nationalises steelmaker.

Android sweeps Apple, BlackBerry in US smart phone market

TORONTO – There is more bad news for BlackBerry maker Research In Motion (RIM) as its smart phone sales have slipped to the third position in the US market.

According to the latest data by the NPD Group, the US-based smart phone market tracking company, the BlackBerry’s share of the US market in the third … Original article on : Android sweeps Apple, BlackBerry in US smart phone market.

Sensex opens higher, but slips on rate hike fears

MUMBAI – Indian equities opened higher Tuesday, ahead of the monetary policy update by the central bank later in the day, but slipped on fears that interest rates may be hiked for the sixth time this year.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 20,407.18 points, against the …. Original source  : Sensex opens higher, but slips on rate hike fears.

Daimler to replicate India outsouring model in other plants

CHENNAI – German auto group Daimler, setting up a 36,000 per annum truck unit near here, sees localisation as the key for growth in the price-sensitive commercial vehicle market and would replicate the Indian outsourcing and production model in plants elsewhere.

“Our trucks will roll out with 85 percent localisation in terms of material value …. Source article  : Daimler to replicate India outsouring model in other plants.

US business seeks free high-tech trade with India

WASHINGTON – Ahead of US President Barack Obama’s trip, a major US trade association representing 300 top US companies doing business with India has proposed a five-point agenda for advancing India-US economic partnership, including educational collaboration and a free trade agreement.

Entitled “Partners in Prosperity – Business Leading the Way”, the US-India Business Council (USIBC) …. Source article  : US business seeks free high-tech trade with India.

Tokyo stocks edge down on stronger yen, US election

TOKYO – Japanese shares inched lower in Tuesday morning trading with investor sentiment hurt by the yen’s appreciation and investors being cautious ahead of the US Federal Reserve’s meeting.

The benchmark Nikkei 225 Stock Average lost 9.53 points, or 0.1 percent, to trade at 9,145.19 while the broader Topix index was down 1.84 … Read this article on Gaea Times at : Tokyo stocks edge down on stronger yen, US election.

Air India begins non-stop flights from Canada

TORONTO – With the introduction of its daily, non-stop Toronto-Delhi flight from Oct 31, Air India now flies non-stop to India from all its destinations in North America.

While India’s national carrier introduced non-stop flights from three US destinations – Newark, New York and Chicago – last year, Toronto was put on the non-stop route … Read more >>>.