Business News – Newsletter for November 3, 2010

Picture postcards collection to be launched in UAE

Abu Dhabi, Nov 3 (IANS/WAM) A leading daily in the United Arab Emirates (UAE) will launch an exclusive collection of picture postcards in a bid to revive the tradition of sending postcards.

The Emirates Post has begin the campaign to revive the tradition of sending postcards.
The postcards would be launched at the Fourth International … Read more : Picture postcards collection to be launched in UAE.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 3, 2010 are :

Amount  (face value in ` crore)                    

Item

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

1 day Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

Chhattisgarh farmers to get Rs.50 bonus on selling paddy

RAIPUR – The Chhattisgarh government will give a bonus of Rs.50 on a quintal of paddy it will procure from farmers till Jan 31 over the minimum support price (MSP), an official said here Wednesday.

“The state will bear an additional burden of Rs.250 crore to give the bonus over the MSP,” said a …. Source article  : Chhattisgarh farmers to get Rs.50 bonus on selling paddy.

Jharkhand ends subsidy on gas cylinders

RANCHI – The Jharkhand government has decided to withdraw the Rs.11 subsidy on cooking gas cylinder. Now each cylinder will cost Rs.370.

Chief Minister Arjun Munda gave the direction at a meeting of food and civil supply department Tuesday. With this, the state government will save Rs.28 crore, according to official sources.
The sources …. Read the original article  : Jharkhand ends subsidy on gas cylinders.

On Dhanteras day, Patna buys 2,000 shiny new cars

PATNA – While politicians in Bihar are busy making electoral promises of development, the state capital added around 2,000 shiny, new cars on its roads on Dhanteras Wednesday.

The festival, that precedes Diwali and is considered an auspicious day for making purchases, is being celebrated on a grand scale in the capital of the …. Original source  : On Dhanteras day, Patna buys 2,000 shiny new cars.

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 ` 62.11 on November 3, 2010. The corresponding rates for the previous day (November 2, 2010) were ` 44.43 and ` 61.92 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex holds on to early gains in range-bound trading

MUMBAI – A benchmark index of Indian equities Wednesday was holding on to its morning gains in range-bound trading. Broader markets too were in the green, led by metal and consumer durables.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,472.86 points, was ruling at 20,478.61 points, up 132.92 … Read the original article on Gaea Times at : Sensex holds on to early gains in range-bound trading.

India should open retail to spur ‘Ever-Green Revolution’: US biz

WASHINGTON – Ahead of US President Barack Obama’s trip, a major US trade association suggested action in three key areas, including opening of India’s retail industry to foreign direct investment to help India usher in an “Ever-Green Revolution”.

The US-India Business Council (USIBC), representing 300 top US companies doing business with India, has also suggested …. Original source  : India should open retail to spur ‘Ever-Green Revolution’: US biz.

Sensex soars in morning trade

MUMBAI – After a tepid previous session, the benchmark index of Indian equities Wednesday soared in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,472.86 points, was ruling at 20,478.97 points, up 133.28 points or 0.66 percent from its previous close at 20,345.69 points.
At the National …. Source article  : Sensex soars in morning trade.

UAE revives trend of picture postcards

Abu Dhabi, Nov 3 (IANS/WAM) With the advent of the electronic age and instant messaging, the age-old custom of sending postcards has vanished from our day-to-day lives. The Emirates Post in the United Arab Emirates (UAE) has now launched a campaign to revive the tradition and has issued an exclusive collection of picture postcards.

Inspired …. Source article  : UAE revives trend of picture postcards.

Money Market Operations as on November 2, 2010

…. Original article on Gaea Times at  : Money Market Operations as on November 2, 2010.

US stocks rally ahead of elections

NEW YORK – US stocks rallied Tuesday ahead of election results that will likely see Republicans take over at least one chamber of Congress.

The US central bank’s board will likely begin a new round of monetary measures to stimulate the economy Wednesday, when it is expected to begin a programme to buy as much …. Original source  : US stocks rally ahead of elections.

Russia to build solar power plant

Moscow, Nov 3 (IANS/RIA Novosti) Two Russian firms have announced plans to build the country’s first industrial solar power station near the Black Sea.

The 12.3 megawatt station will be built in the spa resort of Kislovodsk by Khevel, a joint venture of Russia’s Rusnano and Renova companies.
“This is a breakthrough into a different …. Source article on Gaea Times at  : Russia to build solar power plant.

Payday Loan : Is it a Real Threat to Economy?

A Payday loan can be defined as a short-term loan with high interest rate given by any person or company. When such a loan is processed, a cash advance is made to the applicant by the lender. In return, the applicant signs a post dated check to the lender which includes …. Source article  : Payday Loan : Is it a Real Threat to Economy?.

Demolition of Adarsh housing society an option: Jairam Ramesh

NEW DELHI – Environment Minister Jairam Ramesh Tuesday said that it appears that Mumbai’s controversial Adarsh housing society had violated environmental laws and demolition of the building was one of the options before the government.

“We sent a letter to the Maharashtra government on Oct 26 and we received an interim reply on Oct 27, …. Original source  : Demolition of Adarsh housing society an option: Jairam Ramesh.

India has potential to increase its textile share in world trade: Dayanadhi Maran

NEW DELHI – Union Textiles Minister Dayanadhi Maran on Tuesday said India has the potential to increase its textile share in the world trade from the current level of 4.5 percent to eight percent to reach 80 billion dollars by 2020.

Maran said that investments to the tune of …. Original article on Gaea Times at  : India has potential to increase its textile share in world trade: Dayanadhi Maran.

India, ASEAN trade to touch $50bn this year

CHANDIGARH – Bilateral trade between India and the Association of Southeast Asian Nations (ASEAN) is likely to touch $50 billion in 2010, the Indonesian Ambassador to India said here Tuesday.

Terming India as a more important trade partner than China for ASEAN and Indonesia, Andi M. Ghalib, Ambassador of Indonesia, said that the Trade in … Original article on : India, ASEAN trade to touch $50bn this year.

Inflation will come down by December end: Montek Singh Ahluwalia

NEW DELHI – Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said the wholesale price inflation will come down by the end of December 2010.

Ahluwalia, who is also a noted economist, mentioned that the Government is taking several steps … Original article on : Inflation will come down by December end: Montek Singh Ahluwalia.

Andhra offers talks with Orissa over Polavaram project

BHUBANESWAR – The Andhra Pradesh government has offered to have a dialogue with Orissa to resolve issues related to the controversial Polavaram irrigation project, a senior Orissa official said Tuesday.

“Their principal secretary (Andhra Pradesh’s water resources department) had a discussion with me yesterday (Monday),” Orissa Water Resources Department Secretary S.C. Mohapatra told IANS.
“During …. Original article on Gaea Times at  : Andhra offers talks with Orissa over Polavaram project.

TRAI seeks opinion on controlling mobile phone theft

NEW DELHI – The telecom regulator Tuesday sought the opinion of service providers on ways to block lost or stolen mobile phones, discourage handset theft and protect consumer interest.

“The mobile phone theft is a serious concern to the consumers, specially because of valuable personal data stored in it. Presently, there is …. Source article on Gaea Times at  : TRAI seeks opinion on controlling mobile phone theft.