Business News – Newsletter for November 5, 2010

Brand bond has much stronger impact on consumers than thought

WASHINGTON – Can you become so emotionally attached to a brand that if forced to buy a competitor’s product, you suffer separation anxiety? Well, the answer is yes, according to a new study.

The USC Marshall School of Business study has suggested that the bond can be strong enough …. Source article  : Brand bond has much stronger impact on consumers than thought.

Nothing suspicious found on Delta flight in Mumbai

MUMBAI – Nothing suspicious has been found aboard the Delta Airways Amsterdam-Mumbai flight which had made an emergency landing at the international airport here, the authorities said Friday.

Airport sources told IANS that the aircraft with 244 passengers on board was moved to an isolated area soon after it landed at the Chhatrapati Shivaji International … Read more >>.

US stock surge follows global rally after central bank moves

NEW YORK – US stocks surged Thursday, following the lead of global markets as investors digested a series of central bank moves to boost sagging economies.

The US and European monetary authorities took opposite approaches to their economies in the last two days, with the Federal Reserve opting for a $600-billion buy-up of long-term government … Read more »»».

Delta Airways flight makes emergency landing at Mumbai

MUMBAI – A Delta Airways Amsterdam-Mumbai flight made an emergency landing at the Chhatrapati Shivaji International Airport (CSIA) here Thursday following a call warning of some unidentified object on board, an official said.

The flight ETW-070 was carrying 244 passengers when it landed around 11 p.m., the official said.
Soon after the landing, … Read this article on Gaea Times at : Delta Airways flight makes emergency landing at Mumbai.

Singapore tops World Bank list of best places for business

WASHINGTON – Singapore is the best country to do business, according to the World Bank’s latest ranking released Thursday.

Hong Kong came in second and New Zealand third, while Britain and the US rounded out the top five, according to the World Bank’s Doing Business report. Kazakhstan was rated the country that had most improved …. Original source  : Singapore tops World Bank list of best places for business.

OPEC lowers oil price outlook amid economic uncertainties

VIENNA – The Organisation of the Petroleum Exporting Countries (OPEC) said Thursday oil prices would not rise above $85 until 2020, significantly lowering its forecast amid uncertainties about the global economic recovery.

OPEC Secretary General Abdalla Salem El-Badri said it was unclear how economies would perform and how demand would develop after government stimulus packages … Read more : OPEC lowers oil price outlook amid economic uncertainties.

Pay hike for Punjab’s mayors, councilors

CHANDIGARH – In a pre-Diwali bonanza for mayors, councillors and other senior functionaries of municipal bodies in Punjab the honorarium paid to them has been almost doubled, a minister announced Thursday.

The monthly honorarium has been increased from Rs.10,000 to Rs. 15,000 for mayors. Senior deputy mayors will get a raise from Rs. 8,000 … Read this article on Gaea Times at : Pay hike for Punjab’s mayors, councilors.

Delhi mulls congestion tax

NEW DELHI – The Delhi government is mulling a congestion charge on cars in a bid to check the use of private vehicles and clean up the city’s air.

This has been proposed by a Special Task Force constituted by the Delhi government on the direction of the high court on traffic issues in the …. Source  : Gaea News Network.

Toyota recalls 12,000 vehicles in Britain

LONDON – Automobile giant Toyota Thursday announced a recall of around 12,000 vehicles in Britain because of a steering problem.

The Japanese company is recalling the iQ car produced between September 2008 and October 2010, The Independent reported.
Toyota said the steering problem can occur when iQ models are driven over rumble strips or speed-breakers.
…. Read the original article  : Toyota recalls 12,000 vehicles in Britain.

Nizam’s palace turned Taj Hotel opens

HYDERABAD – Falaknuma Palace, one of the historical landmarks of Hyderabad and which was once owned by the erstwhile nizams, has been thrown open as luxury hotel.

After 10 years of extensive and sensitive restoration, the Taj Group of Hotels has opened the palace once owned by rulers of erstwhile Hyderabad State and located in …. Source  : Nizam’s palace turned Taj Hotel opens.

CPI-M demands Raja’s head over spectrum scam

NEW DELHI – Communist Party of India-Marxist (CPI-M) politburo member Sitaram Yechury Thursday demanded the sacking of Telecom Minister A. Raja following the Comptroller and Auditor General’s (CAG) adverse comments on lapses in the 2G spectrum (airwaves) auction.

Addressing reporters here, Yechury said an inquiry into the 2G spectrum auction should be ordered and guilty …. Read the original article  : CPI-M demands Raja’s head over spectrum scam.

India behind Pakistan on human development indices: UN report

NEW DELHI – India lags behind its neighbours, Pakistan and Bangladesh, on human development indices like life expectancy at birth and mean or average years of schooling, a United Nations Development Programme (UNDP) report released Thursday said.

Titled “Real Wealth of Nations: Pathways to Human Development”, the report had a global launch and was released …. Source  : India behind Pakistan on human development indices: UN report.

Jet flight makes emergency landing in Mumbai

MUMBAI – A Jet Airways Mangalore-Mumbai flight with 163 passengers on board made an emergency landing here Thursday evening following a suspected flat tyre, officials said.

The Boeing 737 aircraft (Flight 9W-432) managed to land safely around 5.15 p.m at Chhatrapati Shivaji International Airport, even as an emergency was declared at the airport, the officials … Read more »».

Sonia ahead of Manmohan in Forbes list, Hu bests Obama (Night Lead)

WASHINGTON – Sonia Gandhi, chairperson of India’s ruling alliance, has been ranked ninth in the Forbes list of the world’s most powerful people that is headed by Chinese President Hu Jintao. Prime Minister Manmohan Singh has been placed at number 18.

Hu pushed US President Barack Obama from the top to the second spot. The … Read : Sonia ahead of Manmohan in Forbes list, Hu bests Obama (Night Lead).

EU bans seafood from Pakistan

ISLAMABAD – The European Union has banned the import of seafood from Pakistan for its failure to maintain food safety regulations, a media report said.

Federal Minister for Trade Makhdoom Amin Fahim told parliament that the EU has deleted names of Pakistani seafood export companies from its list. The main reason was that the companies …. Read the original article  : EU bans seafood from Pakistan.

Indian IT companies provide solution, not a problem: Pilot

NEW DELHI – The United States should look Indian IT companies not as a problem but as part of the solution as these provide jobs to the local people and add to the country’s development, Minister of State for IT Sachin Pilot said Thursday.

“The Indian IT companies are not a problem. They are …. Original article on Gaea Times at  : Indian IT companies provide solution, not a problem: Pilot.

Corporation Bank hikes base rate by 50 basis points

MUMBAI – Corporation Bank said Thursday it will hike base rate, the minimum rate below which a bank cannot offer loan, by 50 basis points to 8.25 percent from Nov 8, making all loans, including auto and housing loans, dearer.

In a regulatory filing to the Bombay Stock Exchange, the bank said it would [..] Read the original article: here.

Results of OMO purchase auction held on Nov 04, 2010 ??? Settlement on November 08, 2010

SUMMARY RESULTS

Aggregate Amount (Face value) notified by RBI
: 
`12,000 crore

Total amount offered (Face value) by participants
: 
`17,773.233 crore

Total amount accepted (Face value) by RBI
: 
`8,352.374 crore

DETAILS OF EACH ISSUE

Security

7.38% GS 2015

7.02% GS 2016

7.80% GS 2020

No. of offers received

14

85

184

Total amount (face value) offered (` in crore)

1032.609

4262.917

12477.707

No. of offers accepted

11

53

94

Total amount (face … Read more : Results of OMO purchase auction held on Nov 04, 2010 ??? Settlement on November 08, 2010.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 4, 2010 are:

Amount (face value in ` crore)                       

Item

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

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

Outsourcing has created US jobs: India’s message to Obama

NEW DELHI – India will seek to impress upon US President Barack Obama during his Nov 6-9 visit that outsourcing has actually created thousands of jobs in the US, and not taken them away.

“The issue of outsourcing will obviously figure in the discussions,” Foreign Secretary Nirupama Rao told reporters here, briefing on the contours … Read : Outsourcing has created US jobs: India’s message to Obama.