Business News – Newsletter for November 8, 2010

Monday, November 8, 2010

Arithmetic of Indo-US deals: $10 bn or $15 bn?

NEW DELHI – The mega commercial deals between Indian and US companies that were announced during US President Barack Obama’s visit here have raised one question: Are they worth $10 billion, as variously reported, or $15 billion as stated by White House?

A closer look at fine print suggests both figures have some basis.
According …. Original article : Arithmetic of Indo-US deals: $10 bn or $15 bn?.

I did not make ‘outsourcing a bogeyman’ this time: Obama

NEW DELHI – In a sharp departure from his earlier statements that had voiced concern over American jobs shifting from Buffalo to Bangalore, US President Barack Obama Monday said he never made “outsourcing a bogeyman” during this India visit and asked the businesses of the two sides to shed stereotypes.

“I don’t think you heard …. Source article on Gaea Times at : I did not make ‘outsourcing a bogeyman’ this time: Obama.

$10bn trade deals have elevated India, US ties: Obama

NEW DELHI – President Barack Obama Monday said the $10-billion trade agreements signed in Mumbai were a step forward in elevating India as a top trading partner of the US.

Mumbai trade deals is a step forward for elevating India as the top trading partner of the US, Obama said in a joint press … Read this article on Gaea Times at : $10bn trade deals have elevated India, US ties: Obama.

Obama strikes out at ‘outsourcing stereotypes’

NEW DELHI – Both countries were “operating on stereotypes that have outlived their usefulness”, US President Barack Obama said Monday in response to a question on outsourcing and what India would get from the deals struck in Mumbai.

He said part of the reason he was promoting the fact that the deals were going to … Read more : Obama strikes out at ‘outsourcing stereotypes’.

US eases control on high tech exports to India

NEW DELHI – The United States Monday decided to relax its export controls of high-tech equipment to India, particularly in the defence and scientific areas, while agreeing to push New Delhi’s membership in some key strategic multilateral institutions and work closely toward global energy security.

The formal announcement came during a joint press conference …. Original article on Gaea Times at : US eases control on high tech exports to India.

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 ` 61.81 on November 8, 2010. The corresponding rates for the previous day (November 4, 2010) were ` 44.32 and ` 62.59 respectively. Based on the Reference Rate for …. Source : Gaea News Network.

Mukherjee, Geithner discuss G20 agenda, meet CEOs

NEW DELHI – Finance Minister Pranab Mukherjee Monday held talks here with US Treasury Secretary Timothy Geithner on a wide range of issues, including the agenda for the G20 Summit in Seoul later this week, to be attended by Prime Minister Manmohan Singh and President Barack Obama.

The next steps forward to stabilise the global … Read more »».

India steps up agro-diplomacy in Nepal

KATHMANDU – New Delhi is stepping up its agro-diplomacy in Nepal’s Terai plains, known as the “food bowl” of the country, pledging more than NRS 300 million for the construction of over 3,000 shallow tubewells for better irrigation.

As part of the Indian government’s economic cooperation projects in Nepal, the Indian Embassy in Kathmandu and …. Source : Gaea News Network.

Mukherjee, Geithner discuss G20 agenda, financial stability

The next steps forward to stabilise the global …. Read the original article : Mukherjee, Geithner discuss G20 agenda, financial stability.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 8, 2010 are:

Amount (face value in ` crore)

Item

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

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

Malaysian Airline eyes Indian, Chinese markets

KUALA LUMPUR – The Malaysian Airlines has kept the markets in India and China at the top of its new expansion plans.

With Asian economies growing faster than those in Europe and the Americas, the national carrier is also focusing on the neighbourhood and Australia.
Over 600,000 Indians travelled to Malaysia last year.
The airline’s …. Original source : Malaysian Airline eyes Indian, Chinese markets.

G20 summit seeks an end to global currency war

SEOUL – Arguably the biggest challenge facing the Group of 20 summit in Seoul next week will be putting an end to a currency war that is placing the already fragile and uneven global recovery at risk.

For this to happen, world leaders will need to put cooperation above national interests.
But the omens are … Read more : G20 summit seeks an end to global currency war.

Money Market Operations as on November 4, 2010

Tokyo stocks climb one percent

TOKYO – Japanese shares rose in Monday morning trading as export-oriented issues were boosted by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 96.67 points, or one percent, to trade at 9,722.66 while the broader Topix index was up 6.36 points, or 0.76 percent, at 841.34.
Shares were also helped by modest gains …. Original article on Gaea Times at : Tokyo stocks climb one percent.

Delhi Metro gets fewer riders on Bhai Dooj (Lead, superseding previous story)

NEW DELHI – Contrary to expectations, the Delhi Metro had fewer riders on Bhai Dooj Sunday, an official said.

“The Metro ridership was 9.52 lakh till 8 p.m. On any normal Sunday, the ridership touches 11 lakhs,” the Delhi Metro Rail Corporation (DMRC) official said.
Delhi Metro ran 33 additional trains which made [..] Read the original article: here.

Monday morning traffic blues on cards for Delhiites

NEW DELHI – With major roads in the capital blocked to facilitate US President Barack Obama’s movements, office-goers will have a tough time Monday as most of the vehicular restrictions will be in place during peak traffic hours.

As Obama is scheduled to visit Rajghat Monday morning, roads around Mahatma Gandhi’s memorial will be … Read more : Monday morning traffic blues on cards for Delhiites.

Traffic movement restricted, Delhiites throng Metro

NEW DELHI – With traffic movement restricted due to US President Barack Obama’s visit to the national capital Sunday, Delhiites thronged to the Delhi Metro in more than their usual droves to escape agonising traffic jams.

With Bhai Dooj also celebrated Sunday, 453 extra trips were run by the Delhi Metro to manage the huge …. Original source : Traffic movement restricted, Delhiites throng Metro.

Thousands protest ahead of G20 summit in Seoul

SEOUL – Thousands of anti-globalisation protesters rallied in Seoul Sunday against a summit of the world’s leading economies taking place in the South Korean capital this week.

Organisers said 40,000 people took part in the protest against the Group of 20 (G20) meeting, but police put the figure at half of that.
Television footage showed … Read more »».

Emirates Airline indicted for flight mishandling

KOCHI – India’s Director General of Civil Aviation (DGCA) has indicted Emirates Airline for the manner in which the pilot and other officials handled its Dubai-Kochi flight on April 25 that suffered air turbulence that left 18 passengers and one crew injured.

A report prepared by S. Durrairaj, inquiry officer, regional controller of air safety, …. Read the original article : Emirates Airline indicted for flight mishandling.

DGCA indicts Emirates Airlines

KOCHI – The Director General of Civil Aviation (DGCA) has indicted Emirates Airline for the manner in which the pilot and other officials handled its Dubai-Kochi flight on April 25 that suffered air turbulence and left 18 passengers and one crew injured.

A report prepared by S. Durrairaj, enquiry officer, regional controller of air safety, …. Original source : DGCA indicts Emirates Airlines.