Business News – Weekly Newsletter for November 1-8, 2010

Monday, November 8, 2010

Maruti Suzuki October sales up 39.2 percent

NEW DELHI – Car market leader Maruti Suzuki Monday reported its higher ever monthly sales for October at 1,18,908 vehicles, a growth of 39.2 percent over the same month last year at 85,415 units.

The company crossed 1 lakh unit sales mark in the domestic market for the first time in October 2010, touching …. Source article : Maruti Suzuki October sales up 39.2 percent.

Karunanidhi showing his scorn for democracy: Jayalalithaa

CHENNAI – AIADMK general secretary J. Jayalalithaa Monday said Tamil Nadu Chief Minister and DMK president M. Karunanidhi is showing his scorn for democracy by not recalling Telecom Minister A. Raja over the 2G spectrum scam.

“Ultimately, the buck stops at the doorstep of DMK president Karunanidhi,” Jayalalithaa said in a statement here.
“Despite the …. Source : Gaea News Network.

India seeks partnership with hydrocarbon producers: PM

NEW DELHI – Prime Minister Manmohan Singh Monday sought to strengthen economic partnerships with hydrocarbon producing countries, saying the demand for this source of energy would increase by over 40 percent in the next 10 years.

“Hydrocarbons will continue to be our major source of energy for quite sometime in the future,” Singh said after … Read : India seeks partnership with hydrocarbon producers: PM.

Sensex surges 336 points

MUMBAI – A benchmark index of Indian equities Monday built on its morning gains and was ruling 336 points higher in afternoon trade. Positive cues from Asian markets helped boost sentiments.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,272.49 points, was ruling at 20,368.8 points, up 336.46 points … Read more : Sensex surges 336 points.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.42 and the Reference Rate for Euro is ` 62.16 on November 1, 2010. The corresponding rates for the previous day (October 29, 2010) were ` 44.54 and ` 61.81 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 1, 2010 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
(Purchase of securities … Read the original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

RBI may raise rates to curb inflation: Mukherjee

NEW DELHI – Finance minister Pranab Mukherjee Monday hinted that The Reserve Bank of India (RBI) may increase key interest rates further to contain inflation.

“RBI monitory policy will be announced soon. I had a discussion with the RBI (Reserve Bank of India) governor. He may may take the necessary step,” Mukherjee told reporters on …. Read the original article : here.

Nissan Recalls 1592 Vehicles in New Zealand

Wellington, New Zealand (GaeaTimes.com) — Nissan is recalling 1592 vehicles from New Zealand as a part of worldwide recall of their more than two million vehicles.
Nissan issued the international recall of 2.14 million car last week. This will be the third largest recall ever, which is issued by Nissan to fight an ignition problem … Read more »».

TVS Motor registers 48 percent volume growth

CHENNAI – Two and three wheeler maker TVS Motor Company closed October with a 48 percent increase in total sales as compared to the corresponding period of the previous year.

The company registered total sales of 195,271 units in October against 131,941 units in the same month of 2009.
Cumulative total sales for the …. Read the original article : here.

Krishna hopes China removes barriers in IT, pharma

NEW DELHI – External Affairs Minister S. M. Krishna Monday said he hoped China will provide a level playing field to India in pharmaceuticals and IT sector.

There is a capacity for enormous growth… Hope China will provide India a level playing field in pharmaceuticals and IT sector where we face barriers, said Krishna.
He …. Original source : Krishna hopes China removes barriers in IT, pharma.

World’s fertilizer giant faces takeover bid, Canada worried

TORONTO – The hostile takeover bid by the British-Australian BHP Billiton Ltd for the world’s biggest fertilizer company – Potash Corporation of Saskatchewan (PCS) – here has triggered a big headache for the Canadian government.

BHP, the Anglo-Australian mining giant, launched the takeover bid with a $39 billion offer in August – by far the … Original article on : World’s fertilizer giant faces takeover bid, Canada worried.

Rohtang Pass to be operational till Nov 15

MANALI – The Border Roads Organisation (BRO) Monday said it would operate the majestic Rohtang Pass, which connects this Himachal Pradesh town with Leh in Jammu and Kashmir, for two weeks more.

“On the demand of the state (Himachal Pradesh) government, we have decided to operate the Rohtang Pass till Nov 15,” a BRO spokesperson … Original article on : Rohtang Pass to be operational till Nov 15.

Census begins in China

BEIJING – Over 6.5 million census takers Monday fanned out across China and would visiting more than 400 million households to try to get an accurate count of the country’s population over a 10-day period.

The census takers, dressed in a uniforms and bearing a certificate, are asking everyone living and working on the mainland … Read : Census begins in China.

Corporate bigwigs to make inroads into Delhi bus services

NEW DELHI – Big corporate houses are set to hit the Delhi roads with world class buses that have automatic ticketing systems, providing commuters a “safe and reliable” option to the “killer” Blueline buses that are being phased out.

The Delhi government has already allowed StarBus company to come out with around 230 buses in …. Source : Gaea News Network.

Rate hike fears in India’s monetary policy review Tuesday

MUMBAI – The Reserve Bank of India (RBI) reviews its monetary policy for this fiscal Tuesday with high food inflation in the backdrop, even as industry and commercial banks hoped for status quo in policy rates, already tweaked five times in 2010.

RBI Governor D. Subbarao will conduct the second quarterly review … Original source on Gaea Times at : Rate hike fears in India’s monetary policy review Tuesday.

Sensex soars in early trade

MUMBAI – A benchmark index of Indian equities Monday soared in opening trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,3272.49 points, was ruling at 20,281.66 points, up 249.32 points or 1.24 percent from its previous close at 20,032.34 points.
At the National Stock Exchange (NSE), the 50-share … Original article on : Sensex soars in early trade.

Tokyo stocks edge down

TOKYO – Tokyo shares inched down in Monday morning trading, dragged down by bank shares and the yen’s appreciation hurting investor sentiment.

The benchmark Nikkei 225 Stock Average lost 16.41 points, or 0.18 percent, to trade at 9,186.04 while the broader Topix index was down 6.06 points, or 0.75 percent, at 804.85.
Mitsubishi UFJ Financial … Read this article on Gaea Times at : Tokyo stocks edge down.

Money Market Operations as on October 29, 2010

Kingfisher launches flight to Taj city from Delhi

AGRA – Kingfisher Airlines’ inaugural Delhi-Agra flight Sunday arrived at the city of the majestic 17th century Taj Mahal but an hour late, a travel agency official said.

Flight 4367, a 66-seater ATR plane, landed at the Kheria airport around 3.30 p.m. and returned to Delhi after half an hour, said the official who had … Read more : Kingfisher launches flight to Taj city from Delhi.

India, Angola to speed up petroleum sector cooperation

NEW DELHI – Petroleum Minister Murli Deora and his Angolan counterpart Jose Maria Botelho de Vasconcelos Sunday agreed to sign a memorium of understanding (MoU) that will speed up cooperation between the two countries in the hydrocarbon sector.

Deora sought more crude oil supply from the African nation on term contract at the bilateral meeting, …. Source article on Gaea Times at : India, Angola to speed up petroleum sector cooperation.

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 >>>.

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.

Sensex trading 377 points higher

MUMBAI – Backed by positive global cues and a stellar listing of Coal India, a benchmark index of Indian equities Thursday zoomed 377 points, with energy and metal stocks leading the rally.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,843.21 points, up 377.47 …. Original article : Sensex trading 377 points higher.

Orchid Pharma to invest Rs.200 crore in niche segment

CHENNAI – City-based Orchid Chemicals and Pharmaceuticals will invest around Rs.200 crore to enter niche segments like immuno suppressants and ophthalmology.

“We are planning to venture into niche segments like immuno suppressants (drugs the prevent immune system’s activity) and ophthalmology. The investment will happen in 2012. For the current year and next we do not … Read more : Orchid Pharma to invest Rs.200 crore in niche segment.

Markets to open for special ‘Muhurat’ trading on Diwali

MUMBAI – The Bombay Stock Exchange (BSE) will hold a special Diwali trading session for an hour from 6 p.m. Friday to pay obeisance to Lakshmi — the Hindu goddess of wealth and prosperity.

The other major bourse, the National Stock Exchange, will hold a similar session, called “Muhurat”, at the same time to …. Original article : Markets to open for special ‘Muhurat’ trading on Diwali.

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
(Purchase of …. Original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.32 and the Reference Rate for Euro is ` 62.59 on November 4, 2010. The corresponding rates for the previous day (November 3, 2010) were ` 44.36 and ` 62.11 respectively. Based on the Reference Rate for [..] Read the original article: here.

Another Himachal dam project caught in logjam

SHIMLA – Another mega hydropower project in Himachal Pradesh has been caught in an administrative logjam after the central environment and forests ministry objected to the transfer of a large chunk of forest land to it.

The ministry is against the diversion of 124.054 hectares of forest land from the Majathal Wildlife Sanctuary in Solan … Original source on Gaea Times at : Another Himachal dam project caught in logjam.

Facebook unveils `social commerce’ strategy

SAN FRANCISCO – Facebook unveiled a plan Wednesday to leverage its dominance of social networks to become the leading supplier of shopping deals to smartphone users and dominate the emerging category of social commerce.

Under the plan, Facebook members who use the company’s location-based Places feature will be alerted to special deals and discounts offered … Original source on Gaea Times at : Facebook unveils `social commerce’ strategy.

India making it easier to do business: World Bank

WASHINGTON – India is one of the 40 most-improved economies which made significant changes in business regulation at a steady pace over the last year to make it easier for firms to operate, according to a new report.

Since 2005, India has implemented 18 business regulation reforms in …. Read the original article : India making it easier to do business: World Bank.

Obama’s visit acknowledges India’s global role: US scholar

WASHINGTON – US President Barack Obama’s visit to India offers an opportunity to set a new course for the direction of the US-India partnership, acknowledging India’s growing global role, says a US expert.

It should also recognise the changing Asian strategic landscape that makes strong US-Indian partnership imperative for stability and prosperity in the …. Source : Obama’s visit acknowledges India’s global role: US scholar.

Tokyo stocks surge on Fed’s monetary easing policy

TOKYO – Japanese shares soared more than 2 percent in Thursday morning trading, buoyed by the US Federal Reserve’s decision to further ease monetary policy.

The benchmark Nikkei 225 Stock Average gained 204.94 points, or 2.24 percent, to trade at 9,364.92 while the broader Topix index was up 15.03 points, or 1.87 percent, at …. Original source : Tokyo stocks surge on Fed’s monetary easing policy.

Sensex rises 173 points in early trade

MUMBAI – A benchmark index of Indian equities Thursday soared in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,636.72 points, up 173.1 points or 0.85 percent from its previous close at 20,465.74 points.
At the National Stock Exchange (NSE), the 50-share …. Source : Sensex rises 173 points in early trade.

Defeated Obama to focus on opening up markets on Asia trip

WASHINGTON – “Humbled” in defeat, US President Barack Obama has vowed to “re-set” the button with American business by focusing his trip to Asia, starting with India, on opening up markets to create more jobs at home.

“As I plan for my trip later this week to Asia, the whole focus is on how are …. Original source : Defeated Obama to focus on opening up markets on Asia trip.

Money Market Operations as on November 3, 2010

…. Original article : Money Market Operations as on November 3, 2010.

SAP to pay Oracle $120 mn in settlement

SAN FRANCISCO – German software company SAP has agreed to pay Oracle $120 million in partial settlement of a lawsuit over illegal use of Oracle software, the Financial Times reported Wednesday.

The report said that the payment was in exchange for Oracle agreeing to drop its demand for punitive damages against SAP, though it will … Read : SAP to pay Oracle $120 mn in settlement.

San Francisco bans toys from McDonald’s Happy Meals

SAN FRANCISCO – City officials in San Francisco have voted to ban restaurants from including free toys in unhealthy meals, a tactic that has lured many a toddler to the fat-rich delights of a McDonald’s Happy Meal.

According to the San Francisco Chronicle Wednesday, the city’s Board of Supervisors approved legislation that would allow child-friendly … Read : San Francisco bans toys from McDonald’s Happy Meals.

GM to return to stock market with $2bn profit

NEW YORK – General Motors, the largest US car maker, will be returning to the stock market later this month with the strong wind of profit in its sails, the company indicated Wednesday.

In a preview of its third-quarter results, GM said it expected earnings of $1.9-2.1 billion, which would make it the third quarter …. Original source : GM to return to stock market with $2bn profit.

US Fed’s new monetary stimulus to revive economy

WASHINGTON – The US Federal Reserve Wednesday said it would restart the monetary printing presses, buying $600 billion in government debt over the next eight months in a bid to revive the stalled US economy.

It marks the US central bank’s first monetary intervention in the economy since an unprecedented buy-up of nearly $2 trillion … Read more >>>.

CESC’s net profit up 23.02 percent in Q2

KOLKATA – Power utility CESC’S net profit for the second quarter of the current (2010-11) fiscal has shot up to Rs.155 crore, registering a growth of 23.02 percent over the corresponding figure a year back.

The company’s profit after tax stood at Rs.126 crore for the quarter ending September last year.
The company’s total income [..] Read the original article: here.

European lawmakers bat for outsourcing to India

BANGALORE – Unlike US President Barack Obama, European lawmakers find outsourcing jobs, products or services to India mutually beneficial, creating a win-win situation.

Outsourcing is now seen more as a partnership than losing jobs. Success of Volkswagen cars in India provides more opportunities for our firms back home in a big way, European parliament member …. Read the original article : European lawmakers bat for outsourcing to India.

Haldia Energy to raise Rs.1,000 crore

KOLKATA – Haldia Energy Limited, a subsidiary of power utility CESC, will mop up around Rs.1,000 crore by tapping private equity funds by February next year.

Haldia Energy, which will part-finance three power projects in West Bengal, Orissa and Maharashtra, will have a total equity component of Rs.3,000 crore for the projects.
Out of Rs.3,000 …. Original source : Haldia Energy to raise Rs.1,000 crore.

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

184

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

1032.609

4262.917

12477.707

No. of offers accepted

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.

Tata Docomo 3G Launched In 9 Circles

MUMBAI, INDIA (GaeaTimes.com)- This Diwali the GSM wing of Tata Teleservices namely Tata Docomo presented the users the gift of 3G services. It became the first GSM operator in India to launch 3G service spectrum and now the users in 9 circles can enjoy the boon of 3G mobile telephony. Anil Sardana the MD … Read more >>.

RBI to set up more offices in northeast

AGARTALA – The country’s central bank, Reserve Bank of India (RBI), will set up more offices in northeastern states to better monitor the nationalised and regional rural banks in the region, a minister said here Saturday.

RBI has decided to open its sub-offices in six northeastern states – Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura …. Source article : RBI to set up more offices in northeast.

Heli-taxis to take wings in Himachal

SHIMLA – Heli-taxis will be started in Himachal Pradesh next month to attract high-end tourists to the state, an official said here Saturday.

“From next month, the heli-taxis will start operations in the state. For this, the government has identified three companies – Sim Sam Airlines, Mesco Airlines and Shiva Airlines,” Director of Tourism …. Original source : Heli-taxis to take wings in Himachal.

Obama’s Day One India engagements dominated by business

MUMBAI – As many as three out of six engagements on Day One of US President Barack Obama’s four-day India visit, which began here Thursday afternoon, are business-oriented, underscoring the importance his administration attaches to bilateral economic ties.

The president, whose Air Force One touched down at 12:50 p.m. at the Chhatrapati Shivaji International Airport [..] Read the original article: here.

Separatists call for Kashmir shutdown during Obama’s visit

SRINAGAR – Hardline separatist leader Syed Ali Geelani called for a three-day shutdown in the Kashmir Valley beginning Saturday to coincide with US President Barack Obama’s visit to India. The authorities, however, did not impose any curfew here.

“It does not matter whether anybody talks about us or not. The fact is that peace in …. Read the original article : here.

US eyes Indian markets: Obama

WASHINGTON – President Barack Obama has said the US will explore ways to reduce barriers to its exports and increase access to the Indian market as the country needs to find new customers in new markets for American-made goods.

In a signed article in the New York Times, Obama said the US wants “to be …. Read the original article : here.

Canada becomes No. 1 country brand globally

TORONTO – Canada has toppled the US to become the most respected country brand in the world, according to a report on global branding on the basis of tourism.

In the latest Country Brand Index released by FutureBrand, a New York-based global brand consultancy, Canada has become the most respected country brand in the world … Original article on : Canada becomes No. 1 country brand globally.

We will try for more access to Indian market: Obama

WASHINGTON – The US will explore ways to reduce barriers to its exports and increase access to the Indian market, said US President Barack Obama in a signed article published Saturday.

Writing in the New York Times, Obama said: “During my first visit to India, I will be joined by hundreds of American business leaders …. Read the original article : We will try for more access to Indian market: Obama.

IMF quota overhaul puts India among top ten

WASHINGTON – The Executive Board of the International Monetary Fund (IMF) has approved proposals that will lead to a major overhaul of the Fund’s quotas and governance putting India among the top ten.

Aimed at strengthening the Fund’s legitimacy and effectiveness, the quota shift announced Friday would exceed the target set out in October 2009 … Original article on : IMF quota overhaul puts India among top ten.

US stocks climb slightly to end strong week

NEW YORK – US stocks posted small gains Friday as new employment data showed companies were adding more jobs than expected.

The gains capped a strong week for major Wall Street indices as investors welcomed both a landslide Republicans win in Tuesday’s congressional elections and the central bank’s plans to buy up another $600 billion … Original source on Gaea Times at : US stocks climb slightly to end strong week.

Etihad launches club for art enthusiasts

Abu Dhabi, Nov 5 (IANS/WAM) Etihad Airways will launch a club exclusively for art enthusiasts who fly with the airline, it was announced Friday.

The club, named Art Connect, will be launched in December by Etihad in partnership with art house Opera Gallery.
Art Connect will organise a monthly exhibition of masterpieces and contemporary art … Read more »»».

Amid fireworks, Sensex starts New Year at all-time high

MUMBAI – During an hour-long trading Thursday, befitting Diwali, a key stock market index ended at an all-time high above the 21,000-point mark, ushering New Year for a section of the investing community with a bang.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened strong at 21,045.66 points, against the previous … Read more >>>.

Obama on a mission to sell more in India

WASHINGTON – President Barack Obama embarking on an Asia trip focused on “opening up additional markets like India” so that American business can sell more products abroad to create jobs in the US.

“I won’t be satisfied until everybody who is looking for a job can find one,” he said in a White House statement …. Original source : Obama on a mission to sell more in India.

Obama to focus on opening new markets for US in India

WASHINGTON – President Barack Obama is leaving for India focused on opening on new markets for US products and creating jobs in America.

“I won’t be satisfied until everybody who is looking for a job can find one,” he said in a White House statement before taking off on a 10-day trip to Asia, with …. Read the original article : Obama to focus on opening new markets for US in India.

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

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2009

2010

Variation

Oct. 30

Oct. 22

Oct. 29#

Week

Year

Loans and advances

Central Government

—

State Governments

169

2,049

1,439

–610

1,269

2. Foreign Exchange Reserves

Variation over

Item

As on Oct. 29, 2010

Week

End-March 2010

End-December 2009

Year

`
Crore

Dikshit to travel to Tokyo for Asian cities’ summit

NEW DELHI – Delhi Chief Minister Sheila Dikshit will be in Tokyo on a four-day visit from Saturday to attend a summit on development of major Asian cities, including the Indian capital.

Dikshit is leading a five-member delegation to the Japanese capital for ninth plenary meeting of Asian Network of Major Cities (ANMC), an official …. Original article : Dikshit to travel to Tokyo for Asian cities’ summit.

HUDCO moves court for stake in Kochi airport

KOCHI – The government-owned Housing And Urban Development Corporation Ltd (HUDCO) has filed a case in an Ernakulam court, asking it to direct the Cochin International Airport Ltd (CIAL) to transfer 26 percent of its equity shares to HUDCO as part of a prior agreement.

According to the petition, HUDCO had sanctioned loans worth Rs.143.23 … Read more : HUDCO moves court for stake in Kochi airport.

Badal government has failed to lift paddy: Amarinder

CHANDIGARH – Punjab Congress president and former chief minister Amarinder Singh Friday blamed Chief Minister Parkash Singh Badal’s government in the state for the suffering of farmers whose paddy stocks were not being bought by procurement agencies in time.

Amarinder made an unscheduled visit to the Khanna grain market — the biggest grain market in …. Source article : Badal government has failed to lift paddy: Amarinder.

India Inc looks forward to Obama visit

NEW DELHI – Corporate India is expecting US President Barack Obama’s India visit beginning this weekend would result in more opportunities for business in the American market and the world’s largest economy will remain accessible to exports from the country.

“The fact that President Obama’s first public appearance in India will be at a business … Original article on : India Inc looks forward to Obama visit.

India, US to sign pact on weather, crop forecasting

NEW DELHI – India and the US are set to sign a pact on weather and crop forecasting, a step that will deepen their cooperation in agriculture.

“We hope to conclude an MoU (memorandum of understanding) on weather forecasting and crop forecasting, Foreign Secretary Nirupama Rao told reporters here ahead of the Nov 6-9 … Original source on Gaea Times at : India, US to sign pact on weather, crop forecasting.

Milkfed lacks money to fight patent battle with NRI firm

CHANDIGARH – Due to financial constraints, Milkfed Punjab has been unable to take legal action against a company that has been selling milk products in the US and Canadian markets, using the cooperative’s brand name Verka and its logo.

Kulwinder Dhillon, a non-resident Indian in Canada, has got a patent on the Verka brand …. Read the original article : Milkfed lacks money to fight patent battle with NRI firm.

Buy-one-get-two free offers increase 4 times in a year

LONDON – With more competition brewing, it’s a win-win situation for the customers as the buy-one-get-two-free supermarket offers have increased four times in a year.

The deals follow the “bogof”-buy one get one free-which drew criticism for adding to food wastage and the amount of packaging sent to landfill.

According to Grocer magazine, the new get-two-free deals …. Source : Buy-one-get-two free offers increase 4 times in a year.

Obama meets farmers ‘virtually’ for peek at rural tech revolution

MUMBAI – US President Barack Obama Sunday interacted with farmers from Ajmer through a video-conference link from here to understand how India was seeking to bridge the digital divide by reaching technology and services to the grassroots level.

Moderating the discussion at the St. Xavier’s College here was the Chicago-based tech evangelist Sam Pitroda, while … Read more >>>.

Obama interacts with Ajmer farmers through video conferencing

MUMBAI – US President Barack Obama Sunday interacted with farmers from Ajmer through a video-conference link from here to understand how India was bridging the digital divide by reaching technology to the grassroots level.

Moderating the discussion was the Chicago-based technology evangelist Sam Pitroda at the St. Xavier’s College here, while the young Minister of …. Original article : Obama interacts with Ajmer farmers through video conferencing.

Obama praises ‘city of dreams’ Mumbai

MUMBAI – Describing Mumbai as a city of dreams and praising Mumbaikars, including those living in the “winding alleys of Dharavi”, for their optimism and determination, US President Barack Obama Saturday said it was these qualities that would bring India and the US closer.

Obama, addressing the US-India Business Council and Entrepreneur summit in Mumbai … Read more >>.

Indian industry found Obama sincere and dynamic

MUMBAI – India Inc. found US President Barack Obama a “sincere and dynamic” person willing to further business relations between the two countries, a top official said Saturday.

“His appeal is truly very positive and inspiring for the Indian industry to take the lead and enhance business relations between the two countries,” Confederation of … Original source on Gaea Times at : Indian industry found Obama sincere and dynamic.

‘Diya’, ‘Saal mubarak’, Obama strikes chord with Hindi words

MUMBAI – US President Barack Obama Saturday struck a chord with Indians as he used Hindi words such as “diya” and “Saal Mubarak” while addressing a gathering of over 400 business honchos from both countries.

“Families are lighting diyas and giving thanks for the blessings and looking ahead for the new year,” said Obama. … Original article on : ‘Diya’, ‘Saal mubarak’, Obama strikes chord with Hindi words.

SpiceJet signs 30 aircraft deal with Boeing

MUMBAI – Low-cost carrier SpiceJet Saturday signed an agreement with US aircraft manufacturer Boeing for buying 30, B737-800 commercial aircraft, worth $2.7 billion.

SpiceJet Director Bhulo Kansagra and Boeing’s Christopher Chadwick signed the deal here.
According to an airline official, the purchase will allow the air carrier to expand its domestic as well …. Source article on Gaea Times at : SpiceJet signs 30 aircraft deal with Boeing.

Reliance Power signs $750 mn deal with General Electric

MUMBAI – Anil Dhirubhai Ambani Group (ADAG) firm Reliance Power Saturday signed a $750 million (Rs.3,500 crore) deal with US engineering major General Electric (GE) to procure turbines for its gas-based power project in Andhra Pradesh in the presence of President Barack Obama here.

The order to GE is for the capacity expansion of the … Read more : Reliance Power signs $750 mn deal with General Electric.

Obama signals easing of high-tech exports, unveils $15 bn deals (Intro Night Roundup)

MUMBAI – US President Barack Obama began his maiden visit to India Saturday by promising to remove restrictions on sensitive high-tech exports, a nagging irritant in the evolution of bilateral ties, even as he declared deals worth $15 billion that would support some 54,000 American jobs and seek to answer critics back home.

Arriving shortly …. Read the original article : Obama signals easing of high-tech exports, unveils $15 bn deals (Intro Night Roundup).

‘10 bn dollar business deals between India-U.S firms to create 50,000 jobs in U.S’: Obama

MUMBAI – The United States President, Barack Obama, on Saturday announced conclusion of 20 deals worth 10 billion dollars by the US and Indian Business firms while stating that it would create over 50,000 jobs in the US and job opportunities in India as well.

Allaying fears of small … Original source on Gaea Times at : ‘10 bn dollar business deals between India-U.S firms to create 50,000 jobs in U.S’: Obama.

US to support India for NSG, to clear banned Indian entities

MUMBAI – In a move that will be welcomed in India, US President Barack Obama Saturday said the US will work to reform export laws as Washington readies to express “in-principle” support to New Delhi’s membership of elite nuclear clubs like the Nuclear Suppliers Group (NSG).

“We are reforming export control system, so even …. Source article on Gaea Times at : US to support India for NSG, to clear banned Indian entities.

US to send high-tech trade mission to India

WASHINGTON – With the expected easing of US export controls, US Commerce Secretary Gary Locke plans to lead a high-tech trade mission to India in February to promote the export of high-technology products from leading US firms.

The Feb 6-11, 2011 business development mission will make stops in New Delhi, Mumbai, and Bangalore, according to … Read more »»».

Obama supports India’s rise, declares $15 bn deals (Night Roundup)

MUMBAI – US President Barack Obama began his maiden visit to India Saturday by describing ties between the two countries as a “defining and indispensable partnership of the 21st century” while declaring deals worth $15-billion that would support some 54,000 American jobs and seek to answer critics back home.

Arriving shortly after noon on … Read more : Obama supports India’s rise, declares $15 bn deals (Night Roundup).