Business News – Newsletter for November 9, 2010

Jharkhand loses Rs.88 crore every month for power

RANCHI – Jharkhand suffers a Rs.88 crore-loss every month as it purchases power at higher rates only to sell it to consumers at subsidised tariff, an official source said here Tuesday.

The main reason behind the loss-making performance of the state electricity board is the declining power production in the state which completes ten years … Read : Jharkhand loses Rs.88 crore every month for power.

RBI re-introduces Liquidity Easing Measures

In the Second Quarter Review of Monetary Policy, 2010-11 announced last week, the Reserve Bank of India had stated that “even though a liquidity deficit is consistent with an anti-inflation stance, excessive deficit in liquidity can be disruptive both to financial markets and to credit growth in the banking system. To …. Source  : RBI re-introduces Liquidity Easing Measures.

China `threat’ a Western perception, say Chinese experts

BEIJING – Western countries’ concern over China’s rapid development, which they consider “a threat”, won’t deter the country from contributing to world peace, experts have said.

Shanghai Daily, in an article on its opinion page, said in the face of concerns by some Western countries about China’s ongoing development, which they think is `a threat’, … Read the original article on Gaea Times at : China `threat’ a Western perception, say Chinese experts.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.40 and the Reference Rate for Euro is ` 61.58 on November 9, 2010. The corresponding rates for the previous day (November 8, 2010) were ` 44.26 and ` 61.81 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

Microsoft unveils Window Phone 7, derides rival devices

NEW YORK – As its Windows Phone 7 hit the US market Monday, Microsoft launched a unique campaign to dent Apple’s iPhone and Google Android system by playing up their ‘faulty’ design.

The software giant is taking its “Really” commercial on YouTube to the street by roping in TV stars to tell how badly designed … Original source on Gaea Times at : Microsoft unveils Window Phone 7, derides rival devices.

China to set up 85,000-km freeway network

BEIJING – China will set up an 85,000-km national freeway road network and a 40,000-km high-speed railway network during the next five years, an official said.

The freeway network will cover all cities with a population of at least 200,000, while high-speed railways will link cities with more than 500,000 residents, Wu Xiao, the …. Original article on Gaea Times at  : China to set up 85,000-km freeway network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 9, 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.

Transit to Indian goods through Bangladesh won’t be free

DHAKA – Bangladesh will not give free transit for taking goods from one part of India to another, said Finance Minister A.M.A. Muhith, refuting opposition leader Khaleda Zia’s charge that the government was giving the facility free.

Bangladesh will charge fees while allowing Indian vehicles to use its territory, Muhith told reporters Monday after a …. Original article  : Transit to Indian goods through Bangladesh won’t be free.

China, Britain hold trade talks

BEIJING – China and Britain Tuesday discussed bilateral economic ties in Beijing ahead of a visit by British Prime Minister David Cameron.

Chinese Vice Premier Wang Qishan and British Chancellor of the Exchequer George Osborne co-chaired the third China-UK Economic and Financial Dialogue, which preceded meetings to be held later Tuesday in Beijing between Cameron …. Original article on Gaea Times at  : China, Britain hold trade talks.

White House issues fact sheets on Obama’s India visit

WASHINGTON – The White House has issued a series of fact sheets about the US-India “strategic relationship (that) encompasses a range of issues, activities, and programmes that reflect the vision of President (Barack) Obama and Prime Minister (Manmohan) Singh”.

Extracts from the fact sheets:
Export Controls:
Manmohan Singh and Obama agreed to take mutual steps … Read this article on Gaea Times at : White House issues fact sheets on Obama’s India visit.

With phone and game launch, Microsoft looks to bounce back

SAN FRANCISCO – Better late than never. That was Microsoft’s unspoken mantra Monday as its Windows Phone 7 went on sale in the US in a bid to challenge the dominance of arch-rivals Apple and Google in the smartphone market.

The launch comes amid a pivotal period for Microsoft. The company has been coasting for … Read more »».

India’s first advanced radar system to roll out end-2011

NEW DELHI – India’s first indigenously-developed Airborne Early Warning and Control (AEW&C) system is ready and is being sent to Brazil shortly to be integrated with an Embraer 145 jet.

The development is a major milestone in India’s quest for self-reliance in advanced radars and, based on the success of this system, both the Indian … Original source on Gaea Times at : India’s first advanced radar system to roll out end-2011.

Money Market Operations as on November 8, 2010

… Read the original article on Gaea Times at : Money Market Operations as on November 8, 2010.

Air India cancels Toronto flight – after hours of misery

NEW DELHI – Air India Tuesday abruptly axed a flight to Toronto in Canada after first delaying boarding and then making the passengers wait in the aircraft for hours while the cabin crew walked out, a passenger said.

Air India flight 187 was scheduled to take off from the Indira Gandhi International Airport at 1.45 …. Original source  : Air India cancels Toronto flight – after hours of misery.

BP did not put profit ahead of safety: Oil spill panel

WASHINGTON – A US inquiry into BP’s devastating Gulf oil spill could find no evidence that the British oil company ever put profit ahead of safety in its drilling operations, the inquiry’s chief investigator said Monday.

The preliminary finding, presented at the start of a two-day hearing into the causes of the oil spill, rejects …. Original source  : BP did not put profit ahead of safety: Oil spill panel.

Tokyo stocks fall on profit-taking

TOKYO – Japanese shares declined in Tuesday morning trading as investors sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 40.33 points, or 0.41 percent, to trade at 9,692.59 while the broader Topix index was down 0.69 points, or 0.08 percent, at 841.05.
Tokyo stocks rose more than …. Read the original article  : Tokyo stocks fall on profit-taking.

Amazon wipes up diapers for $540 mn

SAN FRANCISCO – Amazon.com has swooped up the company that owns the website diapers.com for $540 million, the web retailer announced.

Amazon’s purchase of Quidsi.com also gives it control of the website soap.com, in addition to the diapers website which offers a wide range of baby and maternity products.
“I’m not sure which is more …. Source  : Gaea News Network.

US stocks drop, gold reaches record

NEW YORK – US stocks fell slightly and gold rallied to a record high Monday amid more concerns over Europe’s debt situation.

Investors looked nervously towards a pending European Union review of Ireland’s fiscal situation. Some have speculated that Ireland and Portugal could soon request a government debt bail-out from the EU.
The price of …. Original article on Gaea Times at  : US stocks drop, gold reaches record.

Cameron to sign trade deals in China

LONDON – British Prime Minister David Cameron flew to China Monday on a delicate diplomatic mission seeking to mix lucrative business deals with the need to pay attention to human rights.

Accompanied by four government ministers and a business delegation of around 200, Cameron regards his three-day trip primarily as a “vitally important trade mission”, …. Source  : Cameron to sign trade deals in China.

India, US ink three agreements on energy

NEW DELHI – In keeping with US President Barack Obama’s focus on energy cooperation, three agreements were signed Monday in this sector including one on setting up a research institute on clean energy.

The agreements were part of several deals signed after talks between the visiting US president and Prime Minister Manmohan Singh.
The agreements … Read more >>.