Business News – Newsletter for November 10, 2010

Malawi seeks Indian help in ‘greenbelt initiative’

NEW DELHI – Inspired by India’s “Green Revolution”, Malawi has sought Indian assistance in its “Greenbelt initiative” aimed at raising agricultural output. The southeast African nation is looking to India to tap its huge uranium deposits.

Malawi is also negotiating to sign Double Taxation as well as Investment Promotion and Protection agreements with India.
… Original source on Gaea Times at : Malawi seeks Indian help in ‘greenbelt initiative’.

Indian PM opposes protectionism, for rule-based economy (Third Lead)

NEW DELHI – Prime Minister Manmohan Singh Wednesday left for Seoul to attend the G20 Summit saying India opposed “protectionist sentiments” and desired “an open, stable and rule-based international economic development”.

In a statement before taking off for the 5th G20 Summit, the prime minister also said India would actively strive to strike the right …. Read the original article  : Indian PM opposes protectionism, for rule-based economy (Third Lead).

Kobelco to start production in Tamil Nadu in January

CHENNAI – Japanese earthmoving equipment company Kobelco Construction Machinery will commission its 1,200 units-per-annum hydraulic excavator factory in Tamil Nadu next year.

The factory will come up at the Sri City industrial estate, around 55 km from here, in January.
“We have invested around Rs.50 crore in the plant set up on 17 acres. … Read more »»».

Bangladesh minister in India to boost trade with northeast

AGARTALA – Bangladesh Foreign Minister Dipu Moni arrived in Tripura Wednesday to boost cross-border trade and business with India’s eight northeastern states.

Tripura Finance Minister Badal Choudhury and Industry and Commerce Minister Jitendra Choudhury received Moni at the Akhaurah India-Bangladesh checkpost, just two km from the Agartala capital city.
Moni, who was accompanied by her … Original source on Gaea Times at : Bangladesh minister in India to boost trade with northeast.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.39 and the Reference Rate for Euro is ` 61.11 on November 10, 2010. The corresponding rates for the previous day (November 9, 2010) were ` 44.40 and ` 61.58 respectively. Based on the Reference Rate for US …. Original article  : RBI Reference Rate for US $ and Euro.

Crucial Air India meeting on ‘Express’ arm

KOCHI – A crucial board meeting of the state-run Air India will be held here Thursday to discuss relocation of the headquarters of its low-cost arm from Mumbai to a Kerala city and its rebranding as “Express India”.

An Air India official, demanding anonymity, said that the meeting is crucial because it comes at a …. Source  : Crucial Air India meeting on ‘Express’ arm.

A story is spun out of an Obama suit

WASHINGTON – An ad taken by an Indian firm showing US President Barack wearing one of its suits has spawned a story about how the company is trying to cash in on the buzz created by his swing through India.

The Wall Street Tuesday published a scan of a full-page ad taken out by textile …. Read the original article  : A story is spun out of an Obama suit.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 10, 2010 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction 
… Read more »».

Underwriting Auctions for Government Securities

The Government of India have announced the sale(reissue) of “7.99 per cent Government Stock 2017” for a notified amount of ` 4,000 crore (nominal), "7.80 per cent Government Stock 2020"  for a notified amount of  ` 4,000 crore (nominal) and "8.30 per cent Government Stock  2040” for a notified amount … Read more »»».

India wants open, rule-based international economic development: PM

NEW DELHI – Cautioning against “protectionist sentiments”, Prime Minister Manmohan Singh Wednesday said India desired “an open, stable and rule-based international economic development”.

In a statement ahead of his departure for South Korea to take part in the G20 Summit, the prime minister also said India would actively strive to strike the right balance between …. Read the original article  : India wants open, rule-based international economic development: PM.

Manmohan Singh leaves for Seoul G20 Summit with new vision (Second Lead)

NEW DELHI – Prime Minister Manmohan Singh left for Seoul for the 5th G20 Summit Wednesday where he will not only articulate India’s new vision on global financial stability but also meet his host, South Korean President Lee Myung-bak, and other world leaders.

During the three-day visit, the prime minister is expected to articulate India’s … Read the original article on Gaea Times at : Manmohan Singh leaves for Seoul G20 Summit with new vision (Second Lead).

Manmohan Singh leaves for Seoul G20 Summit

NEW DELHI – Prime Minister Manmohan Singh Wednesday left for Seoul to attend the 5th G20 Summit.
…. Original source  : Manmohan Singh leaves for Seoul G20 Summit.

Money Market Operations as on November 9, 2010

…. Original article  : Money Market Operations as on November 9, 2010.

Tokyo stocks surge on weaker yen

TOKYO – Japanese shares soared more than one percent in Wednesday morning trading, rising above 9,800 for the first time in four months as exporters were bolstered by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 113.11 points, or 1.17 percent, to trade at 9,807.6 while the broader Topix index was up 10.92 …. Read the original article  : Tokyo stocks surge on weaker yen.

US stocks drop as mood shifts against central bank moves

NEW YORK – US stocks fell Tuesday as some investors expressed unease over the US central bank’s plan to revive the economy by purchasing $600 billion in government debt over the coming months.

The Federal Reserve’s new round of “quantitative easing” had rallied markets after it was revealed last week, pushing the Dow Jones Industrial … Read : US stocks drop as mood shifts against central bank moves.

Karnataka okays second phase of Bangalore Metro

BANGALORE – The Karnataka government late Tuesday approved the second phase of the Bangalore Metro project (51 km) at a cost of a whopping Rs.14,774 crore (Rs.147.74 billion).

“The cabinet has given approval for the second phase of the Namma Metro comprising 51 km at a cost of Rs.14,774 crore by the Bangalore Metro Rail … Read more >>>.

EU fines major airlines $1.2 bn for cartelising cargo prices

BRUSSELS – The European Union’s executive Tuesday fined 11 major airlines, including Air France-KLM, British Airways, Cathay Pacific, Japan Airlines and Singapore Airlines, 799.5 million euros ($1.2 billion) for cartelising cargo prices over a six-year period.

The fine, one of the biggest in the EU’s history, came after German airline Lufthansa blew the whistle on …. Source article on Gaea Times at  : EU fines major airlines $1.2 bn for cartelising cargo prices.

Haryana to set up Japanese township near Rohtak

CHANDIGARH – Having attracted investments running into billions of dollars from the Japanese industry, the Haryana government Tuesday announced that it would set up a Japanese township in the state.

The Japanese township would be set up near Madina village in Rohtak district, 60 km from New Delhi, along national highway (NH) No. 10, Chief …. Original article on Gaea Times at  : Haryana to set up Japanese township near Rohtak.

Mayawati to revive township plan along expressway

LUCKNOW – The Uttar Pradesh government Tuesday announced the revival of an abandoned plan to build a hi-tech township around Tappal town in Aligarh district along the 165-km Noida-Agra Yamuna Expressway.

The plan was shelved following violent protests August-September by farmers demanding higher compensation for land acquired for the township.
Cabinet Secretary Shashank Shekhar … Original article on : Mayawati to revive township plan along expressway.

Meghalaya uranium project to go ahead despite opposition

SHILLONG – The Uranium Corporation of India Limited (UCIL) Tuesday said there is no plan to abandon the Rs.1,100 crore (about $240 million) uranium mining project in Meghalaya in view of public opposition.

“We are eager to start the Kylleng Pyndengsohiong Mawthabah project in Meghalaya. There is no question of us giving it up,” … Read more »»».