Business News – Newsletter for November 11, 2010

Indian Overseas Bank to float software subsidiary

CHENNAI – City-based Indian Overseas Bank (IOB) plans to float a banking software subsidiary to tap the Asian and African markets, the bank’s top official said Thursday.

“Our core banking solution (CBS) was developed in-house. We find there is good scope in the market for our solution. However, we have to get permission from the … Read the original article on Gaea Times at : Indian Overseas Bank to float software subsidiary.

RBI releases Approach Paper on Automated Data Flow from Banks

The Reserve Bank of India, today released an approach paper on automated data flow (rbidocs.rbi.org.in/rdocs/content/PDFs/APSDS101110.pdf) (a straight through process) from the core banking solution (CBS) or other IT systems of commercial banks to the Reserve Bank. The Paper was prepared by a Core Group consisting of experts from banks, …. Original source  : RBI releases Approach Paper on Automated Data Flow from Banks.

Gold pen studded with 850 diamonds put on display

MELBOURNE – A solid 18-carat white gold fountain pen encrusted with 850 diamonds was Thursday put on display in Australia’s Brisbane city.

The fountain pen costs $1.7 million and has been put up at the Brisbane Arcade’s The Pen Shoppe, AAP reported.
The elegant Caran d’Ache 1010 fountain pen was designed as a tribute to … Read more : Gold pen studded with 850 diamonds put on display.

Food inflation eases further to 12.30 percent

NEW DELHI – India’s annual food inflation dropped to 12.30 percent for the week ended Oct 30 from 12.85 percent during the previous week – showing a downward trend for the fourth straight week.

The annual inflation rate for the primary articles group declined to 14.87 percent during the week under review from 15.43 … Read more »».

Leaders arrive for G20 summit, main issues unresolved

SEOUL – Most of the Group of 20 (G20) leaders had arrived in Seoul by Thursday afternoon for a summit that risked reaching only broad and incomplete agreements on how to eliminate the biggest obstacles to a strong global recovery.

The summit is the first to be held in Asia since the G20 format emerged …. Original article on Gaea Times at  : Leaders arrive for G20 summit, main issues unresolved.

If you don’t like a gift, just swap it online

LONDON – Online retailer Amazon could soon allow people to swap gifts they don’t want with the items they really want.

The company has been granted a patent application that will make it easy for them to request a different item in place of the gift ordered by a friend or relative.
The …. Original source  : If you don’t like a gift, just swap it online.

India, South Korea nuclear pact soon

SEOUL – India is expected to ink a civil nuclear pact with South Korea soon, knowledgeable sources said here Thursday.

“It is just a matter of dotting the i’s and crossing the t’s,” said a key source on the margins of the G20 Summit, where the Indian delegation is led by Prime Minister Manmohan Singh.
… Read this article on Gaea Times at : India, South Korea nuclear pact soon.

Pakistanis chew up $64.7 mn worth of betel nuts a year

ISLAMABAD – Pakistan spent a whopping $64.7 million on import of betel nuts and betel leaves during 2009-10, a minister told the National Assembly.

Betel nuts worth $59 million and betel leaves worth $5.7 million were imported from various countries, Minister for Commerce Makhdoom Amin Fahim told the National Assembly Wednesday.
Betel nuts were bought …. Source article on Gaea Times at  : Pakistanis chew up $64.7 mn worth of betel nuts a year.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.25 and the Reference Rate for Euro is ` 60.96 on November 11, 2010. The corresponding rates for the previous day (November 10, 2010) were ` 44.39 and ` 61.11 respectively. Based on the Reference Rate …. Source  : Gaea News Network.

India’s Mahindras may acquire Korea’s Ssangyong next year

SEOUL – Indian utility vehicle maker Mahindra and Mahindra should seal the deal to acquire Ssangyong, South Korea’s third largest automobile brand, for around $400-500 million by early next year, Indian Ambassador Skand R. Tayal said here Thursday.

“Mahindra and Mahindra has been shortlisted as the preferred bidder for Ssangyong. This deal should go …. Source article on Gaea Times at  : India’s Mahindras may acquire Korea’s Ssangyong next year.

‘Posco delay will not affect South Korean investments’

SEOUL – The delay in clearance to the $12 billion integrated steel project proposed by South Korea’s Posco

in Orissa state is unlikely to come up during Prime Minister Manmohan Singh’s meetings here. It is, however, unlikely to impact on growing South Korean investments in India, knowledgeable Indian sources here said.
“The South … Read this article on Gaea Times at : ‘Posco delay will not affect South Korean investments’.

US panel proposes $4 trillion in deficit cuts, including defence

WASHINGTON – A bipartisan panel set up by President Barack Obama to reduce America’s burgeoning deficit has proposed slashing spending at the Pentagon and wiping out more than $100 billion a year in popular tax breaks

It has also proposed curbing increases in social security benefits as part of an aggressive plan to rebalance the …. Source  : US panel proposes $4 trillion in deficit cuts, including defence.

India-South Korea economic ties booming: ambassador

SEOUL – India’s bilateral trade with South Korea is expected to grow 50-55 percent this year and touch $17 billion, even as the comprehensive economic pact is giving renewed thrust to their blossoming ties, Indian Ambassador here Skand R. Tayal said Thursday.

The presence of South Korean President Lee Myung-bak as the chief guest …. Original article on Gaea Times at  : India-South Korea economic ties booming: ambassador.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 11, 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 by …. Source  : Gaea News Network.

Chandigarh man gets bumpy ride on expensive Harley-Davidson

CHANDIGARH – Having pampered himself with a whopping Rs.19 lakh ($42,000) Harley-Davidson, Chandigarh businessman Simranjeet Gill had hoped for a cruiser of a ride. But little did he know that the US company did not have permission from the transport authorities in Chandigarh to be registered.

The realisation dawned after a speeding car hit and [..] Read the original article: here.

`Mahindras to seal deal with Ssangyong by early next year’

SEOUL – Indian utility vehicle maker Mahindra and Mahindra should seal the deal to acquire South Korea’s third largest automobile brand Ssangyong for around $400-500 million by early next year, Indian Ambassador here Skand R. Tayal said Thursday.

“Mahindra and Mahindra has been shortlisted as the preferred bidder for Ssangyong. This deal should go … Read more : `Mahindras to seal deal with Ssangyong by early next year’.

BlackBerry to sell tablet below $500 to undercut iPad sales

TORONTO – With co-CEO Jim Balsillie Wednesday announcing that the company’s PlayBook tablet will be priced under $500, shares of BlackBerry maker Research In Motion (RIM) soared on the Toronto Stock Exchange and Wall Street.

RIM unveiled the PlayBook tablet in September to take on Apple’s iPad. It will hit the market early next year.
… Read the original article on Gaea Times at : BlackBerry to sell tablet below $500 to undercut iPad sales.

‘Delay in Posco project not to affect South Korean investments’

SEOUL – The delay in clearance to the $12 billion integrated steel project in Orissa proposed by South Korea’s Posco is unlikely to come up during Prime Minister Manmohan Singh’s engagements here nor is it impacting on potential investments into India from this country, sources here said.

“The South Korean leadership understands that both the … Read this article on Gaea Times at : ‘Delay in Posco project not to affect South Korean investments’.

Canadian currency hits parity with US dollar

TORONTO – The Canadian dollar hit parity with the US dollar Wednesday, closing at slightly more than 100 cents US.

Called loonie, the Canadian dollar has been hovering the vicinity of the greenback during the past few days even as the US currency is weakening after the US Fed plan to pump additional $600 billion … Read more »»».

In US labour market, many long-time unemployed lose hope

WASHINGTON – There are people in the US who have given up almost all hope of ever finding a job again. Long-term unemployment used to be more of a problem in Europe than the US, but now the number of such people in the US is at a record high. Experts disagree over the reasons, …. Source article  : In US labour market, many long-time unemployed lose hope.