Business News – Newsletter for November 13, 2010
Saturday, November 13, 2010
Sensex falls 848 points over weak industry data, global worries (Weekly Market Review)
MUMBAI – A benchmark index for Indian equities markets fell sharply during the week as traders worried over weak industrial output and failure by the G20 Summit to act against currency volatility.
The Bombay Stock Exchange’s 30-share sensitive index (Sensex) fell a whopping 848.07 points or 4.04 percent to end the week at 20,156.89 points.
…. Source : Gaea News Network.
151-km corridor to come up in Haryana
CHANDIGARH – Haryana will soon have a 151-km long road corridor running from Rajasthan border to various towns of the state, an official said here Saturday.
According to officials, the Rai Malikpur (Rajasthan border)-Narnaul-Mahendragarh-Dadri-Bhiwani-Kharak road corridor will be constructed at a cost of Rs.1201.70 crore through Public-Private Partnership mode.
“The corridor would be developed on …. Original article : 151-km corridor to come up in Haryana.
Kerala to revise staff salaries by April
KOZHIKODE – Kerala Finance Minister Thomas Isaac Saturday said state government employees can look forward to a revised salary structure from April next year.
The state-appointed committee considering the new pay-scales is expected to submit its report by the first week of December.
“In January next year, the accountant general will look into the report. [..] Read the original article: here.
Kochi airport plans expansion with rise in profits
KOCHI – Kerala’s Kochi airport, the fourth largest airport that handles international passengers in India, Saturday announced that its profit touched Rs.77 crore in fiscal 2009-10 and it will invest Rs.118 crore in expansion plans.
Chief Minister V.S. Achuthanandan, who is also the chairman of Cochin International Airport Limited (CIAL), said at the annual general … Read this article on Gaea Times at : Kochi airport plans expansion with rise in profits.
Magma Fincorp to offer Rs.246-cr retail loans in Karnataka
BANGALORE – Leading Kolkata-based non-banking finance company Magma Fincorp Limited Saturday said it will disburse Rs.246 crore in retail loans across Karnataka this fiscal.
“Our focus is on penetrating into rural and semi-urban markets for providing asset finance to the economically disenfranchised across the state,” Magma vice-president Dhrubashish Bhattacharya said in a statement …. Original article on Gaea Times at : Magma Fincorp to offer Rs.246-cr retail loans in Karnataka.
Cheaper Indian goods in Canadian market after free trade deal
TORONTO – India will join China in filling up Canadian stores with cheaper goods once New Delhi and Ottawa sign a free trade agreement to do away with many taxes and duties.
The prime ministers of the two countries announced the start of talks for a comprehensive economic partnership agreement during their meeting on the … Read more »».
Black Friday 2010 Sales Bonanza
SAN FRANCISCO (GaeaTimes.com)- The frenzy and hoopla around this year’s Black Friday sales is gaining strength with each day and the buyers are busy looking for the best deals they can grab on the day which falls on November 26. To lure the prospective buyers a number of retailing giants have doled out Pre …. Source : Black Friday 2010 Sales Bonanza.
Buy a truck, get a free Kalashnikov: Florida recession antidote
WASHINGTON/NEW YORK – Just in time for the holidays, a Florida car dealer is offering a free Kalashnikov automatic rifle to new truck buyers.
The month-long promotion was kicked off in honour of this week’s US Veterans’ Day by Nations Trucks in Florida’s Seminole County, the Orlando-based TV Channel 13 reported Friday.
Sales manager Nick … Read the original article on Gaea Times at : Buy a truck, get a free Kalashnikov: Florida recession antidote.
Move now towards gradual exit from stimulus: PM
ON BOARD AIR INDIA ONE – With the Indian economy set to grow at 8.5 percent this fiscal after a drop to 6.7 percent two years ago, Prime Minister Manmohan Singh has said the time had come for fiscal consolidation and gradual withdrawal of stimulus.
“I think we have now moved to a stage … Read more >>>.
Capital flows no problem yet for India: PM
ON BOARD AIR INDIA ONE – Capital flows into India are not a problem as yet and are not causing inflation in a manner that can be seen as a matter of concern, Prime Minister Manmohan Singh said Friday.
“Capital flows can create problems but we are not in that stage where capital flows can … Read more >>>.
Development agenda at G-20 was to my credit: PM
ON BOARD AIR INDIA ONE – In a rare instance of self-praise, Prime Minister Manmohan Singh Friday said while the endorsement of India’s stand at the G-20 Summit was thanks to his team, his role was to bring the development agenda on the table.
“I do not claim victory,” the prime minister told journalists …. Source article : Development agenda at G-20 was to my credit: PM.
My equation with Bush, Obama due to India’s rise
ON BOARD AIR INDIA ONE – Prime Minister Manmohan Singh Friday said his personal rapport with US President Barack Obama and his predecessor George Bush had everything to do with India’s rise, and what he was today was because of what the country had made him.
“It is really a tribute to India … Read more »»».
PM silent on Raja, says pact with DMK on ‘as of now’
ON BOARD AIR INDIA ONE – Declining to be drawn into the alleged spectrum scam involving Communications Minister A. Raja as the matter was in court, Prime Minister Manmohan Singh Friday said the Congress party’s alliance “as of now” continued with Raja’s DMK.
He also declined any knowledge of a proposal from AIADMK chief …. Source article on Gaea Times at : PM silent on Raja, says pact with DMK on ‘as of now’.
Manmohan Singh returns home
NEW DELHI – Prime Minister Manmohan Singh returned home late Friday after a three-day visit to Seoul, where he attended the G-20 meeting.
… Original source on Gaea Times at : Manmohan Singh returns home.
EADS earnings plunge amid A-380 problems, development costs
PARIS – European aerospace and defence corporate group EADS reported Friday it remained barely profitable over the summer due to losses related to the A-380 superjumbo plane and higher development costs.
Reporting results for the first nine months of 2010, the parent company of Airbus said its net income came to 198 million euros ($270 … Original source on Gaea Times at : EADS earnings plunge amid A-380 problems, development costs.
Baggage woes delay Air India passengers at T3
NEW DELHI – Baggage and delay woes continued to trouble domestic passengers of national carrier Air India (AI) at the new terminal-3 (T3) of the Indira Gandhi International (IGI) airport here Friday.
According to some angry passengers, the airline delayed their leaving the T3 terminal by about one to two hours as there was much … Original source on Gaea Times at : Baggage woes delay Air India passengers at T3.
Tata Steel posts Rs.1,978.81 crore profit
MUMBAI – Tata Steel Friday reported Rs.1,978.81 crore net profit for the second quarter of current fiscal as against Rs.2,707.25 crore loss during the corresponding quarter last year, on a significant turnaround in its European business.
Tata Steel Group’s total income rose 15.92 percent to Rs.29,460.45 crore for the quarter ended Sep 30, 2010, … Original source on Gaea Times at : Tata Steel posts Rs.1,978.81 crore profit.
Boeing opens new Poseidon production facility
WASHINGTON – Boeing has opened a new production facility near Boeing Field in Seattle for making P-8 aircraft, including eight P-8I maritime patrol aircraft ordered by the Indian Navy in a $2.2 billion deal.
The refurbished factory gives Boeing and its P-8 teammates the space they need to install mission systems and conduct tests …. Original source : Boeing opens new Poseidon production facility.
Tata Power net profit up 37 percent
MUMBAI – Private electricity generator and utility firm Tata Power Friday reported a 37 percent rise in net profit for the second quarter ended Sep 30 at Rs.251.73 crore as against Rs.183.19 crore during the same period in the last fiscal.
The net revenues of the company for the quarter under review stood at …. Read the original article : Tata Power net profit up 37 percent.
HPCL posts Rs.2,089.61 crore profit
MUMBAI – State-run refiner Hindustan Petroleum Corporation Ltd (HPCL) Friday reported Rs.2,089.61 crore profit for the second quarter of the current fiscal as against Rs.136.68 crore net loss in the corresponding quarter last year.
The company’s total income rose 25.46 percent to Rs.31,091.56 crore for the quarter ended Sep 30, 2010 from Rs.24,780.15 crore … Read the original article on Gaea Times at : HPCL posts Rs.2,089.61 crore profit.