Business News – Newsletter for November 15, 2010

Sensex choppy; realty, capital goods stocks drop

MUMBAI – A benchmark index of Indian equities was trading weak in the afternoon session due to lack of supportive cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading 40 points down at 20,116 points in the afternoon session.
After losing over four percent last week, the index opened …. Source article on Gaea Times at  : Sensex choppy; realty, capital goods stocks drop.

Government seeks house approval for extra spending

NEW DELHI – The government Monday sought an approval from parliament for an additional expenditure of nearly Rs.45,000 crore during the current year.

The supplementary demands for grants for 2010-11 were presented in the Lok Sabha by Finance Minister Pranab Mukherjee amid noisy protests by opposition members, who were demanding a joint parliamentary committee probe … Read the original article on Gaea Times at : Government seeks house approval for extra spending.

Snowfall ahead, BRO stops operations on Rohtang Pass

MANALI – Anticipating heavy snowfall, the Border Roads Organisation (BRO) Monday stopped operations on the Rohtang Pass till the onset of summer. The road connects this Himachal Pradesh town to Leh in Jammu and Kashmir.

From today (Monday) onwards, we will not be in a position to carry out any evacuation operation or snow clearing …. Original article  : Snowfall ahead, BRO stops operations on Rohtang Pass.

Deloitte to invest $100 mn in Indian market

NEW DELHI – Global consulting firm Deloitte Monday said it would invest $100 million in the Indian market to expand its services in the country.

The firm also plans to increase its headcount by an additional 20 percent to take its total number of employees to over 18,000 by 2012. With this move, Deloitte … Original article on : Deloitte to invest $100 mn in Indian market.

India looks at Trinidad and Tobago for oil

Port-of-SPAIN – An Indian delegation held a string of talks with ministers and top officials in oil and gas rich Trinidad and Tobago “to enhance trade relations” in the field of energy with the Caribbean nation.

The Indian delegation comprising senior officials from Indian gas companies met Minister of Finance Winston Dookeran and Minister Energy … Read the original article on Gaea Times at : India looks at Trinidad and Tobago for oil.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 15, 2010 are:

Amount (face value in ` crore)                           

Item

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

1 day Repo Auction 
… Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Billionaire Saudi prince wows Nepal

KATHMANDU – Described as the 19th richest man in the world by Forbes magazine, Saudi billionaire prince Al-Waleed bin Talal has created great excitement and anticipation with his maiden visit to Nepal with the government deciding to decorate him with the country’s biggest honour in a bid to attract investment.

Nepal’s council of ministers Monday …. Read the original article  : here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.14 and the Reference Rate for Euro is ` 61.74 on November 15, 2010. The corresponding rates for the previous day (November 12, 2010) were ` 44.64 and ` 60.73 respectively. Based on the Reference Rate for US …. Original source  : RBI Reference Rate for US $ and Euro.

Trade with India can be new Silk Route for Canada: Report

TORONTO – Trade with India could be new Silk Route for Canada, according to a report by the country’s top TV network.

Hailing the beginning of talks for a free trade agreement between the two countries, Canada’s CTV network said, “Canada and India are ideal trade partners that simply don’t trade enough. So Canadians …. Source  : Gaea News Network.

Money Market Operations as on November 12, 2010

[..] Read the original article: here.

Tokyo stocks climb on yen’s retreat

TOKYO – Stocks in Tokyo rose in Monday morning trading, bolstered by the third-quarter’s better-than-expected gross domestic product figures and the yen’s decline against major currencies.

The benchmark Nikkei 225 Stock Average gained 69.3 points, or 0.71 percent, to trade at 9,794.11 while the broader Topix index was up 2.62 points, or 0.31 percent, to …. Original article on Gaea Times at  : Tokyo stocks climb on yen’s retreat.

2G scam: Opposition parties demand parliamentary probe

CHENNAI – Tasting victory with the resignation of Communications and IT Minister A.Raja over the 2G spectrum allotment scam, opposition parties in Tamil Nadu Sunday demanded a joint parliamentary committee (JPC) probe.

Speaking to IANS, AIADMK’s Deputy Parliamentary Leader V. Maitreyan said: “Raja’s resignation is not an end, it is only a beginning. Cases should … Original article on : 2G scam: Opposition parties demand parliamentary probe.

Raja resigns over spectrum row, DMK relents (Intro Roundup)

NEW DELHI/CHENNAI – After adamantly refusing to resign, beleagured Communications and IT Minister A. Raja quit the cabinet late Sunday over the 2G spectrum controversy, ending an opposition-Congress standoff that had paralysed parliament.

After being instructed by DMK chief and Tamil Nadu Chief Minister M. Karunanidhi, Raja drove to Prime Minister Manmohan Singh’s official 7 … Original source on Gaea Times at : Raja resigns over spectrum row, DMK relents (Intro Roundup).

Raja quits over spectrum row, DMK bows (Roundup)

NEW DELHI/CHENNAI – After adamantly refusing to resign, beleagured Communications and IT Minister A. Raja quit the cabinet late Sunday over the 2G spectrum controversy, ending an opposition-Congress standoff that had paralysed parliament.

After being instructed by DMK chief and Tamil Nadu Chief Minister M. Karunanidhi, Raja drove to Prime Minister Manmohan Singh’s official 7 … Read more »»».

Raja meets PM, submits resignation

NEW DELHI – Telecom Minister A.Raja, at the heart of a controversy over 2G spectrum allocation, met Prime Minister Manmohan Singh late Sunday and submitted his resignation.

DMK spokesman and MP T.K.S. Elangovan told a news channel that the party leadership had advised Raja to step down so that parliament could function peacefully.
He …. Read the original article  : Raja meets PM, submits resignation.

Nuclear plants needed to meet energy demand: UAE paper

Abu Dhabi, Nov 14 (IANS/WAM) The United Arab Emirates (UAE) should look for alternatives to natural resources and nuclear plants for each emirate should be part of a long-term federal strategy, a prominent newspaper of the region has said.

As the UAE’s population is set to increase up to 12 million in the foreseeable …. Read the original article  : here.

New water policy for better regulation of usage: Ahluwalia

NEW DELHI – The government is working on a new water policy which could regulate the manner in which it is used across the country and levy a charge on usage, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Sunday.

“There is a group of ministers under (Agriculture Minister) Sharad Pawar, which is looking … Read more : New water policy for better regulation of usage: Ahluwalia.

Most expensive coin on Taj to be released in Paris

AGRA – Agra Mayor Anjula Singh Mahaur Sunday said both the central and Uttar Pradesh governments were not interested in promoting tourism. Her remarks come close on the heels of her proposed trip to France for the release of the most expensive coin on the Taj Mahal being shot down.

The French coin depicting the …. Original article on Gaea Times at  : Most expensive coin on Taj to be released in Paris.

Falling industrial output won’t affect growth target: Ahluwalia

NEW DELHI – A sharp fall in India’s industrial output in the last two months is an aberration and the government is confident of achieving 8.5 percent economic growth during the current fiscal, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Sunday.

“We are not going to alter our growth forecasts. We will stick to … Read this article on Gaea Times at : Falling industrial output won’t affect growth target: Ahluwalia.

Full scale domestic operations commence at T3

NEW DELHI – Jet Airways and Kingfisher Airlines Sunday shifted their domestic operations to Terminal-3 (T3) of the Indira Gandhi International Airport (IGIA) here, thus commencing the full scale domestic operations of the swanky new terminal.

Effective today, all domestic flights of Kingfisher Airlines, including flights operating Kingfisher RED class of service, will depart from …. Source article  : Full scale domestic operations commence at T3.