Business News – Weekly Newsletter for November 8-15, 2010
Monday, November 15, 2010
Arithmetic of Indo-US deals: $10 bn or $15 bn?
NEW DELHI – The mega commercial deals between Indian and US companies that were announced during US President Barack Obama’s visit here have raised one question: Are they worth $10 billion, as variously reported, or $15 billion as stated by White House?
A closer look at fine print suggests both figures have some basis.
According …. Original article : Arithmetic of Indo-US deals: $10 bn or $15 bn?.
I did not make ‘outsourcing a bogeyman’ this time: Obama
NEW DELHI – In a sharp departure from his earlier statements that had voiced concern over American jobs shifting from Buffalo to Bangalore, US President Barack Obama Monday said he never made “outsourcing a bogeyman” during this India visit and asked the businesses of the two sides to shed stereotypes.
“I don’t think you heard …. Source article on Gaea Times at : I did not make ‘outsourcing a bogeyman’ this time: Obama.
$10bn trade deals have elevated India, US ties: Obama
NEW DELHI – President Barack Obama Monday said the $10-billion trade agreements signed in Mumbai were a step forward in elevating India as a top trading partner of the US.
Mumbai trade deals is a step forward for elevating India as the top trading partner of the US, Obama said in a joint press … Read this article on Gaea Times at : $10bn trade deals have elevated India, US ties: Obama.
Obama strikes out at ‘outsourcing stereotypes’
NEW DELHI – Both countries were “operating on stereotypes that have outlived their usefulness”, US President Barack Obama said Monday in response to a question on outsourcing and what India would get from the deals struck in Mumbai.
He said part of the reason he was promoting the fact that the deals were going to … Read more : Obama strikes out at ‘outsourcing stereotypes’.
US eases control on high tech exports to India
NEW DELHI – The United States Monday decided to relax its export controls of high-tech equipment to India, particularly in the defence and scientific areas, while agreeing to push New Delhi’s membership in some key strategic multilateral institutions and work closely toward global energy security.
The formal announcement came during a joint press conference …. Original article on Gaea Times at : US eases control on high tech exports to India.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.26 and the Reference Rate for Euro is ` 61.81 on November 8, 2010. The corresponding rates for the previous day (November 4, 2010) were ` 44.32 and ` 62.59 respectively. Based on the Reference Rate for …. Source : Gaea News Network.
Mukherjee, Geithner discuss G20 agenda, meet CEOs
NEW DELHI – Finance Minister Pranab Mukherjee Monday held talks here with US Treasury Secretary Timothy Geithner on a wide range of issues, including the agenda for the G20 Summit in Seoul later this week, to be attended by Prime Minister Manmohan Singh and President Barack Obama.
The next steps forward to stabilise the global … Read more »».
India steps up agro-diplomacy in Nepal
KATHMANDU – New Delhi is stepping up its agro-diplomacy in Nepal’s Terai plains, known as the “food bowl” of the country, pledging more than NRS 300 million for the construction of over 3,000 shallow tubewells for better irrigation.
As part of the Indian government’s economic cooperation projects in Nepal, the Indian Embassy in Kathmandu and …. Source : Gaea News Network.
Mukherjee, Geithner discuss G20 agenda, financial stability
NEW DELHI – Finance Minister Pranab Mukherjee Monday held talks here with US Treasury Secretary Timothy Geithner on a wide range of issues, including the agenda for the G20 Summit in Seoul later this week, to be attended by Prime Minister Manmohan Singh and President Barack Obama.
The next steps forward to stabilise the global …. Read the original article : Mukherjee, Geithner discuss G20 agenda, financial stability.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on November 8, 2010 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction
(Sale of securities by RBI)
1 day Repo Auction
…. Source article : Liquidity Adjustment Facility : Auction Results.
Malaysian Airline eyes Indian, Chinese markets
KUALA LUMPUR – The Malaysian Airlines has kept the markets in India and China at the top of its new expansion plans.
With Asian economies growing faster than those in Europe and the Americas, the national carrier is also focusing on the neighbourhood and Australia.
Over 600,000 Indians travelled to Malaysia last year.
The airline’s …. Original source : Malaysian Airline eyes Indian, Chinese markets.
G20 summit seeks an end to global currency war
SEOUL – Arguably the biggest challenge facing the Group of 20 summit in Seoul next week will be putting an end to a currency war that is placing the already fragile and uneven global recovery at risk.
For this to happen, world leaders will need to put cooperation above national interests.
But the omens are … Read more : G20 summit seeks an end to global currency war.
Money Market Operations as on November 4, 2010
… Read more : Money Market Operations as on November 4, 2010.
Tokyo stocks climb one percent
TOKYO – Japanese shares rose in Monday morning trading as export-oriented issues were boosted by a weaker yen.
The benchmark Nikkei 225 Stock Average gained 96.67 points, or one percent, to trade at 9,722.66 while the broader Topix index was up 6.36 points, or 0.76 percent, at 841.34.
Shares were also helped by modest gains …. Original article on Gaea Times at : Tokyo stocks climb one percent.
Delhi Metro gets fewer riders on Bhai Dooj (Lead, superseding previous story)
NEW DELHI – Contrary to expectations, the Delhi Metro had fewer riders on Bhai Dooj Sunday, an official said.
“The Metro ridership was 9.52 lakh till 8 p.m. On any normal Sunday, the ridership touches 11 lakhs,” the Delhi Metro Rail Corporation (DMRC) official said.
Delhi Metro ran 33 additional trains which made [..] Read the original article: here.
Monday morning traffic blues on cards for Delhiites
NEW DELHI – With major roads in the capital blocked to facilitate US President Barack Obama’s movements, office-goers will have a tough time Monday as most of the vehicular restrictions will be in place during peak traffic hours.
As Obama is scheduled to visit Rajghat Monday morning, roads around Mahatma Gandhi’s memorial will be … Read more : Monday morning traffic blues on cards for Delhiites.
Traffic movement restricted, Delhiites throng Metro
NEW DELHI – With traffic movement restricted due to US President Barack Obama’s visit to the national capital Sunday, Delhiites thronged to the Delhi Metro in more than their usual droves to escape agonising traffic jams.
With Bhai Dooj also celebrated Sunday, 453 extra trips were run by the Delhi Metro to manage the huge …. Original source : Traffic movement restricted, Delhiites throng Metro.
Thousands protest ahead of G20 summit in Seoul
SEOUL – Thousands of anti-globalisation protesters rallied in Seoul Sunday against a summit of the world’s leading economies taking place in the South Korean capital this week.
Organisers said 40,000 people took part in the protest against the Group of 20 (G20) meeting, but police put the figure at half of that.
Television footage showed … Read more »».
Emirates Airline indicted for flight mishandling
KOCHI – India’s Director General of Civil Aviation (DGCA) has indicted Emirates Airline for the manner in which the pilot and other officials handled its Dubai-Kochi flight on April 25 that suffered air turbulence that left 18 passengers and one crew injured.
A report prepared by S. Durrairaj, inquiry officer, regional controller of air safety, …. Read the original article : Emirates Airline indicted for flight mishandling.
DGCA indicts Emirates Airlines
KOCHI – The Director General of Civil Aviation (DGCA) has indicted Emirates Airline for the manner in which the pilot and other officials handled its Dubai-Kochi flight on April 25 that suffered air turbulence and left 18 passengers and one crew injured.
A report prepared by S. Durrairaj, enquiry officer, regional controller of air safety, …. Original source : DGCA indicts Emirates Airlines.
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 >>.
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 »»».
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.
Despite divisions, G20 leaders agree to cooperate (Second Lead)
SEOUL – The Group of 20 summit in Seoul ended Friday with a joint statement that papered over many key differences but showed that leaders were at least willing to help each other navigate through difficult economic times.
“We have produced specific and tangible results,” South Korean President Lee Myung Bak said at the close … Read more »»».
Manmohan leaves Seoul after attending G20 summit
SEOUL – Indian Prime Minister Manmohan Singh left the South Korean capital Seoul Friday after attending the G20 summit where he called for a new global rebalance.
Manmohan Singh said funds from surplus nations can go to bridging the infrastructure gap in poor and emerging economies to avoid destabilisation.
He also warned against protectionism in … Read : Manmohan leaves Seoul after attending G20 summit.
Manmohan Singh leaves Seoul after G20 Summit
SEOUL – Indian Prime Minister Manmohan Singh left this South Korean capital Friday after attending the G20 Summit.
Manmohan Singh, who landed here Nov 10, placed a grand proposal before the G20, calling for a new global rebalance in which funds from surplus nations can go to bridging the infrastructure gap in poor and emerging … Read the original article on Gaea Times at : Manmohan Singh leaves Seoul after G20 Summit.
Pakistani cities start bus service for women
ISLAMABAD – A bus service exclusively for women has been launched in Pakistan’s twin cities of Rawalpindi and Islamabad. The buses sport stickers that say: “Decent public transport for women.”
The bus service was inaugurated at the Traffic Headquarters at Race Course in Rawalpindi Thursday. The drivers have been provided special caps and nameplates.
…. Original article : Pakistani cities start bus service for women.
Discourage sale of BMWs, Audis, says Jairam
NEW DELHI – Environment and Forests Minister Jairam Ramesh Friday called for corrections in the fiscal policy to discourage luxurious cars like BMW and Audi in the country as they were a major source of greenhouse gases.
Speaking at a workshop on ‘Promoting Low Carbon Transport in India’ here, Ramesh said there was no need …. Original article on Gaea Times at : Discourage sale of BMWs, Audis, says Jairam.
Sensex down 289 points in afternoon
MUMBAI – A benchmark index of Indian equities Friday was trading 289 points lower with realty and metal stocks in the red. The dull cues from Asian markets also pulled down sentiments.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,529.74 points, was ruling at 20,299.90 points – down … Read the original article on Gaea Times at : Sensex down 289 points in afternoon.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.64 and the Reference Rate for Euro is ` 60.73 on November 12, 2010. The corresponding rates for the previous day (November 11, 2010) were ` 44.25 and ` 60.96 respectively. Based on the Reference Rate for … Read : RBI Reference Rate for US $ and Euro.
India’s industrial output grew 4.4 percent in September
NEW DELHI – India’s industrial production grew at a disappointing 4.4 percent in September, compared to 8.2 percent in the like month the previous fiscal, as decline in capital goods output along with a base effect pulled down the index, according to data released Friday.
The straight two month fall in the index of industrial … Read the original article on Gaea Times at : India’s industrial output grew 4.4 percent in September.
Finally, India and Japan to ink trade agreement in January
NEW DELHI – Capping four years of protracted negotiations, India and Japan are set to ink in January a Comprehensive Economic Partnership Agreement (CEPA), a potential game-changer that can transform sluggish business ties between two of Asia’s largest economies.
The modalities of signing the CEPA in January are being worked out, an official who did … Original source on Gaea Times at : Finally, India and Japan to ink trade agreement in January.
G20 summit ends with watered-down statement
SEOUL – The Group of 20 summit in Seoul ended Friday with a joint statement that papered over the leaders’ main differences.
“We have produced specific and tangible results,” South Korean President Lee Myung Bak said at the close of the meetings of the world’s largest economies.
Despite the host’s talk of a “historic agreement”, …. Source article on Gaea Times at : G20 summit ends with watered-down statement.
Nepal’s casino king cuts new deal
KATHMANDU – When faced with great danger, the best-known gamblers of the world have been known to keep their cool, as well as their shirt on. Remember British Agent 007 James Bond in “Casino Royale” and Amitabh Bachchan as the Great Gambler in the 1979 Bollywood movie of the same name?
Now a real-life character …. Original article on Gaea Times at : Nepal’s casino king cuts new deal.
India, Canada begin free trade talks
SEOUL – India and Canada Friday launched talks for a comprehensive economic partnership pact, another step towards furthering their trade and business ties after signing a nuclear deal this year.
The decision was taken at a meeting between Prime Minister Manmohan Singh and his Canadian counterpart Stephen Harper on the margins of the G20 Summit … Read : India, Canada begin free trade talks.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on November 12, 2010 are:
Amount (face value in ` crore)
Item
3 days Reverse Repo Auction (Sale of securities by RBI)
3 days Repo Auction
(Purchase of … Read more >>>.
India, Canada launch free trade talks
SEOUL – India and Canada Friday launched talks for a comprehensive economic partnership pact, another step towards furthering their trade and business ties after inking a nuclear deal earlier this year.
The decision was taken at a meeting between Prime Minister Manmohan Singh and his Canadian counterpart Stephen Harper on the margins of the … Read : India, Canada launch free trade talks.
G20 talks go down to the wire
SEOUL – Discussions on a joint statement by Group of 20 (G20) leaders were going down to the wire Friday with negotiators at odds over the wording to be used to address currency disputes.
But the latest drafts also suggested the leaders of the world’s 20 largest economies would paper over many of their differences, … Read : G20 talks go down to the wire.
After Apple, Dell and Samsung pose challenges to BlackBerry
TORONTO – Though BlackBerry maker Research In Motion (RIM), based at Waterloo near here, has not commented on the development, Dell’s decision to take nearly 25,000 of its employees off BlackBerry smart phones is another bad news for the Canadian icon.
The Texas-based computer and IT giant, which has over 100,000 employees around the world, …. Original article : After Apple, Dell and Samsung pose challenges to BlackBerry.
G20 nations must help fix infrastructure gaps: Manmohan Singh
SEOUL – Indian Prime Minister Manmohan Singh Friday put his grand proposal before the G20, calling for a new global rebalance in which funds from surplus nations can go to bridging the infrastructure gap in poor and emerging economies to avoid destabilisation.
He also warned against protectionism in the wake of unemployment in rich nations, …. Original article on Gaea Times at : G20 nations must help fix infrastructure gaps: Manmohan Singh.
Sensex slips 84 points in early trade
MUMBAI – A benchmark index of Indian equities Friday fell 84 points soon after the opening bell.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,529.74 points, was ruling at 20,505.08 points – down 84.01 points or 0.41 percent from its previous close at 20,589.09 points.
At the National … Original source on Gaea Times at : Sensex slips 84 points in early trade.
Money Market Operations as on November 11, 2010
…. Read the original article : Money Market Operations as on November 11, 2010.
Profit-taking sends Tokyo stocks down
TOKYO – Stocks in Tokyo dropped in Friday morning trading as investors sold shares to lock in recent gains that had seen the benchmark Nikkei 225 Stock Average climb above 9,800.
The Nikkei ended the morning session down 80.14 points, or 0.81 percent, at 9,781.32 while the broader Topix index also dropped 5.46 points, or … Read more »».
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.
Power project stalled as Gujarat, centre spar over allocation
CHENNAI – An integrated lignite mine-cum-power project planned by Gujarat and the state-run Neyveli Lignite Corporation (NLC) here is in limbo after the state government said it wants to keep all the electricity generated for itself.
“The project has not progressed further on the issue of share of power to the state,” Gujarat Chief Secretary …. Source : Gaea News Network.
Punjab abolishes VAT on rice bran and husk
CHANDIGARH – Giving relief to the rice millers of the state, the Punjab government Saturday decided to abolish VAT (value added tax) on rice bran and husk.
“The Punjab rice millers’ association was pursuing the issue of abolition of VAT on rice bran and husk continuously for the last many months. Chief Minister Parkash Singh … Read more : Punjab abolishes VAT on rice bran and husk.
30th India International Trade Fair to commence on Sunday in New Delhi
NEW DELHI – Union Minister for Commerce and Industry Anand Sharma will inaugurate the 30th edition of India International Trade Fair (IITF) in the national capital on Sunday at the Pragati Maidan.
This year at least 23 countries including China, Japan, Korea and several western and eastern … Original article on : 30th India International Trade Fair to commence on Sunday in New Delhi.
Surat-Paradip Gas pipeline to cover four Chhattisgarh districts
RAIPUR – The 1,500-km proposed Liquefied Petroleum Gas (LPG) pipeline from Gujarat’s Surat city to Orissa’s port city Paradip would pass through four districts of Chhattisgarh, a state government statement said Saturday.
The Petroleum and Natural Gas Regulatory Board (PNGRB) plans to begin the construction work soon with a target to complete the Rs.6,000 crore-project …. Read the original article : Surat-Paradip Gas pipeline to cover four Chhattisgarh districts.
Reliance Communications reports 78 percent jump in net profit
NEW DELHI – Telecom services major Reliance Communications (RCom), part of the Anil Dhirubhai Ambani Group (ADAG), Saturday reported a 78 percent rise in its net profits for the second quarter ended Sep 30 at Rs.446 crore ($99 million) over the previous sequential quarter.
“The net profit would have been 165 percent higher at Rs.1,181 … Read this article on Gaea Times at : Reliance Communications reports 78 percent jump in net profit.
Google Raise Makes Employees Happy
CALIFORNIA (GaeaTimes.com)- Internet search giant Google is held as a great company to work in and the company has lived up to the reputation by a pay hike that will affect 23000 of its employees. It has been announced that the employees of Google will get a pay hike of 10 … Read more >>.
Modi woos Tamil Nadu investors
CHENNAI – Gujarat Chief Minister Narendra Modi wants Tamil Nadu’s enterprises to invest in his state but has said no to private professional colleges that rake in crores of rupees through capitation fees.
“In Gujarat education is run as a social service. Gujaratis living in other places are also doing the same. Education is not … Read more »».
Entropia Universe’s $335K Deal
SAN FRANCISCO (GaeaTimes.com) A Entropia Universe user named ‘Neverdie’ has bagged a deal that can put some of the best real estate agents to shame. Jon Jacobs, who goes by the name of ‘Neverdie’ in the virtual world has managed to sell off his property on an asteroid in the Entropia Universe for a … Read the original article on Gaea Times at : Entropia Universe’s $335K Deal.
Reliance Capital net profit dips 28 percent
MUMBAI – Reliance Capital, the financial services arm of the Anil Dhirubhai Ambani Group (ADAG), Saturday reported a 28 percent decrease in net profit for the quarter ended Sep 30 at Rs.112 crore ($24 million) owing to lower capital gains and losses from its general insurance business.
The total income also witnessed a fall of … Read : Reliance Capital net profit dips 28 percent.
Reserve Bank of India concerned over sharp decline in factory output growth
MUMBAI – Expressing concern over the sharp decline in factory output growth, Reserve Bank of India (RBI) Deputy Governor Subir Gokarn on Saturday said the latest numbers are alarming.
Subir Gokarn, however, added that the other key indicators such as the corporate earnings and tax collection numbers show that the recovery process is on track, though …. Original article : Reserve Bank of India concerned over sharp decline in factory output growth.
Indian industries awarded innovation awards
NEW DELHI – Bharat Heavy Electricals Ltd (BHEL), Ranbaxy Laboratories Ltd, Council of Scientific and Industrial Research (CSIR) and National Institute of Immunology (NII) have been awarded for their innovation in research and development in India.
BHEL bagged the award for hi-tech corporate category while CSIR won the hi-tech academic award. NII and Ranbaxy … Original source on Gaea Times at : Indian industries awarded innovation awards.
Coal India in talks with US companies to acquire mines
KOLKATA – Kolkata-based Coal India is in talks with Peabody Energy and Massey Energy to acquire mines from the two US companies.
Coal India is the world’s largest coal miner by production, and is now aiming to secure coal assets abroad to meet the growing demand in the country.
“Our aim is to get at least 50 … Read more »»».
Get trade fair tickets at Metro stations
NEW DELHI – The Delhi Metro Rail Corp (DMRC) will sell tickets for the 30th India International Trade Fair (IITF) at 132 Metro stations from Sunday, an official said Friday.
The fair will be open to public Nov 19-27. The tickets are priced at Rs.40 for adults and Rs.20 for children on weekdays and Rs.60 … Read the original article on Gaea Times at : Get trade fair tickets at Metro stations.
Indian Institute of Mass Communication branch in Mizoram
AIZAWL – A branch of the Indian Institute of Mass Communication (IIMC) would be set up in Mizoram and the first session of the institute is expected to begin August next year, officials said here Friday.
“The Mizoram government would extend all out support in establishing the IIMC centre in the state capital Aizawl,” Mizoram … Original article on : Indian Institute of Mass Communication branch in Mizoram.
Second Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on November 12, 2010 are:
Amount (face value in ` crore)
Item
3 days Reverse Repo Auction (Sale of securities by RBI)
3 days Repo Auction
… Original article on : Second Liquidity Adjustment Facility : Auction Results.
364-day Treasury Bills auction : Rs.2,000 crore under regular auction
The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.2,000 crore. The auction will be conducted on November 16, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Read the original article : 364-day Treasury Bills auction : Rs.2,000 crore under regular auction.
91-day Treasury Bills auction : Rs.4,000 crore under regular auction
The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on November 16, 2010 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at …. Source article : 91-day Treasury Bills auction : Rs.4,000 crore under regular auction.
CSIR, a jewel in India’s crown: FICCI
NEW DELHI – Describing the Council of Scientific and Industrial Research (CSIR) as a “jewel in India’s crown”, FICCI secretary general Amit Mitra Friday said its role is “fundamental in shaping Indian technical research and innovation”.
CSIR has done the greatest good for India by tapping its best resource, its massive human capital. …. Read the original article : here.
Dull global cues, IIP pulls Sensex 432 points lower (Roundup)
MUMBAI – A benchmark index of Indian equities Friday closed 432 points lower as selling pressure intensified across sectors, especially in heavyweight scrips.
Disappointing industrial output numbers and weak global cues added to the downward pressure.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,529.74 points, closed at …. Read the original article : Dull global cues, IIP pulls Sensex 432 points lower (Roundup).
Japanese firm to help develop specialty steel in India
NEW DELHI – Sunflag Iron and Steel, which supplies components to leading auto manufacturers like General Motors, Maruti Suzuki, Toyota and Nissan, has signed an agreement with Japanese firm Daido Steel for developing specialty steel products.
“Specialty steel products like crack shaft and ball valve steel is still being imported mainly from Japan. The …. Source article on Gaea Times at : Japanese firm to help develop specialty steel in India.