Business News – Newsletter for November 17, 2010

CPI-M tells PM: Explain the spectrum scam

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Wednesday asked Prime Minister Manmohan Singh to explain how the “murky” 2G spectrum scam dragged on and sought the prosecution of disgraced former communication minister A. Raja.

“The Supreme Court has correctly asked why the prime minister delayed responding to the request for permission to prosecute … Read more »»».

Maoist violence, poverty mar growth in decade-old Chhattisgarh

RAIPUR – In 10 years of existence, Chhattisgarh has become a study in contrasts. While the state recorded a high growth rate at 11.49 percent, people contest claims of development by citing the fast spreading Maoist insurgency, lack of healthcare and poverty.

A state of 20.08 million people today, Chhattisgarh was carved out of Madhya …. Source article on Gaea Times at  : Maoist violence, poverty mar growth in decade-old Chhattisgarh.

Chennai to host maritime technology conference

CHENNAI – The economy is expected to grow at a brisk pace, which in turn means that transport of goods via sea, maritime technology and other connected sectors are set to gain importance — these and other issues will be discussed at the Indian Maritime Technology Conference 2011 in January here.

Industry body Confederation of …. Source article  : Chennai to host maritime technology conference.

Asia Society honours Mukesh Ambani

NEW YORK – Asia Society New York has presented its Global Vision Award to Mukesh Ambani, head of India’s Reliance Industries Ltd. at a gala event honoring global leaders who help promote understanding between Asians and Americans.

In 2009, Ambani was ranked fifth best performing CEO in the world by the Harvard Business Review and … Read : Asia Society honours Mukesh Ambani.

Canadian PM lights Diwali lamp, eyes more trade with India

TORONTO – Canadian Prime Minister Stephen Harper said Tuesday night that the proposed free trade agreement with India will usher in a new era of economic ties between the two countries.

Speaking after lighting a lamp at the annual Diwali function at the Canadian parliament, Harper said as they celebrate the festival of lights in … Read the original article on Gaea Times at : Canadian PM lights Diwali lamp, eyes more trade with India.

Indian vegetable imports help cool prices in Lahore

LAHORE – Onion and tomato prices dipped in Lahore following the arrival of vegetables from India.

Onion prices had reached Rs.100 per kg a week back. But it came down substantially ahead of Eid and was now available for Rs.60 to Rs.80 per kg.
The News International quoted vendors as saying major Pakistani dealers had … Original source on Gaea Times at : Indian vegetable imports help cool prices in Lahore.

BlackBerry fires salvo at Apple, rubbishes iPad in online video

TORONTO – Even before it launches its PlayBook early next year, BlackBerry maker Research In Motion (RIM) Tuesday formally joined the high-stakes battle with Apple for the new tablet market.

In an online video, the Canadian wireless giant further raised its war of words with Apple by showing how its PlayBook dwarfs the iPad for …. Source  : Gaea News Network.

Himachal’s Baddi industrial area to have effluent plant

SHIMLA – A common effluent treatment plant will be set up at a cost of Rs. 80 crore in the Baddi-Barotiwala-Nalagarh industrial area in Himachal Pradesh’s Solan district to check industrial pollution, an official said.

“The state government has authorised Baddi Infrastructure Limited to set up a common effluent treatment plant at a cost of … Read : Himachal’s Baddi industrial area to have effluent plant.

Trade between Argentina, India to reach $2 bn

BUENOS AIRES – Argentina has expressed willingness to diversify exports to India as bilateral trade between the two countries is set to reach $2 billion in 2010, a near three-fold increase over the last year.

“Argentina and India have a common goal regarding vertiginous growth in bilateral trade and investments,” Xinhua quoted Argentine Minister of …. Source article on Gaea Times at  : Trade between Argentina, India to reach $2 bn.

Quarter of Spanish children at risk of poverty: Unicef

Madrid, Nov 17 (IANS/EFE) One in four children in Spain live in homes at risk of poverty, Unicef said Tuesday in a report that identifies the offspring of immigrants as “especially vulnerable”.

While in 2006 the poverty rate for households with children born in Spain was 21.2 percent, it rose to 52 percent in the …. Source article  : Quarter of Spanish children at risk of poverty: Unicef.

Tokyo stocks fall due to US and European losses

TOKYO – Stocks in Tokyo lost ground in Wednesday morning trading after falls on Wall Street and European markets.

The benchmark Nikkei 225 Stock Average lost 51.01 points, or 0.52 percent, to stand at 9,746.09 while the broader Topix index was down 2.80 points, or 0.33 percent, at 844.97.
On currency markets at noon (0300 … Read : Tokyo stocks fall due to US and European losses.

US stocks plummet on as eurozone debates Ireland’s debt crisis

NEW YORK – Major US stock indices fell sharply Tuesday, following on from a global sell-off as eurozone finance ministers looked for ways to keep debt-mired Ireland out of default.

Ireland did not ask for a bail-out from the European Union, insisting it can still manage its finances. But eurozone ministers in Brussels agreed to … Original article on : US stocks plummet on as eurozone debates Ireland’s debt crisis.

Google’s Android in charge for mobile payments

SAN FRANCISCO – Google’s forthcoming Android operating system will work with a new chip that allows users to tap their phones on in-store terminals to pay for purchases, Google chief executive Eric Schmidt has revealed.

News of the new technology coincided with Tuesday’s announcement by three major US wireless carriers that they were launching a …. Source  : Google’s Android in charge for mobile payments.

Bengal minister challenges Trinamool on land acquisition

KOLKATA – Throwing a challenge to the opposition Trinamool Congress, which has launched a fresh movement on the land acquisition issue in the north eastern fringes of the city, the West Bengal government Tuesday offered to return 11 per cent of the acquired land if Mamata Banerjee’s party allowed Tata Motors to establish their second … Read more : Bengal minister challenges Trinamool on land acquisition.

Science key to UAE’s economic growth: Paper

Abu Dhabi, Nov 16 (IANS/WAM) The UAE has tremendous opportunity to develop its scientific capabilities that will immensely benefit the economy, an editorial said Tuesday.

Backed by the leadership’s vision in developing a modern and progressive society, the UAE can significantly improve its scientific capabilities, the Gulf News noted.
More women must be encouraged … Read more : Science key to UAE’s economic growth: Paper.

Wipro Infocrossing to set up new data centre in US

BANGALORE – Wipro’s IT infrastructure management services subsidiary Infocrossing will set up a new data centre at North Carolina in the US to support its growing business, the company said Tuesday.

The new data centre will be built in the building purchased in Cleveland County to support all major platforms, including mainframe, Windows, Unix, Linux …. Original article  : Wipro Infocrossing to set up new data centre in US.

Railways will bring industrial boom in the country: Mamata

KOLKATA – Railway Minister Mamata Banerjee Tuesday said the railways will usher in an industrial boom in the country as her ministry is to set up 20 new industries in the next one year.

“We will set up 20 more heavy industries like wagon factories in underdeveloped areas of the country like Kalahandi in Orrisa, … Read more >>>.

‘Reliance Communications had no stake in Swan’

NEW DELHI – Reliance Communications Tuesday strongly denied having any stake in Swan Telecom, among the companies that India’s official auditor claims had benefited in the issue of 2G spectrum in 2008 during the tenure of then communications minister A. Raja.

“Our group had no shareholding in Swan Telecom at the time of grant …. Original article  : ‘Reliance Communications had no stake in Swan’.

RBI to sensitise people about money laundering

KOLKATA – In a bid to raise public awareness about money laundering agencies, the Reserve Bank of India (RBI) has started a nationwide programme to sensitise people about “unscrupulous” and “unregistered” companies.

RBI regional director M. Chinaswami Tuesday said the programme was initiated after receiving reports about money laundering by “some fly by night operators …. Original source  : RBI to sensitise people about money laundering.

India, Africa should deepen relationship: Kenya PM

NEW DELHI – India and Africa can deepen their partnership on the basis of their deep historical ties, Kenyan Prime Minister Raila Amolo Odinga said here Tuesday.

Speaking at a session on India-Africa partnership at the India Economic Summit, Odinga said co-operation between Africa, India and other emerging economies like Brazil and China is of …. Source  : India, Africa should deepen relationship: Kenya PM.