Business News – Newsletter for November 20, 2010

Sensex loses 571 points, slumps to two-month low (Weekly Market Review)

MUMBAI – A benchmark index of Indian equities markets slumped nearly three percent this week to hit a two-month low, on 2G spectrum allocation scandal and weak global cues.

The Bombay Stock Exchange (BSE) 30-share benchmark index ended the week at 19,585.44 points, down 2.84 percent or 571.45 points from the previous week.
…. Original article on Gaea Times at  : Sensex loses 571 points, slumps to two-month low (Weekly Market Review).

Foundation stone for Kannur airport to be laid Dec 17

NEW DELHI/KANNUR – Kerala is to get its fourth international airport at Kannur, the foundation stone for which will be laid Dec 17, state Tourism and Home Minister Kodiyeri Balakrishnan said Saturday.

The foundation stone will be laid at Mattanur near Kannur town, Balakrishnan told reporters in New Delhi after meeting with Union Civil Aviation …. Original article on Gaea Times at  : Foundation stone for Kannur airport to be laid Dec 17.

Indian American students develop new game application

WASHINGTON – Three Indian American students in California have developed a new game application for Apple called where users try to steer their lost rocket ship home using the gravity of planets.

Rahul Bhatia, Akshay Narayan and Rohan Agarwal, all aged 17, began with the idea of app in June and went over brainstorming ideas … Read the original article on Gaea Times at : Indian American students develop new game application.

50,000 Chhattisgarh steel workers face job loss

RAIPUR – About 50,000 workers employed with 175 mini steel plants in Chhattisgarh face a threat to their jobs as the factory owners have announced closure of their units amid rising prices of sponge iron used as raw material.

“The per tonne price of sponge iron has shot up from Rs.14,000-15,000 to Rs.18,000 and it … Read more >>>.

Guilty in 2G spectrum saga will be punished: PM

NEW DELHI – Refraining from any direct personal remarks on the 2G spectrum scam, Prime Minister Manmohan Singh Saturday said no one found guilty of wrong-doing will be spared, and urged all political parties to let parliament function and carry forward the due process.

We are ready to discuss all issues in parliament. We are … Original article on : Guilty in 2G spectrum saga will be punished: PM.

None found guilty will be spared: PM on 2G scam

NEW DELHI – In his first public remarks on the 2G spectrum scandal, Prime Minister Manmohan Singh Saturday said anyone found guilty of wrong-doing will be brought to book but urged political parties to let parliament function and carry forward the due process.

“There should not be any doubt in anybody’s mind if (there is) … Read : None found guilty will be spared: PM on 2G scam.

PM promises enabling environment for double-digit growth

NEW DELHI – Prime Minister Manmohan Singh Saturday promised an environment that will help India attain a nine percent growth next year, expanding further to double-digit levels in the medium term, but said challenges too needed to be addressed.

“We were among the few countries that recovered quickly from the after-effects of the global economic … Read the original article on Gaea Times at : PM promises enabling environment for double-digit growth.

India will grow at 8.5 pc now, 9 pc next year: PM

NEW DELHI – Prime Minister Manmohan Singh Saturday said India braved the worst global slowdown in decades better than most economies and would grow at 8.5 percent this fiscal and 9 percent next year.

“We were among the few countries that recovered quickly from the after-effects of the global economic crisis,” the prime minister told …. Source article on Gaea Times at  : India will grow at 8.5 pc now, 9 pc next year: PM.

These are testing times: PM

NEW DELHI – Besieged by a host of scams rocking the government, Prime Minister Manmohan Singh Saturday said India was going through testing times and that he often felt like a “high school student” going from one test to another.

“It is often said that these are testing times. In fact, I cannot help feeling …. Source article on Gaea Times at  : These are testing times: PM.

Indians think economic conditions improving: Gallup poll

WASHINGTON – Indians’ economic optimism rose significantly in 2010 after tumbling amid the global recession with nearly half of them thinking their local economic conditions are improving, according to a new poll.

However, perceptions of job availability remain stagnant, particularly in India’s less developed regions, a poll by Gallup, leading US public opinion survey …. Read the original article  : Indians think economic conditions improving: Gallup poll.

Blackberry confident India’s concerns will be resolved

NEW DELHI – Canada-based Blackberry maker, Research in Motion (RIM) Friday said that it is confident that the security concerns of the Indian government will be resolved to their mutual satisfaction.

“Our ongoing discussions with the government of India continue to be very positive and progressive, and we are confident that any outstanding concerns … Original article on : Blackberry confident India’s concerns will be resolved.

DDA to allot over 16,000 flats

NEW DELHI – The Delhi Development Authority (DDA) will allot over 16,000 flats from Nov 25 under its 2010 housing scheme, it was announced here Friday.

The flats are located in different parts of Delhi in colonies like Vasant Kunj, Mukherjee Nagar, Motia Khan, Jasola, Dwarka, Rohini, Narela, Jaffarabad, Kaundli Gharoli.
“In order … Read this article on Gaea Times at : DDA to allot over 16,000 flats.

General Motors to launch six new vehicles in two years

KOLKATA – Buoyed by the strong growth in automobile industry across India, General Motors is set to expand its presence in the country and is planning to launch six new vehicles in the next two years, a senior company official said Friday.

“Indian automobile industry has recorded a 26 percent growth during the last financial … Read more >>.

Thousands stranded as Metro services to Gurgaon disrupted

NEW DELHI – Thousands of passengers on Delhi Metro’s Jehangirpuri-Gurgaon line were stranded Friday night as services were disrupted after a train got stuck at Udyog Bhavan station due to a technical snag, an official said. The fault was still to be rectified.

According to the Metro official: “The train going towards Gurgaon got stuck …. Original article  : Thousands stranded as Metro services to Gurgaon disrupted.

President heads to Gulf, to launch helpline for Indian expats

NEW DELHI – India is set to boost its multi-faceted ties with the Gulf region when President Pratibha Patil goes Sunday to the United Arab Emirates, where she will launch a 24-hour helpline for its expatriate population, and also visit Syria.

The Gulf region is home to over 5 million-strong Indian diaspora.
In the …. Source  : Gaea News Network.

New Ambassador variant to be unveiled in December

KOLKATA – The first prototype of a new variant of the Ambassador, the flagship car of the C.K. Birla group-owned Hindustan Motors, will be out by this December, a senior company official said

“Our promise to introduce a new variant of Ambassador is very much on track and its prototype will come out this December. …. Original source  : New Ambassador variant to be unveiled in December.

Panel to clean up financial sector laws soon: Mukherjee

NEW DELHI – The government will soon set up a commission to rewrite and clean up financial sector laws, in a bid to make them more relevant to the changed economic scenario, Finance Minister Pranab Mukherjee said Friday.

“The government has decided to set up a financial sector legislative reforms commission (FSLRC) to rewrite and …. Source article on Gaea Times at  : Panel to clean up financial sector laws soon: Mukherjee.

Spectrum sparks fly, opposition blocks parliament (Roundup)

NEW DELHI – The 2G spectrum saga crippled parliament for another day Friday as the opposition refused to give up its demand for a parliamentary probe into the scandal that has enveloped Prime Minister Manmohan Singh.

Feeling the Supreme Court heat on the handling of the issue by Manmohan Singh, the government decided that Attorney … Read more »»».

Tamil Nadu to have auto-sector specific policy soon

CHENNAI – Tamil Nadu will soon announce its automotive industry specific policy, a state government official said Friday.

“The proposed policy will address many of the issues faced by the sector like lack of skilled manpower,” Principal Secretary for Industries Rajeev Ranjan said in his address at Auto Serve 2010, a conference here on “Productivity …. Original article on Gaea Times at  : Tamil Nadu to have auto-sector specific policy soon.

IndiGo to fly to Coimbatore from Nov 30

NEW DELHI – Terming Coimbatore in Tamil Nadu as a key market, low-cost airline IndiGo Friday said it will start flight services connecting the national capital as well as Chennai to the southern city from Nov 30.

“Expanding operations in south India is in line with our growth strategy in the Indian market, and Coimbatore … Read more >>>.