Business News – Newsletter for November 24, 2010

Reformed sales tax bill tabled in Pakistan Senate

ISLAMABAD – Despite stiff opposition from allied parties and the opposition, the Pakistan government Tuesday tabled the reformed general sales tax (GST) bill in the Senate after it was approved by the standing committee on finance.

Addressing the upper house of the parliament, Finance Minister Abdul Hafeez Shaikh said the reformed GST needs to be …. Source  : Gaea News Network.

Three guest houses sealed in Paharganj

NEW DELHI – The Municipal Corporation of Delhi (MCD) sealed three guest houses in Paharganj area of Delhi Tuesday for non-payment of taxes, an official said.

MCD had sent notices to these establishments Nov 18 and asked them to pay a conversion tax as they were located in residential areas.
“Action will be taken on …. Original article on Gaea Times at  : Three guest houses sealed in Paharganj.

Coal India’s net profit rises 29 percent

KOLKATA – World’s largest coal miner, Coal India’s (CIL) net profit rose by 29.06 percent to Rs.4,020 crore in the first half of the current fiscal (2010-11) over the corresponding period last year.

Releasing the April-September 2010 results of the company, CIL chairman Partha Bhattacharyya said it had recorded a net profit of Rs.3,115.02 … Original source on Gaea Times at : Coal India’s net profit rises 29 percent.

MCD not to courier birth, death certificates

NEW DELHI – To check fraud, the Municipal Corporation of Delhi (MCD) will no longer courier birth and death certificates to online applicants, officials said Tuesday.

The applicants can now get the certificates only at the concerned hospitals or zonal offices.
The civic body health department officials, who provide online services for registering births and …. Read the original article  : here.

‘Due diligence must before investing in global property markets’

MUMBAI – International law firm Holman Fenwick Willan (HFW) Tuesday advised Indian investors to exercise due diligence for ensuring trouble-free investments in international property markets.

Since the quantity of investments in this sector is high, it is imperative for investors to carry out due diligence, HFW partner Christian Taylor said.
Speaking at a two-day international … Read more : ‘Due diligence must before investing in global property markets’.

Gujarat will power India’s development: Narendra Modi

NEW DELHI – Gujarat Chief Minister Narendra Modi made a persuasive pitch to the global business community to consider his state for investment, saying his state’s rapid growth will help in securing a position for India among the developed nations.

“Gujarat is now moving towards securing a position for India among the developed nations … Read more »»».

Jet Airways reports rise in number of flyers

MUMBAI – Private air carrier Jet Airways reported an 18.1 percent rise in its international passenger numbers for the month of October, a statement said Tuesday.

“Strategic code-shares and innovative marketing have given us the required impetus that has helped stay ahead of the industry growth curve,” Jet Airways chief executive officer Nikos Kardassis … Read : Jet Airways reports rise in number of flyers.

Kingfisher Airlines, American Airlines to share codes

MUMBAI – Kingfisher Airlines Tuesday said it will enter into code-sharing and frequent flyer programme with American Airlines in 2011, after the receipt of regulatory approvals.

“The code share on Americans flight to Chicago will mark the first time ever that Kingfisher Airlines will place its code on any flight operating into the United …. Read the original article  : here.

Maharashtra builders seek to rectify anomalies in rules

MUMBAI – Builders in Maharashtra Tuesday asked the state government to remove discrepancies in the Development Control Regulations and ensure that flats were sold based on the carpet area norm.

In a memorandum addressed to Chief Minister Prithviraj Chavan and other concerned departments, the Maharashtra Chamber of Housing Industry (MCHI) said builders were willing to … Read more : Maharashtra builders seek to rectify anomalies in rules.

Financial oversight body by December: Minister

NEW DELHI – Financial Stability Development Council (FSDC), India’s apex-level body for the financial sector, is expected to come into force by December, Minister of State for Finance Namo Narain Meena said Tuesday.

“The Ministry of Finance has consulted all the financial sector regulators on the formation of the council,” Meena said in a written …. Source article on Gaea Times at  : Financial oversight body by December: Minister.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 23, 2010 are:

Amount  (face value in ` crore)                            

Item

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

1 day Repo Auction 
… Read more >>.

BCCL, HEC tie up for modern coal washery

KOLKATA – The Bharat Coking Coal Limited, a subsidiary of the countrys largest miner Coal India, has tied up with a consortium led by the Heavy Engineering Corporation (HEC) for setting up a modern five million tonne coking coal washery at Madhubani in Bihar.

It will be a state-of-the-art kind of washery. The HEC is …. Original article on Gaea Times at  : BCCL, HEC tie up for modern coal washery.

Sensex cuts losses, closes 266 points lower (Roundup)

MUMBAI – A benchmark index of Indian equities market, which plummeted over 600 points in afternoon trade Tuesday, managed to cut its losses and closed 266 points down.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,841.42 points, closed at 19,691.84 points, down 265.75 points or 1.33 percent, from … Read more >>.

Souza’s tribute to Tagore highlight of Indian auction

NEW DELHI – Encouraged by the recovery of the art market after a slowdown of 30 months, a leading Bangalore-based auction house has lined up rare art works of Indian modern and contemporary artists like Raja Ravi Varma, Rabindranath Tagore, Nikolai Roerich, M.F. Husain, Jamini Roy and F.N. Souza for an auction here Nov 30.

…. Original source  : Souza’s tribute to Tagore highlight of Indian auction.

Results of Auctions of 10-year State Development Loans, 2020 of Four State Governments

The Results of the auctions of 10-year State Development Loans, 2020 for Four State Governments held on November 23, 2010.

(` in crore)    

Andhra Pradesh

Gujarat

Rajasthan

Tamil Nadu

Total

Notified Amount

1,000.000

1,000.000

500.000

500.000

3,000.000

Underwriting Notified Amount

Nil

Nil

Nil

Nil

Nil

Competitive Bids Received
(i) …. Original source  : Results of Auctions of 10-year State Development Loans, 2020 of Four State Governments.

Narendra Modi makes strong pitch for ‘Vibrant Gujarat’

NEW DELHI – Gujarat Chief Minister Narendra Modi made a strong pitch to the global business community to consider his state for investment at the upcoming summit in Gandhinagar, riding on accords worth $240 billion signed at its previous edition in 2009.

“Gujarat is now moving towards securing a position for India among the developed …. Source  : Narendra Modi makes strong pitch for ‘Vibrant Gujarat’.

RBI releases Report of the Working Group on BoP Manual for India

The Reserve Bank of India, today released the report of the Working Group on India’s balance of payments statistics and the revised BoP manual for India (rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=596) .

The Report has two parts. Part I discusses various issues relating to India’s Balance of Payments statistics and makes a number of suggestions … Read more »».

Sensex cuts losses, closes 298 points lower (Third Lead)

MUMBAI – A benchmark index of Indian equities market, which plummeted over 600 points in afternoon trade Tuesday, managed to cut its losses and closed 298 points down.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,841.42 points, closed at 19,659.77 points, down 297.82 points or 1.46 percent, from …. Original article on Gaea Times at  : Sensex cuts losses, closes 298 points lower (Third Lead).

Now, electricity sub-stations that work through remote!

ROHTAK – A power distribution agency in Haryana has started a unique experiment – running two 33 KV power sub-stations through remote control.

The Uttar Haryana Bijli Vitran Nigam (UHBVN) has energized two unmanned 33 KV sub-stations in this Haryana town, 270 km from Chandigarh.
DHBVN officials said the second of this kind of unmanned …. Source article on Gaea Times at  : Now, electricity sub-stations that work through remote!.

China denies copying high-speed rail technology

BEIJING – A Chinese official has denied that China’s high-speed rail technology has been plagiarised, saying it has developed it on its own.

Tian Lipu, director of the State Intellectual Property Office, told the People’s Daily in an interview published Tuesday that China can now build high-speed railway in the mountains.
The construction of … Read more »».