Business News – Newsletter for November 25, 2010

Thursday, November 25, 2010

Video game legend Mario turns turns 25

NEW YORK – Legendary video game character Mario is more than just a form of entertainment. Twenty-five years after the debut of the game Super Mario Bros, its creator says the little Italian plumber also plays an important role as a cultural ambassador.

Mario and his brother Luigi in their instantly recognisable red and green …. Original article on Gaea Times at : Video game legend Mario turns turns 25.

Sensex up 115 points in early trade

MUMBAI – A benchmark index of Indian equities Thursday was trading about 115 points higher in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,560.25 points, was ruling at 19,575.41 points, up 115.56 points or 0.59 percent from its previous close at 19,459.85 points.
At the National … Read the original article on Gaea Times at : Sensex up 115 points in early trade.

Money Market Operations as on November 24, 2010

US stocks surge on improving job indicators

NEW YORK – US stocks jumped Wednesday on some hopeful signs that the country’s struggling labour market may be improving.

Weekly claims for unemployment benefits fell to their lowest level since 2008. Indicators that showed a rise in household spending and consumer confidence also helped rally investors.
The blue-chip Dow Jones Industrial Average surged 150.91 … Read more >>>.

Paharpur Cooling to expand real estate business

KOLKATA – Kolkata-based Paharpur Cooling Towers Limited, with a turnover exceeding Rs.1,000 crore, has formed a special purpose vehicle (SPV) with a Mauritius-based private equity fund Pragnya Fund-I to execute real estate projects.

The SPV Paharpur Pragnya Realty Private Limited is executing two real estate projects in West Bengal’s Barrackpore and Asansol, besides a project … Original article on : Paharpur Cooling to expand real estate business.

Indane directs LPG distributors to work all days

CHANDIGARH – Faced with a big backlog in supply of LPG cylinders in Punjab, Indian Oil Corporation, which supplies cylinders under the brand name Indane, has asked its distributors across the state to remain open even on Sundays and holidays to clear the backlog.

The move by Indane to clear the shortage in supply of …. Original source : Indane directs LPG distributors to work all days.

CeMAT India to be held in Mumbai Dec 15-18

KOLKATA – CeMAT India, the international trade fair for materials handling and logistics, will be held in Mumbai Dec 15-18.

“Over 350 participants, including 35 percent from foreign countries, have given their confirmation for the event,” said Sudhir Patil, managing director of Hannover Milanio Fairs India Private Limited, the organisers of the fair.
… Read more : CeMAT India to be held in Mumbai Dec 15-18.

All-India mobike expedition to promote safe riding

MANALI – Twenty motorcyclists from four cities, jointly covering a distance of 24,000 km over the next 30 days, hope to promote safe riding practices in India, an official said here Wednesday.

Organised by automotive group Mahindra and Mahindra, the first batch of five riders were flagged off from Manali town of Himachal Pradesh Wednesday.
…. Source : Gaea News Network.

Trade diplomacy: India presses Pakistan for MFN status

NEW DELHI – Even as ties between India and Pakistan remain frosty, India Wednesday told a visiting 12-member Pakistani trade delegation that Islamabad should grant New Delhi Most Favoured Nation (MFN) status and called for a five-fold increase in bilateral trade.

Foreign Secretary Nirupama Rao said India hoped that the Pakistan government would implement … Original source on Gaea Times at : Trade diplomacy: India presses Pakistan for MFN status.

Haryana to get Mobile Number Portability

CHANDIGARH – Mobile phone subscribers in Haryana will be the first in the country to be able to retain their mobile numbers even after shifting to another service provider as Mobile Number Portability (MNP) service will be launched in the state Thursday.

The service will be launched in Haryana’s Rohtak district by Chief Minister Bhupinder … Original source on Gaea Times at : Haryana to get Mobile Number Portability.

Pakistani business delegation for boosting trade with India

NEW DELHI – Even as ties between India and Pakistan remain frosty and dialogue suspended in the wake of the Mumbai carnage nearly two years ago, a 12-member Pakistani trade delegation Wednesday urged New Delhi to remove barriers to spur greater trade between the two countries.

The visiting delegation, led by Sultan Ahmed Chawla, …. Original article on Gaea Times at : Pakistani business delegation for boosting trade with India.

Mirah group acquires one-third stake in Mad over Donuts

MUMBAI – Indian restaurant chain Mirah group has acquired a 33.3 percent stake in Singapore-based donut chain Mad Over Donuts for an undisclosed amount.

A unique donut concept, Mad over Donuts was launched in 2008 and has successfully expanded to 18 outlets in India, mainly spread in Mumbai, Delhi and the national capital region … Original article on : Mirah group acquires one-third stake in Mad over Donuts.

Top bank officers nabbed for housing finance scam

MUMBAI/NEW DELHI – Top officers of some state-run banks and financial institutions were arrested by India’s federal probe agency Wednesday for allegedly accepting bribes to extend loans to corporate houses in a housing finance scam.

“In today’s raids, we have seized incriminating documents and those documents would now be further scrutinised. Meanwhile, we have registered … Original source on Gaea Times at : Top bank officers nabbed for housing finance scam.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 24, 2010 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Read the original article : Second Liquidity Adjustment Facility : Auction Results.

Monaco promotes itself as destination for upper middle-class India

NEW DELHI – The European principality of Monaco, known as the playground of the rich and the famous, is promoting itself as a high-end tourism destination for the double-income upper middle class business and leisure tourists.

The world’s second smallest country – synonymous with the Monte Carlo Formula One Grand Prix, jazz festivals, luxury …. Source : Gaea News Network.

Jairam not to block BALCO’s Chhattisgarh project

NEW DELHI – Environment Minister Jairam Ramesh Wednesday said there was no proposal to ban public sector firm Bharat Aluminium Company Ltd’s (BALCO) bauxite mining projects in Chhattisgarh.

“The environment ministry has accorded environmental and forest clearance to the two bauxite mining projects,” the minister told Lok Sabha.
The environmental clearances have been granted after …. Read the original article : Jairam not to block BALCO’s Chhattisgarh project.