Business News – Monthly Newsletter December 2010

Maruti Suzuki October sales up 39.2 percent

NEW DELHI – Car market leader Maruti Suzuki Monday reported its higher ever monthly sales for October at 1,18,908 vehicles, a growth of 39.2 percent over the same month last year at 85,415 units.

The company crossed 1 lakh unit sales mark in the domestic market for the first time in October 2010, touching …. Source article  : Maruti Suzuki October sales up 39.2 percent.

Karunanidhi showing his scorn for democracy: Jayalalithaa

CHENNAI – AIADMK general secretary J. Jayalalithaa Monday said Tamil Nadu Chief Minister and DMK president M. Karunanidhi is showing his scorn for democracy by not recalling Telecom Minister A. Raja over the 2G spectrum scam.

“Ultimately, the buck stops at the doorstep of DMK president Karunanidhi,” Jayalalithaa said in a statement here.
“Despite the …. Source  : Gaea News Network.

India seeks partnership with hydrocarbon producers: PM

NEW DELHI – Prime Minister Manmohan Singh Monday sought to strengthen economic partnerships with hydrocarbon producing countries, saying the demand for this source of energy would increase by over 40 percent in the next 10 years.

“Hydrocarbons will continue to be our major source of energy for quite sometime in the future,” Singh said after … Read : India seeks partnership with hydrocarbon producers: PM.

Sensex surges 336 points

MUMBAI – A benchmark index of Indian equities Monday built on its morning gains and was ruling 336 points higher in afternoon trade. Positive cues from Asian markets helped boost sentiments.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,272.49 points, was ruling at 20,368.8 points, up 336.46 points … Read more : Sensex surges 336 points.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.42 and the Reference Rate for Euro is ` 62.16 on November 1, 2010. The corresponding rates for the previous day (October 29, 2010) were ` 44.54 and ` 61.81 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 1, 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 … Read the original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

RBI may raise rates to curb inflation: Mukherjee

NEW DELHI – Finance minister Pranab Mukherjee Monday hinted that The Reserve Bank of India (RBI) may increase key interest rates further to contain inflation.

“RBI monitory policy will be announced soon. I had a discussion with the RBI (Reserve Bank of India) governor. He may may take the necessary step,” Mukherjee told reporters on …. Read the original article  : here.

Nissan Recalls 1592 Vehicles in New Zealand

Wellington, New Zealand (GaeaTimes.com) — Nissan is recalling 1592 vehicles from New Zealand as a part of worldwide recall of their more than two million vehicles.
Nissan issued the international recall of 2.14 million car last week. This will be the third largest recall ever, which is issued by Nissan to fight an ignition problem … Read more »».

TVS Motor registers 48 percent volume growth

CHENNAI – Two and three wheeler maker TVS Motor Company closed October with a 48 percent increase in total sales as compared to the corresponding period of the previous year.

The company registered total sales of 195,271 units in October against 131,941 units in the same month of 2009.
Cumulative total sales for the …. Read the original article  : here.

Krishna hopes China removes barriers in IT, pharma

NEW DELHI – External Affairs Minister S. M. Krishna Monday said he hoped China will provide a level playing field to India in pharmaceuticals and IT sector.

There is a capacity for enormous growth… Hope China will provide India a level playing field in pharmaceuticals and IT sector where we face barriers, said Krishna.
He …. Original source  : Krishna hopes China removes barriers in IT, pharma.

World’s fertilizer giant faces takeover bid, Canada worried

TORONTO – The hostile takeover bid by the British-Australian BHP Billiton Ltd for the world’s biggest fertilizer company – Potash Corporation of Saskatchewan (PCS) – here has triggered a big headache for the Canadian government.

BHP, the Anglo-Australian mining giant, launched the takeover bid with a $39 billion offer in August – by far the … Original article on : World’s fertilizer giant faces takeover bid, Canada worried.

Rohtang Pass to be operational till Nov 15

MANALI – The Border Roads Organisation (BRO) Monday said it would operate the majestic Rohtang Pass, which connects this Himachal Pradesh town with Leh in Jammu and Kashmir, for two weeks more.

“On the demand of the state (Himachal Pradesh) government, we have decided to operate the Rohtang Pass till Nov 15,” a BRO spokesperson … Original article on : Rohtang Pass to be operational till Nov 15.

Census begins in China

BEIJING – Over 6.5 million census takers Monday fanned out across China and would visiting more than 400 million households to try to get an accurate count of the country’s population over a 10-day period.

The census takers, dressed in a uniforms and bearing a certificate, are asking everyone living and working on the mainland … Read : Census begins in China.

Corporate bigwigs to make inroads into Delhi bus services

NEW DELHI – Big corporate houses are set to hit the Delhi roads with world class buses that have automatic ticketing systems, providing commuters a “safe and reliable” option to the “killer” Blueline buses that are being phased out.

The Delhi government has already allowed StarBus company to come out with around 230 buses in …. Source  : Gaea News Network.

Rate hike fears in India’s monetary policy review Tuesday

MUMBAI – The Reserve Bank of India (RBI) reviews its monetary policy for this fiscal Tuesday with high food inflation in the backdrop, even as industry and commercial banks hoped for status quo in policy rates, already tweaked five times in 2010.

RBI Governor D. Subbarao will conduct the second quarterly review … Original source on Gaea Times at : Rate hike fears in India’s monetary policy review Tuesday.

Sensex soars in early trade

MUMBAI – A benchmark index of Indian equities Monday soared in opening trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,3272.49 points, was ruling at 20,281.66 points, up 249.32 points or 1.24 percent from its previous close at 20,032.34 points.
At the National Stock Exchange (NSE), the 50-share … Original article on : Sensex soars in early trade.

Tokyo stocks edge down

TOKYO – Tokyo shares inched down in Monday morning trading, dragged down by bank shares and the yen’s appreciation hurting investor sentiment.

The benchmark Nikkei 225 Stock Average lost 16.41 points, or 0.18 percent, to trade at 9,186.04 while the broader Topix index was down 6.06 points, or 0.75 percent, at 804.85.
Mitsubishi UFJ Financial … Read this article on Gaea Times at : Tokyo stocks edge down.

Money Market Operations as on October 29, 2010

… Read more »».

Kingfisher launches flight to Taj city from Delhi

AGRA – Kingfisher Airlines’ inaugural Delhi-Agra flight Sunday arrived at the city of the majestic 17th century Taj Mahal but an hour late, a travel agency official said.

Flight 4367, a 66-seater ATR plane, landed at the Kheria airport around 3.30 p.m. and returned to Delhi after half an hour, said the official who had … Read more : Kingfisher launches flight to Taj city from Delhi.

India, Angola to speed up petroleum sector cooperation

NEW DELHI – Petroleum Minister Murli Deora and his Angolan counterpart Jose Maria Botelho de Vasconcelos Sunday agreed to sign a memorium of understanding (MoU) that will speed up cooperation between the two countries in the hydrocarbon sector.

Deora sought more crude oil supply from the African nation on term contract at the bilateral meeting, …. Source article on Gaea Times at  : India, Angola to speed up petroleum sector cooperation.

Reliance Communications launches free calling offer schemes

NEW DELHI – Reliance Communications Tuesday launched two schemes offering free calling between 11 p.m. to 6 a.m. for its subscribers during this festival season.

The company is offering its new customers, who subscribe between Nov 1 and Nov 30, free calling benefits to any local Reliance mobile between 11 p.m. to 6 a.m. … Read more : Reliance Communications launches free calling offer schemes.

Food prices should be brought down further: Sonia

NEW DELHI – Expressing concern at rising prices, Congress president Sonia Gandhi said the prices of food items needed to be brought down further and the responsibility for doing so also lay with the states.

Addressing a meeting of the All India Congress Committee (AICC) here, Gandhi said it was also the duty of … Read this article on Gaea Times at : Food prices should be brought down further: Sonia.

Petroleum price hike a death blow, says Pakistani daily

ISLAMABAD – The steep hike in prices of petroleum products will be “a death blow to most middle-income people”, a Pakistani daily said in an editorial.

The editorial Tuesday in the Express Tribune said: “In raising petroleum prices by just under Rs.6 per litre, the government has delivered what many will see as a death …. Source article on Gaea Times at  : Petroleum price hike a death blow, says Pakistani daily.

Markets flat post rates hike

MUMBAI – Indian equities markets Tuesday were ruling flat after the Reserve Bank of India hiked the short-term borrowing and lending rates by 25 basis points each.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,407.18 points, was ruling at 20,348.08 points, down 7.55 points or 0.04 percent …. Source article  : Markets flat post rates hike.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.43 and the Reference Rate for Euro is ` 61.92 on November 2, 2010. The corresponding rates for the previous day (November 1, 2010) were ` 44.42 and ` 62.16 respectively. Based on the Reference Rate for … Read more >>.

Pakistani traders gush about business trip to Chandigarh

CHANDIGARH – Happy with the warm hospitality, Pakistani traders who came to this union territory to participate in Chandigarh Fair-2010, are taking the business trip as an opportunity to develop local contacts and explore new places here.

“Besides a business trip, this is an opportunity to discover our roots in Punjab and meet … Original source on Gaea Times at : Pakistani traders gush about business trip to Chandigarh.

Palpable sense of change as Bihar votes

PATNA – On the chaotic streets of Patna, rickshaw puller Ram Jagan Yadav casts a thoughtful glance around and says, “Change is here and change is the rule.” As life goes on amid the Bihar polls, people have not failed to note that things are different.

Fewer posters on the walls, fewer rallies and …. Original article  : Palpable sense of change as Bihar votes.

RBI Announces OMO Purchase of Government Securities

The liquidity adjustment facility (LAF) window of the Reserve Bank has remained in an injection mode since September 9, 2010. The average daily net injection of liquidity through LAF was ` 61,700 crore in October 2010 with a peak injection of ` 1,28,685 crore on October 30, 2010. With a … Read this article on Gaea Times at : RBI Announces OMO Purchase of Government Securities.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.17 per cent Government Stock 2015” for a notified amount of Rs.4,000 crore (nominal), "8.13 per cent Government Stock 2022" for a notified amount of Rs.5,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount of …. Original article  : Underwriting Auctions for Government Securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 2, 2010 are :

Amount  (face value in ` crore)                  

Item

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

1 day Repo Auction 
…. Original source  : Liquidity Adjustment Facility : Auction Results.

RBI hikes key interest rates by 25 basis points

MUMBAI – The Reserve Bank of India (RBI) Tuesday hiked its short-term borrowing and lending rates by 25 basis points, continuing with its tight monetary policy stance to tame inflation, but hinted that the rates would not undergo any more changes in the immediate future.

The repurchase rate now stands revised to 6.25 percent … Read more >>>.

Kolkata Metro services hit for 30 minutes

KOLKATA – After a series of disruptions last month, Metro services in Kolkata were hit again Tuesday morning for half an hour after a train developed a technical snag at a station.

“The Dum Dum Metro station-bound train reached Mahanayak Uttam Kumar station and developed a technical snag. All the passengers were evicted,” Metro Railway … Read more >>.

Obama wooed by immense Indian business potential: Pakistani daily

ISLAMABAD – Barack Obama “has to keep both Pakistan and India happy”, said a leading Pakistani daily ahead of the US president’s Nov 6-9 visit to India. It noted that Obama had been “wooed by the immense Indian business potential”.

An editorial in the Dawn said “presidents (Bill) Clinton and (George W.) Bush and now … Read this article on Gaea Times at : Obama wooed by immense Indian business potential: Pakistani daily.

Venezuela nationalises steelmaker

Caracas, Nov 2 (IANS/EFE) Venezuelan President Hugo Chavez has announced the nationalisation of steelmaker Sidetur and of several real estate developers that failed to complete housing projects.

Chavez broke the news Sunday during a six-hour edition of his weekly television programme, a week after announcing in the same venue that his government was nationalising the … Read this article on Gaea Times at : Venezuela nationalises steelmaker.

Android sweeps Apple, BlackBerry in US smart phone market

TORONTO – There is more bad news for BlackBerry maker Research In Motion (RIM) as its smart phone sales have slipped to the third position in the US market.

According to the latest data by the NPD Group, the US-based smart phone market tracking company, the BlackBerry’s share of the US market in the third … Original article on : Android sweeps Apple, BlackBerry in US smart phone market.

Sensex opens higher, but slips on rate hike fears

MUMBAI – Indian equities opened higher Tuesday, ahead of the monetary policy update by the central bank later in the day, but slipped on fears that interest rates may be hiked for the sixth time this year.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 20,407.18 points, against the …. Original source  : Sensex opens higher, but slips on rate hike fears.

Daimler to replicate India outsouring model in other plants

CHENNAI – German auto group Daimler, setting up a 36,000 per annum truck unit near here, sees localisation as the key for growth in the price-sensitive commercial vehicle market and would replicate the Indian outsourcing and production model in plants elsewhere.

“Our trucks will roll out with 85 percent localisation in terms of material value …. Source article  : Daimler to replicate India outsouring model in other plants.

US business seeks free high-tech trade with India

WASHINGTON – Ahead of US President Barack Obama’s trip, a major US trade association representing 300 top US companies doing business with India has proposed a five-point agenda for advancing India-US economic partnership, including educational collaboration and a free trade agreement.

Entitled “Partners in Prosperity – Business Leading the Way”, the US-India Business Council (USIBC) …. Source article  : US business seeks free high-tech trade with India.

Tokyo stocks edge down on stronger yen, US election

TOKYO – Japanese shares inched lower in Tuesday morning trading with investor sentiment hurt by the yen’s appreciation and investors being cautious ahead of the US Federal Reserve’s meeting.

The benchmark Nikkei 225 Stock Average lost 9.53 points, or 0.1 percent, to trade at 9,145.19 while the broader Topix index was down 1.84 … Read this article on Gaea Times at : Tokyo stocks edge down on stronger yen, US election.

Air India begins non-stop flights from Canada

TORONTO – With the introduction of its daily, non-stop Toronto-Delhi flight from Oct 31, Air India now flies non-stop to India from all its destinations in North America.

While India’s national carrier introduced non-stop flights from three US destinations – Newark, New York and Chicago – last year, Toronto was put on the non-stop route … Read more >>>.

Picture postcards collection to be launched in UAE

Abu Dhabi, Nov 3 (IANS/WAM) A leading daily in the United Arab Emirates (UAE) will launch an exclusive collection of picture postcards in a bid to revive the tradition of sending postcards.

The Emirates Post has begin the campaign to revive the tradition of sending postcards.
The postcards would be launched at the Fourth International … Read more : Picture postcards collection to be launched in UAE.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 3, 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.

Chhattisgarh farmers to get Rs.50 bonus on selling paddy

RAIPUR – The Chhattisgarh government will give a bonus of Rs.50 on a quintal of paddy it will procure from farmers till Jan 31 over the minimum support price (MSP), an official said here Wednesday.

“The state will bear an additional burden of Rs.250 crore to give the bonus over the MSP,” said a …. Source article  : Chhattisgarh farmers to get Rs.50 bonus on selling paddy.

Jharkhand ends subsidy on gas cylinders

RANCHI – The Jharkhand government has decided to withdraw the Rs.11 subsidy on cooking gas cylinder. Now each cylinder will cost Rs.370.

Chief Minister Arjun Munda gave the direction at a meeting of food and civil supply department Tuesday. With this, the state government will save Rs.28 crore, according to official sources.
The sources …. Read the original article  : Jharkhand ends subsidy on gas cylinders.

On Dhanteras day, Patna buys 2,000 shiny new cars

PATNA – While politicians in Bihar are busy making electoral promises of development, the state capital added around 2,000 shiny, new cars on its roads on Dhanteras Wednesday.

The festival, that precedes Diwali and is considered an auspicious day for making purchases, is being celebrated on a grand scale in the capital of the …. Original source  : On Dhanteras day, Patna buys 2,000 shiny new cars.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.36 and the Reference Rate for Euro is ` 62.11 on November 3, 2010. The corresponding rates for the previous day (November 2, 2010) were ` 44.43 and ` 61.92 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex holds on to early gains in range-bound trading

MUMBAI – A benchmark index of Indian equities Wednesday was holding on to its morning gains in range-bound trading. Broader markets too were in the green, led by metal and consumer durables.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,472.86 points, was ruling at 20,478.61 points, up 132.92 … Read the original article on Gaea Times at : Sensex holds on to early gains in range-bound trading.

India should open retail to spur ‘Ever-Green Revolution’: US biz

WASHINGTON – Ahead of US President Barack Obama’s trip, a major US trade association suggested action in three key areas, including opening of India’s retail industry to foreign direct investment to help India usher in an “Ever-Green Revolution”.

The US-India Business Council (USIBC), representing 300 top US companies doing business with India, has also suggested …. Original source  : India should open retail to spur ‘Ever-Green Revolution’: US biz.

Sensex soars in morning trade

MUMBAI – After a tepid previous session, the benchmark index of Indian equities Wednesday soared in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,472.86 points, was ruling at 20,478.97 points, up 133.28 points or 0.66 percent from its previous close at 20,345.69 points.
At the National …. Source article  : Sensex soars in morning trade.

UAE revives trend of picture postcards

Abu Dhabi, Nov 3 (IANS/WAM) With the advent of the electronic age and instant messaging, the age-old custom of sending postcards has vanished from our day-to-day lives. The Emirates Post in the United Arab Emirates (UAE) has now launched a campaign to revive the tradition and has issued an exclusive collection of picture postcards.

Inspired …. Source article  : UAE revives trend of picture postcards.

Money Market Operations as on November 2, 2010

…. Original article on Gaea Times at  : Money Market Operations as on November 2, 2010.

US stocks rally ahead of elections

NEW YORK – US stocks rallied Tuesday ahead of election results that will likely see Republicans take over at least one chamber of Congress.

The US central bank’s board will likely begin a new round of monetary measures to stimulate the economy Wednesday, when it is expected to begin a programme to buy as much …. Original source  : US stocks rally ahead of elections.

Russia to build solar power plant

Moscow, Nov 3 (IANS/RIA Novosti) Two Russian firms have announced plans to build the country’s first industrial solar power station near the Black Sea.

The 12.3 megawatt station will be built in the spa resort of Kislovodsk by Khevel, a joint venture of Russia’s Rusnano and Renova companies.
“This is a breakthrough into a different …. Source article on Gaea Times at  : Russia to build solar power plant.

Payday Loan : Is it a Real Threat to Economy?

A Payday loan can be defined as a short-term loan with high interest rate given by any person or company. When such a loan is processed, a cash advance is made to the applicant by the lender. In return, the applicant signs a post dated check to the lender which includes …. Source article  : Payday Loan : Is it a Real Threat to Economy?.

Demolition of Adarsh housing society an option: Jairam Ramesh

NEW DELHI – Environment Minister Jairam Ramesh Tuesday said that it appears that Mumbai’s controversial Adarsh housing society had violated environmental laws and demolition of the building was one of the options before the government.

“We sent a letter to the Maharashtra government on Oct 26 and we received an interim reply on Oct 27, …. Original source  : Demolition of Adarsh housing society an option: Jairam Ramesh.

India has potential to increase its textile share in world trade: Dayanadhi Maran

NEW DELHI – Union Textiles Minister Dayanadhi Maran on Tuesday said India has the potential to increase its textile share in the world trade from the current level of 4.5 percent to eight percent to reach 80 billion dollars by 2020.

Maran said that investments to the tune of …. Original article on Gaea Times at  : India has potential to increase its textile share in world trade: Dayanadhi Maran.

India, ASEAN trade to touch $50bn this year

CHANDIGARH – Bilateral trade between India and the Association of Southeast Asian Nations (ASEAN) is likely to touch $50 billion in 2010, the Indonesian Ambassador to India said here Tuesday.

Terming India as a more important trade partner than China for ASEAN and Indonesia, Andi M. Ghalib, Ambassador of Indonesia, said that the Trade in … Original article on : India, ASEAN trade to touch $50bn this year.

Inflation will come down by December end: Montek Singh Ahluwalia

NEW DELHI – Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said the wholesale price inflation will come down by the end of December 2010.

Ahluwalia, who is also a noted economist, mentioned that the Government is taking several steps … Original article on : Inflation will come down by December end: Montek Singh Ahluwalia.

Andhra offers talks with Orissa over Polavaram project

BHUBANESWAR – The Andhra Pradesh government has offered to have a dialogue with Orissa to resolve issues related to the controversial Polavaram irrigation project, a senior Orissa official said Tuesday.

“Their principal secretary (Andhra Pradesh’s water resources department) had a discussion with me yesterday (Monday),” Orissa Water Resources Department Secretary S.C. Mohapatra told IANS.
“During …. Original article on Gaea Times at  : Andhra offers talks with Orissa over Polavaram project.

TRAI seeks opinion on controlling mobile phone theft

NEW DELHI – The telecom regulator Tuesday sought the opinion of service providers on ways to block lost or stolen mobile phones, discourage handset theft and protect consumer interest.

“The mobile phone theft is a serious concern to the consumers, specially because of valuable personal data stored in it. Presently, there is …. Source article on Gaea Times at  : TRAI seeks opinion on controlling mobile phone theft.

Sensex trading 377 points higher

MUMBAI – Backed by positive global cues and a stellar listing of Coal India, a benchmark index of Indian equities Thursday zoomed 377 points, with energy and metal stocks leading the rally.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,843.21 points, up 377.47 …. Original article  : Sensex trading 377 points higher.

Orchid Pharma to invest Rs.200 crore in niche segment

CHENNAI – City-based Orchid Chemicals and Pharmaceuticals will invest around Rs.200 crore to enter niche segments like immuno suppressants and ophthalmology.

“We are planning to venture into niche segments like immuno suppressants (drugs the prevent immune system’s activity) and ophthalmology. The investment will happen in 2012. For the current year and next we do not … Read more : Orchid Pharma to invest Rs.200 crore in niche segment.

Markets to open for special ‘Muhurat’ trading on Diwali

MUMBAI – The Bombay Stock Exchange (BSE) will hold a special Diwali trading session for an hour from 6 p.m. Friday to pay obeisance to Lakshmi — the Hindu goddess of wealth and prosperity.

The other major bourse, the National Stock Exchange, will hold a similar session, called “Muhurat”, at the same time to …. Original article  : Markets to open for special ‘Muhurat’ trading on Diwali.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 4, 2010 are:

Amount  (face value in ` crore)                      

Item

4 days Reverse Repo Auction (Sale of securities by RBI)

4 days Repo Auction 
(Purchase of …. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.32 and the Reference Rate for Euro is ` 62.59 on November 4, 2010. The corresponding rates for the previous day (November 3, 2010) were ` 44.36 and ` 62.11 respectively. Based on the Reference Rate for [..] Read the original article: here.

Another Himachal dam project caught in logjam

SHIMLA – Another mega hydropower project in Himachal Pradesh has been caught in an administrative logjam after the central environment and forests ministry objected to the transfer of a large chunk of forest land to it.

The ministry is against the diversion of 124.054 hectares of forest land from the Majathal Wildlife Sanctuary in Solan … Original source on Gaea Times at : Another Himachal dam project caught in logjam.

Facebook unveils `social commerce’ strategy

SAN FRANCISCO – Facebook unveiled a plan Wednesday to leverage its dominance of social networks to become the leading supplier of shopping deals to smartphone users and dominate the emerging category of social commerce.

Under the plan, Facebook members who use the company’s location-based Places feature will be alerted to special deals and discounts offered … Original source on Gaea Times at : Facebook unveils `social commerce’ strategy.

India making it easier to do business: World Bank

WASHINGTON – India is one of the 40 most-improved economies which made significant changes in business regulation at a steady pace over the last year to make it easier for firms to operate, according to a new report.

Since 2005, India has implemented 18 business regulation reforms in …. Read the original article  : India making it easier to do business: World Bank.

Obama’s visit acknowledges India’s global role: US scholar

WASHINGTON – US President Barack Obama’s visit to India offers an opportunity to set a new course for the direction of the US-India partnership, acknowledging India’s growing global role, says a US expert.

It should also recognise the changing Asian strategic landscape that makes strong US-Indian partnership imperative for stability and prosperity in the …. Source  : Obama’s visit acknowledges India’s global role: US scholar.

Tokyo stocks surge on Fed’s monetary easing policy

TOKYO – Japanese shares soared more than 2 percent in Thursday morning trading, buoyed by the US Federal Reserve’s decision to further ease monetary policy.

The benchmark Nikkei 225 Stock Average gained 204.94 points, or 2.24 percent, to trade at 9,364.92 while the broader Topix index was up 15.03 points, or 1.87 percent, at …. Original source  : Tokyo stocks surge on Fed’s monetary easing policy.

Sensex rises 173 points in early trade

MUMBAI – A benchmark index of Indian equities Thursday soared in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,605.63 points, was ruling at 20,636.72 points, up 173.1 points or 0.85 percent from its previous close at 20,465.74 points.
At the National Stock Exchange (NSE), the 50-share …. Source  : Sensex rises 173 points in early trade.

Defeated Obama to focus on opening up markets on Asia trip

WASHINGTON – “Humbled” in defeat, US President Barack Obama has vowed to “re-set” the button with American business by focusing his trip to Asia, starting with India, on opening up markets to create more jobs at home.

“As I plan for my trip later this week to Asia, the whole focus is on how are …. Original source  : Defeated Obama to focus on opening up markets on Asia trip.

Money Market Operations as on November 3, 2010

…. Original article  : Money Market Operations as on November 3, 2010.

SAP to pay Oracle $120 mn in settlement

SAN FRANCISCO – German software company SAP has agreed to pay Oracle $120 million in partial settlement of a lawsuit over illegal use of Oracle software, the Financial Times reported Wednesday.

The report said that the payment was in exchange for Oracle agreeing to drop its demand for punitive damages against SAP, though it will … Read : SAP to pay Oracle $120 mn in settlement.

San Francisco bans toys from McDonald’s Happy Meals

SAN FRANCISCO – City officials in San Francisco have voted to ban restaurants from including free toys in unhealthy meals, a tactic that has lured many a toddler to the fat-rich delights of a McDonald’s Happy Meal.

According to the San Francisco Chronicle Wednesday, the city’s Board of Supervisors approved legislation that would allow child-friendly … Read : San Francisco bans toys from McDonald’s Happy Meals.

GM to return to stock market with $2bn profit

NEW YORK – General Motors, the largest US car maker, will be returning to the stock market later this month with the strong wind of profit in its sails, the company indicated Wednesday.

In a preview of its third-quarter results, GM said it expected earnings of $1.9-2.1 billion, which would make it the third quarter …. Original source  : GM to return to stock market with $2bn profit.

US Fed’s new monetary stimulus to revive economy

WASHINGTON – The US Federal Reserve Wednesday said it would restart the monetary printing presses, buying $600 billion in government debt over the next eight months in a bid to revive the stalled US economy.

It marks the US central bank’s first monetary intervention in the economy since an unprecedented buy-up of nearly $2 trillion … Read more >>>.

CESC’s net profit up 23.02 percent in Q2

KOLKATA – Power utility CESC’S net profit for the second quarter of the current (2010-11) fiscal has shot up to Rs.155 crore, registering a growth of 23.02 percent over the corresponding figure a year back.

The company’s profit after tax stood at Rs.126 crore for the quarter ending September last year.
The company’s total income [..] Read the original article: here.

European lawmakers bat for outsourcing to India

BANGALORE – Unlike US President Barack Obama, European lawmakers find outsourcing jobs, products or services to India mutually beneficial, creating a win-win situation.

Outsourcing is now seen more as a partnership than losing jobs. Success of Volkswagen cars in India provides more opportunities for our firms back home in a big way, European parliament member …. Read the original article  : European lawmakers bat for outsourcing to India.

Haldia Energy to raise Rs.1,000 crore

KOLKATA – Haldia Energy Limited, a subsidiary of power utility CESC, will mop up around Rs.1,000 crore by tapping private equity funds by February next year.

Haldia Energy, which will part-finance three power projects in West Bengal, Orissa and Maharashtra, will have a total equity component of Rs.3,000 crore for the projects.
Out of Rs.3,000 …. Original source  : Haldia Energy to raise Rs.1,000 crore.

Brand bond has much stronger impact on consumers than thought

WASHINGTON – Can you become so emotionally attached to a brand that if forced to buy a competitor’s product, you suffer separation anxiety? Well, the answer is yes, according to a new study.

The USC Marshall School of Business study has suggested that the bond can be strong enough …. Source article  : Brand bond has much stronger impact on consumers than thought.

Nothing suspicious found on Delta flight in Mumbai

MUMBAI – Nothing suspicious has been found aboard the Delta Airways Amsterdam-Mumbai flight which had made an emergency landing at the international airport here, the authorities said Friday.

Airport sources told IANS that the aircraft with 244 passengers on board was moved to an isolated area soon after it landed at the Chhatrapati Shivaji International … Read more >>.

US stock surge follows global rally after central bank moves

NEW YORK – US stocks surged Thursday, following the lead of global markets as investors digested a series of central bank moves to boost sagging economies.

The US and European monetary authorities took opposite approaches to their economies in the last two days, with the Federal Reserve opting for a $600-billion buy-up of long-term government … Read more »»».

Delta Airways flight makes emergency landing at Mumbai

MUMBAI – A Delta Airways Amsterdam-Mumbai flight made an emergency landing at the Chhatrapati Shivaji International Airport (CSIA) here Thursday following a call warning of some unidentified object on board, an official said.

The flight ETW-070 was carrying 244 passengers when it landed around 11 p.m., the official said.
Soon after the landing, … Read this article on Gaea Times at : Delta Airways flight makes emergency landing at Mumbai.

Singapore tops World Bank list of best places for business

WASHINGTON – Singapore is the best country to do business, according to the World Bank’s latest ranking released Thursday.

Hong Kong came in second and New Zealand third, while Britain and the US rounded out the top five, according to the World Bank’s Doing Business report. Kazakhstan was rated the country that had most improved …. Original source  : Singapore tops World Bank list of best places for business.

OPEC lowers oil price outlook amid economic uncertainties

VIENNA – The Organisation of the Petroleum Exporting Countries (OPEC) said Thursday oil prices would not rise above $85 until 2020, significantly lowering its forecast amid uncertainties about the global economic recovery.

OPEC Secretary General Abdalla Salem El-Badri said it was unclear how economies would perform and how demand would develop after government stimulus packages … Read more : OPEC lowers oil price outlook amid economic uncertainties.

Pay hike for Punjab’s mayors, councilors

CHANDIGARH – In a pre-Diwali bonanza for mayors, councillors and other senior functionaries of municipal bodies in Punjab the honorarium paid to them has been almost doubled, a minister announced Thursday.

The monthly honorarium has been increased from Rs.10,000 to Rs. 15,000 for mayors. Senior deputy mayors will get a raise from Rs. 8,000 … Read this article on Gaea Times at : Pay hike for Punjab’s mayors, councilors.

Delhi mulls congestion tax

NEW DELHI – The Delhi government is mulling a congestion charge on cars in a bid to check the use of private vehicles and clean up the city’s air.

This has been proposed by a Special Task Force constituted by the Delhi government on the direction of the high court on traffic issues in the …. Source  : Gaea News Network.

Toyota recalls 12,000 vehicles in Britain

LONDON – Automobile giant Toyota Thursday announced a recall of around 12,000 vehicles in Britain because of a steering problem.

The Japanese company is recalling the iQ car produced between September 2008 and October 2010, The Independent reported.
Toyota said the steering problem can occur when iQ models are driven over rumble strips or speed-breakers.
…. Read the original article  : Toyota recalls 12,000 vehicles in Britain.

Nizam’s palace turned Taj Hotel opens

HYDERABAD – Falaknuma Palace, one of the historical landmarks of Hyderabad and which was once owned by the erstwhile nizams, has been thrown open as luxury hotel.

After 10 years of extensive and sensitive restoration, the Taj Group of Hotels has opened the palace once owned by rulers of erstwhile Hyderabad State and located in …. Source  : Nizam’s palace turned Taj Hotel opens.

CPI-M demands Raja’s head over spectrum scam

NEW DELHI – Communist Party of India-Marxist (CPI-M) politburo member Sitaram Yechury Thursday demanded the sacking of Telecom Minister A. Raja following the Comptroller and Auditor General’s (CAG) adverse comments on lapses in the 2G spectrum (airwaves) auction.

Addressing reporters here, Yechury said an inquiry into the 2G spectrum auction should be ordered and guilty …. Read the original article  : CPI-M demands Raja’s head over spectrum scam.

India behind Pakistan on human development indices: UN report

NEW DELHI – India lags behind its neighbours, Pakistan and Bangladesh, on human development indices like life expectancy at birth and mean or average years of schooling, a United Nations Development Programme (UNDP) report released Thursday said.

Titled “Real Wealth of Nations: Pathways to Human Development”, the report had a global launch and was released …. Source  : India behind Pakistan on human development indices: UN report.

Jet flight makes emergency landing in Mumbai

MUMBAI – A Jet Airways Mangalore-Mumbai flight with 163 passengers on board made an emergency landing here Thursday evening following a suspected flat tyre, officials said.

The Boeing 737 aircraft (Flight 9W-432) managed to land safely around 5.15 p.m at Chhatrapati Shivaji International Airport, even as an emergency was declared at the airport, the officials … Read more »».

Sonia ahead of Manmohan in Forbes list, Hu bests Obama (Night Lead)

WASHINGTON – Sonia Gandhi, chairperson of India’s ruling alliance, has been ranked ninth in the Forbes list of the world’s most powerful people that is headed by Chinese President Hu Jintao. Prime Minister Manmohan Singh has been placed at number 18.

Hu pushed US President Barack Obama from the top to the second spot. The … Read : Sonia ahead of Manmohan in Forbes list, Hu bests Obama (Night Lead).

EU bans seafood from Pakistan

ISLAMABAD – The European Union has banned the import of seafood from Pakistan for its failure to maintain food safety regulations, a media report said.

Federal Minister for Trade Makhdoom Amin Fahim told parliament that the EU has deleted names of Pakistani seafood export companies from its list. The main reason was that the companies …. Read the original article  : EU bans seafood from Pakistan.

Indian IT companies provide solution, not a problem: Pilot

NEW DELHI – The United States should look Indian IT companies not as a problem but as part of the solution as these provide jobs to the local people and add to the country’s development, Minister of State for IT Sachin Pilot said Thursday.

“The Indian IT companies are not a problem. They are …. Original article on Gaea Times at  : Indian IT companies provide solution, not a problem: Pilot.

Corporation Bank hikes base rate by 50 basis points

MUMBAI – Corporation Bank said Thursday it will hike base rate, the minimum rate below which a bank cannot offer loan, by 50 basis points to 8.25 percent from Nov 8, making all loans, including auto and housing loans, dearer.

In a regulatory filing to the Bombay Stock Exchange, the bank said it would [..] Read the original article: here.

Results of OMO purchase auction held on Nov 04, 2010 ??? Settlement on November 08, 2010

SUMMARY RESULTS

Aggregate Amount (Face value) notified by RBI
: 
`12,000 crore

Total amount offered (Face value) by participants
: 
`17,773.233 crore

Total amount accepted (Face value) by RBI
: 
`8,352.374 crore

DETAILS OF EACH ISSUE

Security

7.38% GS 2015

7.02% GS 2016

7.80% GS 2020

No. of offers received

14

85

184

Total amount (face value) offered (` in crore)

1032.609

4262.917

12477.707

No. of offers accepted

11

53

94

Total amount (face … Read more : Results of OMO purchase auction held on Nov 04, 2010 ??? Settlement on November 08, 2010.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 4, 2010 are:

Amount (face value in ` crore)                       

Item

4 days Reverse Repo Auction (Sale of securities by RBI)

4 days Repo Auction 
…. Source article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.

Outsourcing has created US jobs: India’s message to Obama

NEW DELHI – India will seek to impress upon US President Barack Obama during his Nov 6-9 visit that outsourcing has actually created thousands of jobs in the US, and not taken them away.

“The issue of outsourcing will obviously figure in the discussions,” Foreign Secretary Nirupama Rao told reporters here, briefing on the contours … Read : Outsourcing has created US jobs: India’s message to Obama.

Tata Docomo 3G Launched In 9 Circles

MUMBAI, INDIA (GaeaTimes.com)- This Diwali the GSM wing of Tata Teleservices namely Tata Docomo presented the users the gift of 3G services. It became the first GSM operator in India to launch 3G service spectrum and now the users in 9 circles can enjoy the boon of 3G mobile telephony. Anil Sardana the MD … Read more >>.

RBI to set up more offices in northeast

AGARTALA – The country’s central bank, Reserve Bank of India (RBI), will set up more offices in northeastern states to better monitor the nationalised and regional rural banks in the region, a minister said here Saturday.

RBI has decided to open its sub-offices in six northeastern states – Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura …. Source article  : RBI to set up more offices in northeast.

Heli-taxis to take wings in Himachal

SHIMLA – Heli-taxis will be started in Himachal Pradesh next month to attract high-end tourists to the state, an official said here Saturday.

“From next month, the heli-taxis will start operations in the state. For this, the government has identified three companies – Sim Sam Airlines, Mesco Airlines and Shiva Airlines,” Director of Tourism …. Original source  : Heli-taxis to take wings in Himachal.

Obama’s Day One India engagements dominated by business

MUMBAI – As many as three out of six engagements on Day One of US President Barack Obama’s four-day India visit, which began here Thursday afternoon, are business-oriented, underscoring the importance his administration attaches to bilateral economic ties.

The president, whose Air Force One touched down at 12:50 p.m. at the Chhatrapati Shivaji International Airport [..] Read the original article: here.

Separatists call for Kashmir shutdown during Obama’s visit

SRINAGAR – Hardline separatist leader Syed Ali Geelani called for a three-day shutdown in the Kashmir Valley beginning Saturday to coincide with US President Barack Obama’s visit to India. The authorities, however, did not impose any curfew here.

“It does not matter whether anybody talks about us or not. The fact is that peace in …. Read the original article  : here.

US eyes Indian markets: Obama

WASHINGTON – President Barack Obama has said the US will explore ways to reduce barriers to its exports and increase access to the Indian market as the country needs to find new customers in new markets for American-made goods.

In a signed article in the New York Times, Obama said the US wants “to be …. Read the original article  : here.

Canada becomes No. 1 country brand globally

TORONTO – Canada has toppled the US to become the most respected country brand in the world, according to a report on global branding on the basis of tourism.

In the latest Country Brand Index released by FutureBrand, a New York-based global brand consultancy, Canada has become the most respected country brand in the world … Original article on : Canada becomes No. 1 country brand globally.

We will try for more access to Indian market: Obama

WASHINGTON – The US will explore ways to reduce barriers to its exports and increase access to the Indian market, said US President Barack Obama in a signed article published Saturday.

Writing in the New York Times, Obama said: “During my first visit to India, I will be joined by hundreds of American business leaders …. Read the original article  : We will try for more access to Indian market: Obama.

IMF quota overhaul puts India among top ten

WASHINGTON – The Executive Board of the International Monetary Fund (IMF) has approved proposals that will lead to a major overhaul of the Fund’s quotas and governance putting India among the top ten.

Aimed at strengthening the Fund’s legitimacy and effectiveness, the quota shift announced Friday would exceed the target set out in October 2009 … Original article on : IMF quota overhaul puts India among top ten.

US stocks climb slightly to end strong week

NEW YORK – US stocks posted small gains Friday as new employment data showed companies were adding more jobs than expected.

The gains capped a strong week for major Wall Street indices as investors welcomed both a landslide Republicans win in Tuesday’s congressional elections and the central bank’s plans to buy up another $600 billion … Original source on Gaea Times at : US stocks climb slightly to end strong week.

Etihad launches club for art enthusiasts

Abu Dhabi, Nov 5 (IANS/WAM) Etihad Airways will launch a club exclusively for art enthusiasts who fly with the airline, it was announced Friday.

The club, named Art Connect, will be launched in December by Etihad in partnership with art house Opera Gallery.
Art Connect will organise a monthly exhibition of masterpieces and contemporary art … Read more »»».

Amid fireworks, Sensex starts New Year at all-time high

MUMBAI – During an hour-long trading Thursday, befitting Diwali, a key stock market index ended at an all-time high above the 21,000-point mark, ushering New Year for a section of the investing community with a bang.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened strong at 21,045.66 points, against the previous … Read more >>>.

Obama on a mission to sell more in India

WASHINGTON – President Barack Obama embarking on an Asia trip focused on “opening up additional markets like India” so that American business can sell more products abroad to create jobs in the US.

“I won’t be satisfied until everybody who is looking for a job can find one,” he said in a White House statement …. Original source  : Obama on a mission to sell more in India.

Obama to focus on opening new markets for US in India

WASHINGTON – President Barack Obama is leaving for India focused on opening on new markets for US products and creating jobs in America.

“I won’t be satisfied until everybody who is looking for a job can find one,” he said in a White House statement before taking off on a 10-day trip to Asia, with …. Read the original article  : Obama to focus on opening new markets for US in India.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2009

2010

Variation

Oct. 30

Oct. 22

Oct. 29#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

169

2,049

1,439

–610

1,269

2. Foreign Exchange Reserves

Variation over

Item

As on Oct. 29, 2010

Week

End-March 2010

End-December 2009

Year

`
Crore

US$
… Read more : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

Dikshit to travel to Tokyo for Asian cities’ summit

NEW DELHI – Delhi Chief Minister Sheila Dikshit will be in Tokyo on a four-day visit from Saturday to attend a summit on development of major Asian cities, including the Indian capital.

Dikshit is leading a five-member delegation to the Japanese capital for ninth plenary meeting of Asian Network of Major Cities (ANMC), an official …. Original article  : Dikshit to travel to Tokyo for Asian cities’ summit.

HUDCO moves court for stake in Kochi airport

KOCHI – The government-owned Housing And Urban Development Corporation Ltd (HUDCO) has filed a case in an Ernakulam court, asking it to direct the Cochin International Airport Ltd (CIAL) to transfer 26 percent of its equity shares to HUDCO as part of a prior agreement.

According to the petition, HUDCO had sanctioned loans worth Rs.143.23 … Read more : HUDCO moves court for stake in Kochi airport.

Badal government has failed to lift paddy: Amarinder

CHANDIGARH – Punjab Congress president and former chief minister Amarinder Singh Friday blamed Chief Minister Parkash Singh Badal’s government in the state for the suffering of farmers whose paddy stocks were not being bought by procurement agencies in time.

Amarinder made an unscheduled visit to the Khanna grain market — the biggest grain market in …. Source article  : Badal government has failed to lift paddy: Amarinder.

India Inc looks forward to Obama visit

NEW DELHI – Corporate India is expecting US President Barack Obama’s India visit beginning this weekend would result in more opportunities for business in the American market and the world’s largest economy will remain accessible to exports from the country.

“The fact that President Obama’s first public appearance in India will be at a business … Original article on : India Inc looks forward to Obama visit.

India, US to sign pact on weather, crop forecasting

NEW DELHI – India and the US are set to sign a pact on weather and crop forecasting, a step that will deepen their cooperation in agriculture.

“We hope to conclude an MoU (memorandum of understanding) on weather forecasting and crop forecasting, Foreign Secretary Nirupama Rao told reporters here ahead of the Nov 6-9 … Original source on Gaea Times at : India, US to sign pact on weather, crop forecasting.

Milkfed lacks money to fight patent battle with NRI firm

CHANDIGARH – Due to financial constraints, Milkfed Punjab has been unable to take legal action against a company that has been selling milk products in the US and Canadian markets, using the cooperative’s brand name Verka and its logo.

Kulwinder Dhillon, a non-resident Indian in Canada, has got a patent on the Verka brand …. Read the original article  : Milkfed lacks money to fight patent battle with NRI firm.

Buy-one-get-two free offers increase 4 times in a year

LONDON – With more competition brewing, it’s a win-win situation for the customers as the buy-one-get-two-free supermarket offers have increased four times in a year.

The deals follow the “bogof”-buy one get one free-which drew criticism for adding to food wastage and the amount of packaging sent to landfill.

According to Grocer magazine, the new get-two-free deals …. Source  : Buy-one-get-two free offers increase 4 times in a year.

Obama meets farmers ‘virtually’ for peek at rural tech revolution

MUMBAI – US President Barack Obama Sunday interacted with farmers from Ajmer through a video-conference link from here to understand how India was seeking to bridge the digital divide by reaching technology and services to the grassroots level.

Moderating the discussion at the St. Xavier’s College here was the Chicago-based tech evangelist Sam Pitroda, while … Read more >>>.

Obama interacts with Ajmer farmers through video conferencing

MUMBAI – US President Barack Obama Sunday interacted with farmers from Ajmer through a video-conference link from here to understand how India was bridging the digital divide by reaching technology to the grassroots level.

Moderating the discussion was the Chicago-based technology evangelist Sam Pitroda at the St. Xavier’s College here, while the young Minister of …. Original article  : Obama interacts with Ajmer farmers through video conferencing.

Obama praises ‘city of dreams’ Mumbai

MUMBAI – Describing Mumbai as a city of dreams and praising Mumbaikars, including those living in the “winding alleys of Dharavi”, for their optimism and determination, US President Barack Obama Saturday said it was these qualities that would bring India and the US closer.

Obama, addressing the US-India Business Council and Entrepreneur summit in Mumbai … Read more >>.

Indian industry found Obama sincere and dynamic

MUMBAI – India Inc. found US President Barack Obama a “sincere and dynamic” person willing to further business relations between the two countries, a top official said Saturday.

“His appeal is truly very positive and inspiring for the Indian industry to take the lead and enhance business relations between the two countries,” Confederation of … Original source on Gaea Times at : Indian industry found Obama sincere and dynamic.

‘Diya’, ‘Saal mubarak’, Obama strikes chord with Hindi words

MUMBAI – US President Barack Obama Saturday struck a chord with Indians as he used Hindi words such as “diya” and “Saal Mubarak” while addressing a gathering of over 400 business honchos from both countries.

“Families are lighting diyas and giving thanks for the blessings and looking ahead for the new year,” said Obama. … Original article on : ‘Diya’, ‘Saal mubarak’, Obama strikes chord with Hindi words.

SpiceJet signs 30 aircraft deal with Boeing

MUMBAI – Low-cost carrier SpiceJet Saturday signed an agreement with US aircraft manufacturer Boeing for buying 30, B737-800 commercial aircraft, worth $2.7 billion.

SpiceJet Director Bhulo Kansagra and Boeing’s Christopher Chadwick signed the deal here.
According to an airline official, the purchase will allow the air carrier to expand its domestic as well …. Source article on Gaea Times at  : SpiceJet signs 30 aircraft deal with Boeing.

Reliance Power signs $750 mn deal with General Electric

MUMBAI – Anil Dhirubhai Ambani Group (ADAG) firm Reliance Power Saturday signed a $750 million (Rs.3,500 crore) deal with US engineering major General Electric (GE) to procure turbines for its gas-based power project in Andhra Pradesh in the presence of President Barack Obama here.

The order to GE is for the capacity expansion of the … Read more : Reliance Power signs $750 mn deal with General Electric.

Obama signals easing of high-tech exports, unveils $15 bn deals (Intro Night Roundup)

MUMBAI – US President Barack Obama began his maiden visit to India Saturday by promising to remove restrictions on sensitive high-tech exports, a nagging irritant in the evolution of bilateral ties, even as he declared deals worth $15 billion that would support some 54,000 American jobs and seek to answer critics back home.

Arriving shortly …. Read the original article  : Obama signals easing of high-tech exports, unveils $15 bn deals (Intro Night Roundup).

‘10 bn dollar business deals between India-U.S firms to create 50,000 jobs in U.S’: Obama

MUMBAI – The United States President, Barack Obama, on Saturday announced conclusion of 20 deals worth 10 billion dollars by the US and Indian Business firms while stating that it would create over 50,000 jobs in the US and job opportunities in India as well.

Allaying fears of small … Original source on Gaea Times at : ‘10 bn dollar business deals between India-U.S firms to create 50,000 jobs in U.S’: Obama.

US to support India for NSG, to clear banned Indian entities

MUMBAI – In a move that will be welcomed in India, US President Barack Obama Saturday said the US will work to reform export laws as Washington readies to express “in-principle” support to New Delhi’s membership of elite nuclear clubs like the Nuclear Suppliers Group (NSG).

“We are reforming export control system, so even …. Source article on Gaea Times at  : US to support India for NSG, to clear banned Indian entities.

US to send high-tech trade mission to India

WASHINGTON – With the expected easing of US export controls, US Commerce Secretary Gary Locke plans to lead a high-tech trade mission to India in February to promote the export of high-technology products from leading US firms.

The Feb 6-11, 2011 business development mission will make stops in New Delhi, Mumbai, and Bangalore, according to … Read more »»».

Obama supports India’s rise, declares $15 bn deals (Night Roundup)

MUMBAI – US President Barack Obama began his maiden visit to India Saturday by describing ties between the two countries as a “defining and indispensable partnership of the 21st century” while declaring deals worth $15-billion that would support some 54,000 American jobs and seek to answer critics back home.

Arriving shortly after noon on … Read more : Obama supports India’s rise, declares $15 bn deals (Night Roundup).

India-US business on equal terms: Bajaj

MUMBAI – Eminent industrialist Rahul Bajaj Saturday said that business between the US and India must be on equal terms and no one party should be subservient to the other.

Reacting to President Barack Obama’s speech here, Bajaj said now that the US needs India, it wanted to do business with India.
“However, it must …. Original article on Gaea Times at  : India-US business on equal terms: Bajaj.

President Obama holds discussions with Indian, US businessmen in Mumbai

MUMBAI – The United States President, Barack Obama, here on Saturday addressed a number of Indian corporate heads while opening discussions on crucial areas of cooperation like pharma, manufacturing, transportation and clean energy.

President Obama, during the roundtable … Read the original article on Gaea Times at : President Obama holds discussions with Indian, US businessmen in Mumbai.

U.S.-India have signed several landmark trade deals worth 10 bn dollars: Obama

MUMBAI – The United States President Barack Obama said here on Saturday that “several landmark” trade deals, worth 10 billion dollars, have been reached between the U.S. and India to create about 50,000 jobs in the United States.

Obama, while expressing confidence that he was absolutely sure that … Read more : U.S.-India have signed several landmark trade deals worth 10 bn dollars: Obama.

Do away with old stereotypes, Obama tells Americans, Indians

MUMBAI – US President Barack Obama Saturday asked American and Indian business leaders to look at issues like outsourcing and market access with a fresh perspective that reflected today’s market dynamics.

Moving away from the election rhetoric on banning off-shoring activities to countries like India, Obama sought to dispel the notion that the world’s …. Source article on Gaea Times at  : Do away with old stereotypes, Obama tells Americans, Indians.

Indo-US business deals worth $15 bn struck

WASHINGTON/MUMBAI – Ahead of US President Barack Obama’s address to CEOs in Mumbai, the White House announced the following deals worth almost $15 billion that will support 53,670 jobs in the US.

The following is the list of deals:
-Heavy Transport Aircraft: Preliminary agreement between the Boeing Company and Indian Air Force on the … Original source on Gaea Times at : Indo-US business deals worth $15 bn struck.

Over nine percent growth in tourist arrivals in October

NEW DELHI – Foreign tourist arrivals in India increased by over nine percent in October this year over the corresponding month last year, the tourism ministry said Saturday.

The foreign tourist footfalls in October was 4.87 lakh as compared to 4.46 lakh during the same period last year, a growth of 9.2 percent, the ministry … Read : Over nine percent growth in tourist arrivals in October.

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.

Sensex choppy; realty, capital goods stocks drop

MUMBAI – A benchmark index of Indian equities was trading weak in the afternoon session due to lack of supportive cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading 40 points down at 20,116 points in the afternoon session.
After losing over four percent last week, the index opened …. Source article on Gaea Times at  : Sensex choppy; realty, capital goods stocks drop.

Government seeks house approval for extra spending

NEW DELHI – The government Monday sought an approval from parliament for an additional expenditure of nearly Rs.45,000 crore during the current year.

The supplementary demands for grants for 2010-11 were presented in the Lok Sabha by Finance Minister Pranab Mukherjee amid noisy protests by opposition members, who were demanding a joint parliamentary committee probe … Read the original article on Gaea Times at : Government seeks house approval for extra spending.

Snowfall ahead, BRO stops operations on Rohtang Pass

MANALI – Anticipating heavy snowfall, the Border Roads Organisation (BRO) Monday stopped operations on the Rohtang Pass till the onset of summer. The road connects this Himachal Pradesh town to Leh in Jammu and Kashmir.

From today (Monday) onwards, we will not be in a position to carry out any evacuation operation or snow clearing …. Original article  : Snowfall ahead, BRO stops operations on Rohtang Pass.

Deloitte to invest $100 mn in Indian market

NEW DELHI – Global consulting firm Deloitte Monday said it would invest $100 million in the Indian market to expand its services in the country.

The firm also plans to increase its headcount by an additional 20 percent to take its total number of employees to over 18,000 by 2012. With this move, Deloitte … Original article on : Deloitte to invest $100 mn in Indian market.

India looks at Trinidad and Tobago for oil

Port-of-SPAIN – An Indian delegation held a string of talks with ministers and top officials in oil and gas rich Trinidad and Tobago “to enhance trade relations” in the field of energy with the Caribbean nation.

The Indian delegation comprising senior officials from Indian gas companies met Minister of Finance Winston Dookeran and Minister Energy … Read the original article on Gaea Times at : India looks at Trinidad and Tobago for oil.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 15, 2010 are:

Amount (face value in ` crore)                           

Item

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

1 day Repo Auction 
… Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Billionaire Saudi prince wows Nepal

KATHMANDU – Described as the 19th richest man in the world by Forbes magazine, Saudi billionaire prince Al-Waleed bin Talal has created great excitement and anticipation with his maiden visit to Nepal with the government deciding to decorate him with the country’s biggest honour in a bid to attract investment.

Nepal’s council of ministers Monday …. Read the original article  : here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.14 and the Reference Rate for Euro is ` 61.74 on November 15, 2010. The corresponding rates for the previous day (November 12, 2010) were ` 44.64 and ` 60.73 respectively. Based on the Reference Rate for US …. Original source  : RBI Reference Rate for US $ and Euro.

Trade with India can be new Silk Route for Canada: Report

TORONTO – Trade with India could be new Silk Route for Canada, according to a report by the country’s top TV network.

Hailing the beginning of talks for a free trade agreement between the two countries, Canada’s CTV network said, “Canada and India are ideal trade partners that simply don’t trade enough. So Canadians …. Source  : Gaea News Network.

Money Market Operations as on November 12, 2010

[..] Read the original article: here.

Tokyo stocks climb on yen’s retreat

TOKYO – Stocks in Tokyo rose in Monday morning trading, bolstered by the third-quarter’s better-than-expected gross domestic product figures and the yen’s decline against major currencies.

The benchmark Nikkei 225 Stock Average gained 69.3 points, or 0.71 percent, to trade at 9,794.11 while the broader Topix index was up 2.62 points, or 0.31 percent, to …. Original article on Gaea Times at  : Tokyo stocks climb on yen’s retreat.

2G scam: Opposition parties demand parliamentary probe

CHENNAI – Tasting victory with the resignation of Communications and IT Minister A.Raja over the 2G spectrum allotment scam, opposition parties in Tamil Nadu Sunday demanded a joint parliamentary committee (JPC) probe.

Speaking to IANS, AIADMK’s Deputy Parliamentary Leader V. Maitreyan said: “Raja’s resignation is not an end, it is only a beginning. Cases should … Original article on : 2G scam: Opposition parties demand parliamentary probe.

Raja resigns over spectrum row, DMK relents (Intro Roundup)

NEW DELHI/CHENNAI – After adamantly refusing to resign, beleagured Communications and IT Minister A. Raja quit the cabinet late Sunday over the 2G spectrum controversy, ending an opposition-Congress standoff that had paralysed parliament.

After being instructed by DMK chief and Tamil Nadu Chief Minister M. Karunanidhi, Raja drove to Prime Minister Manmohan Singh’s official 7 … Original source on Gaea Times at : Raja resigns over spectrum row, DMK relents (Intro Roundup).

Raja quits over spectrum row, DMK bows (Roundup)

NEW DELHI/CHENNAI – After adamantly refusing to resign, beleagured Communications and IT Minister A. Raja quit the cabinet late Sunday over the 2G spectrum controversy, ending an opposition-Congress standoff that had paralysed parliament.

After being instructed by DMK chief and Tamil Nadu Chief Minister M. Karunanidhi, Raja drove to Prime Minister Manmohan Singh’s official 7 … Read more »»».

Raja meets PM, submits resignation

NEW DELHI – Telecom Minister A.Raja, at the heart of a controversy over 2G spectrum allocation, met Prime Minister Manmohan Singh late Sunday and submitted his resignation.

DMK spokesman and MP T.K.S. Elangovan told a news channel that the party leadership had advised Raja to step down so that parliament could function peacefully.
He …. Read the original article  : Raja meets PM, submits resignation.

Nuclear plants needed to meet energy demand: UAE paper

Abu Dhabi, Nov 14 (IANS/WAM) The United Arab Emirates (UAE) should look for alternatives to natural resources and nuclear plants for each emirate should be part of a long-term federal strategy, a prominent newspaper of the region has said.

As the UAE’s population is set to increase up to 12 million in the foreseeable …. Read the original article  : here.

New water policy for better regulation of usage: Ahluwalia

NEW DELHI – The government is working on a new water policy which could regulate the manner in which it is used across the country and levy a charge on usage, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Sunday.

“There is a group of ministers under (Agriculture Minister) Sharad Pawar, which is looking … Read more : New water policy for better regulation of usage: Ahluwalia.

Most expensive coin on Taj to be released in Paris

AGRA – Agra Mayor Anjula Singh Mahaur Sunday said both the central and Uttar Pradesh governments were not interested in promoting tourism. Her remarks come close on the heels of her proposed trip to France for the release of the most expensive coin on the Taj Mahal being shot down.

The French coin depicting the …. Original article on Gaea Times at  : Most expensive coin on Taj to be released in Paris.

Falling industrial output won’t affect growth target: Ahluwalia

NEW DELHI – A sharp fall in India’s industrial output in the last two months is an aberration and the government is confident of achieving 8.5 percent economic growth during the current fiscal, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Sunday.

“We are not going to alter our growth forecasts. We will stick to … Read this article on Gaea Times at : Falling industrial output won’t affect growth target: Ahluwalia.

Full scale domestic operations commence at T3

NEW DELHI – Jet Airways and Kingfisher Airlines Sunday shifted their domestic operations to Terminal-3 (T3) of the Indira Gandhi International Airport (IGIA) here, thus commencing the full scale domestic operations of the swanky new terminal.

Effective today, all domestic flights of Kingfisher Airlines, including flights operating Kingfisher RED class of service, will depart from …. Source article  : Full scale domestic operations commence at T3.

Walmart Black Friday 2010 Ads Sending Waves Everywhere!

SAN FRANCISCO (GaeaTimes.com)- The excitement and enthusiasm of the shoppers surrounding the upcoming Black Friday sales is soaring higher with each passing day. With Walmart coming up with its Black Friday 2010 ads the shopaholics are gearing up for hitting the stores at the wee hour of Black Friday, Nov 26th. It has …. Source article on Gaea Times at  : Walmart Black Friday 2010 Ads Sending Waves Everywhere!.

Sensex plunges below 20,000-points mark

MUMBAI – A benchmark index of Indian equities fell below the 20,000-point mark Tuesday on heavy selling pressure amid weak Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading nearly two percent lower at 19,916 points in the afternoon session.
At the National Stock Exchange (NSE), the … Read more »».

Government committed to strengthening CAG, asserts PM

NEW DELHI – Prime Minister Manmohan Singh said Tuesday his government was committed to strengthening the institution of the Comptroller and Auditor General, the country’s top audit body, in order to improve transparency and accountability.

Let me take this opportunity to re-affirm our governments commitment to strengthen the institution of Comptroller and Auditor General of …. Original article  : Government committed to strengthening CAG, asserts PM.

Consortium of banks sought for Vizhinjam port

THIRUVANANTHAPURAM – Kerala Chief Minister V.S. Achuthanandan Tuesday said a consortium of banks has been envisaged to raise Rs.2,500 crore as initial funding for the proposed port at Vizhinjam near here.

“State Bank of Travancore has been asked to take the lead to start talks with all the banks in the state to see that …. Source  : Consortium of banks sought for Vizhinjam port.

China to need over 3,750 jumbo jets by 2029

BEIJING – China will need more than 3,750 jumbo jets to meet market demand by 2029, the Commercial Aircraft Corporation of China (COMAC) said, adding it had struck deals to deliver 100 of its jumbo jets to Air China and five other airlines.

Over the next 20 years, air passenger volume in China will be … Read more : China to need over 3,750 jumbo jets by 2029.

Trade pact will give $12 bn boost to Indian economy: Canadian minister (Interview)

NEW DELHI – The proposed Comprehensive Economic Partnership Agreement (CEPA) between India and Canada is estimated to give an annual boost of $12 billion to the Indian economy, says Canadian Minister of International Trade Peter Van Loan.

“We are quite excited about the agreement. It will be offering an annual benefit of $6-15 billion …. Source  : Trade pact will give $12 bn boost to Indian economy: Canadian minister (Interview).

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 16, 2010 are:

Amount  (face value in ` crore)                          

Item

2 days Reverse Repo Auction
(Sale of securities by RBI)

2 days Repo Auction 
… Read : Liquidity Adjustment Facility : Auction Results.

Kmart Black Friday 2010 Ads Make Waves!

SAN FRANCISCO (GaeaTimes.com)- The Black Friday is just a few days away and the giant retailers in the USA are leaving no stones unturned to lure the buyers on the much awaited day. They are trying to offer the buyers the best possible deals to ensure they flock to their stores and not at …. Original article  : Kmart Black Friday 2010 Ads Make Waves!.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.22 and the Reference Rate for Euro is ` 61.55 on November 16, 2010. The corresponding rates for the previous day (November 15, 2010) were ` 45.14 and ` 61.74 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

One in seven US households faced hunger in 2009

WASHINGTON – At least one in seven households in the US faced hunger in 2009, with those getting emergency food almost doubling between 2007 and 2009, at the height of the recession.

The number of households facing food insecurity jumped to 5.6 million from 3.9 million, said a report published Monday by the Economic Research … Read : One in seven US households faced hunger in 2009.

Underwriting Auctions for Government

The Government of India have announced the sale (reissue) of “7.17 per cent Government Stock 2015 ” for a notified amount of Rs.4,000 crore (nominal), "8.08 per cent Government Stock 2022"  for a notified amount of Rs.4,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount … Read the original article on Gaea Times at : Underwriting Auctions for Government.

Indians want upgrade on trade with China on Silk Route

NATHU LA – Indian traders have urged the government to review the list of items tradable with China to boost business through the fabled Silk Route.

“The present list of import-export should be amended and widened to meet the need of the present age. The list of goods notified for transaction is a list prepared …. Original article on Gaea Times at  : Indians want upgrade on trade with China on Silk Route.

Global economic power shifting towards China: George Soros

TORONTO – Noted financier and philanthropist George Soros said here Monday that Beijing was tightening its grip on the world economy and global economic power was shifting away from the US to China.

Accepting the Globalist of the Year award from the Canadian International Council here, Soros drew a parallel between the decline of Britain …. Original article  : Global economic power shifting towards China: George Soros.

Nooyi, Jha, Pandit among US’ top-paid CEOs: Report

WASHINGTON – PepsiCo’s Indra Nooyi, Motorola’s Sanjay Kumar Jha and Citigroup’s Vikram Pandit are the three Indian-Americans among US’ highest paid CEOs listed by Wall Street Journal.

Nooyi is ranked 67th with a total pay package of $13.97 million, Jha bagged the 377th spot with a total compensation of $3.45 million, with Pandit bringing up …. Original article  : Nooyi, Jha, Pandit among US’ top-paid CEOs: Report.

What happens when people turn their backs on brands they once loved?

WASHINGTON – A new study has found that people get emotional when they end a relationship with a brand they once loved.

“Customers who were once enthusiastic about a brand may represent a headache for the associated firm beyond the lost revenue of foregone sales because they sometimes become committed to harming the firm,” wrote authors.

The …. Read the original article  : What happens when people turn their backs on brands they once loved?.

Misleading size labels encourage ‘guiltless gluttony’ amongst consumers

WASHINGTON – A new research has revealed that size labels on food products can often mislead people into thinking that it’s a “small” portion, and consequently lead to overeating.

Nilufer Z. Ayinoglu (Koc University, Istanbul) and Aradhna Krishna (University of Michigan) found that inconsistent portion sizes contribute to people’s uncertainty about the appropriate amount to eat.

“In …. Original article on Gaea Times at  : Misleading size labels encourage ‘guiltless gluttony’ amongst consumers.

Money Market Operations as on November 15, 2010

… Read more »»».

Tokyo stocks fall on profit taking

TOKYO – Stocks in Tokyo made initial gains in Tuesday morning trading but fell back due to profit taking.

The benchmark Nikkei 225 Stock Average lost 21.99 points, or 0.22 percent, to stand at 9,805.52 while the broader Topix index was down 3.99 points, or 0.47 percent, at 847.57.
Shares in export-oriented companies were boosted … Original source on Gaea Times at : Tokyo stocks fall on profit taking.

Singapore Airlines to replace engine part on A380 plane

SINGAPORE – Singapore Airlines will replace one component of the Rolls Royce engines on all 11 of its A380 superjumbos, a spokesman for the airline said Tuesday.

The precautionary measure had been advised by engine manufacturer Rolls Royce, he said.
Last week, Rolls Royce identified a single faulty component in its Trent 900 engines for … Original article on : Singapore Airlines to replace engine part on A380 plane.

Startup Path bids to be ‘anti-social network’

SAN FRANCISCO – A former Facebook executive launched a new social network Monday with a twist. Path.com limits the number of friends members can have at any one time to 50.

That may be a far cry from the hundreds and often thousands of friends that many Facebook members list as part of their social …. Original source  : Startup Path bids to be ‘anti-social network’.

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.

Sony launches world’s first tilting TV

LONDON – Electronics giant Sony has launched what is being billed as the world’s first television with a screen which can be tilted backwards, which the company says is optimum for comfortable viewing.

Apparently, a slight backwards lean of six degrees is now the best position for a TV set as many of us mount …. Original article  : Sony launches world’s first tilting TV.

Sensex volatile; Reliance Comm, ICICI Bank plunge

MUMBAI – A benchmark index of Indian equities turned positive in afternoon trade Thursday after plunging over 200 points earlier due to sharp fluctuations in banking scrips.

The benchmark index of the Bombay Stock Exchange (BSE) opened in the positive at 19,997.83 points and crossed the psychologically important 20,000-point mark within a few minutes.
… Original article on : Sensex volatile; Reliance Comm, ICICI Bank plunge.

Orissa Power embarks on Rs.10,000 crore expansion plan

BHUBANESWAR – Orissa Power Generation Corporation Ltd (OPGC) has floated a global tender for expansion of its coal-fired power plant in the state, a company official said Thursday.

The company, a joint venture between the Orissa government and US-based power giant AES Corporation, operates two thermal power plants of 210 MW each at Banharpali in … Original source on Gaea Times at : Orissa Power embarks on Rs.10,000 crore expansion plan.

Food inflation drops sharply to 10.30 percent

NEW DELHI – India’s annual food inflation declined sharply by two percentage points to 10.30 percent for the week ended Nov 6 from 12.30 percent in the previous week, showing a downward trend for the fifth consecutive week.

The annual inflation rate for the primary articles group declined to 13.30 percent during the week under …. Source article  : Food inflation drops sharply to 10.30 percent.

Target Black Friday Ads Create Splash!

SAN FRANCISCO (GaeaTimes.com)- As Black Friday is drawing closer the giant US retailers are leaving no stone unturned to reach out to the buyers with their lucrative offers on Black Friday. Target which is among the top retailers has come out with a plethora of attractive deals for Black Friday and the ad is … Read more >>.

Infrastructure key to India’s growth: ONGC chief

BANGALORE – India’s ability to sustain a high growth rate would be determined by the pace of infrastructure development and stability in the country, a top official said Thursday.

Infrastructure development pace and social-political stability in the country will be key to sustain the high growth rate, state-run Oil and Natural Gas Corporation (ONGC) chairman …. Original article  : Infrastructure key to India’s growth: ONGC chief.

Bharti Airtel crosses 200 mn subscribers

NEW DELHI – Telecom giant Bharti Airtel Thursday crossed the 200 million-customer-mark which includes 150 million in the Indian market, the company said. Its top official said the company will comply with any decision the government takes on the 2G spectrum allocation.

The company also rebranded itself with a new signature tune and a … Read more >>>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.45 and the Reference Rate for Euro is ` 61.80 on November 18, 2010. The corresponding rates for the previous day (November 16, 2010) were ` 45.22 and ` 61.55 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 18, 2010 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo … Read : Liquidity Adjustment Facility : Auction Results.

‘Free trade pact to boost India-Canada trade’

TORONTO – Welcoming the talks between India and Canada to clinch a free trade agreement, major Indo-Canadian bodies Wednesday said the pact will boost bilateral trade.

Vinay Nagpal, president of the Indo-Canada Chamber of Commerce (ICCC), said the Indian diaspora in Canada is hoping that “the negotiations will be completed successfully in the near future.”
… Read this article on Gaea Times at : ‘Free trade pact to boost India-Canada trade’.

Chinese, American hops dash Himachal hopes

KEYLONG – A species of hops is a key ingredient in brewing beer and, true to its nature, it has left a bitter taste in the mouth of farmers in Himachal Pradesh thanks to cheaper varieties from China, the US and Germany.

Hops cultivators in Lahaul and Spiti district are planning to give up production …. Source  : Chinese, American hops dash Himachal hopes.

Money Market Operations as on November 16, 2010

…. Original article  : Money Market Operations as on November 16, 2010.

Tokyo stocks rise in morning trading

TOKYO – Japanese shares rose in Thursday morning trading supported by banking issues and the yen’s stability.

The benchmark Nikkei 225 Stock Average gained 59.85 points, or 0.61 percent, to trade at 9,871.51. The broader Topix index was up 6.57 points, or 0.77 percent, at 856.87.
The Nikkei briefly rose above 9,900 led by the … Read this article on Gaea Times at : Tokyo stocks rise in morning trading.

200-year-old champagne to be auctioned

HELSINKI – Two bottles of rare champagne salvaged from a 200-year-old shipwreck in the Baltic Sea revealed their secrets at a tasting ceremony Wednesday.

The bottles were discovered by a team of divers earlier this summer on the wreck in the archipelago of the semi-autonomous Aland Islands, located between Sweden and Finland.
Britt Lundberg, a … Read more »».

Online travel firm Kayak files for $50-mn IPO

SAN FRANCISCO – Online travel firm Kayak filed for an initial public offering Wednesday worth $50 million.

One of the internet’s leading sites in helping travellers find good deals for flights, hotels and rental cars, Kayak said it had revenues this year of $128 million through September, with profits of $6.2 million. The company said … Read more : Online travel firm Kayak files for $50-mn IPO.

Google has designs on you

SAN FRANCISCO – Not content with involvement in almost every facet of your online life, online search giant Google now wants to get into your wardrobe.

The company Wednesday launched a site called Boutiques.com that attempts to assess your style and automatically find the clothing and accessories that suit your taste.
The service works by … Read more >>>.

Mamata rejects Bengal government offer on Singur land

KOLKATA – Trinamool Congress chief Mamata Banerjee Wednesday rejected the West Bengal government’s formula for enabling Tata Motors to set up its Nano car plant in Singur.

The government offered to return 10 percent of the acquired land to farmers if Banerjee allows the Tata Motors to set up its small car plant.
A …. Read the original article  : Mamata rejects Bengal government offer on Singur land.

UAE, Panama sign ‘open sky’ agreement

Dubai, Nov 17 (IANS/WAM) The UAE and Panama have signed an “open sky” agreement in the Panama City, allowing both sides to operate unlimited flights between the two countries.

The agreement was signed Tuesday by Saif Mohammed Al-Suwaidi, director general of UAE’s General Civil Aviation Authority (GCAA) and Rafael Barcenas, director general of Panama’s Civil … Read : UAE, Panama sign ‘open sky’ agreement.

Global food import bill may top $1 trillion in 2010

Rome, Nov 17 (IANS/AKI) The bill for international food imports could exceed $1 trillion this year amid a spike in most commodity prices, the UN said Wednesday.

Food prices could reach even higher levels in 2011, the agency warned.
Food import bills for the worlds poorest countries are predicted to rise 11 percent in …. Source article  : Global food import bill may top $1 trillion in 2010.

Three bottles of Veuve Clicquot are world’s oldest champagne

LONDON – The champagne maker Veuve Clicquot has said that at least three bottles of its brand were found in a two-centuries old shipwreck in the Baltic Sea.

The divers who found the sunken vessel in July said the champagne is thought to be the world’s oldest drinkable bubbly, the Telegraph said Wednesday.
…. Original source  : Three bottles of Veuve Clicquot are world’s oldest champagne.

Ministry will consider cancellation of licences: Sibal

NEW DELHI – Telecom and IT Minister Kapil Sibal Friday said his ministry will consider the recommendation of the Telecom Regulatory Authority of India (TRAI) to cancel the 2G licences allotted since December 2006.

“We will consider it,” Sibal told reporters on the sidelines of the HT Leadership Summit 2010 here.
In a new … Read more : Ministry will consider cancellation of licences: Sibal.

Fiat 500 Unveiled In USA

LOS ANGELES (GaeaTimes.com)- Fiat the stalwart Italian car maker which had almost vanished from the US automobile industry is planning for a grand comeback. The rivals like Toyota and GM are now being haunted by recall and other issues thus it can try reestablishing the brand name in US market once again! The car … Read more : Fiat 500 Unveiled In USA.

7,300 acres to be taken from Bokaro plant

RANCHI – The Jharkhand government plans to take back the unused 7,300 acres of land from Bokaro steel plant, an official Friday.

The decision was taken at a meeting between Land and Revenue Minister Mathura Mahto and officials. “The land will be used for other purposes or it will be returned to land owners,” an …. Source article  : 7,300 acres to be taken from Bokaro plant.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.26 and the Reference Rate for Euro is ` 61.78 on November 19, 2010. The corresponding rates for the previous day (November 18, 2010) were ` 45.45 and ` 61.80 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

Sensex flat in noon trade

MUMBAI – Benchmark indices of Indian equities markets pared early day losses to trade flat a little after noon Friday.

The BSE 30-share benchmark index, which opened on a positive note at 19,982.75 points, was ruling at 19,905.11 points, down 25.53 points or 0.13 percent, compared to its previous close at 19,930.64 points.
At the …. Read the original article  : here.

Airtel 3G Services On The Anvil

DELHI, INDIA (GaeaTimes.com)- After Tata Docomo it is the turn of leading GSM services operator Airtel to unveil its 3G network in India. It has won 3G spectrum in 13 circles in the country and it is going to introduce 3G services shortly in these areas the MD and chairman Sunil Mittal said in …. Original article on Gaea Times at  : Airtel 3G Services On The Anvil.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 19, 2010 are:

Amount  (face value in ` crore)                          

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
…. Source  : Gaea News Network.

Airtel New Logo Released

DELHI, INDIA (GaeaTimes.com)- Airtel which is the leading GSM mobile telephony service provider of India has recently changed its logo. The new logo for 2010 was unveiled by Sunil Mittal the chairman and MD of Airtel. This change comes on the heels of Bharti Airtel touching the 200 million user mark worldwide. As of …. Original article  : Airtel New Logo Released.

Pakistani traders reap bumper business at IITF

NEW DELHI – Pakistani textiles, spices and handicrafts have become huge hits at the 30th India International Trade Fair (IITF) here. Pakistani traders have reported bumper sales thanks to cash-rich Indian customers.

Ali Noor, a Karachi-based Pakistani businessman dealing in spices and readymade food pastes, told IANS: “This is my first experience at the Trade …. Source article on Gaea Times at  : Pakistani traders reap bumper business at IITF.

Best Buy Black Friday Ads Make Buyers Awestruck

SAN FRANCISCO (GaeaTimes.com)- With Black Friday approaching the top US retailers are trying to woo the customers with their competitive deals and some of their deals which have already appeared on the web are making the shoppers berserk with excitement. To be frank, some of the Black Friday deals are simply irresistible and the …. Read the original article  : here.

Malaysia will help Indian entrepreneurs: PM Najib

KUALA LUMPUR – Malaysian Prime Minister Najib Tun Razak has said his country was ready to be India’s gateway into Southeast Asia by facilitating the entry of Indian entrepreneurs into the region.

Malaysia was “a strategic commercial destination” for Indians wishing to enter the Association of Southeast Asian Nations (Asean), Najib said at the “Asean …. Source  : Malaysia will help Indian entrepreneurs: PM Najib.

White House says stimulus created 3.5mn jobs

WASHINGTON – US President Barack Obama lauded the “success story” of General Motors’ stock sale as the White House claimed a $787 billion stimulus bill would produce 3.5 million jobs by yearend.

Touting GM’s near-record initial public offering Thursday as validation of his controversial move to bail out the auto giant last year, he said: … Read : White House says stimulus created 3.5mn jobs.

Money Market Operations as on November 18, 2010

…. Read the original article  : here.

Tokyo stocks rise on weaker yen, US rally

TOKYO – Japanese shares rose in Friday morning trading following an overnight rally on Wall Street and as exporters were buoyed by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 60.92 points, or 0.61 percent, to trade at 10,074.55. The broader Topix index was up 3.56 points, or 0.41 percent, at 872.37.
…. Original article on Gaea Times at  : Tokyo stocks rise on weaker yen, US rally.

Android will beat iPhone: Apple founder

SAN FRANCISCO – Apple co-founder Steve Wozniak has praised Google’s smartphone operating system Android and predicted that it will soon surpass the iPhone operating system in both quantity and quality.

The comments by the man who invented the first Mac computer came as Android-powered phones are fast catching up with Apple’s iPhones in market share, [..] Read the original article: here.

State Bank of India Recruiting IT Specialist Officers

If you are in IT industry for a decade now and have been dreaming of a job in banking sector, then here’s your opportunity, don’t just waste your time, grab hold of it.
State Bank of India has one of the largest Core Banking Systems and ATM Networks in the world. Bank Branches and ATM …. Source article on Gaea Times at  : State Bank of India Recruiting IT Specialist Officers.

TRAI asks Govt. to cancel 62 licenses of five telecom companies

NEW DELHI – The Telecom Regulatory Authority of India (TRAI) has asked the government to cancel 62 licenses given to five telecom companies including Etisalat (Swan), Uninor and Videocon.

It has been reported that the recommendation for this action was made to the Telecom Ministry on Thursday.

The action comes …. Source  : TRAI asks Govt. to cancel 62 licenses of five telecom companies.

Bharti Airtel has 200 million customers: Mittal

NEW DELHI – Sunil Bharti Mittal, Chairman and Managing Director, Bharti Airtel, on Thursday announced that the company has crossed the significant milestone of 200 million customers in the year 2009-10.

“We are today announcing and celebrating. Airtel having achieved the 200 million mark of customers. … Read more »»».

Power restored in most of north Mumbai

MUMBAI – Power was restored to most parts of north Mumbai after the region plunged into darkness following a power breakdown, officials said.

The power disruption was reported around 6 p.m., and lasted from 20 minutes to two hours in various areas of the city and its northern suburbs. It was attributed to a supply …. Source  : Power restored in most of north Mumbai.

Watghdog wants 69 teleom licences scrapped for poor roll-out

NEW DELHI – In a new twist to the controversy that led to the resignation of A. Raja communications minister , India’s telecom watchdog Thursday recommended scrapping of 69 of the 130 licences given for 2G phone services since December 2006.

“The roll-out of services on these licences has failed to comply with the set …. Source  : Gaea News Network.

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 >>>.

Foreign funds turn net sellers for first time in 25 weeks

MUMBAI – Foreign funds sold stocks worth $88 million this week, a first in about 25 weeks, sending strong signals of consolidation at Indian equities markets for the coming sessions.

While the flow of overseas money has swelled to record levels, recent weeks have also seen stocks tumble, soon after benchmark indices soared to their … Read more : Foreign funds turn net sellers for first time in 25 weeks.

Jharkhand asks coal firms to cough up taxes

RANCHI – The Jharkhand government has asked three subsidiaries of state-run Coal India Limited (CIL) to pay taxes for unauthorised mining on state land, an official said Sunday.

Jharkhand Land and Revenue Minister Mahtura Mahto met officials of Central Coalfield Limited (CCL), Bharat Coking Coal Limited (BCCL) and Eastern Coalfields Limited (ECL) Saturday in Ranchi.
… Read this article on Gaea Times at : Jharkhand asks coal firms to cough up taxes.

Property prices to drop 20 percent in China

BEIJING – Property prices in China are likely to drop by almost 20 percent starting March due to a slew of cooling measures adopted by the government on the real estate market, a report said.

The cooling measures, which led to financial difficulties of the developers, and monetary policy adjustment, will drag down property … Read the original article on Gaea Times at : Property prices to drop 20 percent in China.

Anand automotive group looks to double retail revenue

CHENNAI – The Rs.4,200 crore automotive component group Anand is planning to double its retail sales to Rs.700 crores within two years, a company official said.

“It is part of overall group strategy of doubling the turnover, investing Rs.1,400 crore. We will grow both organically and inorganically to add more products so that the after … Read more >>.

Indian, Pakistani traders want less restrictions

NEW DELHI – Indian and Pakistani businessmen at the 30th India International Trade Fair (IITF) want more access to each other’s markets and removal of various barriers to further trade and good relations between the two neighbours.

Pakistan pavilion director Mazhar Mufti, who is also assistant secretary of the Federation of Pakistan Chambers of Commerce … Read more »».

Post-Obama, India may get best of US technologies

NEW DELHI – The goodwill generated by President Barack Obama’s recent visit to India may lead to this country getting some of the best US defence and other technologies, says Vivek Lall, chairman of the Indo-US Strategic Dialogue in the Indo-American Chamber of Commerce.

The US-educated Lall, who is also Boeing India’s vice president … Read : Post-Obama, India may get best of US technologies.

Shale gas extraction is fraught with problems

BANGALORE – “We are trying to usher in a shale gas era”, Petroleum Minister Murli Deora exulted after signing an agreement with the United States for shale gas exploration during President Barack Obama’s visit early this month. But if the current controversy in the US is any indication, recovery of shale gas from the bowels … Read : Shale gas extraction is fraught with problems.

Nearly 50,000 Chhattisgarh steel workers face job loss

RAIPUR – About 50,000 workers employed with 175 mini steel plants in Chhattisgarh face a threat of job loss as factory owners have announced closure of their units in the wake of 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 …. Source  : Nearly 50,000 Chhattisgarh steel workers face job loss.

Himachal to set up 10 new industrial estates

SHIMLA – The Himachal Pradesh government would soon establish 10 new industrial estates across the state to promote industrialisation, Industry Minister Kishan Kapoor said Saturday.

“All the upcoming industrial areas would be equipped with state-of-the-art infrastructure with an outlay of Rs.3,000 crore,” Kapoor said while speaking at the India International Trade Fair – 2010 in …. Source  : Himachal to set up 10 new industrial estates.

Industrial redevelopment: Delhi government blames MCD, DDA for delay

NEW DELHI – The Delhi government Saturday blamed the Municipal Corporation of Delhi (MCD) and Delhi Development Authority (DDA) for delay in implementation of its redevelopment plan for the city’s industrial areas.

The national capital recently got its own industrial act, providing the government a mechanism to ensure maintenance and development of the city’s industrial …. Source  : Industrial redevelopment: Delhi government blames MCD, DDA for delay.

Linking my 2006 letter with current scenario wrong: Maran

CHENNAI – Union Textiles Minister Dayanidhi Maran Saturday said the media is mistakenly linking his 2006 letter to Prime Minister Manmohan Singh on the process of spectrum allocation with the current scenario.

He also gave a clean chit to Manmohan Singh, saying he is “a bold and honest leader.”
Speaking to reporters here after … Read more >>>.

Tata Teleservices ”fish finder’ plan to cover coastal India

AHMEDABAD – Tata Teleservices Limited (TTL) is planning to commercially launch and expand its “fish finder” project across coastal India early 2011 to help low-end fishermen in coastal areas.

Initially launched as a community service pilot project, it involves the use of mobile phones to home in on fish-rich areas in the sea to help …. Source article on Gaea Times at  : Tata Teleservices ‘ ‘fish finder’ plan to cover coastal India.

Probe ordered into disruption of Delhi Metro services

NEW DELHI – The Delhi Metro Saturday instituted an inquiry into the electrical fault in a coach which led to the stalling of services on the busy Jahangirpuri-Gurgaon stretch Friday evening, leaving thousands of commuters stranded. Full services only resumed Saturday morning.

A Delhi Metro Rail Corporation (DMRC) spokesperson said managing director E. Sreedharan appointed … Read more : Probe ordered into disruption of Delhi Metro services.

Gorge on chicken kebabs, biryani at trade fair’s Pakistan pavilion

NEW DELHI – Come Sunday and Delhiites would finally be savouring piping hot biryanis and melt-in-the-mouth murgh malai tikkas as famous Pakistani restaurateur Shahid Bundu Khan is all set to start operating his food stall at the India International Trade Fair.

“My stall would start operating from tomorrow (Sunday) morning and I am looking forward …. Source article  : Gorge on chicken kebabs, biryani at trade fair’s Pakistan pavilion.

Gujarat to set up textile parks for cotton

AHMEDABAD – The Gujarat government is planning to set up separate industrial parks for spinning cotton, state industries minister Saurabh Patel said Saturday.

He was speaking here at a seminar on the current status and scope of future development and investment opportunities in the technical textile sector in Gujarat.
The seminar was organised by … Read more : Gujarat to set up textile parks for cotton.

India needs new Look-West policy: Vice President

NEW DELHI – Vice President Hamid Ansari Saturday called for the adoption of a new Look-West policy aimed at the Gulf and West Asia that can secure the country’s economic, strategic and cultural interests in the region, which has a huge non-immigrant population of over six million Indian workers.

“For us in India, a …. Read the original article  : India needs new Look-West policy: Vice President.

India’s forex reserves decline by $1.9 billion

MUMBAI – India’s foreign exchange (forex) reserves declined by $1.899 billion, going down to $298.31 billion, during the week ended Nov 12 because of a sharp decline in its foreign currency reserves.

Foreign currency reserves, that include US dollar, euro and British pound, among others, declined $1.79 billion going down to $269.49 billion during … Read more »»».

WTO Chief calls for international coordinated action for global financial recovery

NEW DELHI – The Director General of World Trade Organisation (WTO) Pascal Lamy has called for international coordinated policy action for a sustainable global economic recovery and creation of jobs.

Speaking at a seminar here on Friday, Lamy asserted … Read more : WTO Chief calls for international coordinated action for global financial recovery.

Dr Reddy’s launches anti-asthma tablets in US

MUMBAI – After receiving a regulatory approval from the US Food and Drug Administration (USFDA), pharmaceutical major Dr Reddy’s Laboratories Saturday launched its anti-asthma tablets in the American market.

The approval by the USFDA came after a district court’s decision on the non-infringement of the patent for the tablet. This decision paved the way …. Original article  : Dr Reddy’s launches anti-asthma tablets in US.

Tamil Nadu to start dam rehabilitation project next year

CHENNAI – Tamil Nadu Chief Minister M. Karunanidhi Saturday constituted an 11-member empowered committee to chalk out plans to start a World Bank-assisted dam rehabilitation and improvement project by next year.

The World Bank assistance is to the tune of Rs.745.49 crore for rehabilitation and improvement of 104 dams. Sixty-six of the dams are under … Read more : Tamil Nadu to start dam rehabilitation project next year.

Kasundia Co-operative Bank Ltd., Howrah ??? Penalised

The Reserve Bank of India has imposed a penalty of ` 1.00 lakh (Rupees One Lakh only) on Kasundia Co-operative Bank Ltd., Howrah in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 for violation of the provisions … Read this article on Gaea Times at : Kasundia Co-operative Bank Ltd., Howrah ??? Penalised.

Construction of nuclear power plant begins in Gujarat

MUMBAI – Construction of a state-of-the-art indigenously designed nuclear power plant unit began Monday in Gujarat, an official said here.

The first pour of concrete, signifying the zero date (the official start of construction) was achieved at the Kakrapar 3 and 4 atomic power plant, near Surat.
Both the reactors have been designed by the …. Source  : Gaea News Network.

Navi Mumbai airport gets green signal finally

NEW DELHI – The environment ministry Monday cleared the Navi Mumbai airport, paving the way for a second airport to ease air traffic in Mumbai.

The green ministry and the aviation ministry had been at loggerheads over the alleged delay in environment clearance for the airport.
“Today, formally the environmental clearance has been given … Read more : Navi Mumbai airport gets green signal finally.

Mobile number portability to be rolled out Thursday

NEW DELHI – The much awaited mobile number portability (MNP), which allows subcribers to change their mobile operators while retaining their old number, will be inaugurated Thursday in Rohtak district of Haryana.

According to an earlier statement of the Department of Telecom, the scheme will gradually be extended to other circles as well.
MNP …. Source  : Mobile number portability to be rolled out Thursday.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.29 and the Reference Rate for Euro is ` 62.27 on November 22, 2010. The corresponding rates for the previous day (November 19, 2010) were ` 45.26 and ` 61.78 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex holding on to gains in noon trade

MUMBAI – A benchmark index of Indian equities market managed to hold on to most of its early gains in noon trade Monday amid mixed cues from other Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,713.84 points, was ruling at 19,783.16 points, up 161.68 points or [..] Read the original article: here.

2011 to be the year of the tablet

TORONTO – With the BlackBerry maker Research In Motion (RIM) launching the PlayBook early next year, the tablet is set to become the next big device in the new year.

With the roaring success of Apple’s iPad which has sold in millions since its launch in April, the BlackBerry maker Research In Motion (RIM) … Original source on Gaea Times at : 2011 to be the year of the tablet.

Malaysian Indian Congress chief to be business envoy

KUALA LUMPUR – Malaysian Indian Congress (MIC) president S. Samy Vellu has announced his decision to step down this month-end and take up his new assignment as business envoy for five countries – India, Bangladesh, Pakistan, Sri Lanka and Maldives.

Vellu will bid farewell to his party colleagues when he chairs the last meeting of …. Original article on Gaea Times at  : Malaysian Indian Congress chief to be business envoy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 22, 2010 are:

Amount  (face value in ` crore)                   

Item

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

1 day Repo Auction  …. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Sensex rises in early trade

MUMBAI – A benchmark index of Indian equities Monday rose 197 points soon after opening bell.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,713.84 points, was ruling at 19,783.16 points, up 197.72 points or 1.01 percent from its previous close at 19,585.44 points.
At the National Stock Exchange … Read more »»».

Money Market Operations as on November 19, 2010

… Read this article on Gaea Times at : Money Market Operations as on November 19, 2010.

Uttar Pradesh sugar production to rise by 20 percent

LUCKNOW – Sugar production in Uttar Pradesh is expected to rise to over 60 lakh tonnes this year, a 20 percent increase over last year, an official said Sunday.

Enthused by the timely commencement of crushing in a number of sugar mills across the sugarcane-rich western parts of the state, Sugarcane Commissioner Kamran Rizvi was … Original source on Gaea Times at : Uttar Pradesh sugar production to rise by 20 percent.

Night shelter for homeless opens in Agra

AGRA – A night shelter for the homeless was inaugurated here Sunday to help them face the winter chill, an activist of a voluntary group said.

The shelter, which can accommodate 50 people, was inaugurated by Delhi’s income tax commissioner Digvijay Kumar at Subhash Park on M.G. Road.
It will provide quilts, blankets and … Original source on Gaea Times at : Night shelter for homeless opens in Agra.

India keen to enhance ties with UAE: President

Abu Dhabi, Nov 21 (IANS/WAM) Indian President Pratibha Patil has said the country is committed to promoting regional peace and security in Asia and enhancing relations with the United Arab Emirates (UAE) in the political, economic and cultural fields.

“We have historical and civilisational links with the UAE and the Arab world. UAE is part … Read the original article on Gaea Times at : India keen to enhance ties with UAE: President.

Best Buy For Black Friday 2010 Ads On Internet

SAN FRANCISCO (GaeaTimes.com)- The U.S. citizens are all set to make the best use of the Black Friday 2010 deals, which will b on offer by almost all the retail stores all over the country. The deal would get all more exciting as it is starting from November 26, which corresponds to the Thanksgiving. …. Original article  : Best Buy For Black Friday 2010 Ads On Internet.

Pockpockets target trade fair visitors

NEW DELHI – Thieves and pickpockets are targeting visitors at the 30th edition of the India International Trade Fair (IITF), from where at least three complaints are being received daily, a police officer said Sunday.

According to sources, gangs of women thieves and pickpockets from Delhi and neighbouring states are active in the Nov 14-27 … Read more : Pockpockets target trade fair visitors.

Centre launches National Saffron Mission in Jammu and Kashmir

SRINAGAR – The Central Government on Sunday launched the National Saffron Mission (NSM) to boost saffron production in Jammu and Kashmir.

The rupees 3.76 billion programme was launched to boost the growth of saffron, which …. Original article  : Centre launches National Saffron Mission in Jammu and Kashmir.

2G spectrum scam: CPI-M seeks action against defaulting firms

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Sunday called for action against companies which had acquired 2G spectrum by “illegal means” and said that the licences of companies which had not fulfilled their rollout obligations should be annulled.

In a statement released at the end of three-day meeting of its central …. Read the original article  : 2G spectrum scam: CPI-M seeks action against defaulting firms.

Work on Rohtang tunnel partially suspended after snowfall

MANALI – Heavy snowfall has partially paralysed the construction of the strategically important Rohtang tunnel in Kullu district of Himachal Pradesh, an official said Sunday.

“Excavation work of the tunnel on north portal that lies towards Lahaul and Spiti has been stopped altogether due to recent massive snowfall in the area and closure of roads … Read more »»».

Chavan plans monthly review of Vidarbha development work

MUMBAI – The new government in Maharashtra headed by Prithviraj Chavan Saturday resolved to give priority to the development of the Vidarbha region, which has one of the highest incidence of farmers suicides in the country.

Announcing this, Chief Minister Prithviraj Chavan told mediapersons here that the development issues concerning Vidarbha would be accorded top …. Source article  : Chavan plans monthly review of Vidarbha development work.

Torch 9800 most satisfying smart phone from BlackBerry

TORONTO – The sales of the BlackBerry Torch 9800, which were initially hit by its high price, have picked up after reduction in its price by half early this month.

With AT&T reducing the Torch 9800 price from $199 to $99 two weeks ago, the sales of the latest BlackBerry smart phone have zoomed in … Read more >>.

Ambassador Car To Get A New Look

KOLKATA, INDIA (GaeaTimes.com)- The iconic Ambassador car made by the Kolkata based Indian automobile manufacturer Hindustan Motors is all set to get revamped, the company officials revealed recently. The car maker is gearing up to give a new look to the car in collaboration with design firm Ohio Design which is based in Pune … Read more >>>.

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 
…. Source  : Liquidity Adjustment Facility : Auction Results.

For business, VAT 69 bottle gets new curves!

CHANDIGARH – It’s the old VAT 69 in a new bottle. The premium drinks brand has got into a new shape – with more curves – to take on others in the Scotch whisky business even as it relives its historical charm.

For the VAT 69 of the 21st century, the old world charm of … Original source on Gaea Times at : For business, VAT 69 bottle gets new curves!.

Few handmade quilts sell in Shillong, ‘dhunuris’ feel chill

SHILLONG – The twangs of the ‘dhanush’ fill the air as winter arrives. The tool is used by expert hands, called ‘dhunuris’, to fluff up cotton for quilts and pillows. But the cotton carders, mostly from Bihar, who have descended on the city, say business is poor this time.

Lighter, washable blankets and …. Original article on Gaea Times at  : Few handmade quilts sell in Shillong, ‘dhunuris’ feel chill.

Mahindra to take over Ssangyong

SEOUL – South Korean carmaker Ssangyong Motor Co. said Tuesday it signed a 522.5-billion-won ($464-million) takeover deal with India’s Mahindra & Mahindra Ltd.

Ssangyong, South Korea’s smallest carmaker, is to sell a majority stake to the Indian utility vehicle maker nearly two years after it filed for bankruptcy. The deal will bring Mahindra’s stake in … Original source on Gaea Times at : Mahindra to take over Ssangyong.

Sensex falls sharply in early trade

MUMBAI – A benchmark index of Indian equities Tuesday fell sharply soon after opening bell.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,841.42 points, was ruling at 19,762.4 points, down 195.43 points or 0.98 percent from its previous close at 19,957.59 points.
At the National Stock Exchange (NSE), [..] Read the original article: here.

Money Market Operations as on November 22, 2010

…. Read the original article  : Money Market Operations as on November 22, 2010.

Ireland’s PM to dissolve parliament in New Year

DUBLIN – Ireland’s Prime Minister Brian Cowen announced Monday that he would dissolve the Irish parliament in the New Year after December’s austerity budget has been enacted.

Cowen has said he will seek a dissolution of the Dail (the Irish parliament) after “the current budgetary process is complete”.
Speaking at government buildings, Cowen said it … Original source on Gaea Times at : Ireland’s PM to dissolve parliament in New Year.

US stocks fall as Ireland seeks bail-out

NEW YORK – US stocks fell and the dollar strengthened as Ireland sought outside help with its debt crisis, sparking fears that other eurozone countries might not be far behind.

Ireland formally asked for help Sunday and was in the process of negotiating terms this week with the European Union and International Monetary Fund. Irish …. Read the original article  : US stocks fall as Ireland seeks bail-out.

‘ULIPs have potential for life insurers despite curbs’

MUMBAI – Unit linked insurance policies (ULIPs) designed and sold under the new norms that came into effect Sep 1 have a great potential for life insurers, said experts participating in a panel discussion here Monday on “Future of ULIP”.

The panellists, however, were not unanimous on which segment of the market ULIPs were suitable …. Source  : Gaea News Network.

Emirates launches ‘Honeymoon package’

NEW DELHI – Emirates airline is launching special ‘Honeymoon packages’ from 10 Indian cities, including New Delhi, to Seychelles, beginning at Rs.59,935, the airline announced Monday as the wedding season begins in the country.

“Our packages are tailor-made to our customers’ needs, especially during the wedding season when honeymooners or vacationers experience luxury to the …. Source article  : Emirates launches ‘Honeymoon package’.

Public power transmission companies face losses: Shinde

NEW DELHI – Power Minister Sushil Kumar Shinde Monday said the aggregate losses of state-run transmission and distribution (T&D) companies for 2010-11 is expected to be Rs.68,643 crore.

As per the thirteenth finance commission report, the aggregate loss of state T&D utilities at 2008 tariff for 2010-11 has been projected as Rs.68,643 crore, said Shinde … Read : Public power transmission companies face losses: Shinde.

Dhumal lays foundation stone of marketing yard

SHIMLA – Himachal Pradesh Chief Minister Prem Kumar Dhumal Monday laid the foundation stone of the states biggest marketing yard in upper Shimla to help apple and other fruit growers sell their produce speedily.

It would be constructed within three years at a cost of Rs.100 crore at Parala in the heart of the apple … Read this article on Gaea Times at : Dhumal lays foundation stone of marketing yard.

Haryana to set up eco-city in Manesar

CHANDIGARH – Formulating a policy on climate change, the Haryana government has proposed to set up an eco-city at Manesar near Gurgaon.

We are also considering a proposal to set up a Climate Change Division in the Environment Department, Chhatar Singh, principal secretary to Haryana Chief Minister Bhupinder Singh Hooda, said Monday.
The eco-city project … Original article on : Haryana to set up eco-city in Manesar.

Knee-jerk reactions by insurance regulator pose challenge: Experts

MUMBAI – An insurance regulator who is on a learning curve and life insurance chief executives who do not understand the basic tenets of the business are some of the challenges faced by the Indian life insurance industry, according to experts here Monday.

“The Indian insurance regulator (Insurance Regulatory and Development Authority – IRDA) is …. Source  : Gaea News Network.

Trade fair: Delhi Metro ridership zooms

NEW DELHI – The Delhi Metro recorded a heavy rush of passengers at its Pragati Maidan station during the week, thanks to the India International Trade Fair (IITF), an official said Monday.

“Compared to last year, we have received a higher footfall during the trade fair,” Delhi Metro Rail Corporation (DMRC) spokesperson Anuj Dayal …. Source  : Gaea News Network.

LNG terminal capacity to be doubled at Kochi: Petroleum Secretary

KOCHI – Union Petroleum Secretary S. Sundareshan has revealed that the terminal capacity of Liquefied Natural Gas (LNG) would be doubled at Kochi.

He also said the meeting of board of directors of Petronet LNG has decided to increase the existing capacity from 2.5 million tonnes to [..] Read the original article: here.

Organic farming meet to be held in Gujarat

VADODARA – Organic farmers from all over India will converge in Anand district of Gujarat next month for a convention, an official said Monday.

With a theme of ‘cool farming for a hot planet’, the convention will discuss how organic farming can help fight climate change, director of Organic Farming Association of India (OFAI) Dr. …. Source article  : Organic farming meet to be held in Gujarat.

Mahindra Satyam appoints three executives for Americas

MUMBAI – Mahindra Satyam, which was delisted from the New York Stock Exchange in September, said Monday it has appointed three new executives for its Americas operations with a view to restructuring business in that region.

Lakshmanan Chidambaram, who recently joined Mahindra Satyam from Syntel Inc, will head the banking and financial services, manufacturing, … Read more : Mahindra Satyam appoints three executives for Americas.

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 »».

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

… Read more : 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.

Punj Lloyd bags three contracts worth Rs.1,595 cr

NEW DELHI – Engineering and construction firm Punj Lloyd Wednesday said it has bagged three new contracts worth Rs.1,595 crore for development of oil refinery and infrastructure projects.

The biggest contract is from Indian Oil Corporation worth Rs.1,123 crore for development of the Paradip refinery project in Orissa.
The scope of work includes …. Source  : Punj Lloyd bags three contracts worth Rs.1,595 cr.

Housing scam pulls down Sensex (Roundup)

MUMBAI – A benchmark index of Indian equities closed a volatile trading day Wednesday 231 points lower as reports of a housing scam involving major housing finance institutions and banks led to heavy selling in banking and realty scrips.

Global cues were also sombre a day after the conflict between the two Koreas and unease …. Original article  : Housing scam pulls down Sensex (Roundup).

ADB signs JV to develop renewable energy in India

NEW DELHI – The Asian Development Bank (ADB) today signed a joint venture agreement with India’s NTPC Ltd. and Kyushu Electric Power Company of Japan to develop and operate 500 megawatts of renewable energy projects in India in the next three years.

India is the third largest …. Original article on Gaea Times at  : ADB signs JV to develop renewable energy in India.

Idea hopes to draw numbers from portability regime

NEW DELHI – Telecom service provider Idea Cellular is confident of attracting a large number of users after the rollout of mobile number portability (MNP), an official said Wednesday.

“Our focus is to provide good network and customer services. Though we are not launching any new plan or tariff package, we are confident that large …. Read the original article  : here.

Plan panel to examine states’ complaints on Finance Commission

AGARTALA – The Planning Commission has constituted a high level committee to look into complaints that the 13th Finance Commission (2010-2015) has deprived many states like Tripura of its resources, a state minister said Friday.

“The 13th Finance Commission has deprived the special category states, including northeastern states, in recommending its awards and recommendations,” Tripura … Read : Plan panel to examine states’ complaints on Finance Commission.

Black Friday Sales Boosts Business

SAN FRANCISCO (GaeaTimes.com)- Black Friday sales follows the Thanksgiving Way. It marks the beginning of Christmas shopping season. Therefore, like every year, most of the retail stores have opened early to offer promotional sales and kick start the shopping season in full spirit. However, these days, the Black Friday Sales are not limited to …. Source  : Gaea News Network.

Target’s Awesome Gadget Deals

SAN FRANCISCO (GaeaTimes.com)- The Black Friday which is the unofficial beginning of the Holiday shopping season in USA has made the shoppers crazy this year since there are plenty of great offers waiting for them. Their excitement reached a crescendo ever since the big retailers like Walmart and Target published their ads for Thanksgiving [..] Read the original article: here.

Herbergers Offering Good Discounts

SAN FRANCISCO (GaeaTimes.com)- Herbergers, a leading retail and lifestyle store in the United States has started its Black Friday Deal. It was one of the first stores to be opened as early as 3:00 am, to offer the best buy to its customers. However, although the stores are getting flocked with several people in …. Source  : Gaea News Network.

Best Black Friday Deals Hunted By Shoppers

SAN FRANCISCO (GaeaTimes.com)- Black Friday is a shopping extravaganza the shoppers keep waiting for the entire year. This annual shopping event is an opportunity for the shoppers who want to buy their desired products at really low prices. This year the top retailers in USA are offering lucrative deals on a range of …. Original source  : Best Black Friday Deals Hunted By Shoppers.

Victoria Secret Black Friday Exciting Offer

SAN FRANCISCO (GaeaTimes.com)- Hurry all you ladies else you will miss out the exciting offers that the stores are ushering upon everyone on the eve of Black Friday. There is a great piece of news not only for the shopaholics but also for every single lady out here, who are otherwise not so keen to …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.74 and the Reference Rate for Euro is ` 60.84 on November 26, 2010. The corresponding rates for the previous day (November 25, 2010) were ` 45.64 and ` 60.81 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

World’s most expensive tequila bottle unveiled

MEXICO CITY – A distillery in Mexico has come up with the world’s most expensive bottle of tequila, covered with 4,000 diamonds and estimated at $3.5 million.

The bottle nicknamed “Diamond’s Law” by Hacienda La Capilla company was made by around 20 to 30 people, Fox News reported Friday.
The company had earlier sold a … Read more »»».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 26, 2010 are:

Amount  (face value in ` crore)                     

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
…. Original article  : Liquidity Adjustment Facility : Auction Results.

Sensex gives up opening highs

MUMBAI – A benchmark index of Indian equities Friday slipped from its opening highs to rule about 202 points lower after about 90 minutes of beginning of trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,391.96 points, was ruling at 19,115.28 points, down 202.88 points or 1.05 percent …. Read the original article  : Sensex gives up opening highs.

Money Market Operations as on November 25, 2010

… Read more >>.

Tokyo stocks edge up on weaker yen

TOKYO – Japanese shares inched higher in Friday morning trading as some export-oriented issues were boosted by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 9.02 points, or 0.09 percent, to trade at 10,088.78. The broader Topix index was up 0.71 points, or 0.08 percent, at 870.52.
The Japanese currency fell against the …. Read the original article  : Tokyo stocks edge up on weaker yen.

Dubai Chamber of Commerce hosts Indian president

Dubai, Nov 25 (IANS/WAM) The Dubai Chamber of Commerce and Industry Thursday hosted a reception in honour of Indian President Pratibha Patil and her accompanying business delegation here at the Raffles Hotel.

Besides the Indian delegation, the business luncheon reception was attended by Maryam Khalfan Al Roumi, UAE minister of social affairs, officials and … Read the original article on Gaea Times at : Dubai Chamber of Commerce hosts Indian president.

Chhattisgarh to get 2,000 MW power from NTPC project

RAIPUR – Chhattisgarh signed a power purchase agreement Thursday with India’s largest power producer, the National Thermal Power Corporation (NTPC), to get 50 percent power from its upcoming 4,000 MW coal-fired power plant.

Chhattisgarh will get 2,000 MW at Rs.2.59 per unit from NTPC’s coal-fired project that will come up at Lara village in the … Read : Chhattisgarh to get 2,000 MW power from NTPC project.

Abu Dhabi gives $10 mn for Kenya road project

Abu Dhabi, Nov 25 (IANS/WAM) The Abu Dhabi Fund for Development (ADFD) will lend 37 million dirhams (about $10 million) for constructing a road in Kenya, it was announced Thursday.

The aim of this 135-km road project is to link the Garissa and Modogache cities in Kenya.
The road will connect Kenya to its …. Read the original article  : Abu Dhabi gives $10 mn for Kenya road project.

Jairam Ramesh now calls SUVs ’socially useless vehicles’

NEW DELHI – Days after he termed use of sports utility vehicles (SUVs) in India as criminal, Environment Minister Jairam Ramesh Thursday called them “socially useless vehicles”.

“I have got very critical reactions for my statement on SUVs. The Wall Street journal in an article today called me buffoon. I think SUVs are socially useless … Original source on Gaea Times at : Jairam Ramesh now calls SUVs ’socially useless vehicles’.

Export of natural resources a crime: Raman Singh

RAIPUR – Export of natural resources is a crime and should be banned as early as possible, Raman Singh, chief minister of Chhattisgarh – one of India’s most mineral-rich states – said Thursday.

“Exporting natural resources outside the country comes under category of a national crime and it should be banned,” an official press statement …. Original article  : Export of natural resources a crime: Raman Singh.

India, US to sign aviation safety agreement

NEW DELHI – The country’s aerospace segment is poised to grow with India and the US set to sign the Bilateral Aviation Safety Agreement (BASA) that would usher in mutual acceptance of aeronautical products and parts developed in either country, the Directorate General of Civil Aviation (DGCA) Thursday said.

“The agreement would be signed within … Original source on Gaea Times at : India, US to sign aviation safety agreement.

PM heading to Berlin, Germany to pitch for Eurofighter

BY MANISH CHAND
NEW DELHI – Germany is set to sharpen its pitch for selling Eurofighter Typhoon combat jets to India when Prime Minister Manmohan Singh goes to Berlin next month, a day-long trip that will focus on expanding the strategic relationship between the two would-be non-permanent members of the UN Security Council.

Manmohan Singh …. Original source  : PM heading to Berlin, Germany to pitch for Eurofighter.

BGR Energy denies any malpractice in securing loan

CHENNAI – City-based power sector engineering, procurement and construction company BGR Energy Systems Thursday said it did not resort to illegal or unethical means to get a Rs.500-crore working capital loan from Bank of India, whose official was taken into custody over an alleged loan scam Wednesday.

“We have no clue as to how our …. Read the original article  : BGR Energy denies any malpractice in securing loan.

Boscov’s Adopts Charity Program

SAN FRACISCO (GaeaTimes.com)- Boscov’s decided to offer something more after the sizzling Black Friday Deals. It has decided to adopt a charity program that would aim to help the poor and hospitalized elderly people and some helpless animals, who cannot speak for their rights.
The Boscov’s stores is Pennsylvania have set up two Christmas trees …. Original article  : Boscov’s Adopts Charity Program.

Cyber Monday Electronic Deals Raining Aplenty

SAN FRANCISCO (GaeaTimes.com)- The frenzy and maddening rush for the Black Friday sales has hardly subsided but the excitement over Cyber Monday has been gathering steam. This in fact is the last opportunity for those shoppers who could not make it to the Black Friday sales. The Cyber Monday ads have been published by …. Source article  : Cyber Monday Electronic Deals Raining Aplenty.

Infosys mentor calls for IT sector professionalism, ethics in Bangalore

BANGALORE – Information Technology (IT) giant Infosys chairman N.R. Narayana Murthy on Friday reiterated his call for promoting professionalism and ethics in the competitive and complex IT sector.

He was speaking at a round table conference organized by Institution …. Original article  : Infosys mentor calls for IT sector professionalism, ethics in Bangalore.

Cyber Monday Deals Create Buzz

SAN FRANCISCO (GaeaTimes.com)- Even though Black Friday is officially over the excitement of the shoppers are refusing to subside. They are looking forward to the Cyber Monday deals. It would be perfect for those who love to buy products at bargain rates but are weary of jostling with the crowd. The top retailers like …. Source  : Gaea News Network.

China launches electronic passports

BEIJING – China has launched its first ever electronic passports that would contain information in microchips.

The adoption of electronic passports complies with international trends and plays an important role in international travel for officials, Huang Ping, director-general of the department of consular affairs of China’s foreign ministry, said at the launch ceremony in Shanghai …. Source  : Gaea News Network.

Ban sale of agricultural land to non-Goans: Congress

PANAJI – A special legislation is necessary in Goa to ban sale of agricultural land to foreigners and non-Goans considering the land resource crunch here, state Congress president Subhash Shirodkar has said.

Shirodkar told IANS here Friday that he would meet Chief Minister Digambar Kamat and urge him to speed up passing of the … Read more >>.

US shoppers plunge into Black Friday

WASHINGTON – Tens of millions of US shoppers raced from their homes on Black Friday to take part in the annual US holiday frenzy of lifting the economy.

They chased after $200d discounts on 46-inch Google TVs and $100 discounts on three pairs of Rockport shoes.
Many left their homes before midnight Thursday with their …. Original article on Gaea Times at  : US shoppers plunge into Black Friday.

US stocks drop on more euro concerns, Korea tensions

NEW YORK – US stocks fell Friday as credit ratings for Irish banks were cut and tensions simmered on the Korean Peninsula.

Ratings agency Standard & Poor’s drastically downgraded the creditworthiness of Anglo Irish Bank and lowered its rating for three other Irish banks. The European Union and International Monetary Fund reportedly hope to reach …. Source article on Gaea Times at  : US stocks drop on more euro concerns, Korea tensions.

Step-by-step liberalisation good policy: German envoy

KOLKATA – Germany’s envoy to India Friday called for greater foreign participation in this country’s insurance sector but said it was a good policy to go for liberalisation step-by-step and slowly.

“There are same areas which if opened up can be mutually beneficial, like the insurance sector. The foreign direct investment (FDI) in insurance should …. Original article on Gaea Times at  : Step-by-step liberalisation good policy: German envoy.

Nafed monitoring markets to check onion prices

NEW DELHI – Agri-cooperative Nafed is monitoring the rates of onions to keep prices under check, and increased arrivals from Maharashtra will ease prices, the agriculture ministry said Friday.

“Nafed is monitoring rates of onions in different mandis on daily basis to keep onion prices under check,” a release from the ministry said.
Heavy rains … Original article on : Nafed monitoring markets to check onion prices.

Abu Dhabi voted ‘Best City’ in MENA region

Dubai, Nov 26 (IANS/WAM) Abu Dhabi has been voted the “Best City” in the Middle East and the North Africa region (MENA) in a study, it was announced Friday.

The report titled “Best Cities of the Middle East and North Africa 2010″ was produced by the Middle East’s top job site Bayt.com and … Read : Abu Dhabi voted ‘Best City’ in MENA region.

Metro to introduce six-coach trains by December

NEW DELHI – Catering to the manifold rise in ridership, the Delhi Metro Friday said it will introduce six-coach trains from December on two lines.

According to Raj Kumar, director of operations of Delhi Metro Rail Corporation (DMRC), the six-coach trains will be introduced on Line 3 (Dwarka Sector 21 to NOIDA City Centre) and … Read more »»».

Environmental clearance for industries goes online in Delhi

NEW DELHI – Taking a further step towards e-governance, the Delhi government Friday made its environmental clearance process for industries online.

The online system for grant of consent to industries by the Delhi Pollution Control Committee (DPCC), which becomes the first board in the country for providing such a facility, was inaugurated by Chief Minister … Read the original article on Gaea Times at : Environmental clearance for industries goes online in Delhi.

Two-laning of Tindivanam-Krishnagiri highway approved

NEW DELHI – A cabinet panel Friday approved the two-laning of the 178-km-long Tindivanam-Krishnagiri section of National Highway (NH)-66 in Tamil Nadu, at a cost of Rs.610.21 crore.

“The Cabinet Committee on Infrastructure (CCI) today (Friday) approved the implementation of the project of two laning with/without paved shoulders of 178.060 km long Tindivanam-Krishnagiri section … Read this article on Gaea Times at : Two-laning of Tindivanam-Krishnagiri highway approved.

Get ready to pay for mobile banking service from April 2011

NEW DELHI – Get ready to pay a fee for inter-bank transactions conducted through mobile phones from April 2011, as the National Payment Corporation of India (NPCI) intends to charge lenders Rs.0.25 per transaction from the next financial year.

“NPCI will be providing services to member banks free of charge till March 31, 2011. …. Source article  : Get ready to pay for mobile banking service from April 2011.

Jaguar launches XF sports-sedan’s diesel variant

NEW DELHI – Luxury automobile maker Jaguar Friday launched its XF sport sedan’s diesel variant priced at Rs.48.37 lakh (ex-showroom Delhi).

The launch comes after we received a huge response to our XF’s petrol version. We have received a pre-launch booking of 60 cars, said Rohit Suri, head – premier car division, Jaguar and Land …. Source article  : Jaguar launches XF sports-sedan’s diesel variant.

344 train accidents kill 204: Mamata

NEW DELHI – A total of 344 train accidents in the last three years killed 204 people and led to property loss of Rs.155.27 crore to the Indian Railways, Railway Minister Mamata Banerjee said Friday.

The total number of accidents caused by bomb blasts are 12, the minister said in a written reply to …. Source article  : 344 train accidents kill 204: Mamata.

Police thrash men in Metro women’s coaches

NEW DELHI/GURGAON – With repeated requests failing to keep men away from Delhi Metro coaches reserved for women, policemen and women decided there was only one way out: thrash the male offenders.

And so on Thursday, on two separate occasions in Gurgaon and New Delhi, several police and security personnel barged into the first coaches …. Source  : Gaea News Network.

The battle of sexes in Delhi Metro… part 1 (First Person)

Green Park Metro Station, New Delhi, Thursday: The Metro platform was unusually crowded considering the time of the day. I checked my watch again, 8.35 p.m. As I approached the crowd, I could smell trouble.

“This was bound to happen”, “They should do away with the ladies coach”, “All these problems started after reserving that … Read more : The battle of sexes in Delhi Metro… part 1 (First Person).

Women khadi weavers a huge draw at Delhi’s Trade Fair

NEW DELHI – Women weavers from Andhra Pradesh who are here to participate in the India International Trade Fair 2010 are a big draw.

They are demonstrating a step-by-step procedure of the fabric, starting from cleaning of cotton.

The workers are from Andhra Pradesh’s Ponduru district and …. Original article on Gaea Times at  : Women khadi weavers a huge draw at Delhi’s Trade Fair.

Best Buy Cyber Monday Deals Revealed

SAN FRANCISCO (GaeaTimes.com)- Never mind if Black Friday is gone, the shoppers are yet to get over the shopping frenzy in U.S.! The Cyber Monday is just a day ahead and those who missed Black Friday shopping opportunities are looking forward to the next shopping extravaganza. The Cyber Monday deals are beneficial for those … Original source on Gaea Times at : Best Buy Cyber Monday Deals Revealed.

Manufacturing sector improved April-September: Survey

NEW DELHI – India’s manufacturing sector improved its performance in April-September 2010 compared to the corresponding period in the previous year, says a Confederation of Indian Industry (CII) study.

“The manufacturing sector has seen a diverse performance during the first half. Some sectors have recovered sharply to grow at over 20 percent while some …. Read the original article  : Manufacturing sector improved April-September: Survey.

Dhumal’s chopper to serve snowbound areas

SHIMLA – Himachal Pradesh Chief Minister Prem Kumar Dhumal will travel by road for most of his official engagements as his chopper will be deployed for people living in snowbound areas during winter – a measure to cut flying costs.

Dhumal has decided to ground his flying plans so that the 26-seater chopper can be …. Source article on Gaea Times at  : Dhumal’s chopper to serve snowbound areas.

Cyber Monday Deals From Walmart

SAN FRANCISCO (GaeaTimes.com)- The shoppers who were previously counting on upcoming Cyber Monday to buy their dream gadget or appliance should be happy to know that there is a great opportunity waiting for them. Walmart, the famous US retail giant is offering not a single day but an entire week of sales. The … Original source on Gaea Times at : Cyber Monday Deals From Walmart.

BMW India’s record sales in October

KOLKATA – BMW India, a subsidiary of German luxury car maker BMW, has sold a record 753 cars in October, the company president said here Saturday.

“Last month (October) we had a highest sale of 753 cars which is a record in itself,” BMW India president Andreas Schaaf told media persons on the sidelines of … Read this article on Gaea Times at : BMW India’s record sales in October.

UAE’s Etisalat chairman named World CEO of 2010

Abu Dhabi, Nov 27 (IANS/WAM) Mohammed Omran, the CEO of UAE’s telecommunication service provider Etisalat, has been named the World CEO of 2010 at a ceremony in Britain, it was announced Saturday.

He was honoured at the World Communication Awards ceremony in recognition of his outstanding work in the sector.
Etisalat has …. Original source  : UAE’s Etisalat chairman named World CEO of 2010.

IFRS will boost investors’ confidence: Mukherjee

KOCHI – The use of globally accepted accounting framework, International Financial Reporting Standards (IFRS), will boost investors’ confidence in Indian markets, Finance Minister Pranab Mukherjee said Saturday.

“India, as a member country of G20, is committed to achieving a single set of high quality global accounting standards. The use of globally acceptable accounting framework helps … Original source on Gaea Times at : IFRS will boost investors’ confidence: Mukherjee.

Mughal road to be ready by September 2011

JAMMU – The Mughal road that connects Kashmir Valley to the hilly and border belt of Jammu region will be ready by September 2011.

The road was scheduled to open in June this year but the unrest in Kashmir made the migrant labourers flee the area. Also, a prolonged spell of rains triggered landslides …. Source  : Mughal road to be ready by September 2011.

Honegg to replace Aulbur as Mercedes’ India chief

NEW DELHI – German luxury automobile manufacturer Mercedes-Benz’s Indian subsidiary Saturday said that Peter T. Honegg will succeed Dr. Wilfried Aulbur as the new manging director and chief executive in the first quarter of 2011.

“Mr. Peter T. Honegg will succeed Dr. Wilfried Aulbur as the new MD and CEO of Mercedes-Benz India. Honegg is … Read more : Honegg to replace Aulbur as Mercedes’ India chief.

India-China trade to cross $120 billion by 2012

MUMBAI – India’s bilateral trade with China is likely to cross $120 billion by 2012 on the back of robust economic growth in both the countries, a Chinese diplomat said Saturday.

“Our bilateral trade for the first 9 months of this year was $45.4 billion, $2.2 billion more than the whole volume of last …. Source  : India-China trade to cross $120 billion by 2012.

Pantaloons to open 50 new stores within 2-3 years

NEW DELHI – Leading fashion retailer Pantaloons Saturday said that it plans to open 50 new stores in the country within the next two to three years.

We will open another 50 stores in the coming 2 to 3 years,” the firm’s director and chief executive Rakesh Biyani told reporters at the opening of the …. Source article on Gaea Times at  : Pantaloons to open 50 new stores within 2-3 years.

Book the guilty in 2G spectrum scam: Ratan Tata

NEW DELHI – Tata Group chairman Ratan Tata has urged the Indian government to investigate and book the people who are guilty in the 2G spectrum scam.

“I wish the government would take a stand, bring an auditor in the thing, have an investigation, book people who are guilty,” said Tata in an interview … Read the original article on Gaea Times at : Book the guilty in 2G spectrum scam: Ratan Tata.

India’s forex reserves fall further by $330 million

MUMBAI – India’s foreign exchange (forex) reserves declined by $330 million, sliding to $297.98 billion during the week ended Nov 19, for the second consecutive week on sharp decline in foreign currency reserves.

The forex reserves had declined by $1.899 billion during the week ended Nov 12.
Foreign currency reserves, that …. Original article  : India’s forex reserves fall further by $330 million.

Now women find it easy on Delhi Metro

NEW DELHI – Two days after police in Delhi and Haryana thrashed men packing Delhi Metro’s women’s only coaches, women passengers said Saturday the situation had dramatically improved.

While some men were still seen in the train’s first coaches that are reserved for women, most chose to stay away — clearly fearing yet another police …. Original article on Gaea Times at  : Now women find it easy on Delhi Metro.

India ranks sixth in nuclear power generation

BANGALORE – India ranked sixth in the world’s elite nuclear club, with its 20th nuclear-powered reactor at Kaiga in Karnataka achieving criticality Saturday, a senior official said.

“India is elevated to the sixth rank in an elite club of nations, after the US, France, Japan, Russia and Korea to have 20 or more nuclear reactors … Read this article on Gaea Times at : India ranks sixth in nuclear power generation.

Sensex continues to bleed on loan scandal (Weekly Market Review)

MUMBAI – A benchmark index of Indian equities markets shed 449 points this week, taking the last three weeks’ loss to 1,868 points as 2G spectrum allocation scan and housing loan bribery scandal dampened sentiments and weighed heavy on the markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) declined 2.29 …. Original source  : Sensex continues to bleed on loan scandal (Weekly Market Review).

Samsung urged to invest in photo-voltaic cell facility in Tamil Nadu

CHENNAI – Tamil Nadu Deputy Chief Minister M.K. Stalin has invited South Korean electronics giant Samsung to invest in a facility to produce solar photo-voltaic (PV) cells in the state.

Inaugurating Samsung India Electronics’ $75 million refrigerator plant (1.2 million units per annum capacity) at Sriperumbudur – around 50 km from here – Saturday, Stalin …. Source article on Gaea Times at  : Samsung urged to invest in photo-voltaic cell facility in Tamil Nadu.

People throng food courts at Delhi’s Trade Fair

NEW DELHI – People thronged the India International Trade Fair (IITF) food courts to enjoy different delicacies from various provinces of the country in New Delhi.

Cuisines like Rajasthani, Gujarati, Kashmiri, and Indo-Chinese among others were available at the food courts that were crowded with visitors.

“Varieties like Chinese and Indian …. Source article on Gaea Times at  : People throng food courts at Delhi’s Trade Fair.

Two more test driving tracks in Bangalore soon

NEW DELHI – The Karnataka government will soon build two more electronic driving tracks in Bangalore for skill tests and issuing licenses to ensure safe driving, a senior official said Friday.

We will soon build two more driving tracks in the northern and eastern suburbs of the city for testing a learner’s driving skills and …. Source  : Gaea News Network.

Jindal steel plant in Orissa gets green notice

NEW DELHI – The environment ministry Friday issued a show cause notice for revoking environment clearance to Jindal steel and power plant in Angul in Orissa for violating green laws.

The ministry issued the notice under Section 5 of the Environment (Protection) Act, 1986, for revocation of environmental clearance in view of Jindal not obeying … Read more »»».

IVRCL Infrastructure bags Rs.500 cr construction order

NEW DELHI – Infrastructure and construction firm IVRCL Infrastructure Monday said its water and buildings division has bagged orders worth Rs.500.49 crore (nearly $110 million).

The plant water system package for the Kakrapar Atomic power project 3 and 4 near Surat, Gujarat, was awarded an order worth Rs.100.33 crore. The scope of the work … Read more : IVRCL Infrastructure bags Rs.500 cr construction order.

Sensex rises further in afternoon trade

MUMBAI – A benchmark index of Indian equities markets rose further in afternoon trade Monday with blue chip firms RIL and ICICI Bank leading the gainers pack.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,230.34 points, was ruling at 19,377.29 points, up 240.68 points or 1.26 percent from …. Original source  : Sensex rises further in afternoon trade.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.81 and the Reference Rate for Euro is ` 60.66 on November 29, 2010. The corresponding rates for the previous day (November 26, 2010) were ` 45.74 and ` 60.84 respectively. Based on the Reference Rate for … Read more >>.

India pushes for bilateral investment protection pact with Nepal

KATHMANDU – The Indian government and the Confederation of Indian Industry (CII) are pushing for a quick inking of a Bilateral Investment Protection Agreement (BIPA) with Nepal, whose trade with India accounts for 60 percent of external trade and where 45 percent of the foreign investment comes from India.

A visiting CII delegation that wound …. Source article  : India pushes for bilateral investment protection pact with Nepal.

Power regulators mull higher tariff during peak hours

CHENNAI – Central and state electricity regulators are looking for ways to reduce demand during peak hours, including charging higher tariff, an official said.

At a meeting of the chairmen of the central and state electricity regulatory commissions here Sunday, a broad consensus was arrived at controlling peak time demand.
“The discussion was on devising … Read the original article on Gaea Times at : Power regulators mull higher tariff during peak hours.

RBI cautions Public about Unauthorised Companies collecting Deposits

The Reserve Bank of India has today cautioned members of public about unauthorised companies which collect money from public stating that they have been authorised by the Reserve Bank to do so. The Reserve Bank stated that it has published on its website (rbi.org.in/scripts/BS_NBFCList.aspx) a list of non-banking finance companies (NBFCs) …. Source article on Gaea Times at  : RBI cautions Public about Unauthorised Companies collecting Deposits.

UN climate change conference to begin in Cancun Monday

CANCUN – The UN Climate Change Conference begins in Cancun Monday, where leaders of 194 countries would discuss their future commitments to reduce emissions and take action against climate change.

The conference would go on till Dec 10.
Rich countries had earlier pledged $30 billion to combat the affects of climate change – of which … Original source on Gaea Times at : UN climate change conference to begin in Cancun Monday.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 29, 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 RBI)

5.25% …. Source article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Sensex moves up in morning trade

MUMBAI – A benchmark index of Indian equities was ruling 130 points higher in Monday morning trade compared to its previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,230.34 points, was ruling at 19,266.69 points, up 130.08 points or 0.68 percent from its previous close at 19,136.61 … Read more >>>.

Money Market Operations as on November 26, 2010

… Read : Money Market Operations as on November 26, 2010.

Tokyo stocks climb on weaker yen

TOKYO – Japanese shares rose in Monday morning trading as a weaker yen helped lift export-oriented issues.

The benchmark Nikkei 225 Stock Average gained 29.82 points, or 0.3 percent, to trade at 10,069.38. The broader Topix index was up 4.54 points, or 0.52 percent, at 871.35.
The yen weakened against the dollar, hovering around the …. Source article  : Tokyo stocks climb on weaker yen.

Technical snag disrupts Metro line for an hour

NEW DELHI – For the second time in nine days, thousands of commuters were stranded Sunday evening as services on Delhi Metro’s Gurgaon-Jahangirpuri line were disrupted for an hour due to a technical snag, a Metro official said. The fault was rectified and the services resumed at 10.36 p.m.

A Metro official told IANS that …. Original source  : Technical snag disrupts Metro line for an hour.

Technical snag against disrupts Metro line

NEW DELHI – For the second time in nine days, thousands of commuters were stranded Sunday evening as services on Delhi Metro’s Gurgaon-Jahangirpuri line were disrupted due to a technical snag, a Metro official said.

“There has been some technical snag which we are trying to figure out. Services on this line has …. Original article on Gaea Times at  : Technical snag against disrupts Metro line.

Nuclear plant in Maharashtra’s Jaitapur cleared: says Ramesh

MUMBAI – In a major fillip to resolving Maharashtra’s power crisis, the central government has accorded environmental clearance to the 9,900 MW Jaitapur nuclear power project slated to come up in Ratnagiri district, Environment and Forests Minister Jairam Ramesh said Sunday.

The approval has been granted subject to 35 conditions and safeguards, including 23 specific … Read the original article on Gaea Times at : Nuclear plant in Maharashtra’s Jaitapur cleared: says Ramesh.

‘New transfer rules for housing societies to benefit millions’

MUMBAI – A major problem faced by nearly 100,000 housing societies in getting the land and buildings tranfered to their names has been resolved and will benefit millions of Mumbaikars, a top official said here Sunday.

Addressing members of Sanskruti Housing Complex in Kandivli in northwest Mumbai with over 40 housing societies, North Mumbai Lok … Read this article on Gaea Times at : ‘New transfer rules for housing societies to benefit millions’.

MCD demolishes 180 shops in central Delhi

NEW DELHI – The Municipal Corporation of Delhi (MCD) Sunday demolished 180 shops in central Delhi for constructing a road, an official said.

“The shops were demolished at Panchkuian Road furniture market as the owners were given alternative shops in Gole Market but they were not vacating the space,” the official said.
The … Read this article on Gaea Times at : MCD demolishes 180 shops in central Delhi.

Seminar discusses UAE-Italy double taxation

Dubai, Nov 28 (IANS/WAM) A seminar was organised here to familiarize the participants about various articles under the avoidance of double taxation agreement signed between the UAE and Italy, it was announced Sunday.

Representatives of the Italian Business Council and the UAE’s foreign ministry, among others, attended the meeting. It was aimed at strengthening …. Original article on Gaea Times at  : Seminar discusses UAE-Italy double taxation.

UAE, Vietnam discuss trade cooperation

Hanoi, Nov 28 (IANS/WAM) Visiting UAE Economy Minister Sultan bin Saeed Al Mansouri and Vietnamese Investment and Planning Minister Vo Hong Phuc held talks to boost bilateral trade and investments, particularly in the energy and the petrochemical sectors, it was announced Sunday.

The two sides, at the meeting in Hanoi, explored ways of …. Source  : UAE, Vietnam discuss trade cooperation.

Tamil Nadu to add 18,140 MW in five years

CHENNAI – Private players are expected to increase Tamil Nadu’s power generation by 18,140 MW in five years at an outlay of Rs.910 billion ($20 billion), Deputy Chief Minister M.K. Stalin said Sunday.

Speaking at the All India Conference of Chairmen of Central and State Electricity Regulatory Commissions here, Stalin said: “Private power developers are …. Source  : Gaea News Network.

Punjab eyes record stamp duty collection

CHANDIGARH – Revenue collection from stamp duty in Punjab is likely to touch a record Rs.25 billion this financial year, an official said here Sunday.

Financial Commissioner (Revenue) Romila Dubey said here that due to a series of steps taken by the revenue department, the stamp duty collection was all set to touch Rs.25 billion …. Source  : Gaea News Network.

Sensex tapers off from day’s highs, broader markets gain

MUMBAI – A benchmark index of Indian equities markets Tuesday fell from its intra-day highs about an hour before closing bell. It had moved up from the negative in mid-day.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,373.23 points, was ruling at 19,508.67 points, up 103.57 points or …. Source article  : Sensex tapers off from day’s highs, broader markets gain.

Indian economy grew 8.9 percent July-September

NEW DELHI – The Indian economy grew by 8.9 percent in the second quarter of this fiscal, latest data on gross domestic product (GDP) showed Tuesday, much above the forecasts and the government’s own expectations of 8.5 percent expansion this whole fiscal.

The expansion was indentical to the 8.9 percent growth logged during the first …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 46.04 and the Reference Rate for Euro is ` 60.36 on November 30, 2010. The corresponding rates for the previous day (November 29, 2010) were ` 45.81 and ` 60.66 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Investors’ money in banks is safe: Pranab

NEW DELHI – Stating that investors’ money in banks was safe, Finance Minister Pranab Mukherjee said Tuesday that the government would take appropriate action if it finds any irregularities in the disbursement of loans by financial institutions.

“There is no need to press the panic button. I am in touch with the RBI governor and …. Source article  : Investors’ money in banks is safe: Pranab.

Best Cyber Monday Deals On Electronic Products

SAN FRANCISCO (GaeaTimes.com)- The Cyber Monday deals have ensured that the shoppers in the USA are hitting the retail stores like crazy and the offered products are getting sold fast both from stores and on line. The shopping frenzy is likely to subside in a few more hours and the last hour shoppers are …. Original article  : Best Cyber Monday Deals On Electronic Products.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on November 30, 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 RBI)

5.25% …. Source article  : Liquidity Adjustment Facility : Auction Results.

Mumbai JV wins bid for Nepal’s first recycling plant

KATHMANDU – Navi Mumbai’s Hydroair Tectonic’s joint venture with Nepal’s Kasturi Trade Link has won the bid for setting up Nepal’s first waste recycling plant, pipping five other Indian JVs in the fray as well as a Finnish consortium, breaking a long jinx on Indian bidders in the country.

The memorandum of understanding, signed between … Read : Mumbai JV wins bid for Nepal’s first recycling plant.

Comcast Outage Resolved

WASHINGTON DC (GaeaTimes.com)- Last Sunday saw Boston, Washington DC and its surrounding areas being hit by an Internet outage for some hours. The Internet facilities which failed were those of Comcast. Comcast customers complained of an Internet outage on Sunday evening which was solved later on in the midnight. The Comcast outage reportedly took place …. Source article on Gaea Times at  : Comcast Outage Resolved.

Big Japanese aid for Bangladesh bridge

DHAKA – Japan will provide an additional $100 million to Bangladesh for the construction of a bridge over the Padma river.

The announcement came Monday evening in Tokyo in a joint statement signed by Prime Minister Sheikh Hasina, and her Japanese host, Prime Minister Naoto Kan.
The additional $100 million will take Japan’s total …. Original article on Gaea Times at  : Big Japanese aid for Bangladesh bridge.

Sixth Kerala migration survey begins

THIRUVANANTHAPURAM – The sixth edition of the Kerala Migration Survey (KMS 2010), which will monitor the status of migration and remittances by non-resident Keralites to the state, has begun.

It will be conducted by the Centre for Development Studies (CDS), like the previous five editions, and will cover 15,000 sample households.
S. Irudaya Rajan, chair … Read this article on Gaea Times at : Sixth Kerala migration survey begins.

Indian firm catches the eye of Harvard Business School

WASHINGTON – An award winning drip irrigation technology developed by an Indian company that has caught the attention of the Harvard Business School holds out hope for poor farmers from earthquake-hit Haiti to Africa.

Jalgaon (Maharashtra)-based agro, pipes, processed foods and irrigation major Jain Irrigation Systems Ltd (JISL), which has won Unesco’s Water Conserver Award … Read more »».

Sensex slips in early trade

MUMBAI – A benchmark index of Indian equities Tuesday fell sharply in early trade to rule 134 points lower than its previous close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,373.23 points, was ruling at 19,270.13 points, down 134.97 points or 0.7 percent from its previous close at … Read the original article on Gaea Times at : Sensex slips in early trade.

After diplomatic assault, WikiLeaks to ‘take down a bank or two’

WASHINGTON – After sending shock waves across world capitals leaking a quarter million State Department cables, WikiLeaks founder Julian Assange has threatened to unleash tens of thousands of documents that could “take down a bank or two.”

A fresh “megaleak” will target a “big US bank early next year,” he told Forbes in an interview …. Original article  : After diplomatic assault, WikiLeaks to ‘take down a bank or two’.

Money Market Operations as on November 29, 2010

… Read the original article on Gaea Times at : Money Market Operations as on November 29, 2010.

Volvo to recall 18,848 vehicles in China

BEIJING – Automobile giant Volvo has said it would recall 18,848 vehicles in China to repair manufacturing defects.

The recall beginning Monday will cover Volvo XC60, C30 2.0, S40 and S80L models in China due to defects in their airbag, engine software, and cooling systems, China’s quality watchdog said in a statement.
Xinhua reported …. Source  : Volvo to recall 18,848 vehicles in China.

WikiLeaks to target major US bank next

WASHINGTON – WikiLeaks plans to release thousands of internal documents from a major US bank in early 2011, Forbes magazine reported Monday.

Julian Assange, the founder of the self-proclaimed whistleblower website, told Forbes: “We have one related to a bank coming up, that’s a megaleak.
“It’s not as big a scale as the Iraq material, …. Source  : WikiLeaks to target major US bank next.

US stocks fall over concerns about European debt crisis

NEW YORK – US stocks fell Monday over concerns that the Irish bailout wouldn’t stem the European debt crisis, tensions simmering on the Korean Peninsula and the release of thousands of secret US diplomatic cables by WikiLeaks.

“There seems to be plenty to bother the market,” E. William Stone, chief investment strategist at PNC Wealth … Read more »».

Abu Dhabi posts 13 percent growth in air traffic

Abu Dhabi, Nov 29 (IANS/WAM) The Abu Dhabi Airports Company (ADAC) Monday announced a 13.3 percent increase in traffic in October, with passenger numbers reaching 904,000 compared to the corresponding month last year.

Aircraft movements during October grew to 9,500, while cargo traffic continued its positive course, with an increase of 11 percent, it … Read : Abu Dhabi posts 13 percent growth in air traffic.

Abu Dhabi to give $19 mn for Mali dam project

Abu Dhabi, Nov 29 (IANS/WAM) Abu Dhabi will give 70 million dirhams (about $19 million) to Mali for building a dam and a 25 MW power generating unit, it was announced Monday.

Acting director general of the Abu Dhabi Fund for Development (ADFD), Mohammed Saif Al Suwaidi, and Mali’s minister in charge of budget Lassina … Original source on Gaea Times at : Abu Dhabi to give $19 mn for Mali dam project.

Metro taking special measures to tackle emergencies

NEW DELHI – The Delhi Metro Rail Corporation (DMRC), facing a number of technical glitches in recent days, is implementing special measures to tackle emergency situations like breakdowns and fires, an official said Monday.

In November, services on the busy Jahangirpuri-Gurgaon line were disrupted twice due to problem in the overhead electrification, leaving thousands …. Original article  : Metro taking special measures to tackle emergencies.