Business News – Newsletter for December 2, 2010

Mobile connections touched 687.71 million in September

NEW DELHI – The number of mobile connections in India reached 687.71 million as on Sep 30, with the addition of 17.10 million subscribers in September, official data revealed Thursday.

According to the Telecom Regulatory Authority of India, the wireless phone user base grew 2.55 percent to 687.71 million in September, from 670.60 million in … Original article on : Mobile connections touched 687.71 million in September.

New Nepal casino targets Indians in UP, Bihar

KATHMANDU – While Nepal’s mainstream casino industry, with six of its eight casinos based in the capital, is going through troubled times, a ninth one has begun to operate in a border district, hoping to draw gamblers from neighbouring Uttar Pradesh and Bihar states across the border.

Nepalgunj, the main transport hub for Nepal’s mid- … Read the original article on Gaea Times at : New Nepal casino targets Indians in UP, Bihar.

Unique identification number launched in northeast India

AGARTALA – Aadhaar, a 12-digit identity number to be issued by the Unique Identification Authority of India (UIDAI) for all Indian residents, was formally launched in the northeastern state of Tripura Thursday.

Tripura is the first state in the northeast and the eighth in India where Aadhaar has been launched, according to officials here.
…. Original source  : Unique identification number launched in northeast India.

Kerala delaying Kochi project, insists Smart City Dubai

THIRUVANANTHAPURAM – Two days after receiving an ultimatum from Kerala Chief Minister V.S. Achuthanandan, Smart City Dubai Thursday said it was the state government which was delaying the Kochi infotech project.

Foundation stone for the Rs.1,500 crore ($335 million) Smart City Kochi IT project was laid three years ago. Smart City Dubai was supposed to … Read more : Kerala delaying Kochi project, insists Smart City Dubai.

Toyota India Eyes Production Hike

DELHI, INDIA (GaeaTimes.com)-Toyota Kirloskar Motor Limited which is a section of Toyota Motor Corporation of Japan is increasing its production capacity in its Indian plant. The new capacity is 80000 units a year up from 73000 units. It has said that it wants to double the car sales in India in 2011. In … Read more : Toyota India Eyes Production Hike.

Fed Reserve gave $9 trillion emergency loans to US banks

WASHINGTON – The Federal Reserve, America’s central bank, made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data.

The loans were made through a special loan programme set up by the Fed in the wake of the Bear Stearns collapse in March 2008 … Original source on Gaea Times at : Fed Reserve gave $9 trillion emergency loans to US banks.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.37 and the Reference Rate for Euro is ` 59.52 on December 2, 2010. The corresponding rates for the previous day (December 1, 2010) were ` 45.70 and ` 59.53 respectively. Based on the Reference Rate for … Read more >>>.

Sensex holding on to gains, Asian cues positive

MUMBAI – A benchmark index of Indian equities Thursday was holding on to morning gains led by rising realty and banking stocks, amid positive Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.66 points, was ruling at 19,979.33 points, up 129.33 points or 0.65 percent from its …. Source  : Gaea News Network.

Food inflation dips to four-month low at 8.6 percent

NEW DELHI – India’s annual food inflation fell to a four-month low of 8.6 percent for the week ended Nov 20 as fresh kharif crop arrivals had a dampening effect of prices of food grain and vegetables, according to official data released Thursday.

The annual inflation rate for the primary articles group slipped at … Read more »».

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 2, 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.

Etios Launch Makes Toyota Upbeat

BANGALORE, INDIA (GaeaTimes.com)- The largest automaker of the world, Toyota Motor Corp is bullish on increasing its market share in the Indian car market where it has a minuscule share till date. The Japanese Car giant officially unveiled its much touted made for India sedan Etios in India yesterday. Toyota wants to make … Read the original article on Gaea Times at : Etios Launch Makes Toyota Upbeat.

Sensex moves up in early trade

MUMBAI – A benchmark index of Indian equities Thursday slipped a tad in morning trade after breaching the 20,000-mark soon after opening.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.66 points, was ruling at 19,969.86 points, up 119.86 points or 0.6 percent from its previous close at 19,850 … Original source on Gaea Times at : Sensex moves up in early trade.

Spain to cut taxes on small business

Madrid, Dec 2 (IANS/EFE) Spanish Prime Minister Jose Luis Rodriguez Zapatero announced Wednesday a new set of measures to boost the economy while also curbing public spending, such as a tax cut for small business and scrapping special payments to people whose unemployment benefits have run out.

The cabinet is set to approve the package …. Source article on Gaea Times at  : Spain to cut taxes on small business.

Canadian markets hit pre-recession levels

TORONTO – Canadian markets hit a new high Wednesday after the global meltdown, with the composite index on the Toronto Stock Exchange (TSX) closing at 13,148.35 points.

The last time the Toronto Stock Exchange – the world’s biggest energy and mining market – had closed at these levels was in September 2008.
Keeping the momentum …. Original article on Gaea Times at  : Canadian markets hit pre-recession levels.

Money Market Operations as on December 01, 2010

…. Original article  : Money Market Operations as on December 01, 2010.

Japanese stocks surge on US, European gains, and weaker yen

TOKYO – Japanese shares soared in Thursday morning trading, buoyed by a weaker yen and rallies in US and European markets.

The benchmark Nikkei 225 Stock Average added 178.07 points, or 1.78 percent, to trade at 10,166.12 while the broader Topix index was up 11.77 points, or 1.36 percent, at 877.84.
Exporters got a boost … Original article on : Japanese stocks surge on US, European gains, and weaker yen.

Fed reports widespread US economic growth in November

WASHINGTON – The US economy is growing in most parts of the country, according to a monthly study released Wednesday by the rate- setting US Federal Reserve.

The Fed found that in 10 of its 12 regions nationwide, the economy was gaining strength in November. Only eight of the 12 regions showed growth in October …. Original article on Gaea Times at  : Fed reports widespread US economic growth in November.

Future Generali eyeing 34 percent growth this fiscal

KOLKATA – Future Generali, the insurance joint venture between Indias Future Group and Italys Generali, is looking at 34 percent growth in business by the end of the 2010-11 fiscal through its sales channel Mallassurance, it was announced here Wednesday.

We expect this initiative will help us achieve the highest ever 34 percent growth this …. Source  : Gaea News Network.

Premji to set up new Rs.8,846-crore endowment trust

BANGALORE – Wipro chairman Azim Premji late Wednesday announced that he would set up a new endowment trust with a whopping Rs.8,846 crore (Rs.88.5 billion) to fund various social initiatives.

The endowment trust will be set up with funds raised by transferring 213 million equity shares of mine in Wipro Limited, which have a current … Read more : Premji to set up new Rs.8,846-crore endowment trust.

Symantec to unveil strategies against cyber attacks

MUMBAI – Global security solutions provider Symantec Corporation will Thursday unveil strategies to enable enterprises to secure their data from cyber attacks.

Symantec worldwide sales executive Bill Robbins will unfold the strategy at the US-based companys premium technology conference here.
Robbins will examine the critical shift from infrastructure-centric to information-centric computing and discuss what such …. Original article on Gaea Times at  : Symantec to unveil strategies against cyber attacks.