Business News – Newsletter for December 3, 2010

Among bank head honchos, Indians get lowest salary in Nepal

KATHMANDU – Nepal may be one of the poorest nations in the world and India may have one of the fastest growing economies, but the head honchos of Nepali banks take home pays that are way ahead of the salaries received by the chiefs of Indian joint-venture banks in the country.

The two Indian … Original article on : Among bank head honchos, Indians get lowest salary in Nepal.

Larsen and Toubro bags UAE orders worth $158 million

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Friday said its construction division has bagged a contract worth Rs.716 crore (around $158 million) from the UAE to construct an intersection connecting a road between Abu Dhabi and Dubai.

The Sheikh Khalifa Interchange project is to be completed in two years and includes construction … Read more >>>.

‘Grameen’ Yunus refutes $100 mn anomalies charge

DHAKA – Bangladeshi Nobel Laureate Muhammad Yunus has refuted a charge that

he had transferred $100 million aid meant for his micro-credit bank Grameen to other projects.
The bank’s founder told The Daily Star newspaper that he had done so 14 years ago “to ensure maximum transparency and responsible use of the bank’s revolving … Original source on Gaea Times at : ‘Grameen’ Yunus refutes $100 mn anomalies charge.

Sensex dull in afternoon trade

MUMBAI – A benchmark index of Indian equities Friday were ruling lacklustre in afternoon trade even as profit booking gained strength in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,007.89 points, was ruling at 20,015.14 points – up 22.14 points or 0.11 percent from its previous … Read more »».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.09 and the Reference Rate for Euro is ` 59.63 on December 3, 2010. The corresponding rates for the previous day (December 2, 2010) were ` 45.37 and ` 59.52 respectively. Based on the Reference Rate for US …. Original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 3, 2010 are:

Amount  (face value in ` crore)                    

Item

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

3 days Repo Auction 
…. Read the original article  : here.

`Putin may have offered Berlusconi profits from joint projects’

Rome, Dec 3 (IANS/AKI) Russian Prime Minister Vladimir Putin may have offered Italy’s billionaire premier Silvio Berlusconi a share of the profits from projects jointly developed by their respective country’s biggest energy companies, according to a diplomatic cable posted on the whistleblowing WikiLeaks website.

“The Georgian ambassador in Rome has told us” that his government …. Original article  : `Putin may have offered Berlusconi profits from joint projects’.

Sensex crosses 20,000 mark in morning trade

MUMBAI – A benchmark index of Indian equities Friday was ruling moderately higher, having breached the 20,000 mark on opening.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,007.89 points, was ruling at 20,034.15 points – up 41.45 points or 0.21 percent from its previous close at 19,992.7 points.
…. Source article on Gaea Times at  : Sensex crosses 20,000 mark in morning trade.

Playboy to open casino in Mexico

Mexico City, Dec 3 (IANS/EFE) Playboy said its $7.5 million casino in the Mexican Caribbean resort city of Cancun would open this weekend.

The casion, which covers 1,200 sq. meters will be inaugurated Saturday with a private party and open to the public the next day.
The casino will offer gaming tables and machines to … Read this article on Gaea Times at : Playboy to open casino in Mexico.

Money Market Operations as on December 02, 2010

… Read : Money Market Operations as on December 02, 2010.

US stocks jump for second day on more good economic news

NEW YORK – US stocks surged Thursday for the second straight session because of positive economic data, this time from the housing and retail sectors.

Sales of existing homes climbed a better-than-expected 10 percent in October, while a number of major retailers posted positive sales entering the holiday shopping season.
The figures offered hope that … Read more »».

GM IPO Brings Additional $1.8 Billion To US Treasury

WASHINGTON DC (GaeaTimes) — The U.S. Treasury Department made a statement on Thursday indicating that it received another $1.8 billion in net proceeds from General Motors’ IPO. This brings the tally to $13.5 billion, the amount repaid to the tax payers. The treasury received $11.7 Billion on November 23 by selling GM stock. It …. Source  : GM IPO Brings Additional $1.8 Billion To US Treasury.

US spending in M&A in Emerging Companies up By Double

NEW YORK (GaeaTimes.com) — U.S companies have been reported to spend nearly double the amount buying assets in emerging markets than done in 2009. This is the result of their expectation that they are seeking economies offering faster growth. In the process large cash reserves may be used up.
This is in the wake of …. Source article  : US spending in M&A in Emerging Companies up By Double.

Reports of Antitrust emerge from Google Inc’s Groupon Accusition

The rumored deal where Google is said to have purchased Groupon the deal-of the-day site may face antitrust security. The secretive $6 Billion planned buy out plan of Groupon was hinted by publications such as by the technology blog All Things D and by The New York Times.
According to the present situation as long … Read more >>>.

The Huffington Post Top Brass Plans To Surpass Wall Street Journal in a Few Years

NEW YORK (GaeaTimes.com) — The Huffington Post will be worth more than The Wall Street Journal in a few years if CEO Eric Hippeau. has his way the answer will definitely be true. In a recent interview he was quoted as saying “I think probably [us]” when asked the question which among “The Huffington … Read more »».

Two Gujarat entities win awards

GANDHINAGAR – The Gujarat government’s power and urban infrastructure entities have been cited at the 3rd KPMG Infrastructure Today Awards-2010, a official statement said Thursday.

Power entity Gujarat Urja Vikash Nigam Limited (GUVNL) and the watera and urban infrastructure body Gujarat Infrastructure Development Board (GIDB) bagged the awards for the most admired state entity in … Original source on Gaea Times at : Two Gujarat entities win awards.

Each Unique ID number costs Rs.100: Nilekani

NEW DELHI – It costs the Unique Identification Authority of India (UIDAI) Rs.100 to generate each “aadhaar” number, which will help address the challenges of inclusion, the authority’s chief Nandan Nilekani, said here Thursday.

It costs the authority Rs.50 to enrol each individual for the Unique ID (UID) and another Rs.50 on back-end costs, … Read the original article on Gaea Times at : Each Unique ID number costs Rs.100: Nilekani.

Sistema-Shyam launches MTS in Gujarat

AHMEDABAD – Sistema Shyam TeleServices Limited (SSTL) Thursday launched its mobile telephony brand MTS in Gujarat.

The company’s president and CEO Vsevolod Rozanov also said the company would invest Rs.100 crore over the next three months to ramp up its network in the state, reaching to over 150 dealers and 31,000 retail outlets.
… Original source on Gaea Times at : Sistema-Shyam launches MTS in Gujarat.

Regulator cancels Pritam Insurance Brokers licence

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) Thursday formally cancelled the licence of Pritam Insurance Brokers – now known as Mount Shikhar Insurance Brokers.

The broking company agreed to service its existing clients for six months and make necessary arrangements for them.
Pritam Insurance Brokers sought renewal of its licence under the new … Original source on Gaea Times at : Regulator cancels Pritam Insurance Brokers licence.

Ship collision: Green damage to be assessed

KOLKATA – Port and pollution control authorities will assess the environmental damage from an oil spill after two container vessels collided in West Bengal’s Hooghly river Nov 22.

“The officials will visit the (collision) spot following a directive from the Calcutta High Court to prepare a detailed report on the extent of water pollution,” …. Source  : Ship collision: Green damage to be assessed.