Business News – Newsletter for December 4, 2010

Belgium seeks strong ties with India in IT, gems and jewellery

KOLKATA – Belgium has evinced interest in further boosting economic ties with India in sectors like IT, gems and jewellery, non-conventional energy sources and education.

Belgian Ambassador Jean M. Deboutte in a press meet Friday said: We can strengthen our economic ties with India by increasing our cooperation in the IT, non-conventional energy sources and … Read more : Belgium seeks strong ties with India in IT, gems and jewellery.

BlackBerry to provide India access to messenger services

NEW DELHI – Research in Motion (RIM), the Canadian company that makes BlackBerry mobile devices, Saturday said it is working to provide the Indian government lawful access to BlackBerry Messenger Services (BBM).

“RIM confirms that it is fully cooperating with the government of India and is enabling carriers in India to be able to provide … Read the original article on Gaea Times at : BlackBerry to provide India access to messenger services.

Tamil Nadu officials to estimate rain damages

CHENNAI – The Tamil Nadu government has asked eight senior officials to survey nine districts affected by heavy rains, estimate the extent of damage and also take relief measures if needed, it was decided in a cabinet meeting here Saturday.

The meeting was chaired by Chief Minister M. Karunanidhi. Officials were asked to survey Cuddalore, …. Original source  : Tamil Nadu officials to estimate rain damages.

Majority Chinese charities don’t disclose financial data

BEIJING – A majority of charity organisations in China – 75 percent – handling billions of yuan in donations, do not disclose their financial information, a media report said Saturday.

A survey said about 431,100 charities in China received 33.2 billion yuan ($4.9 billion) in 2009.
The China Charity and Donation Information Centre under the … Read more >>>.

US adds less jobs in a sluggish economy

WASHINGTON – A sluggish US economy added just 39,000 jobs in November while the unemployment rate rose to 9.8 percent, tempering hopes of a quick recovery from its worse slowdown in decades.

The numbers marked a major slowdown from October, when US employers added an upwardly revised 172,000 jobs, the Labour Department job report released … Read more >>.

Spanish military takes over air traffic control after strike

Madrid, Dec 4 (IANS/EFE) Prime Minister Jose Luis Rodriguez Zapatero’s government militarised the air traffic control system following Friday’s wildcat strike by controllers that virtually shut down Spain’s airspace.

Air force officers took over management of the control towers at 10 major airports, including those serving Madrid, Barcelona, Seville and the Canary Islands, the … Read more >>>.

US and South Korea reach deal on free-trade pact

WASHINGTON – The US and South Korea have reached a deal on a long-stalled free-trade agreement between the two powers, US President Barack Obama announced Friday.

The deal comes after both countries spent months ironing out differences over imports of beef, cars and other concerns since Obama came into office in early 2009.
The countries’ [..] Read the original article: here.

Wall Street ends week up despite unemployment rate increase

NEW YORK – US stocks produced gains Friday, ending the week in the black, despite an increase in the jobless rate that had pushed shares down earlier in the day.

The US unemployment rate climbed to 9.8 percent in November, the Labour Department reported, sharply denting hopes that the labour market was beginning to recover … Read : Wall Street ends week up despite unemployment rate increase.

US Fed’s Bernanke won’t rule out more monetary interventions

WASHINGTON – Federal Reserve Chairman Ben Bernanke will not rule out more monetary interventions to prop up the struggling US economy, according to details of an interview released by broadcaster CBS Friday.

The US central bank in November announced a controversial plan to buy up $600 billion in government bonds over the coming eight months. …. Source  : Gaea News Network.

US, South Korea reach tentative deal on free-trade agreement

WASHINGTON – The US and South Korea Friday reached a tentative deal on a long-stalled free-trade agreement, according to the top US trade official.

US Trade Representative Ron Kirk and Korean Minister for Trade Kim Jong-hoon had worked out their differences during a meeting in the US state of Maryland and were ready for the … Read more >>.

Obama Denies New Drilling Area To Big Oil

WASHINGTON (GaeaTimes.com) — President Obama’s announcement that new areas along the east coast and the gulf of Mexico for new drilling project has raise quite a few environmentalist’s eyebrows. The skepticism was not unfounded since after that the oil spill ensued. Now that White House tries to do a volte face. Since the oil … Read this article on Gaea Times at : Obama Denies New Drilling Area To Big Oil.

US unemployment climbs to 9.8 percent

WASHINGTON – The US unemployment rate climbed to 9.8 percent in November, the Labour Department reported Friday, sharply denting hopes that the labour market was beginning to recover after months of stagnation.

The jobless rate is the highest since April. The department said just 39,000 jobs were added during the month, compared to a revised …. Source article  : US unemployment climbs to 9.8 percent.

Mirant Corp. and RRI Energy Inc Merger Finalized, GenOn Energy is Born

HOUSTON (GaeaTimes.com) — Energy major Mirant Corp. and RRI Energy Inc. announced their merger on Friday. As a result a new entity called GenOn Energy Inc. is created. Shares of the formed entity will begin trading on Monday under the symbol “GEN”. Mirant, the Atlanta based company agreed to buy out the RRI energy …. Read the original article  : Mirant Corp. and RRI Energy Inc Merger Finalized, GenOn Energy is Born.

Small Business Sees Growth On Payroll, Economists Cautious

NEW YORK (GaeaTimes.com) — The small Business in the US are very excited about the payroll growth for the first time in almost 2-1/2 years this November. A survey report published by the National Federation of Independent Business claimed the above facts. It also said an average firm increase of 0.1 work in the [..] Read the original article: here.

Regional security, development to feature in GCC summit

CAIRO – Leaders of the Gulf Cooperation Council (GCC) countries are set to meet next week in the United Arab Emirates capital Abu Dhabi, where the bloc was founded about 30 years ago.

The leaders are expected to discuss a wide range of issues concerning regional security and development at the upcoming 31st GCC summit, …. Original source  : Regional security, development to feature in GCC summit.

Dollar Bows Under Heavy Pressure Of Unemployment

NEW YORK (GaeaTimes.com) — The dollar today was notably lower than the Euro and Yen. The data shows that even as the US services sector grew during the period on November, the factory order was conspicuous by its poor performance this October.
The Euro stood at $1.3352 on Friday, the value was notable greater by … Read more : Dollar Bows Under Heavy Pressure Of Unemployment.

Federal Spending Cut Plan Rejected

WASHINGTON (GaeaTimes.com) — The Deficit Panel today rejected the sweeping reform plan. The US tax code was unsuccessful in gathering enough votes from the 18-member presidential panel.
By this development on Friday it was clear that the the Republicans and Democrats had differences about the procedure to see the economy, during this tough time. The … Read more : Federal Spending Cut Plan Rejected.

European pressurised reactors costlier, less efficient: expert

MUMBAI – A leading nuclear expert Friday questioned the wisdom of going in for the European pressurised reactors (EPRs) at the Jaitapur nuclear plant, especially since they generate four times more waste than the pressurised water reactors (PWRs).

Addressing a daylong seminar organised by groups like Konkan Bachao Andolan and Janhit Seva Samiti opposing the …. Original article on Gaea Times at  : European pressurised reactors costlier, less efficient: expert.

TRAI rules out compensation for number portability

NEW DELHI – The telecom regulator Friday dismissed mobile companies’ contention that they should be paid for allowing subscribers to shift from one network to another using mobile number portability.

In an order issued late Friday, the Telecom Regulatory Authority of India (TRAI) also reprimanded companies for charging high cost for sending messages on … Read the original article on Gaea Times at : TRAI rules out compensation for number portability.

Wealth divide gets wider in China

BEIJING – The gulf between the rich and the poor has widened in China even as five percent of the country’s total population now have annual incomes of at least 300,000 yuan (about $45,000) after tax.

Results of the study carried out in more than 10 major cities show about 50 million Chinese have passed … Original article on : Wealth divide gets wider in China.