Business News – Newsletter for December 6, 2010

Money Market Operations as on December 4, 2010

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US dollar is still the best choice: UAE Central Bank governor

ABU DHABI – The US dollar is still the best choice for the global economy, United Arab Emirates (UAE) Central Bank Governor Sultan Bin Nasser Al Suwaidi said here Monday.

Talking to mediapersons before the opening of the Gulf Cooperation Council (GCC) summit, Al Suwaidi said: “What are the choices. There is yen and euro. …. Read the original article  : US dollar is still the best choice: UAE Central Bank governor.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.85 and the Reference Rate for Euro is ` 59.92 on December 6, 2010. The corresponding rates for the previous day (December 3, 2010) were ` 45.09 and ` 59.63 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Drought-hit Bihar braces for rice scarcity

PATNA – Bihar is set to face a shortage of rice as paddy output has declined by at least 45 to 50 percent due to this year’s drought, an official said Monday.

An official of the state agriculture department said that as of now, paddy output appears to be less than 50 percent of the … Read the original article on Gaea Times at : Drought-hit Bihar braces for rice scarcity.

Scheme for a slum-free India to roll out by January

NEW DELHI – With around 93.06 million people projected to live in slums across India by 2011, the ambitious Rajiv Awas Yojana (RAY) meant to provide housing to the urban poor is expected to roll out by January, officials say.

Under the ministry of housing and urban poverty alleviation, RAY – a scheme to give …. Original article  : Scheme for a slum-free India to roll out by January.

No proposal to allot CWG flats to VIPs: DDA

NEW DELHI – Delhi’s housing agency has denied any proposal to allot Commonwealth Games (CWG) Village flats to politicians, bureaucrats and police officers, a Right to Information (RTI) query revealed Monday.

RTI activist Subhash Agrawal had sought details from the Delhi Development Authority (DDA) on whether it planned to make any privilege allotment to VIPs. …. Original source  : No proposal to allot CWG flats to VIPs: DDA.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 6, 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.

Farmers reap rich harvest at Chandigarh agri-fair

CHANDIGARH – Farmers came from all over Punjab, Haryana and even from countries like Afghanistan to reap a rich harvest of technology at the Agro Tech 2010, and organisers said the response to the agri-fair from corporates too has grown this time.

The Dec 3-6 fair organised by the Confederation of Indian Industry (CII) saw …. Source article  : Farmers reap rich harvest at Chandigarh agri-fair.

Sensex up 145 points in morning trade

MUMBAI – A benchmark index of Indian equities Monday was ruling 145 points higher in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.25 points, was ruling at 20,112.48 points, up 145.55 points or 0.73 percent from its previous close at 19,966.93 points.
At the National Stock … Read more »»».

Money Market Operations as on December 03, 2010

[..] Read the original article: here.

Gulf foreign ministers meet to set GCC agenda

Abu Dhabi, Dec 6 (IANS/WAM) The foreign ministers of the Gulf Cooperation Council (GCC) have met to hammer out the agenda of the 31st summit of the grouping here Monday.

The meeting Sunday was chaired by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.
“We are meeting here today to complete the agenda of …. Source article  : Gulf foreign ministers meet to set GCC agenda.

UAE seeks unified currency for GCC

ABU DHABI – The UAE is still looking forward to a unified currency for the six-nation Gulf Cooperation Council, Economy Minister Sultan al-Mansouri said.

The UAE, the second-largest Arab economy and the world’s third largest oil exporter, opted out last year of the GCC plans for monetary union, becoming the second country in the six-nation …. Source article  : UAE seeks unified currency for GCC.

Abu Dhabi summit turning point for GCC

Abu Dhabi, Dec 5 (IANS/WAM) The Gulf Cooperation Council’s Abu Dhabi summit Dec 6-7 will be a turning point for the six-member bloc, its secretary general says.

Leaders of the GCC countries will meet for its 31st summit in the United Arab Emirates capital Abu Dhabi, where the bloc was founded about 30 years ago.
…. Original article  : Abu Dhabi summit turning point for GCC.

Madhya Pradesh to drum up support for Narmada project

BHOPAL – To avoid further hurdles, the Narmada Valley Development Authority (NVDA) has decided to mobilise public support for the mega project, an official said Sunday.

An arm of the Madhya Pradesh government, NVDA will use songs, documentary films, street plays and puppet shows to garner support, its chairman K.L. Agrawal said.
He said that …. Original article on Gaea Times at  : Madhya Pradesh to drum up support for Narmada project.

Punjab’s business clusters to create 5 lakh jobs

CHANDIGARH – In a bid to ensure inclusive growth and increase employment opportunities, the Associated Chambers of Commerce and Industry of India (Assocham) will develop 15 business clusters in different parts of Punjab, an official said Sunday.

“Currently, 20 such clusters are operational in Punjab which are providing employment to lakhs of people here,” Assocham …. Source article  : Punjab’s business clusters to create 5 lakh jobs.

Modi invites Andhra investors to Gujarat

HYDERABAD – Gujarat Chief Minister Narendra Modi Sunday said his dream was to develop his state as the globally-preferred place to live in and do business in and invited investors from Andhra Pradesh to be part of this growth story.

Addressing industrialists at a meeting organised by the Confederation of Indian Industry (CII), Modi invited …. Source article on Gaea Times at  : Modi invites Andhra investors to Gujarat.

Two extra coaches to ease rush on Delhi Metro

NEW DELHI – Looking to decongest trains, the Delhi Metro Sunday said it will add two coaches to the four-coach trains on the Dwarka-Noida line by December-end.

The additional coaches will be able to carry about 600 more passengers per train trip.
Subsequently, six-coach trains will be introduced on the Jahangirpuri-Gurgaon line to increase their …. Original article on Gaea Times at  : Two extra coaches to ease rush on Delhi Metro.

Airlines slash ticket prices after government intervenes

NEW DELHI – Flight tickets on most routes are expected to come down by 20-25 percent after the government and the aviation watchdog asked all airlines to bring down prices of last minute bookings to reasonable levels.

The move comes after officials of the civil aviation ministry and the Directorate General of Civil Aviation (DGCA) …. Read the original article  : Airlines slash ticket prices after government intervenes.

Pulses output to touch 16.5 mn tonnes this year: Pawar

NEW DELHI – India could end up producing up to 16.5 million tonnes of pulses this year, reducing the need for imports, Agriculture Minister Sharad Pawar said here Sunday.

“This year, as per our initial assessment, we are going to achieve our production targets with an all time record production of 16.5 million tonnes. … Read more >>.

Indian Statistical Institute, LSE sign research pact

KOLKATA – The Indian Statistical Institute (ISI) has signed an agreement with the London School of Economics (LSE) to help policy makers conduct research in formulating strategies to ensure long-term sustainable growth, Finance Minister Pranab Mukherjee announced Sunday.

“The agreement between the LSE and ISI was signed in London on November 29,” said Mukherjee at … Read this article on Gaea Times at : Indian Statistical Institute, LSE sign research pact.