Business News – Newsletter for December 7, 2010

TRAI targets 100 mn broadband subscribers by 2014

NEW DELHI – India’s telecom regulator Tuesday said it was targeting a 10-fold increase in broadband subscribers to 100 million by 2014.

The country has 10.29 million subscribers now. “We will have 100 million broadband subscribers by 2014,” Telecom Regulatory Authority of India (TRAI) chairman J.S. Sarma said at the fifth India Digital Summit 2010 … Read more : TRAI targets 100 mn broadband subscribers by 2014.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.84 and the Reference Rate for Euro is ` 59.72 on December 7, 2010. The corresponding rates for the previous day (December 6, 2010) were ` 44.85 and ` 59.92 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Sensex continues to languish in dull trade

MUMBAI – A benchmark index of Indian equities Tuesday continued to trade weak even as selling pressure increased in broader markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,982.9 points, was ruling at 19,885.59 points – down 95.72 points or 0.47 percent from its previous close at 19,981.31 …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 7, 2010 are:

Amount  (face value in ` crore)                     

Item

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

1 day Repo Auction 
…. Source  : Gaea News Network.

India will create 58 mn more jobs by 2012: Labour Minister (Interview)

NEW DELHI – Labour Minister Harish Rawat says the government is confident of creating 58 million additional jobs by the end of the 11th Five Year Plan in 2012 thanks to the smart recovery in the farm sector and its resultant impact on the rural economy.

“Agriculture has responded very positively. With economy poised to … Read this article on Gaea Times at : India will create 58 mn more jobs by 2012: Labour Minister (Interview).

Cuba to build golf courses to attract tourists

HAVANA – The tourism ministry in Cuba has said it is negotiating with international construction companies to build 16 golf courses in a bid to attract more tourists to the country, a media report said.

Experts, including chief executive of the International Association of Golf Tourism Operators Peter Walton, have said Cuba could become the …. Original article on Gaea Times at  : Cuba to build golf courses to attract tourists.

Obama calls for ‘Sputnik moment’ to stay ahead of India, China

WASHINGTON – US President Barack Obama has called for another “Sputnik moment”, saying America must invest in innovation and technology and seize new opportunities to remain competitive with nations like India and China.

“We need a commitment to innovation we haven’t seen since president (John F.) Kennedy challenged us to go to the moon,” he …. Original source  : Obama calls for ‘Sputnik moment’ to stay ahead of India, China.

Japanese stocks fall on profit-taking, stronger yen

TOKYO – Japanese shares were down in Tuesday morning trading with export-oriented issues dragged down by the yen’s advance while investors sold shares to lock in immediate profits after recent gains.

The benchmark Nikkei 225 Stock Average lost 65.6 points, or 0.65 percent, to trade at 10,101.63 while the broader Topix index was down 4.86 …. Original article on Gaea Times at  : Japanese stocks fall on profit-taking, stronger yen.

Money Market Operations as on December 6, 2010

… Read more : Money Market Operations as on December 6, 2010.

US stocks fall after Fed chief says economy needs more stimulus

NEW YORK – US stocks fell Monday after Federal Reserve Chairman Ben Bernanke said he would not rule out more monetary interventions to prop up the struggling economy.

Bernanke made the remarks in an interview aired Sunday by broadcaster CBS.
The US central bank in November announced a controversial plan to buy up $600 billion …. Original article  : US stocks fall after Fed chief says economy needs more stimulus.

First session of Gulf Cooperation Council summit ends

Abu Dhabi, Dec 7 (IANS/WAM) Leaders of the Gulf Cooperation Council (GCC) discussed political, economic, security and military issues Monday night in the first session of the 31st GCC Summit being held here in the United Arab Emirates (UAE).

The draft closing statement of the two-day summit was also discussed. The leaders will resume the …. Original article  : First session of Gulf Cooperation Council summit ends.

US envoy asks Pakistan to check corruption

ISLAMABAD – The new US ambassador to Pakistan, Cameron Munter, said Monday the country will not be able to attract foreign investment unless and until it is able to check corruption.

While addressing industry representatives at Karachi Stock Exchange, he said: “Corruption in government sector can deter foreign investors and their confidence should be … Read : US envoy asks Pakistan to check corruption.

Volvo India buys out partner’s stake in bus JV

BANGALORE – Transport solutions major Volvo Buses India Ltd Monday increased its equity holding in its bus joint venture to 100 percent by acquiring the entire 30 percent stake of its partner, Azad Coach Builders Ltd for an undisclosed sum.

“In the joint venture formed in 2008, we invested about Rs.100 crore (Rs.1 billion), that … Original source on Gaea Times at : Volvo India buys out partner’s stake in bus JV.

SAIL, Jindal among nine given mining rights in Chhattisgarh

RAIPUR – Public sector Steel Authority of India Ltd (SAIL) and private power utility Jindal Power Ltd (JPL) were among the total of nine companies that were allotted mines in Chhattisgarh since December 2000, the state assembly was told Monday.

Four companies, including SAIL, were allotted iron ore mines in the state while five companies, …. Original article on Gaea Times at  : SAIL, Jindal among nine given mining rights in Chhattisgarh.

Railways owe Chhattisgarh over Rs.1,600 crore for power

RAIPUR – Railways has to pay the Chhattisgarh government a whopping electricity bill of over Rs.1,600 crore, Chief Minister Raman Singh told the state assembly Monday.

Chhattisgarh has to recover Rs.1,617 crore from Railways, pending for nearly two years, Singh told the assembly in a written reply on the opening day of the winter session.
… Read this article on Gaea Times at : Railways owe Chhattisgarh over Rs.1,600 crore for power.

Himachal ties up with three helicopter taxi operators

DHARAMSALA – Himachal Pradesh Chief Minister Prem Kumar Dhumal said Monday that the government has signed an agreement with three operators of helicopter taxis and identified routes and fixed air fares to boost tourism.

“A memorandum of understanding has been signed with three companies to provide interstate and intrastate heli-taxi services. This will boost tourism … Read more »»».

Germany offers India joint defence production for third-party sale

NEW DELHI – Pitching hard to grab lucrative defence deals worth billions of dollars, Germany Monday said it has offered India provisions for forgoing an end user monitoring agreement and transfer of technology in joint production of military hardware for third-party sale in future.

German Ambassador Thomas Matussek told reporters here that, among other things, … Read more : Germany offers India joint defence production for third-party sale.

No India-EU free trade accord during PM’s visit

NEW DELHI – The much-awaited free trade agreement (FTA) between India and the European Union is unlikely to be ready for inking when Prime Minister Manmohan Singh visits Brussels for a summit with the 27-nation bloc Friday, German Ambassador Thomas Matussek said here Monday.

Matussek said the two sides were still making efforts to resolve …. Source article  : No India-EU free trade accord during PM’s visit.

RBI Announces OMO Purchase of Government Securities

Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct purchase of government securities under its Open market operations (OMO) as and when considered necessary. Accordingly, it has been decided to purchase the following government …. Source article on Gaea Times at  : RBI Announces OMO Purchase of Government Securities.

RBI governor tells banks to speed up reach to people

BANGALORE – Reserve Bank of India (RBI) Governor Duvvuri Subbarao Monday urged state-run banks to speed up financial inclusion to reach the people by opening up more Financial Inclusion Resource Centres (FIRCs) across the country.

Though we are doing our bit by opening our own FIRCs, it is not enough. Commercial banks should also open …. Original article on Gaea Times at  : RBI governor tells banks to speed up reach to people.