Business News – Newsletter for December 8, 2010

India’s exports up 26.8 percent; trade deficit narrows

NEW DELHI – India’s exports grew 26.8 percent to $18.9 billion in November while imports increased 11.2 percent to $27.8 billion, narrowing trade deficit to $8.9 billion in the month, Commerce Secretary Rahul Khullar said Wednesday.

Exports are doing pretty well. There is huge turnaround in exports of engineering products, especially automobiles. Gems and …. Original article  : India’s exports up 26.8 percent; trade deficit narrows.

Premji meets Buddhadeb over Wipro’s new campus

KOLKATA – Wipro head Azim Premji Wednesday called on West Bengal Chief Minister Buddhadeb Bhattacharjee here in what was described as a “positive meeting” on establishing the IT major’s second campus on the outskirts of the city.

Premji had a half-hour meeting with Bhattacharjee at the state secretariat Writers Buildings.
Wipro has purchased 50 acres … Read more >>.

Bangladesh to boost trade, ties with northeast

AGARTALA – Bangladesh will upgrade its diplomatic offices in northeast India to boost trade and people-to-people contact with the region, officials said here Wednesday.

“The Bangladesh government has approved plans to upgrade its mission in Agartala to deputy high commission level,” first secretary and head of Bangladesh’s Agartala mission (visa office) Mohammad Abu Taher Mondal … Original article on : Bangladesh to boost trade, ties with northeast.

Bangalore Nano event kicks off in India’s tech hub

BANGALORE – The Bangalore Nano 2010 got underway Wednesday in this tech hub to showcase the latest trends in nanotechnology, touted to be the third technological revolution in the world.

Organised by the Karnataka science and technology department, the third edition of the two-day conference-cum-trade show has attracted about 450 delegates, 50 speakers and 35 …. Original article  : Bangalore Nano event kicks off in India’s tech hub.

Issue of new Coins of ` 5 with the theme “Birth Centenary of Mother Teresa”

The Reserve Bank of India will shortly put into circulation coins of ` 5 with the theme "Birth Centenary of Mother Teresa".

The coin of above denomination shall conform to the following dimension, design and composition, namely :

Denomination of the coin

Shape and outside diameter

Number of
… Read more ` 5 with the theme “Birth Centenary of Mother Teresa””>>>>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.12 and the Reference Rate for Euro is ` 59.63 on December 8, 2010. The corresponding rates for the previous day (December 7, 2010) were ` 44.84 and ` 59.72 respectively. Based on the Reference Rate for US … Original article on : RBI Reference Rate for US $ and Euro.

Sensex down on selling pressure

MUMBAI – A key Indian equities index was down nearly 200 points Wednesday on all-round selling.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 19,874.30 points, against the previous day’s close at 19,934.64 points. Three hours into trading, the index was ruling at 19,759.89 points with a loss … Original article on : Sensex down on selling pressure.

Afghanistan seeks Indian technology for its own green revolution

CHANDIGARH – Hoping to bring about a green revolution in their country after the years of turmoil and war, Afghanistan farmers and agri-experts are looking forward to working with their Indian counterparts and making use of Indian technology.

“We invite Indian farmers to participate in the ‘International Agfair 2011′ at Kabul next year. Indian has …. Read the original article  : here.

BlackBerry maker downgraded as Apple set to unveil iPad2

TORONTO – Shares of BlackBerry maker Research In Motion (RIM) have retreated after two brokerages downgraded the Canadian wireless giant in view of the stiff competition from Apple’s iPhone and Google Android devices.

RIM stock closed Tuesday at $62.12, slipping about two percent immediately after its downgrading by CSLA brokerage to “underperform” and by Gleacher … Original source on Gaea Times at : BlackBerry maker downgraded as Apple set to unveil iPad2.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.49 per cent Government Stock 2017” for a notified amount of ` 3,000 crore (nominal) and "8.26 per cent Government Stock 2027" for a notified amount of ` 3,000 crore (nominal) through auctions to be held on December 10, 2010. The underwriting … Original source on Gaea Times at : Underwriting Auctions for Government Securities.

60,000 Punjab power sector staffers on strike

CHANDIGARH – Nearly 60,000 employees of Punjab’s power sector went on a two-day strike Wednesday after their talks with the state’s power corporations regarding pay and other benefits failed.

President of the Joint Forum of Power Sector Employees Karam Chand Bhardwaj said power corporations Powercom and TransCo had failed to implement the demands of the [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 8, 2010 are:

Amount  (face value in ` crore)                       

Item

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

1 day Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

India’s biggest manmade lake to be tourist spot

BHOPAL – The Madhya Pradesh government will develop the reservoir of the Indira Sagar Dam in Khandwa district as a tourist spot, an official said.

According to the state government’s directives, preparation for the development of the islets in the reservoir have been completed. Resorts will be constructed by the tourism
department at a …. Source  : Gaea News Network.

CBI raids houses of Raja, four associates in 2G scam

NEW DELHI – The Central Bureau of Investigation (CBI) Wednesday searched the houses of former telecom minister A. Raja and four of his associates here over the 2G spectrum row, an official said.

“A CBI team reached the Delhi residence of Raja at around 7 a.m. Raids are still on,” a CBI official …. Read the original article  : CBI raids houses of Raja, four associates in 2G scam.

Money Market Operations as on December 7, 2010

… Original article on : Money Market Operations as on December 7, 2010.

Japanese stocks up on weaker yen

TOKYO – Japanese shares rose in Wednesday morning trading, hitting a seven-month high as export-oriented issues were bolstered by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 69.58 points, or 0.69 percent, to trade at 10,210.68 while the broader Topix index was up 4.2 points, or 0.48 percent, at 883.3.
Japan’s core private-sector … Read more >>>.

India’s Economy may Grow by 9% on 2011

NEW DELHI, INDIA (GaeaTimes.com) — According to Finance Mister of India, Mr. Pranab Mukherjee, India’s economy could grow by nine percent this fiscal year. If the growth rate is achieved, it will be the highest in the last 3 years and its fiscal deficit will not exceed the budgeted target of 5.5 percent of … Read more >>.

Bank Of America Will Pay $137 Million in Bond Rigging

Bank of America will have to pay $ 137 million to settle a case of municipal bond bid-rigging against the bank. The investigation probes into whether large U.S. banks had made advance decisions on which investment house would win the auctions of guaranteed investment contracts that dictates the cities and counties to buy with …. Source article  : Bank Of America Will Pay $137 Million in Bond Rigging.

Tax Cut Stock Hope Falters After Surging Investor Rates

NEW YORK (GaeaTimes.com) — The investors honeymoon with the tax cut extension was cut short by the rising bond yields. The S&P 500 did manage to hit a two-year intraday high after the announcement that President Barack Obama made the deal with Republicans to renew the tax cuts implemented in the Bush-era. The high …. Original source  : Tax Cut Stock Hope Falters After Surging Investor Rates.

CBS of urban cooperative banks to begin this month

AHMEDABAD – Union Agriculture minister Sharad Pawar will flag off the national launch of the Core Banking Solutions (CBS) drive of Of urban cooperative banks at their two-day national meet “Coop Core 2010″ beginning here on December 25.

The drive aims to link more than 7,000 branches of 1,674 urban cooperatives banks …. Source article  : CBS of urban cooperative banks to begin this month.