Business News – Newsletter for December 9, 2010

Nepal to hold beauty contest for elephants

KATHMANDU – Nepal has the highest mountain in the world and now, the Himalayan republic is going to win another jumbo distinction when it holds the world’s “biggest” beauty pageant — for elephants.

From Dec 26, Nepal’s “Elephant Land”, the hot and fertile Terai plains in the south, will hold the three-day Chitwan Elephant Festival …. Source  : Gaea News Network.

CVC Thomas refuses to comment on Supreme Court notice

NEW DELHI – Chief Vigilance Commissioner P.J. Thomas Thursday refused to comment on the Supreme Court notice asking him to explain why his appointment should not be quahed.

“I cannot talk about the issue. The matter is sub-judice, and before the court, Thomas told reporters on the sidelines of an event here.
The Supreme … Read more >>.

Onion, milk prices keep India’s annual food inflation high

NEW DELHI – After falling to a four-month low, India’s annual food inflation rose again to 8.69 percent for the week ended Nov 27, as prices of onions, milk, fruits, meat and poultry continued to rule high, commerce ministry data showed Thursday.

The food inflation rate, based on the official wholesale price index, had dropped [..] Read the original article: here.

Tata Winger Platinum Launched

DELHI, INDIA (GaeaTimes.com)- On Wednesday India based leading car maker Tata motors unveiled the Tata Winger Platinum in its attempt to take on rivals like Toyota and Mahindra and Mahindra. The new model can easily accommodate 7 people and it is targeted mainly at the mid size families who want a car that offers …. Original article  : Tata Winger Platinum Launched.

Sensex slumps 200 points on continued selling pressure

MUMBAI – A benchmark index of Indian equities slumped nearly 200 points in afternoon trading Thursday on continued selling pressure in realty, auto and banking scrips.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 19,746.15 points, slipped in the red in the midsession. The index …. Read the original article  : Sensex slumps 200 points on continued selling pressure.

Norway clean chit to Grameen Bank on funds transfer

DHAKA – Norway has given a clean chit to Nobel laureate Muhammad Yunus’ Grameen Bank that was charged with embezzlement and unauthorised transfer of funds of a Norwegian aid agency, an official statement said.

According to the statement posted on the Norwegian foreign ministry website, Minister for Environment and International Development Erik Solheim said the …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.17 and the Reference Rate for Euro is ` 60.04 on December 9, 2010. The corresponding rates for the previous day (December 8, 2010) were ` 45.12 and ` 59.63 respectively. Based on the Reference Rate for US …. Source  : RBI Reference Rate for US $ and Euro.

Level playing field for all telecom operators: Sibal

NEW DELHI – Communications Minister Kapil Sibal Thursday promised a level playing field for all telecom operators, saying he wanted growth in the sector and not politics.

“We will ensure a level playing field for all telecom operators,” Sibal told reporters on the sidelines of the India Telecom 2010 summit here.
His response came to …. Original article  : Level playing field for all telecom operators: Sibal.

Congress backs Kochi infotech project

THRISSUR – With the Kerala government trying to revive the much delayed Kochi infotech project, the opposition Congress Thursday said it was ready to play any role in its successful completion.

The foundation stone for the Rs.1,500 crore ($335 million) Smart City Kochi IT project was laid three years ago. Smart City Dubai was supposed … Original article on : Congress backs Kochi infotech project.

Crops worth millions washed off in Chhattisgarh rains

RAIPUR – After braving a poor monsoon, farmers in Chhattisgarh are again facing testing times as unabated rains since Tuesday have destroyed their paddy crops stored in open grounds.

“Despite a poor monsoon, the farmers showed courage this kharif season and somehow managed through loans. They had stocked the paddy in open fields for procurement … Original source on Gaea Times at : Crops worth millions washed off in Chhattisgarh rains.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 9, 2010 are:

Amount  (face value in ` crore)                      

Item

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

1 day Repo Auction 
… Read : Liquidity Adjustment Facility : Auction Results.

Money Market Operations as on December 8, 2010

[..] Read the original article: here.

US stocks rally over extension of tax cuts

NEW YORK – US stocks rose Wednesday, boosted by a proposal to extend tax cuts and news that the government intends to sell at least $15 billion of its shares in American International Group (AIG).

Investors were still considering the implications of a proposal that keeps the George W. Bush-era tax cuts for middle-income earners … Original source on Gaea Times at : US stocks rally over extension of tax cuts.

Get To Know Real Time Stock Discussions On Yahoo Finance Via StockTwits

In a shock announcement Yahoo Finance today announced that the search engine giant has started to pull data from StockTwits’ ApI. Stock Twit is a service that finds and documents conversations related with stocks from the microblogging site twitter which are tagged with a $ symbol.
The stream of this service can be seen in …. Original article  : Get To Know Real Time Stock Discussions On Yahoo Finance Via StockTwits.

Gannett, McClatchy Looks up, Advertising Outlook Says Company

Gannet Co revealed todays that it is expecting a stronger fourth quarter earnings. It also mentioned that local and digital newspapers were benefiting greatly with improved advertising thus ensuring that the shares soar by as much as 5 percent. McClatchy a similar company also mentioned that the earnings are bound to go up for …. Original article  : Gannett, McClatchy Looks up, Advertising Outlook Says Company.

Toyota to establish rare earth plant in India

TOKYO – A Toyota Motor group company is to build a rare earth processing plant in India to secure supply sources outside China, the Japanese company has said.

Japanese trading house Toyota Tsusho Corp said in a statement Wednesday that it would start to export to Japan in 2012 about 3,000 to 4,000 tonnes of … Read this article on Gaea Times at : Toyota to establish rare earth plant in India.

Treasury To Get Rid Of AIG Stake

The Treasury seems to be prepared to loose its stake in the insurer American International Group (AIG, incidentally this company was bailed out during the recession. In the offering AIG and the Treasury would sell their stocks. The amount is estimated at $ 10 billion.
This action by the Government indicated that the observation that …. Source  : Treasury To Get Rid Of AIG Stake.

Aviation watchdog to analyse published airfare

NEW DELHI – The Directorate General of Civil Aviation (DGCA) Wednesday said that it will analyse the airfare data submitted by domestic airlines to ensure transparency in the tariff.

“Tariff data is being examined for any discrepancy. Observations on the same will be communicated to the airlines to make it more passenger friendly so that … Read more >>.

Indian defence research agency plans $110 mn nano foundry

BANGALORE – India’s state-run Defence Research and Development Organisation (DRDO) plans to set up a nano foundry with Rs.500 crore (about $110 million) investment to roll out products for various applications, a top official said here late Wednesday.

In the run-up to setting up the nano foundry, we are designing a nanofab as a national … Read more >>>.

Chandigarh sells maximum chess boards online: eBay

CHANDIGARH – Chandigarh traders sold the maximum number of chess boards to global customers and bought the maximum memorabilia related to World War-I (WWI) from July 2009 to June 2010, a report by leading online retailer eBay said Wednesday.

Chandigarh is an important market for eBay India and it has emerged as the ninth largest …. Original source  : Chandigarh sells maximum chess boards online: eBay.