Business News – Newsletter for December 11, 2010

Sensex slips 2.29 percent for the week, broader markets lose more (Weekly Market Review)

MUMBAI – A benchmark index of the Indian equities markets lost 458 points this week as traders shed higher positions, especially in banking stocks after banks hiked deposit rates sparking worries over their margins.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shed 2.29 percent or 458.04 points to close at 19,508.99 … Read : Sensex slips 2.29 percent for the week, broader markets lose more (Weekly Market Review).

Yamaha SZ R Launched In India

DELHI, INDIA (GaeaTimes.com)- Noted Japanese two wheeler maker Yamaha Motors recently unveiled one mainstream and one high end bike in India. The costlier FZ1, with a 998cc engine is targeted at the buyers who want a powerful sport bike and do not bother about shelling out a price that can fetch a mid level …. Original article on Gaea Times at  : Yamaha SZ R Launched In India.

China’s price index rises to 5.1 percent

BEIJING – China’s consumer price index (CPI), a major gauge of inflation, rose to a 28-month high of 5.1 percent in November. Economists have blamed excess liquidity for pushing up the prices, Xinhua reported Saturday.

The growth rate picked up from 4.4 percent in October, the National Bureau of Statistics (NBS) said.
An 11.7 …. Original source  : China’s price index rises to 5.1 percent.

Tata Nano In Spotlight

AHMEDABAD, INDIA (GaeaTimes.com)- The Nano was possibly the car that gave Tata Motors the noted Indian car maker more recognition in global car industry than what it got after acquiring super luxury brands like Jaguar and Land Rover two years back! Touted as the people’s car, the Nano was the first in India …. Source article on Gaea Times at  : Tata Nano In Spotlight.

Bill to regulate MFIs tabled in Andhra assembly

HYDERABAD – A bill to regulate microfinance institutions in Andhra Pradesh was tabled in the assembly Saturday.

The bill, which will replace the ordinance promulgated in October, was tabled by Minister for Legislative Affairs D. Sreedhar Babu amid pandemonium over the opposition demand for withdrawal of cases against Telangana students.
The bill, copies of … Read the original article on Gaea Times at : Bill to regulate MFIs tabled in Andhra assembly.

New air route links Pakistan to China’s Taklamakan desert

BEIJING – An air route linking Pakistan capital Islamabad to Kashi in China’s Taklamakan desert that would enhance commercial and trade relations between the two countries has been inaugurated, a media report said.

Kashi is an oasis town within the Taklamakan desert in the Xinjiang Uygur Autonomous Region, and is a trade hub along the …. Original source  : New air route links Pakistan to China’s Taklamakan desert.

US stocks rally over upbeat economic data

NEW YORK – US stocks were up Friday, with the Standard and Poor’s 500 Index closing at a two-year high, as investors welcomed new data that showed the US trade deficit narrowed in October.

According to data from the Commerce Department, the trade deficit decreased 13 percent to $38.7 billion. It said that exports were … Read this article on Gaea Times at : US stocks rally over upbeat economic data.

UniCredit Should be Concerned about Picard Lawsuit

After we reported that Irving Picard, Court Appointed Trustee made a multi billion dollar Suite against the Austrian Banker had embroiled even Italy’s largest bank Unicredit. The latest news on this matter is that this law suit actually serves as a crippling blow to his no controversy agenda after the former Chief, Alessandro Profumo … Read : UniCredit Should be Concerned about Picard Lawsuit.

Madoff Trustee In $59 Dollar Law Suit Against Bank Medici Founder

WASHINGTON (GaeaTimes.com) — After almost 2 years after the world got to know about the biggest Ponzi scheme in History was actually perpetrated by Bernard Madoff, his investment firm filed its biggest and probably its last law Suit. The suit was filed by the court appointed trustee, Irving Picard of the firm. The massive … Read the original article on Gaea Times at : Madoff Trustee In $59 Dollar Law Suit Against Bank Medici Founder.

United States Trade Deficit Falls to A 9 Months Low

WASHINGTON (GaeaTimes.com) — The Trade Deficit for the United States Of America is now at a 9 months low. The reason for this is that the demand for American Goods have gone up around the world. Moreover the export has been pushed at a two year high.
According to Commerce Department Sources the trade deficit … Read the original article on Gaea Times at : United States Trade Deficit Falls to A 9 Months Low.

AIG Employees To Wear Their Company Logo Again

NEW YORK (GaeaTimes.com) — Fresh off from the news of a corporation like S&P filing for Bankruptcy now we are off to some brighter news. American International Groups INC the insurer that had to bailed out by the Government is in the process of restructuring and re organization. The employees now will be sporting …. Source article  : AIG Employees To Wear Their Company Logo Again.

Standard & Poor’s To File For Bankrupcy, Another Grocer Bites The Dust

The popular Grocer A&P is not in high cash rations at the moment. The concern has reportedly filed for bankruptcy protection, this development is because they want desperately to restructure their ever increasing debt.
The grocer firm which operates brands like SuperFresh, Food Emporium and Pathmark Stores and the company was founded in 1859. The …. Source article on Gaea Times at  : Standard & Poor’s To File For Bankrupcy, Another Grocer Bites The Dust.

Etihad Airways launches non-stop service to South Korea

Abu Dhabi, Dec 10 (IANS/WAM) The UAE’s national carrier Etihad Airways was Friday night set to commence a non-stop flight to Seoul, making it its first ever service to South Korea.

Seoul becomes Etihad’s 65th destination on the network in just seven years of operations, the airline said.
The inaugural flight, EY876, …. Source article  : Etihad Airways launches non-stop service to South Korea.

Goa lifeguards’ strike upsets tourism industry

PANAJI – The tourism industry Friday urged the Goa government to get lifeguards back on the state’s beaches ahead of Christmas and New Year seasons, which sees a peak inflow of tourists.

Speaking to reporters, Travel and Tourism Association of Goa (TTAG) spokesman Ralph de Souza said that the government needed to intervene and get … Read more »».

India takes up EU’s tariff waiver to Pakistan

BRUSSELS – India is in talks with the European Union over trade and tariff concessions the 27-nation bloc has offered to flood-hit Pakistan because more consultations were required before the waiver is implemented, Prime Minister Manmohan Singh said Friday.

He told reporters here after the 11th India-EU summit that the matter is being discussed even … Read this article on Gaea Times at : India takes up EU’s tariff waiver to Pakistan.

Delhi’s Outer Ring Road closed Saturday

NEW DELHI – Delhi’s Outer Ring Road will be temporarily closed to traffic Saturday, traffic police said here Friday.

According to Delhi Traffic Police statement, the Outer Ring Road-Rao Tula Ram Marg flyover will be temporarily closed from 12 noon Saturday till Sunday afternoon for carrying out certain modifications to facilitate traffic on both … Original article on : Delhi’s Outer Ring Road closed Saturday.

BSNL shortlists Alcatel-Lucent, ZTE for network equipment

NEW DELHI – State-owned Bharat Sanchar Nigam Ltd (BSNL) Friday said that it has shortlisted ZTE and Alcatel-Lucent to supply network infrastructure for 5.5 million GSM lines.

“The technical bids have been opened and the financial bids are also open,” BSNL chairman and managing director Gopal Das told reporters on the sidelines of India Telecom … Original source on Gaea Times at : BSNL shortlists Alcatel-Lucent, ZTE for network equipment.

Airtel launches high capacity submarine cable

NEW DELHI – Telecom giant Bharti Airtel Friday launched its IMEWE (India-Middle East-Western Europe) cable system, an ultra high capacity fiber optic submarine cable system to deliver better connectivity requirements of Middle East and European countries to Asia transiting through India.

“IMEWE will open a second gateway for Airtels customers to the European …. Original article  : Airtel launches high capacity submarine cable.

India-EU close in on trade pact

BRUSSELS – India and the European Union Friday said they were closing in on a key free trade agreement to be readied by early 2011. But some problems remain in finalising the pact that is expected to ramp up the two-way business volume to 100 billion euros from 77 billion euros presently.

European Commission … Read more >>.

India launches online application for citizenship

NEW DELHI – India has introduced a new online application system for faster, simpler and transparent processing/tracking of the applications for grant of Indian citizenship, officials said Friday.

The new system will help in setting up a centralised database of citizenship applications with the home ministry.
“There will be uniformity in processing of applications … Original source on Gaea Times at : India launches online application for citizenship.