Business News – Weekly Newsletter for December 6-13, 2010

Monday, December 13, 2010

Money Market Operations as on December 4, 2010

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.

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

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.

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.

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.

October factory output raises hope for double-digit growth

NEW DELHI – Led by a strong growth in the automobile, manufacturing and power sectors, India’s factory output expansion sped to 10.8 percent in October from just 4.4 percent in the previous month, raising hopes of double-digit growth this fiscal.

“Figures suggest the industrial growth for the past seven months averaged at 10.3 per cent. … Read more : October factory output raises hope for double-digit growth.

India to set up 19 training institutes in Africa

NEW DELHI – A foreign trade institute in Uganda and a diamond centre in Botswana are amongst the 19 training institutes that India will set up across Africa in the next two years.

The two sides have finalised the location of the institutes ahead of India’s second continent-level summit with Africa next year.
They … Original source on Gaea Times at : India to set up 19 training institutes in Africa.

Industrial output up 10.8 percent in October

NEW DELHI – India’s industrial output accelerated to 10.8 percent in October from 4.4 percent in the previous month, led by a healthy growth in manufacturing, automobiles and power sectors.

“Now the seven month average is 10.3 percent. I hope this trend will continue and we will register double digit industrial growth this fiscal,” … Read the original article on Gaea Times at : Industrial output up 10.8 percent in October.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 22, 2010 to November 26, 2010.

All Figures are in USD Millions

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
…. Source : Foreign Exchange Turnover Data.

SpiceJet orders 15 aircraft from Bombardier for $446 million

TORONTO – In a major deal for the burgeoning Indian aviation market, Bombardier Thursday won a $446-million order from SpiceJet airline for 15 turboprop aircraft.

Though the Canadian company has sold regional jets to Indian companies, it is the first time that it has won an order for Q400 NextGen turboprop aircraft. Compared to big … Read : SpiceJet orders 15 aircraft from Bombardier for $446 million.

Sensex rebounds 140 points on positive industrial output

MUMBAI – A benchmark index of Indian equities rebounded over one percent Friday on better than expected 10.8 percent growth in industrial output in October.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 19,201.89 points, was trading nearly one percent higher at 19,390 points …. Original article : Sensex rebounds 140 points on positive industrial output.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.22 and the Reference Rate for Euro is ` 59.99 on December 10, 2010. The corresponding rates for the previous day (December 9, 2010) were ` 45.17 and ` 60.04 respectively. Based on the Reference Rate for US …. Read the original article : here.

Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 50000.00 (Rupees Fifty thousand only) on Sampada Sahakari Bank Ltd., Pune, Maharashtra in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 for violation of Reserve …. Source : Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised.

Italy’s Boggi Milano mulls India as sourcing hub

CHENNAI – Italian menswear brand Boggi Milano, which has a 140 million euro turnover, is planning to source garments from Indian manufacturers for its global markets, a senior official said.

An Italian team is expected to be here in February to take a final call on the matter.
“We are holding discussions with garment …. Source article : Italy’s Boggi Milano mulls India as sourcing hub.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 10, 2010 are:

Amount (face value in ` crore)

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction
…. Original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Obama cites India deals to propose easing export controls

WASHINGTON – Citing $10 billion worth of “landmark” deals with India and other trade initiatives, US President Barack Obama has proposed easing export controls on technology products for 37 allies, but India does not figure in the first list.

Easing export controls for technology items with military uses would help meet his goal … Read the original article on Gaea Times at : Obama cites India deals to propose easing export controls.

India to get first Super Hercules airlifters next week

WASHINGTON – The first of India’s six C-130J Super Hercules airlifters, considered the world’s most advanced transport aircraft, will be formally delivered Dec 16 at a ceremony in Marietta, Georgia.

Two of the planes purchased from the US in a $1 billion deal, will be flown to India in early 2011, while two more will …. Original article on Gaea Times at : India to get first Super Hercules airlifters next week.

India-European Union set to expand business ties

BRUSSELS – India and the 27-nation European Union are set to expand economic ties by setting the stage for a major trade and investment deal that is expected to multiply the quantum of business between them. The agreement is expected to generate two-way trade worth about 100 billion euros.

The two sides cleared the decks … Read : India-European Union set to expand business ties.

Money Market Operations as on December 9, 2010

… Read : Money Market Operations as on December 9, 2010.

Tokyo stocks lower on profit-taking

TOKYO – Stocks in Tokyo lost ground in Friday morning trading following profit-taking as the benchmark Nikkei index opened at a seven-month high.

The Nikkei 225 Stock Average was down 44.18 points, or 0.43 percent to trade at 10,241.7, while the broader Topix index declined 2.17 points, or 0.24 percent, to 889.43.
Shares of major … Read this article on Gaea Times at : Tokyo stocks lower on profit-taking.

Master Card Buys Out Travelex

The Wikileaks inspired Anonymous seige has barely affected Mastercard as it would seem. The card major announced today that it was buying pre-paid cash card business of exchange group Travelex for 290 million pounds. Travelex’s prepaid card business’ primary focus on travelers using plastic instead of travelers checks.
MasterCard Chief Executive Ajay Banga says
be an …. Original source : Master Card Buys Out Travelex.

Billion Dollar Green Tech IPO in 2011 Says John Doerr

John Doerr has been flying off the radar after the Internet Bubble went bust. There is no denying the fact that his backing of a company was considered to make it a goldmine in stock value. He could be seen every where as an investor but of late he has been missing from the … Read more : Billion Dollar Green Tech IPO in 2011 Says John Doerr.

Indian Stocks Struggle For the Third Consecutive Sessions

NEW DELHI, INDIA (GaeaTimes.com) — India’s fortune’s are not going well at the moment, at least no on the share trading front. India’s saw its shares lowered for three consecutive sessions. The investors are shying away from the market owing to the present situation of the Indian politics, which is embroiled in allegations of …. Source article on Gaea Times at : Indian Stocks Struggle For the Third Consecutive Sessions.

Etihad opens premium lounge at Manchester airport

Abu Dhabi, Dec 9 (IANS/WAM) The UAE’s national carrier Etihad Airways has opened a premium lounge for its passengers at the Manchester airport in Britain, it was announced Thursday.

The airline had signed a three-year deal in 2009 to be the official shirt sponsor and partner of the football club Manchester City FC and the …. Original article : Etihad opens premium lounge at Manchester airport.

India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead)

BRUSSELS -India and Europe are about to conclude a key free trade pact but there would be no compromise on intellectual property rights in the agreement that is expected to give a fillip to business ties between the two sides, official sources said here Thursday.

Essentially the decks have been cleared (for finalising the agreement), … Read this article on Gaea Times at : India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead).

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.

India, Germany set ambitious trade target

BERLIN – India and Germany, economic powerhouses of Asia and Europe and “strategic partners”, have pledged to expand trade ties and increase the two-way business to 20 billion euros by 2012 – a quantum jump from the current 13 billion euros. Germany is India’s largest business partner in Europe.

Following a meeting in snow-covered … Read the original article on Gaea Times at : India, Germany set ambitious trade target.

78,000 tonnes of garbage collected from Three Gorges Dam

BEIJING – Sanitation workers have collected 78,000 tonnes of garbage from China’s Three Gorges Dam, the world’s largest hydro-power project on the Yangtze river in the country’s southeast.

More than 68,000 workers and 21,000 boats were used to collect the garbage, Xinhua reported.
The surface area of the water in the dam has increased after … Read more >>>.

Two mn Bolivians suffer severe hunger: UN

La Paz, Dec 12 (IANS/EFE) Two million Bolivians – one out of every five inhabitants – suffers “severe hunger”, the representative of the UN’s Food and Agriculture Organization (FAO) in La Paz said in a statement.

According to Elisa Panades, the number of people suffering from severe food deprivation in this Andean country increased over [..] Read the original article: here.

Finnair to donate to UNICEF campaign for Indian children

NEW DELHI – Nordic carrier Finnair said it would donate US 50 cents to a UNICEF campaign on behalf of Indian children for every new addition to its Facebook account as part of its “change for good” campaign.

UNICEF (United Nations Children’s Fund) works for child rights, their survival, development and protection.
Finnair tied-up with … Read more >>>.

India-Africa ties in ‘transformational phase’

NEW DELHI – India’s ties with Africa are in a “transformational phase” and its efforts are radically different from what any other country is doing in the vast and quickly changing continent, a senior official said here.

The Indian government’s challenge was to convert warm political relations with the 53-nation continent into productive economic ties, … Read more : India-Africa ties in ‘transformational phase’.

Telecom sector needs policy certainty: Assocham president (Interview)

NEW DELHI – Even though the Indian telecom industry is growing the fastest in the world, a stable policy framework is crucial to maintain the expansion and avoid scams like the one over allotment of airwaves, says the new chief of a top industry lobby.

“What’s important for any industry is there is a policy … Read : Telecom sector needs policy certainty: Assocham president (Interview).

Railways to install fog safety devices

NEW DELHI – Northern Railway will install 500 fog safety devices in trains touching the national capital to ensure safety and avoid delays during winters when visibility deteriorates sharply, according to its spokesperson.

“We have already placed an order of 500 fog safety devices. These will be installed by the end of this month …. Read the original article : here.

Four-nation gas deal signed in Turkmenistan

ASHGABAT – India, Turkmenistan, Afghanistan and Pakistan signed two cooperative pacts Saturday on a gas pipeline project linking the four countries.

The four nations signed an inter-government agreement on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Natural Gas Pipeline Framework, as well as a deal on measures to implement the project in Ashgabat, the capital of Turkmenistan, Xinhua reported. … Original source on Gaea Times at : Four-nation gas deal signed in Turkmenistan.

‘Over Rs.23,000 crore raised in private equity deals in 2010???

KOLKATA – Private equity deals raised between Rs.23,000 crore to Rs.24,000 crore in India this year compared to Rs.14,000 crore in 2009 (calendar year), market analysts said here Saturday.

“This calendar year, private equity deals have risen to between Rs.23,000 to Rs.24,000 crore than last years Rs.14,000 crore,” said Utsav Parekh, chairman, Smifs Capital Markets …. Original article on Gaea Times at : ‘Over Rs.23,000 crore raised in private equity deals in 2010′.

State-run, private Indian firms tie up for Africa projects

NEW DELHI – The state-run Engineering Projects India (EPI) Saturday signed an agreement with Universal Empire Infrastructures Limited (UEIL) to secure high value infrastructure development projects in Africa and South Asia.

“Indian private and public enterprises are joining hands as they eye business opportunities, and also to compete against China’s rapid forays in infrastructure … Read more >>>.

Insurance fund for road accident victims facing deficit

CHENNAI – The system of paying third-party liability claims in road accidents out of a common premium pool is likely to continue in the future while the corpus is running into a deficit, said the Indian insurance regulator Saturday.

In a motor insurance contract, the insurer and the policy holder are the first and second …. Original article on Gaea Times at : Insurance fund for road accident victims facing deficit.

Rains wash off paddy worth millions in Orissa

BHUBANESWAR – Incessant unseasonal rains since Monday have destroyed paddy crop worth millions of rupees in Orissa, an official said Saturday.

“Most parts of the state have witnessed widespread rains, and as a result winter paddy crops stored in the fields have been damaged,” an official of the state agriculture department told IANS.
The worst-hit …. Original source : Rains wash off paddy worth millions in Orissa.

Are low health premiums viable, asks insurance regulator

CHENNAI – The Insurance Regulatory and Development Authority (IRDA) Saturday expressed its concern at the low premium charged by some government health insurance schemes and the rampant undercutting of rates by public sector general insurers.

“The premium rate per head under the Arogyasri scheme (in Andhra Pradesh) has come down to Rs.75 per head from … Read more : Are low health premiums viable, asks insurance regulator.

I will prove my innocence, says Raja; meets Karunanidhi

CHENNAI – Former union communications minister A. Raja, under the Central Bureau of Investigation (CBI) scanner for alleged impropriety in the allocation of telecom spectrum licenses to mobile phone companies, met DMK party chief and Tamil Nadu Chief Minister M. Karunanidhi Saturday at his official residence here.

The meeting assumes significance as Karunanidhi, who had [..] Read the original article: here.

Wipro bags outsourcing deal from Vasan Eye Care

BANGALORE – Indian infotech giant Wipro Saturday said it won a five-year outsourcing contract from Vasan Eye Care, a unit of Tamil Nadu-based Vasan Healthcare group.

The scope of service includes entire IT infrastructure management, encompassing data centre management and end-user support services, Wipro vice-president for managed IT services Kiran Desai said in a statement … Original article on : Wipro bags outsourcing deal from Vasan Eye Care.