Business News – Newsletter for December 14, 2010

Tuesday, December 14, 2010

Nitin Seth is Ashok Leyland’s executive director

CHENNAI – Nitin Seth has been appointed as the executive director of Ashok Leyland’s light commercial vehicles (LCVs) division, the company announced here Tuesday.

Seth, formerly with Tata Motors, will work closely with the Ashok Leyland-Nissan Motor Company joint venture to roll out LCVs.
According to the company statement, Seth will operate under the direction …. Read the original article : here.

‘ICT can reduce 10 percent of greenhouse gas emissions’

NEW DELHI – Information, Communication and Technology (ICT) solutions have the potential to reduce 10 percent of the country’s total greenhouse gas (GHG) emissions by 2030 — thereby leading to energy cost savings of around Rs.137,000 crore (Rs.1.37 trillion) per annum, a report released here Tuesday said.

The report — titled “ICT Contribution to …. Original source : ‘ICT can reduce 10 percent of greenhouse gas emissions’.

Minister denies Kannur airport stake allotment

THIRUVANANTHAPURAM – Kerala Tourism and Home Minister Kodiyeri Balakrishnan Tuesday denied making any allotment of shares in the proposed Kannur international airport.

The paperwork has begun with regard to the allotment of shares. Initially at the time of talks, a few private sector players wanted 74 percent. When it was said that would not be …. Original article : Minister denies Kannur airport stake allotment.

Bangladesh workers resume production as Hasina gets tough

DHAKA – Production partially resumed in garment factories in Bangladesh Tuesday as Prime Minister Sheikh Hasina ordered tough action against the agitators in a bid to end violence that has left four people dead.

Hasina also ordered the setting up of two committees to look into the implementation of the new wage structure formulated …. Read the original article : Bangladesh workers resume production as Hasina gets tough.

Reliance Communications Launching 3G Service

MUMBAI, INDIA (GaeaTimes.com)- Reliance Communications which is one of the top mobile network service providers in India has launched its 3G service in Kolkata, Delhi, Chandigarh and Mumbai. It is the second private operator after Tata Docomo to roll out 3G Mobile service in India. The 3G service will gradually be rolled out … Read the original article on Gaea Times at : Reliance Communications Launching 3G Service.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.01 and the Reference Rate for Euro is ` 60.31 on December 14, 2010. The corresponding rates for the previous day (December 13, 2010) were ` 45.25 and ` 59.69 respectively. Based on the Reference Rate for …. Read the original article : RBI Reference Rate for US $ and Euro.

India’s annual inflation drops to 7.48 percent in November

NEW DELHI – India’s annual rate of inflation based on wholesale prices fell to 7.48 percent in November compared to 8.58 percent in the previous month, although the indices for three major constituent commodity groups registered a rise, according to official data released Tuesday.

The continued fall in overall inflation will help the cause of … Original source on Gaea Times at : India’s annual inflation drops to 7.48 percent in November.

Punjab aims to develop Amritsar as expo hub

AMRITSAR – It is famous as the Sikh holy city, but Amritsar could soon come to be known as a trade expo hub. After nearly 300,000 footfalls at an international trade exhibition, Punjab now plans to set up a permanent convention centre here on the lines of Delhis Pragati Maidan.

Deputy Chief Minister Sukhbir …. Source : Punjab aims to develop Amritsar as expo hub.

Sensex moves up in noon trade

MUMBAI – A benchmark index of Indian equities Tuesday rose in noon trade with broader markets managing to hold on to early gains.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,746.75 points, was ruling at 19,797.36 points – up 105.58 points or 0.54 percent from its previous close …. Read the original article : Sensex moves up in noon trade.

American Airlines Checking Boeing 757s

FORT WORTH (GaeaTimes.com)- American Airlines is going to thoroughly check a majority of its total Boeing 757 fleet as it has said in a statement. It decided to perform the check in 87 of its aircrafts belonging to the range after one plane in its fleet developed a gaping hole while it was …. Source article : American Airlines Checking Boeing 757s.

Mumbai’s Engineering Hub building to be ready by June

MUMBAI – The Engineering Hub building of Mumbai, housing offices of all the engineering departments of the city, will be operational by June 2011, an official said Tuesday.

The municipal headquarter in Chhatrapati Shivaji Terminus is a heritage building. The upcoming Engineering Hub too will be an architectural marvel, said Rahul Shevale, chairman of Brihanmumbai …. Source article : Mumbai’s Engineering Hub building to be ready by June.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 14, 2010 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Original source : Liquidity Adjustment Facility : Auction Results.

I’m aware of corporate nervousness over phone tapping: PM

NEW DELHI – Prime Minister Manmohan Singh Tuesday said he was aware of the “nervousness in the corporate sector” over phone tapping and asked Cabinet Secretary K.M. Chandrasekhar to look into the matter and submit a report within a month.

“I am aware of the nervousness in the corporate sector arising out of the powers …. Read the original article : here.

Aware of corporate nervousness over phone tapping: PM

NEW DELHI – Stating that he was aware of the “nervousness in the corporate sector” over phone tapping, Prime Minister Manmohan Singh Tuesday asked Cabinet Secretary K.M. Chandrasekhar to look into the matter and submit a report within a month.

I am aware of the nervousness in the corporate sector arising out of the powers …. Source : Gaea News Network.

Sensex ruling dull in morning trade

MUMBAI – A benchmark index of Indian equities was ruling dull in morning trade Tuesday.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,746.75 points, was ruling at 19,728.67 points – up 36.89 points or 0.2 percent from its previous close at 19,691.78 points.
At the National Stock Exchange … Read the original article on Gaea Times at : Sensex ruling dull in morning trade.

Bolivia to buy satellite from Chinese firm

La Paz, Dec 14 (IANS/EFE) The Bolivian government and China Great Wall Industry Corporation moved a step closer to finalising a deal for Bolivia’s first communications satellite with the signing here Monday of a purchase agreement.

Talks on the prospective Tupac Katari satellite, named after the leader of an 18th century rebellion against the Spanish, … Read more : Bolivia to buy satellite from Chinese firm.

Home sales dip in Spain

Madrid, Dec 14 (IANS/EFE) Home sales fell 17.7 percent year-on-year to 27,198 units in Spain in October, hitting the lowest level since January 2007, authorities said.

The October figures indicate that the downward trend in sales that started in September, ending eight months of rising sales, has not changed, said the National Statistics Institute, or … Read the original article on Gaea Times at : Home sales dip in Spain.