Business News – Newsletter for December 16, 2010

India wants more market access from China

NEW DELHI – India has sought more market access from China, Foreign Secretary Nirupama Rao said Thursday.

Rao told a news conference that there was a “big imbalance” in the trade between the two Asian giants and that India’s trade deficit was growing.
“We would like more market access,” she said, after the conclusion of … Read this article on Gaea Times at : India wants more market access from China.

India, China set trade target of $100 bn by 2015

NEW DELHI – India and China Thursday agreed to establish a strategic economic dialogue and set a new bilateral trade target of $100 billion by 2015 to bridge the trade deficit.

A joint communique was released after one hour of formal talks between Indian Prime Minister Manmohan Singh and visiting Chinese Premier Wen Jiabao. …. Read the original article  : India, China set trade target of $100 bn by 2015.

Indian agency set to launch heaviest satellite for telecom, TV

CHENNAI – Scientists at the Indian Space Research Organisation (ISRO) were set to launch their heaviest satellite from near here Monday to retire an old one sent up in 1999 and ensure continuity of telecom, TV and weather services, officials said.

The satellite, officially called GSAT-5P, will blast off on the state-run space agency’s
…. Source  : Gaea News Network.

Tripura, Mizoram facing shortage of food grain

AGARTALA/AIZAWL – Tripura and Mizoram are facing a food crisis as the Food Corporation of India (FCI) has not supplied the allocated quota of food grain to the two states, officials said Thursday.

“In view of the inadequate railway wagons and feeble tracks of NFR (Northeast Frontier Railways), the FCI is unable to supply food …. Original article  : Tripura, Mizoram facing shortage of food grain.

India’s food inflation rises for second week

NEW DELHI – India’s annual food inflation rose for the second consecutive week, to 9.46 percent for the week ended Dec 4, as prices of food items like milk, poultry and fruits continued to rule high, official data release Thursday showed.

The food inflation rate, based on the official wholesale price index, had dropped to …. Original article on Gaea Times at  : India’s food inflation rises for second week.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.39 and the Reference Rate for Euro is ` 60.05 on December 16, 2010. The corresponding rates for the previous day (December 15, 2010) were ` 45.32 and ` 60.27 respectively. Based on the Reference Rate for … Read : RBI Reference Rate for US $ and Euro.

India’s central bank marginally eases monetary policy

MUMBAI – With inflation on the decline, India’s central bank Thursday eased its monetary policy marginally by lowering the amount commercial banks have to retain as cash, gold or government bonds, to release more money for corporate lending.

At the same time, the Reserve Bank of India (RBI) also announced it will buy government securities … Read more »»».

Mid-Quarter Monetary Policy Review: December 2010

Monetary Measures

It has been decided to:

retain the repo rate at 6.25 per cent and the reverse repo rate at 5.25 per cent under the Reserve Bank’s liquidity adjustment facility (LAF);
retain the cash reserve ratio (CRR) at 6.0 per cent of net demand and time liabilities (NDTL) of scheduled banks.

Liquidity …. Source  : Gaea News Network.

RBI Announces OMO Purchase of Government Securities

As indicated in the Mid-Quarter Monetary Policy Review of December 2010 released today, the Reserve Bank shall conduct Open Market Operation (OMO) auctions for purchase of government securities for an aggregate amount of ` 48,000 crore in the next one month. The OMO purchase auctions of ` 12,000 crore each will …. Original article  : RBI Announces OMO Purchase of Government Securities.

ArcelorMittal set to buy Canadian iron ore company for $433 million

TORONTO – Unless a rival bidder emerges possibly from China by Monday, ArcelorMittal is set to take over Canada’s Baffinland Iron Mines for $433 million.

ArcelorMittal has already received a ‘no action’ letter from Canada’s Commissioner of Competition for its bid, clearing the way for its takeover of Baffinland until a rival bid emerges by … Read the original article on Gaea Times at : ArcelorMittal set to buy Canadian iron ore company for $433 million.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 16, 2010 are:

Amount  (face value in ` crore)                        

Item

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

4 days Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

India has allayed US concerns over nuclear liability

WASHINGTON – US concerns about India’s nuclear liability law have been addressed by New Delhi signing an international treaty and assuring a level playing field for US companies, says a senior official.

“I think they have been,” Assistant Secretary, Bureau of South and Central Asian Affair Robert Blake said in response to question during a … Original source on Gaea Times at : India has allayed US concerns over nuclear liability.

British media considers China a threat

BEIJING – Business leaders in Britain see China as a place of opportunity but the media and communication sectors still consider China a “threat”, a survey has revealed.

The survey done by KL Communications, a Chinese branding and corporate communications company based in Britain, was released this week.
It found business leaders in Britain are … Read more »».

Eco concerns land mega Himachal projects in jeopardy

SHIMLA – At least four hydropower and cement projects worth Rs.6,000 crore (over $1.3 billion) have got stuck in Himachal Pradesh in less than four months due to green concerns. Local people as well as environmentalists say these will gobble up a considerable chunk of forest land and cause immense damage to natural resources.

Cement …. Source article  : Eco concerns land mega Himachal projects in jeopardy.

China’s GDP to hit $5.5 trillion in 2010: report

BEIJING – A Chinese government think-tank has said China’s economy in 2010 would grow 10 percent year-on-year with gross domestic product (GDP) reaching 37 trillion yuan ($5.56 trillion).

The Chinese Academy of Social Sciences (CASS) in its annual report, Blue Book of China’s Society, Wednesday noted that in 2010 China made great efforts to …. Original article on Gaea Times at  : China’s GDP to hit $5.5 trillion in 2010: report.

Brazil takes steps to increase private lending

Brasilia, Dec 16 (IANS/EFE) Brazilian Finance Minister Guido Mantega has announced a set of measures designed to increase long-term lending by private banks and increase liquidity in capital markets.

Brazil’s BNDES development bank and other public institutions have provided the bulk of long-term credit since the global financial crisis prompted private lenders to draw back, …. Source  : Brazil takes steps to increase private lending.

Tokyo stocks inch up on mixed bag of business news

TOKYO – Stocks in Tokyo rose modestly in Thursday morning trading as good news, including the yen’s drop against the dollar, mixed with concerns about European debt.

The benchmark Nikkei 225 Stock Average was virtually flat, rising 2.46 points, or 0.02 percent, to trade at 10,312.24 while the broader Topix index did better, gaining … Read more >>.

Money Market Operations as on December 15, 2010

… Read more >>.

US stocks drop over euro-zone concerns

NEW YORK – US stocks fell Wednesday as fresh concerns over Spain’s deficits overshadowed some positive US economic news.

Euro-zone debt concerns were fuelled as ratings agency Moody’s said it was reviewing Spain’s Aa1 sovereign credit rating for a possible downgrade, while Ireland’s parliament approved the country’s own bail-out package from the EU and International …. Read the original article  : US stocks drop over euro-zone concerns.

Silicon Valley upbeat After Yahoo Cut Back, Nokia lays Off 700

Yesterday we reported how Yahoo had cut 700 jobs in order to save costs. New research data has shown that this action was an exception from the present situation of the Silicon Valley companies. According to industry reports a vast majority of the Silicon Valley companies are actively procuring talent.
Even blogs such as mashable …. Read the original article  : here.