Business News – Newsletter for December 17, 2010

Chinese media harps on ties with India

BEIJING – The Sino-Indian pledge to promote bilateral ties was splashed across the Chinese media Friday, with reports emphasising the positives from the Manmohan Singh-Wen Jiabao meeting.

China’s official news agency Xinhua said in a report carried by state-run People’s Daily that Prime Ministers Wen and Manmohan Singh had reaffirmed their commitment to promote bilateral … Read the original article on Gaea Times at : Chinese media harps on ties with India.

Kannur airport nod in view of Keralites’ contribution: Patel

KANNUR – Civil Aviation Minister Praful Patel Friday said the central government sanctioned the Kannur airport despite some legal issues as non-resident Keralites contribute significantly to India’s overall growth with their remittances.

He was speaking at the foundation stone laying ceremony for the airport.
“People from Kerala make a group which contributes to the overall …. Source article  : Kannur airport nod in view of Keralites’ contribution: Patel.

India, Russia to sign fifth generation fighter jet deal

NEW DELHI – India and Russia are set to sign over a dozen agreements, including a key pact on a fifth generation fighter aircraft and on expanding civil nuclear cooperation, during Russian President Dmitry Medvedevs two-day visit here next week.

Medvedev touches down here with a large business delegation Monday night for an annual …. Source  : India, Russia to sign fifth generation fighter jet deal.

Free Shipping Day Is Today

SAN FRANCISCO (GaeaTimes.com)- Those who did not shop as much as they wanted in the Black Friday and Cyber Monday have another chance to buy without worrying about shipping of the products. Today is being celebrated as the free shipping day in the USA. The shoppers can buy online and get the products delivered …. Source  : Gaea News Network.

Parle to buy apple concentrate from Himachal

SHIMLA – Food and beverage company Parle Agro will buy 300 tonnes of apple juice concentrate from the state-run Himachal Pradesh Horticultural Produce Marketing and Processing Corp (HPMC), a minister said here Friday.

The apple concentrate is used for fruit juices, nectars and drinks.
“Parle Agro has placed an order for procurement of 300 tonnes … Read more : Parle to buy apple concentrate from Himachal.

BlackBerry posts 40 percent growth to beat forecasts

TORONTO – Beating forecasts, BlackBerry maker Research In Motion (RIM) posted its sixth straight quarter of record smart phone sales in its third-quarter results of fiscal 2011 announced Thursday.

The Canadian wireless giant reported a record revenue of $5.5 billion during the quarter, raking in a profit of $911.1 million or $1.74 per share.
RIM …. Source  : Gaea News Network.

After roads, Bihar’s power sector a Nitish priority

PATNA – After fulfilling the dreams of good roads in Bihar in his first term as chief minister, Nitish Kumar wants to make a difference in the power sector during his second term that ends in 2015.

“After roads, the power sector is a priority of Nitish Kumar for the development of Bihar,” an official …. Source  : Gaea News Network.

Bihar conclave to discuss challenges of change

PATNA – Nearly 200 delegates, including 30 NRIs of Bihar origin, will participate in a two-day conclave here from Saturday to discuss the challenges of change in the state.

Dozens of delegates, including NRIs who have made their mark in various fields, have arrived here to discuss ways of accelerating the pace of socio-economic … Read the original article on Gaea Times at : Bihar conclave to discuss challenges of change.

China’s foreign trade to top $2.9 trillion in 2010

BEIJING – China’s foreign trade will exceed $2.9 trillion this year, and the country expects its trade and international payments to be more balanced over the next five years, said Commerce Minister Chen Deming.

It is very likely that China could become the world’s largest exporter and the second largest importer by the end …. Source article on Gaea Times at  : China’s foreign trade to top $2.9 trillion in 2010.

Spain sells $3.2 bn in bonds

Madrid, Dec 17 (IANS/EFE) Spain raised 2.4 billion euros ($3.2 billion) in a Thursday auction of 10- and 15-year bonds, although the interest rate it was forced to pay on that debt was the highest since 1997.

The Spanish treasury issued 1.78 billion euros in 10-year bonds at an average interest rate of 5.48 percent, …. Original article on Gaea Times at  : Spain sells $3.2 bn in bonds.

China’s machinery, electronics exports up 30 percent

BEIJING – China’s machinery and electronic exports were up 30 percent year-on-year, and is on course to become the world’s largest exporter of such goods in 2010, reports Xinhua.

China exported $842.74 billion worth of machinery and electronic products in the first 11 months, up 32.7 percent from a year earlier, Zhang Yujing, director …. Source article on Gaea Times at  : China’s machinery, electronics exports up 30 percent.

Brazilian economy creates 2.5 mn new jobs

Rio de Janeiro, Dec 17 (IANS/EFE) Brazil’s economy generated upwards of 2.5 million new jobs in the first 11 months of this year, 7.7 percent more than during all of 2009, the labour ministry said.

The statistic covers only formal employment with benefits and social security contributions.
President Luiz Inacio Lula da Silva’s job-creation target …. Original article  : Brazilian economy creates 2.5 mn new jobs.

Indian innerwear firm to make inroads into Iran, Iraq

KOLKATA – Leading hosiery company Dollar Industries, which is behind the highest selling Indian innerwear brands in the Gulf, now plans to venture into Iraq, Iran and Myanmar, a top company official says.

“As of now, we are looking to enter Iraq, Iran and Myanmar by the end of the current fiscal,” managing director Vinod … Read more : Indian innerwear firm to make inroads into Iran, Iraq.

Indian stock markets closed Friday on Muharram

MUMBAI – Indian stocks markets will have an extended weekend with trading closed Friday on account of Muharram.

During the truncated trading week, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 1.87 percent to close at 19.864.45 points, compared to the previous weekly close at 19,508.89 points.
… Original article on : Indian stock markets closed Friday on Muharram.

US stocks gain on better economic data

NEW YORK – US stocks were pushed to two-year highs Thursday amid promising employment data and signs of improvement in the housing and manufacturing sectors.

Weekly claims for unemployment benefits unexpectedly rose only slightly, the Labour Department reported, despite the US unemployment rate climbing to 9.8 percent in November.
New construction in the fragile housing … Read the original article on Gaea Times at : US stocks gain on better economic data.

Obama-Republican tax deal set for final vote in House

WASHINGTON – The US House of Representatives was preparing to vote Thursday on a tax compromise bill agreed between President Barack Obama and Republicans, possibly ending a months-long political battle that threatened an already fragile US economy.

The legislation would extend for two years a major round of tax cuts first enacted under then president … Read the original article on Gaea Times at : Obama-Republican tax deal set for final vote in House.

Corruption in public services on the decline: survey

NEW DELHI – The extent of corruption encountered by citizens while availing public services has been on the decline in recent years, says a survey conducted by the Centre of Media Studies (CMS), a non-profit organisation.

The “2010 India Corruption Survey” by the CMS showed a decline in graft over a period of five years … Original source on Gaea Times at : Corruption in public services on the decline: survey.

Integrated mining cities mooted in Gujarat

AHMEDABAD – The concept of introducing integrated mining cities in India was discussed here Thursday at a seminar, organised as a run-up to the Vibrant Gujarat 2011 Summit.

The seminar was organised by the Gujarat government and the Confederation of Indian Industry (CII) with the support of the Industrial Extension Bureau.
The seminar which brought …. Source article  : Integrated mining cities mooted in Gujarat.

MCD demolishes 8 buildings in east Delhi

NEW DELHI – Cracking down on unauthorised constructions, the Municipal Corporation of Delhi (MCD) Thursday demolished eight properties in east Delhi and also sealed two properties in the area.

“The MCD’s building department with the police help sealed two properties in Pandav Nagar and demolished eight properties in Farsh Bazar and Pandav Nagar police station …. Source article  : MCD demolishes 8 buildings in east Delhi.

India’s GSM phone subscribers grow 3.4 percent in November

NEW DELHI – India’s GSM phone subscriber base grew 3.4 percent in November with the addition of 17.5 million subscribers taking the total number of subscribers to 526 million, the Cellular Operators Association of India (COAI) said Thursday.

Telecom giant Bharti Airtel added 3.1 million subscribers to have a total of 149.5 million subscribers. … Read the original article on Gaea Times at : India’s GSM phone subscribers grow 3.4 percent in November.