Business News – Newsletter for December 18, 2010

Sensex moves up 1.82 percent (Weekly Market Review)

MUMBAI – A benchmark index of the Indian equities markets closed with modest gains in a truncated week of trading.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 1.82 percent or 355.96 points to close at 19,864.85.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty also …. Source  : Sensex moves up 1.82 percent (Weekly Market Review).

Himachal remains ‘power-full’ after bountiful monsoon

SHIMLA – Bountiful rains during the monsoon this year have helped Himachal Pradesh remain “power-full”.

Officials said plentiful flow in most of the rivers has allowed hydropower generation to remain good at a time when it generally reaches its lowest ebb due to the freezing of glaciers in winter.
“All the 21 run-of-river hydropower projects … Read more »».

Pakistan, China to sign fresh trade agreements

ISLAMABAD – Pakistan and China were Saturday set to sign fresh trade agreements worth $10 billion aimed at deepening strategic and economic relations between the two countries.

The new deals will be inked at a trade summit of Chinese business representatives accompanying Premier Wen Jiabao and their Pakistani counterparts.
These come on the top of …. Source  : Pakistan, China to sign fresh trade agreements.

WikiLeaks: Sudan’s president may have stolen $9 bn

NAIROBI/LONDON – Sudan’s President Omar al-Bashir may have looted up to $9 billion from public coffers and deposited it in British banks, according to a diplomatic cable leaked to Britain’s Guardian newspaper.

The cable released by the whistleblowing WikiLeaks site detailed a conversation between International Criminal Court Chief Prosecutor Luis Moreno-Ocampo and a top US … Read : WikiLeaks: Sudan’s president may have stolen $9 bn.

eBay communities make participants better buyers and sellers: Study

WASHINGTON – Customers of eBay who participate in the company’s online communities become more conservative buyers and more selective and efficient sellers, a new study from Rice University’s Jones Graduate School of Business has found.

To do this, the researchers started with data from a yearlong study of 13,735 new eBay Germany customers. (The authors noted …. Read the original article  : here.

Midnight tax-cut vote makes Obama ‘new Comeback Kid’

WASHINGTON – In a major political victory for President Barack Obama, the US Congress approved a $858 billion deal brokered by the White House and supported by opposition Republicans to extend Bush-era tax cuts for another two years.

In a midnight vote, the lame duck House of Representatives passed the measure by a 277 to …. Source article  : Midnight tax-cut vote makes Obama ‘new Comeback Kid’.

Indian firm to invest $250 mn in knowledge, food processing hubs in East Africa

KIGALI – An Indian company has signed a pact with the Rwanda Development Board (RDB) to invest $250 million for a knowledge hub and an integrated food park in this East African country, once associated with its fratricidal conflict that claimed nearly a million lives.

India’s Universal Empire Infrastructures (UEIL) has been in discussion with …. Source article on Gaea Times at  : Indian firm to invest $250 mn in knowledge, food processing hubs in East Africa.

Italian industrial output falls for second consecutive month

Rome, Dec 18 (IANS/AKI) Italy’s industrial output fell in October for the second consecutive month, signalling that the country’s export-led economy is having difficulty emerging from last year’s deep recession.

Production fell 0.1 percent from September, when it dropped 2.1 percent, Rome-based state statistics agency ISTAT said Friday.
Adjusted for a different number of … Read : Italian industrial output falls for second consecutive month.

Brazil jobless rate lowest in 8 years

Rio de Janeiro, Dec 18 (IANS/EFE) Brazil’s unemployment rate dipped to 5.7 percent last month, the lowest level since March 2002, authorities said.

The jobless total fell 0.4 percent from October and was down significantly from the November 2009 figure of 7.4 percent.
Brazil’s official unemployment rate is computed on the basis of the number … Read more >>.

Obama signs tax compromise into law

WASHINGTON – US President Barack Obama Friday signed into law a compromise tax deal reached with Republicans, ending months of political wrangling that threatened to leave US families facing a massive tax hike at the start of the year.

The legislation includes a two-year extension of across-the-board tax cuts that were first enacted under former …. Source article on Gaea Times at  : Obama signs tax compromise into law.

US stocks mixed at week’s end on positive economic data

NEW YORK – US stocks ended the week mixed as a key gauge of the US economy’s performance released Friday suggested the country’s recovery was beginning to gather steam.

The New York-based Conference Board’s Leading Economic Index jumped 1.1 percent in November to 112.4, marking the fifth straight monthly increase. Improved sales forecasts from some … Read this article on Gaea Times at : US stocks mixed at week’s end on positive economic data.

Yahoo to cut features after latest round of layoffs

SAN FRANCISCO – Yahoo is to cut some prominent website features following the announcement this week that it is firing some 600 workers, or 4 percent of its work force.

While many of the targeted features have been little used, some, like the Delicious bookmark sharing service have proved popular among Yahoo users who fired …. Original article  : Yahoo to cut features after latest round of layoffs.

Per Capita Income to double in nine years with current growth rate: Ahluwalia

NOIDA – Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said with the current growth rate, the ‘Per Capita Income’ (PCI) of India will get doubled in nine years.

Ahluwalia, who was conferred Honorary Degree of Doctor of Philosophy … Original source on Gaea Times at : Per Capita Income to double in nine years with current growth rate: Ahluwalia.

Kingfisher, British Airways ink frequent flyer pact

BANGALORE – India’s leading private carrier Kingfisher Airlines Friday entered into a comprehensive frequent flyer agreement with British Airways (BA), covering their entire route network.

“The agreement will enable frequent fliers of both airlines to earn points when they travel on the respective flights anywhere in the world,” Kingfisher vice-president (commercial) Manoj Chacko said in … Original source on Gaea Times at : Kingfisher, British Airways ink frequent flyer pact.

Dinosaur fossil park to come up in Madhya Pradesh

BHOPAL – A National Dinosaur Fossil Park is coming up in Madhya Pradesh’s Dhar district where over 100 dinosaur eggs in fossil form were found, officials said Friday.

The park will be spread over 89.740 hectare forest area near Bagh Caves, 80 km from Dhar town, the district headquarters, where fossils of …. Source  : Dinosaur fossil park to come up in Madhya Pradesh.

Elephanta village to get solar power

MUMBAI – Thirty homes of a village at the Elephanta Island, only a few kilometres away from Mumbai, will Monday get illuminated using solar power.

The Mumbai Metropolitan Region development Authority (MMRDA) and Pune-based Science and Technology Park (STP) will supply solar power to the village and also provide a port charging mobile phones.
… Read the original article on Gaea Times at : Elephanta village to get solar power.

Chaos at Delhi airport’s T-3 as IT systems fail

NEW DELHI – Chaotic scenes were witnessed Friday at the snazzy new Terminal-3 (T3) of the Indira Gandhi International Airport here when the information technology systems failed for about an hour, forcing the airlines staff to manually check-in passengers, leading to long queues.

“The IT systems experienced some problem, which started at 4.25 p.m. … Read : Chaos at Delhi airport’s T-3 as IT systems fail.

Swedish firm to launch new power technology next year

AHMEDABAD – Sandwik Asia Pvt Ltd, a fully-owned subsidiary of the $13 billion Sandwik AB Group of Sweden, will launch a new boiler technology that will usher in major technological changes in power production in India over the next decade, a company official said.

Ajay Sambrani, vice-president and product unit head of Sandwik … Read more >>>.

Companies Bill to be tabled in budget session: Khurshid

MUMBAI – The revised Companies Bill will be tabled in parliament in the coming budget session, Minister of State for Corporate Affairs Salman Khurshid said here Friday.

Views of many stakeholders will be taken into consideration, including those of various committees. We will introduce a corporate and people friendly bill in the next budget …. Original article  : Companies Bill to be tabled in budget session: Khurshid.

Gujarat chemical units sign MOU with Indo-African chamber

GANDHINAGAR – The Gujarat Chemical Association (GCA) Friday signed a memorandum of understanding (MoU) with the Indo-African Chamber of Commerce and Industries (IACCI) for promoting bilateral trade, especially for the small and medium enterprises (SMEs).

The MoU will also serve as a platform for promoting technology transfer, joint ventures and investment in the chemical sector.
…. Source  : Gaea News Network.