Business News – Newsletter for December 19, 2010

‘Local manufacturing to drive medical electronics industry’

NEW DELHI – India needs a conducive environment for local manufacturing and R&D projects to drive its medical electronics industry, a new report says.

A report prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI)-Medical Electronics Forum (MEF) (FICCI-MEF) has outlined a 13-fold strategy which also stresses on reaching all sections of … Read : ‘Local manufacturing to drive medical electronics industry’.

A non-resident Indian can remit $1 mn from property sales (NRI Watch)

The prices of ancestral properties left in India by emigrating non-resident Indians (NRIs) have escalated beyond their belief. Little wonder they have developed a new and intense interest in claiming their share, especially with recession biting hard in the West. In the last few years, the ancestral homes in India are valued in crores.

So … Original article on : A non-resident Indian can remit $1 mn from property sales (NRI Watch).

Gizmos straight out of sci-fi films coming up: Intel

NEW DELHI – Come 2011, and tech enthusiasts can look forward to newer, smarter, powerful and personalised technologies seen only in science fiction movies, says Intel, the world’s largest computer chip manufacturer, in its annual trends report.

The company’s ‘Technology Trend Predictions for 2011′ report said smart TVs, cloud computing and secured internet environment, digital … Read this article on Gaea Times at : Gizmos straight out of sci-fi films coming up: Intel.

Over 2,000 aspiring entrepreneurs to gather at TiE summit

NEW DELHI – Over 2,000 budding entrepreneurs are expected at The Indus Entrepreneurs (TiE) summit here that will feature icons like Infosys founder N.R. Narayana Murthy and Nobel laureate Amartya Sen among more than 100 speakers.

With a theme of ‘Enterprising India, the event will be held at Siri Fort Auditorium here from Dec …. Original article  : Over 2,000 aspiring entrepreneurs to gather at TiE summit.

Gujarat eyes $1 bn investment for pharma industry

AHMEDABAD – Gujarat, which accounts for nearly a half of the Indian pharma industry’s turnover, is betting big on making the state a global hub as it eyes deals worth over $1 billion at the upcoming business conclave here next month.

“Our government is proactive. We have systems in place. The discretionary mechanism in the …. Original article on Gaea Times at  : Gujarat eyes $1 bn investment for pharma industry.

Orissa announces relief package for farmers

BHUBANESWAR – Orissa Saturday announced a special package of Rs.900 crore for farmers who suffered losses due to unseasonal rains early this month.

Announcing the package in the assembly here, Chief Minister Naveen Patnaik said the state government will contribute Rs.600 crore and the rest will come from the calamity relief fund (CRF) of the …. Read the original article  : here.

Steel magnate’s birthday bash in French Alps draws frowns

LONDON – A mega-party by steel magnate Viktor Pinchuk in Courchevel, a ski resort in the French Alps, has led some locals to brand the extravagant spending obscene, a media report said Saturday.

The Ukranian businessman, also an art collector, whose fortune Forbes estimates stands at $3.1 billion, is sparing no expense for the 300 …. Source  : Gaea News Network.

Pakistan, China sign 22 economic agreements

ISLAMABAD – Pakistan and China Saturday signed 22 new trade agreements, worth $15-billion, aimed at deepening strategic and economic toes between the two countries, officials said.

These come on the top of another 13 agreements worth around $20 billion signed Friday after bilateral meetings.
The fresh deals were inked at a business summit addressed by …. Source  : Pakistan, China sign 22 economic agreements.

Snow disrupts travel across Europe as three die in Italy

LONDON – Hundreds of flights out of London airports were cancelled Saturday as fresh snow blocked runways, adding to a continent-wide disruption caused by unusually early and heavy snowfalls that now stretch south to most of the Mediterranean coast.

In Italy, at least three people died in snow-related incidents in a space of just 24 …. Original source  : Snow disrupts travel across Europe as three die in Italy.

Provide Bihar coal linkage for new power plants: Sushil Modi

PATNA – Bihar Deputy Chief Minister Sushil Kumar Modi Saturday demanded coal linkages for thermal power plants upcoming in the state.

“We demand that the central government provide us coal linkage for upcoming thermal power plants in Bihar,” Modi said in his address at the two-day Bihar conclave that began here Saturday.
Modi made …. Source  : Gaea News Network.

Bihar conclave begins with call to invest

PATNA – A two-day Bihar conclave began here Saturday with Deputy Chief Minister Sushil Kumar Modi asking delegates, including non-resident Indians (NRIs) of Bihar origin, to come forward and invest in the state.

“It is time for you to invest and contribute to help develop Bihar,” Modi said in his inaugural address here.
Modi said [..] Read the original article: here.

Third party should keep stolen mobiles’ database, say firms

NEW DELHI – A third party regulator should maintain the database of stolen mobile handsets and the equipment identity register should be maintained on a national level, say telecom service providers.

“The CEIR (Central Equipment Identity Register) should be maintained by third party or regulator and it should accessible by all operators. For easy …. Source article on Gaea Times at  : Third party should keep stolen mobiles’ database, say firms.

Ready to answer CBI questions on spectrum: Arun Shourie

CHENNAI – Former union communications minister Arun Shourie Saturday said he is ready to answer the Central Bureau of Investigation’s (CBI) questions on the 2G spectrum allocation during his tenure.

Speaking to reporters on the sidelines of a function here, he said: “I would be happy to answer the questions. I can answer the questions … Read this article on Gaea Times at : Ready to answer CBI questions on spectrum: Arun Shourie.

Countdown for India’s advanced satellite launch begins Sunday

CHENNAI – The countdown for Monday’s launch of India’s heaviest communication satellite, meant to retire an earlier one sent up in 1999 and ensure continuity of telecom, TV and weather services, will begin at 11.01 Sunday morning, an official said.

GSAT-5P will blast off to space from Satish Dhawan Space Centre at Sriharikota, around 80 … Original source on Gaea Times at : Countdown for India’s advanced satellite launch begins Sunday.

India must be wary of defence imports: Narayanan

KOLKATA – West Bengal Governor M.K. Narayanan Saturday made a scathing criticism of the Indian military and the defence production industry and said there was a vested interest in “buying than making” the needed equipment at home.

The former national security advisor blamed the military for its deep seated complex about using indigenous equipment, and …. Source article  : India must be wary of defence imports: Narayanan.

Misunderstood risks in investment drive financial market instability: Study

WASHINGTON – According to a new study, our incomplete or incorrect understanding of how decisions in the present affect future options means that we may underestimate the risk associated with investment decisions.

Dr Ole Peters from Imperial College London suggests how policy makers …. Source  : Misunderstood risks in investment drive financial market instability: Study.

US Congress clears tax cut deal to hand Obama a big win

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

In a midnight vote, the lame duck House of Representatives passed the measure by a 277 to 148 … Read : US Congress clears tax cut deal to hand Obama a big win.

Wipro joins Greenpeace rankings for energy efficiency

BANGALORE – IT bellwether Wipro became the first Indian firm to join Greenpeace’s Cool IT Leaderboard rankings for its commitment to energy efficiency, the company said Friday.

“We were the only Indian company to be part of the Cool IT Leaderboard rankings for our transparent mitigation plant that frontloads energy efficiency and direct renewable energy … Original article on : Wipro joins Greenpeace rankings for energy efficiency.

Chaos at Delhi airport T-3 as IT systems fail

NEW DELHI – Chaotic scenes were witnessed Friday at the snazzy new Terminal-3 (T3) of the IGI airport here when the information technology systems failed, forcing the airlines staff to manually check-in passengers.

The IT systems experienced some problem, which started at 4.25 p.m. in the evening and continued till 5.30 p.m., after which the … Read the original article on Gaea Times at : Chaos at Delhi airport T-3 as IT systems fail.

Sri Lanka no more underdeveloped country: World Bank

COLOMBO – Sri Lanka is no longer an underdeveloped country, having surpassed the per capita income of $2,000, a World Bank official said here Friday.

Ngozi Okonjo-Iweala, managing director of World Bank, said Sri Lanka was no longer qualified for International Development Association loans that provide interest free financial assistance to underdeveloped countries, Xinhua …. Read the original article  : Sri Lanka no more underdeveloped country: World Bank.