Business News – Newsletter for December 20, 2010

Tatas now acquire British Salt for $144.6 million

MUMBAI – Now half of Britain will be using Tata salt. The group has acquired the dominant salt-maker company which has the 50 percent share of the British market.

Tata Chemicals’s UK subsidiary Brunner Mond has signed a deal to acquire British Salt Limited for $144.6 million (93 million pound), the company announced Monday.
… Read more »»».

Dabur factory in Nepal raided: Reports

KATHMANDU – Consumer goods giant Dabur India’s joint venture in Nepal has been raided by officials acting on complaints against the quality of its Real brand of fruit juice, media reports said Monday.

However, there was no immediate confirmation from Dabur Nepal despite efforts to contact the multinational company in Kathmandu.
At least three television …. Source  : Gaea News Network.

Sensex moves in to positive; Hero Honda surges 14 percent

MUMBAI – A benchmark index of Indian equities moved into positive territory in the afternoon session Monday on strong buying support in auto and technology stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened deep in the red at 19,770.02 points, moved in the positive territory in the afternoon …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.38 and the Reference Rate for Euro is ` 59.77 on December 20, 2010. The corresponding rates for the previous day (December 16, 2010) were ` 45.39 and ` 60.05 respectively. Based on the … Read more : RBI Reference Rate for US $ and Euro.

ArcelorMittal forced to up bid for Canadian iron-ore giant

TORONTO – ArcelorMittal’s battle to take over Canada’s Baffinland Iron Mines took an interesting turn Sunday after it was forced to raise its friendly bid by 14 percent to $1.25 per share when rival Nunavat Iron offered $1.35 per share to buy 50.1 percent stake in it.

ArcelorMittal, which previously offered $1.10 per share or [..] Read the original article: here.

‘Positive Sino-Indian ties good for Bangladesh’

DHAKA – The positive outcome of last weeks Sino-Indian talks should be heartily welcomed by Bangladesh and augurs well for the South Asian region, a Dhaka daily says.

The Daily Star commended the growing emphasis on economic ties between India and China taking precedence over their political differences.
Chinese Premier Wen Jiabao was in India … Original article on : ‘Positive Sino-Indian ties good for Bangladesh’.

Determined to formulate food security act: PM

NEW DELHI – Prime Minister Manmohan Singh Monday said his government was determined to formulate a national food security act to ensure that no citizen goes to bed hungry.

“We want that no citizen of our country must sleep hungry. We are determined about the formulation of the national food security act,” he said at …. Original article on Gaea Times at  : Determined to formulate food security act: PM.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 20, 2010 are:

Amount  (face value in ` crore)                           

Item

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

1 day Repo Auction 
…. Read the original article  : here.

Amritsar looks at trade revival – with Pakistani help

AMRITSAR – Amritsar, Sikhism’s holy city which was an important business centre in northern India at one time, is looking to revive trade with help from an unexpected quarter – Pakistan.

The trading community in the two countries feels there is much scope for increasing business between them through the land route to millions …. Read the original article  : Amritsar looks at trade revival – with Pakistani help.

Medvedev to discuss trade, energy during India visit

MOSCOW/NEW DELHI – Russian President Dmitry Medvedev will Monday begin an official three-day visit to India during which he will discuss trade, economic, energy and cultural cooperation as well as international issues.

During the visit, he will meet his Indian counterpart Pratibha Patil, Prime Minister Manmohan Singh and Foreign Minister S.M. Krishna.
A number of … Read the original article on Gaea Times at : Medvedev to discuss trade, energy during India visit.

We will rein in inflation: PM

NEW DELHI – Prime Minister Manmohan Singh Monday said the rate of inflation would be curbed by early next year to settle at 5.5 percent.

“We made all efforts to reduce inflation and will continue these. By March next year, inflation is expected to settle at 5.5 percent,” the prime minister said in his address … Read more : We will rein in inflation: PM.

RBI announces rate of interest on Floating Rate Bonds, 2020

The rate of interest on the Floating Rate Bonds, 2020 (FRB, 2020) applicable for the half year December  21,  2010 to June 20, 2011 shall be 7.23 percent per annum.

It may be recalled that the rate of interest on the FRB, 2020 was set at average rate (rounded off up to …. Original source  : RBI announces rate of interest on Floating Rate Bonds, 2020.

Airlines warn against travel to snowed-in Britain

AUCKLAND – Holiday makers wanting to fly to Britain have been advised not to do by many airlines who said they could not guarantee they would be able to land due to the massive snowfall.

Snow storms have closed the main airports in the British capital – including Heathrow, Gatwick and Stansted. Scores of flights … Read more »»».

Medvedev begins India visit Monday

Moscow, Dec 20 (IANS/RIA Novosti) Russian President Dmitry Medvedev will Monday begin an official three-day visit to India to discuss trade, economic, energy and cultural cooperation, as well as international issues.

During the visit, he will meet his Indian counterpart Pratibha Patil, Prime Minister Manmohan Singh and Foreign Minister S.M. Krishna.
A number of documents … Read this article on Gaea Times at : Medvedev begins India visit Monday.

India starts river project in Myanmar

YANGON – India has begun construction of a river port and waterway terminal in Myanmar, aimed at promoting trade between the two countries.

Construction for the Myanmar-India Kaladan Multimodal Transit Transport Project in Sittway township of Rakhine state began Sunday, Xinhua reported Monday citing official daily New Light of Myanmar.
The construction in the Kaladan … Read : India starts river project in Myanmar.

Money Market Operations as on December 16, 2010

… Read the original article on Gaea Times at : Money Market Operations as on December 16, 2010.

Tokyo stocks inch down on Korean, European worries

TOKYO – Japanese stock lost ground slightly in Monday morning trading on concerns about tension on the Korean Peninsula and Europe’s continuing debt problems.

The benchmark Nikkei 225 Stock Average fell 32.55 points, or 0.32 percent, to trade at 10,271.28 while the broader Topix index was down 0.78 points, or 0.09 percent, to 902.36.
On …. Source  : Gaea News Network.

UAE, Maldives sign MoU on banking cooperation

Abu Dhabi, Dec 19 (IANS/WAM) The Central Bank of the UAE and the Maldives Monetary Authority Sunday signed a memorandum of understanding (MoU) here to boost cooperation in the banking sector.

The agreement will pave the way for exchange of information and cooperation, including technical assistance and training and combating money laundering and terrorist financing. … Read this article on Gaea Times at : UAE, Maldives sign MoU on banking cooperation.

Delhi to float tenders for more bus route clusters

NEW DELHI – With Jan 31, 2011 fixed as last day for Blueline buses on the capital’s roads, the Delhi government has decided to float tenders for more routes soon under the cluster system.

The city has so far cleared five clusters, a system under which the over 600 routes in the city have been …. Source article  : Delhi to float tenders for more bus route clusters.

20 Metro stations get phone bill payment machines

NEW DELHI – With the installation of multi-service payment machines at 20 Metro stations across the city, commuters will be able to pay mobile phone bills or recharge phones on the move, an official said Sunday.

According to the Delhi Metro, the touch screen machines named ‘Unipay’ can be used by commuters by inserting currency … Read more : 20 Metro stations get phone bill payment machines.