Business News – Newsletter for December 21, 2010

Russia asks Pakistan to expedite 26/11 probe, backs India for UNSC seat

NEW DELHI – India and Russia Tuesday inked 30 agreements in areas ranging from science, peaceful use of nuclear energy to culture and pharmaceuticals and also inked a contract for jointly building a fifth generation fighter jet. The two countries also asked Pakistan to bring the 26/11 perpetrators to justice.

Eleven … Original article on : Russia asks Pakistan to expedite 26/11 probe, backs India for UNSC seat.

Airtel launches GPS to help track Bangladeshi fishing boats

DHAKA – India’s Bharti Airtel Limited, which has acquired 70 percent stake in Bangladesh’s Warid Telecom, has launched a GPS-based vessel locating service to enable the country’s fishermen communities to track their fishing boats.

This service is in line with the promise of taking mobile telephony to Bangladesh’s rural areas and its long coastline on …. Source  : Airtel launches GPS to help track Bangladeshi fishing boats.

Sotheby’s Hong Kong sells wine worth $6.7 mn in 2010

HONG KONG – The Sotheby’s auction house said Tuesday that it sold a record $6.76 million of wine in Hong Kong in 2010, more than it sold the world over in 2009.

The auction total came in a year that Sotheby’s raised $11.34 million through wine auctions worldwide, more than double 2009’s $5.37 million.
The …. Source  : Sotheby’s Hong Kong sells wine worth $6.7 mn in 2010.

Bhopal’s seige by protesting farmers swells

BHOPAL – Thousands of protesting farmers continued their siege of the Madhya Pradesh capital for the second day Tuesday, blocking all roads leading to Chief Minister Shivraj Singh Chouhan’s house here to press their demands, including uninterrupted power supply to rural areas.

The number of farmers under the banner of Bharti Kisan Sangh (BKS) Tuesday … Original article on : Bhopal’s seige by protesting farmers swells.

Dabur Nepal’s woes mount after vigilance raid

KATHMANDU – The woes of Dabur Nepal, Indian FMCG giant Dabur India’s independent group company in Nepal, mounted Tuesday after state watchdogs raided its storehouse and sealed it with an admonition not to sell and distribute its fruit juices till investigations were completed.

“We have sealed nearly 74,000 cartons of Dabur Nepal’s fruit …. Original article  : Dabur Nepal’s woes mount after vigilance raid.

India, Russia boost ties with 11 agreements

NEW DELHI – India and Russia Tuesday signed 11 agreements, boosting ties in areas like science, the peaceful use of nuclear energy, culture and pharmaceuticals, but a key defence pact on the joint production of a fifth generation fighter aircraft was not announced.

The agreements were signed in the presence of Prime Minister Manmohan Singh …. Source article on Gaea Times at  : India, Russia boost ties with 11 agreements.

Mahindra Thar Launched

NEW DELHI, INDIA (GaeaTimes.com)- The much awaited utility car of the year has been launched today by Mahindra & Mahindra. This sports utility vehicle, named as Mahindra Thar 4X4, will first hit the market in Rajasthan and Kerala and later, it would be introduced in the rest of the nation.
Mahindra Thar 4X4, is expected …. Source article  : Mahindra Thar Launched.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.26 and the Reference Rate for Euro is ` 59.61 on December 21, 2010. The corresponding rates for the previous day (December 20, 2010) were ` 45.38 and ` 59.77 respectively. Based on the Reference Rate for US … Read more »».

Srinagar airport to activate low visibility landing aid

SRINAGAR – An Instrumentation Landing System (ILS) will soon be available at the Srinagar International Airport to help pilots land in low visibility, an official said Tuesday.

At present, the minimum visibility that must be available for landing of an aircraft at the Srinagar airport is two kilometres. The visibility is extremely poor at the …. Source  : Gaea News Network.

Toyota agrees to pay $32 mn fine over recalls

TOKYO – Toyota Motor Corp Tuesday said it would pay a record $32.4 million in additional fines under an agreement with the US Transportation Department.

The world’s largest carmaker agreed to pay the civil penalties as the result of two separate investigations into its recall process, the US agency said late Monday.
“Safety is our …. Source article on Gaea Times at  : Toyota agrees to pay $32 mn fine over recalls.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 21, 2010 are:

Amount  (face value in ` crore)                      

Item

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

1 day Repo Auction 
… Read : Liquidity Adjustment Facility : Auction Results.

US shuts down 80 websites for selling fake goods

WASHINGTON – Over 80 websites have been shut by US officials after it was found they were dealing in counterfeit goods.

The Department of Homeland Security has seized over 80 domain names since November, saying the bogus merchandise, including fake purses and prescription drugs, were harming the US economy and endangering American lives, Fox News …. Read the original article  : US shuts down 80 websites for selling fake goods.

Delhi-Mumbai train services hit as Gujjars protest (Lead, Changing dateline)

BAYANA – Train services between Delhi and Mumbai were hit as Gujjars, demanding reservation for the community in government jobs, laid siege to a railway track near Bayana in Bharatpur district of Rajasthan.

Gujjars under the leadership of Colonel K.S. Bainsla, convener of Gujjar Arakshan Sangharsh Samiti, after holding a Mahapanchayat in Bayana, about 150 …. Read the original article  : Delhi-Mumbai train services hit as Gujjars protest (Lead, Changing dateline).

WikiLeaks: British businessmen overeducated, says Branson

LONDON – Virgin group owner Richard Branson, who left school at 15 and ran his own business when others his age were studying, believes that “British entrepreneurs are overeducated”, reveals a US cable that was put out by WikiLeaks.

In January 2008, the multi-billionaire Branson was at a lunch hosted by Chinese businessmen in Beijing, …. Original article  : WikiLeaks: British businessmen overeducated, says Branson.

West Bengal plans to give Metro stake to railways

KOLKATA – The West Bengal government plans to hand over its stake in the Kolkata Metro Rail Corporation (KMRC) to the railways, KMRC Managing Director Sumantra Chowdhury has said.

“The state government has proposed to hand over its stake if railways carry out the project. A proposal was presented to the centre in October this …. Source article on Gaea Times at  : West Bengal plans to give Metro stake to railways.

Passengers stranded as Gujjar agitation continues

MATHURA – Hundreds of passengers were stranded Tuesday as movement of trains between Mathura in Uttar Pradesh and Rajasthan’s Bharatpur was disrupted by Gujjars who have been agitating for reservation in government jobs, officials said.

“The protesters have been sitting on the railway track at Piloo ka Pura near Bharatpur and trains had to be …. Original article  : Passengers stranded as Gujjar agitation continues.

Money Market Operations as on December 20, 2010

… Read more : Money Market Operations as on December 20, 2010.

Tokyo stocks rise on ease in worries over Koreas

TOKYO – Japanese shares rebounded in Tuesday morning trading, boosted by easing concerns about tensions on the Korean Peninsula.

The benchmark Nikkei 225 Stock Average gained 75.27 points, or 0.74 percent, to trade at 10,291.68 while the broader Topix index was up 5.04 points, or 0.56 percent, to 903.59.
South Korea ended a live-firing drill [..] Read the original article: here.

Boeing to provide satellite communication system to Mexico

LOS ANGELES – Boeing Company has said that it will provide a satellite communications system to Mexico under a one-billion-dollar contract.

The system, known as MEXSAT, will consist of three satellites, two ground sites, associated network operations systems and reference user terminals, Boeing said in a statement Monday.
MEXSAT will provide secure communications for Mexico’s … Read : Boeing to provide satellite communication system to Mexico.

Groupon Acquires Amazon VP Finance

When in the tech business one rarely says no to a $ 6 Billion take over by Google. Groupon did just that after a number of days of speculation it rejected the bid. It seems that they have also added a new CFO which a move that is giving fire to the speculation that … Read more »».