Business News – Newsletter for December 22, 2010

Sibal assures level-playing field for all telecos

NEW DELHI – The government will ensure a level-playing field for all telecom operators, irrespective of the technology platform they operate from, as the overriding objective was to maintain growth, Communications Minister Kapil Sibal said Wednesday.

“I was very happy the three captains of the telecom sector that I met were extremely constructive about their … Read this article on Gaea Times at : Sibal assures level-playing field for all telecos.

Sensex, Nifty witness choppy session

MUMBAI – A benchmark index of the Indian equities market was witnessing choppy session with positive bias Wednesday, due to lack of buying activities ahead of holiday season.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,118.82 points, up 58.50 points from the previous close of 20,060.32 points, … Read more »».

Tripura Gramin Bank posts profit for 10th year in row

AGARTALA – Tripura Gramin Bank (TGB) posted a net profit of Rs.35.35 crore, the highest among the regional rural banks (RRBs) in eastern and northeastern India, in the last fiscal, the bank’s chairman said Wednesday.

TGB, one of Indias 82 RRBs, has been making profit for the past 10 years consecutively.
The bank, celebrating 35th …. Original source  : Tripura Gramin Bank posts profit for 10th year in row.

NDA demands PM’s resignation over 2G scam

NEW DELHI – The National Democratic Alliance (NDA) Wednesday sought Prime Minister Manmohan Singh’s resignation “on moral grounds” if the government fails to answer opposition concerns on the alleged irregularities in the 2G spectrum allocation.

“If you are saying the prime minister’s post should be above suspicion, then you should honestly form a JPC (joint … Read the original article on Gaea Times at : NDA demands PM’s resignation over 2G scam.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.13 and the Reference Rate for Euro is ` 59.32 on December 22, 2010. The corresponding rates for the previous day (December 21, 2010) were ` 45.26 and ` 59.61 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Bangladesh, India to set up border bazaars

DHAKA – Bangladesh and India are working to set up a number of haats – or local markets – along the border as a way of easing access for local traders and to curb smuggling.

The first markets would begin in India’s northeastern state of Tripura that has proposed seven locations.
Visiting Tripura Minister of …. Original article on Gaea Times at  : Bangladesh, India to set up border bazaars.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 22, 2010 are :

Amount  (face value in ` crore)                     

Item

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

1 day Repo Auction 
… Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Underwriting Auctions for Government Securities

The Government of India have announced the sale(reissue) of “7.17 per cent Government Stock 2015” for a notified amount of ` 2,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 2,000 crore (nominal) and "8.30 per cent Government Stock  2040” for a … Read more >>>.

India-Bangladesh to start work on bridge this month

AGARTALA – Indian and Bangladeshi officials will start work later this month on a bridge over the Feni river in Tripura to get access to Bangladesh’s Chittagong sea port for carrying goods and heavy machinery from India to its landlocked northeast, says a minister.

Tripura Commerce and Industries Minister Jitendra Chaudhury held separate meetings in … Original article on : India-Bangladesh to start work on bridge this month.

ArcelorMittal bid goes before Canadian regulators

TORONTO – Canadian regulators will hear Wednesday a challenge to ArcelorMittal’s bid for Canadian mining company Baffinland Iron Mines Corp. for $492 million.

The hostile bidder Nunavat Iron Ore Tuesday succeeding in getting a hearing by the Ontario Securities Commission for a temporary ban on Baffinland’s shareholder new rights plan for selling the mining company … Read : ArcelorMittal bid goes before Canadian regulators.

Sensex opens 58 points up on positive global cues

MUMBAI – A benchmark index of Indian equities opened 50 points higher Wednesday, taking positive cues from global stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,118.82 points, up 58.50 points from the previous close, after gaining nearly one percent Tuesday.
At the National Stock Exchange C&X …. Source  : Sensex opens 58 points up on positive global cues.

Microsoft Windows 7 Phone passes 1.5 mn mark

SAN FRANCISCO – More than 1.5 million Windows Phone 7 devices have been sold in the six weeks since the smartphone went on the market, Microsoft announced Monday.

While far from the 300,000 daily activations attributed to the iPhone and phones powered by Google’s Android operating system, the Windows Phone sales figures met the company’s … Read : Microsoft Windows 7 Phone passes 1.5 mn mark.

Money Market Operations as on December 21, 2010

…. Source  : Money Market Operations as on December 21, 2010.

Tokyo stocks inch up on US rally

TOKYO – Japanese shares edged up in Wednesday morning trading, supported by a rally on Wall Street.

The benchmark Nikkei 225 Stock Average gained 5.95 points, or 0.06 percent, to trade at 10,376.48 while the broader Topix index was up 2.04 points, or 0.23 percent, to 908.25.
Overnight, major US stock indices closed at their … Read : Tokyo stocks inch up on US rally.

Japan exports up 9.1 percent, trade surplus falls in November

TOKYO – Japanese exports rose 9.1 percent in November from a year earlier to 5.44 trillion yen ($64.9 billion), the government said Wednesday.

The rise was the 12th consecutive monthly increase, the Finance Ministry said in a preliminary report.
Japan’s imports climbed 14.2 percent to 5.28 trillion yen, leaving the country’s trade surplus at 162.8 …. Source  : Gaea News Network.

Intel Says McAfee Acquisition Approved By FTI

Intel announced on Tuesday that US anti-trust regulators announced that the 7.68-billion-dollar acquisition of the computer security firm McAfee, known for its antivirus and network security product. However the deal is still being examined in Europe.
The Federal Trade Commission has concluded its review of the proposed McAfee transaction and has cleared it,
Intel vice president …. Original article  : Intel Says McAfee Acquisition Approved By FTI.

US stocks rise to highest levels in two years

NEW YORK – Major US stock indices Tuesday closed at their highest levels in more than two years as investors looked to 2011 with increased confidence.

The broader Standard & Poor’s 500 Index climbed 0.60 percent to 1,254.60, exceeding its close of 1,251.70 Sep 12, 2008 – the last session before Lehman Brothers filed the … Read more »».

SalesForce Acquires Etacts A Social CRM Startup

Salesforce has acquired Etacts, a Y-combinator startup in the contact management system for an undisclosed amount. The company tried to introduce contact management and as well as relationship management for an undisclosed sum. The Etacts product tied to bring relationship management to its users’ personal e-mail contacts. The usp of their tech was an … Read more >>.

AT&T Bags Qualcomm Spectrum For 1.93 Billion

Network major AT&T has agreed to pay $1.93 billion for the wireless spectrum via Qualcomm Inc. The reported spectrum should have about 300 million people covered. This in accordance with AT&T’s plan to upgrade its network and continue its efforts to build the next generation LTE network.
AT&T is noted as the second … Read : AT&T Bags Qualcomm Spectrum For 1.93 Billion.

India, Russia sign 29 agreements from defence to trade

NEW DELHI – India and Russia Tuesday inked 29 bilateral agreements, which include building advanced stealth jets to increasing banking linkages and setting up a steel plant.

While 11 agreements were signed in the presence of Prime Minister Manmohan Singh and Russian President Dmitry Medvedev here Tuesday, 18 more deals were signed on the sidelines … Original article on : India, Russia sign 29 agreements from defence to trade.