Business News – Newsletter for December 24, 2010

Cool Grey 11 Sneakers Make People Crazy

SAN FRANCISCO (GaeaTimes.com)- Ever since Nike announced that a limited edition Cool Grey 11 Retro Sneakers will be launched ahead of Christmas, the fans of stalwart former basketball player Michael Jordan were on cloud nine. The retro sneakers was launched on Dec 23rd midnight at some selected retail outlets which made thousands of …. Source article on Gaea Times at  : Cool Grey 11 Sneakers Make People Crazy.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 24, 2010 are:

Amount  (face value in ` crore)                          

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
… Original article on : Liquidity Adjustment Facility : Auction Results.

US approved business with blacklisted countries: NYT

WASHINGTON – The US has allowed American companies to do billions of dollars worth of business with Iran and other countries blacklisted as sponsors of terrorism, The New York Times reported Friday.

Despite economic sanctions and trade embargoes enforced by the US government, the Treasury’s Office of Foreign Assets Control can make certain exceptions.
The … Read the original article on Gaea Times at : US approved business with blacklisted countries: NYT.

Rupee Co-operative Bank Ltd., Pune, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees Five lakh only) on Rupee Co-operative Bank Ltd., Pune, Maharashtra in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation …. Source article on Gaea Times at  : Rupee Co-operative Bank Ltd., Pune, Maharashtra ??? Penalised.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 6, 2010 to December 10, 2010.

All Figures are in USD Millions    

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
… Original source on Gaea Times at : Foreign Exchange Turnover Data.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.23 and the Reference Rate for Euro is ` 59.34 on December 24, 2010. The corresponding rates for the previous day (December 23, 2010) were ` 45.02 and ` 59.12 respectively. Based on the Reference Rate for US … Read more »»».

Indian IT industry upset over US healthcare cost burden

BANGALORE – The resilient Indian IT industry Saturday expressed outrage over the latest US law to increase the visa fee on its skilled workers to share the healthcare burden of 9/11 victims.

“It’s a retrograde step targeting the Indian IT industry again to meet the healthcare costs in the US. It is a disappointing move,” …. Source article  : Indian IT industry upset over US healthcare cost burden.

Sensex slides 0.28 percent to 19,926 points

MUMBAI – A benchmark index of the Indian equities market declined 0.28 percent in the morning session Friday on selling pressure in auto and banking stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 19,911.46 points, down 71.42 points from the previous close of 19,982.88 points.
The Sensex was …. Original article on Gaea Times at  : Sensex slides 0.28 percent to 19,926 points.

Delhi Metro completes eight years, plans more trains

NEW DELHI – The Delhi Metro, which is rapidly becoming the lifeline of the capital carrying some 16 lakh passengers daily, completed eight years in operation Friday with plans afoot to add more trains and increase ridership further.

The year 2010 was a huge hit as the daily ridership doubled during the Commonwealth Games Delhi …. Original article on Gaea Times at  : Delhi Metro completes eight years, plans more trains.

Italy’s Fiat dealers in for a sad Christmas

Milan, Dec 24 (IANS/AKI) Holiday shoppers pack the streets around Milan’s famous Gothic cathedral shopping centre carrying bags from Gap, Gucci and Prada. But a few blocks away at a Fiat showroom, there’s no sign of the bustle.

About a third of Italy’s 3,600 dealerships are at risk of going bankrupt in the next 18 …. Read the original article  : Italy’s Fiat dealers in for a sad Christmas.

Tokyo stocks fall on stronger yen

TOKYO – Japanese shares were down in Friday morning trading as the yen rose against both the dollar and the euro.

The benchmark Nikkei 225 Stock Average lost 73.52 points, or 0.71 percent, to trade at 10,272.96 while the broader Topix index was down 4.60 points, or 0.51 percent to 901.18.
A stronger yen makes …. Source article on Gaea Times at  : Tokyo stocks fall on stronger yen.

Money Market Operations as on December 23, 2010

… Read more »»».

US threatens China with WTO case on rare earth exports

WASHINGTON – US trade officials Thursday threatened trade action against China over exports of rare earth materials, one day after embarking on a separate case before the World Trade Organization (WTO) against wind power subsidies.

The office of the US Trade Representative (USTR) also accused China of a “troubling trend” towards state intervention into its …. Source  : Gaea News Network.

US stocks mixed on uncertain economic data

NEW YORK – US stocks were mixed Thursday ahead of the Christmas holiday, with the Dow Jones Industrial Average hitting a new two-year high but other major indices losing ground.

The investor uncertainty was caused by mixed data from a fragile US economy, with orders of durable goods falling more than expected but a gauge …. Source  : Gaea News Network.

London Based Investment Firms Gauging Twitter User Emotions For Hedge Fund

This news is a bit late but it should come as a welcome to those of you who missed. An investment firm based in London is actively using twitter as a stock market predictions. This gives fuel to the fire of the idea that twitter can actually be sourced for more useful things than …. Original source  : London Based Investment Firms Gauging Twitter User Emotions For Hedge Fund.

DP World sells 76 pc of Australian operating arm

Dubai, Dec 24 (IANS/WAM) Dubai-based DP World, the world’s major port operator, has inked a deal to sell 75 percent of its Australian operating arm to Citi Infrastructure Investors for $1.5 billion.

The state-backed firm has said that proceeds will go to reducing net debt.
DP World will continue to provide management services at the … Read more : DP World sells 76 pc of Australian operating arm.

Google Buys Port Authority Building Spends 2.9 Billion Dollars

NEW YORK (GaeaTimes.com) — The former Port Authority building located at New York’s 111 Eighth Avenue. The amount by which Google made the purchase was undisclosed..
The report first surfaced in early December. It can be speculated that the deal went through in the 1.9 billion range. the 2.9 million worth of square foot in …. Original article  : Google Buys Port Authority Building Spends 2.9 Billion Dollars.

‘Land a major hindrance in developing tourism in Bengal’

KOLKATA – Lack of availability of land is posing a major hindrance in developing tourism in West Bengal, a top official said Thursday.

“A major impediment in developing tourism in the state is the lack of land availability,” West Bengal Tourism Development Corporation Managing Director T.V.N. Rao said at a seminar here.
He also …. Read the original article  : here.

Tomatoes join high-priced onions, more supplies come from Pakistan (Intro Roundup)

NEW DELHI – As onion prices continued to pinch, tomatoes too joined the league forcing the government to think of banning their exports. Meanwhile, more truckloads of onions came in from Pakistan to tide over the situation and the Delhi government opened 400 outlets in the city to sell onions at Rs.40 a kg.

The … Read more : Tomatoes join high-priced onions, more supplies come from Pakistan (Intro Roundup).

Mumbai’s excise, customs collections cheer up Mukherjee

MUMBAI – Excise and customs collections in Mumbai till November during this fiscal have been satisfactory, Union Finance Minister Pranab Mukherjee said Thursday after a meeting with chief commissioners.

“Mumbai’s indirect tax collections up to November stood at Rs.56,000 crore. Customs duty collection from April-November was Rs.28,000 crore, while central excise collections amounted to Rs.16,000 …. Original article  : Mumbai’s excise, customs collections cheer up Mukherjee.