Business News – Newsletter for December 25, 2010

Christmas toy makers in China in dire straits

BEIJING – Chinese manufacturers who supply 60 percent of the world’s Christmas toy products are in dire straits as rising labour and material costs as well as the appreciation of the renminbi are forcing them to shut business.

“If the situation does not improve, we’ll definitely quit,” said Cai Qichang, owner of an arts and … Original source on Gaea Times at : Christmas toy makers in China in dire straits.

Google brings extra Christmas cheer to Nepal

KATHMANDU – Despite a deepening political crisis that has cast a dark shadow over its floundering peace process, the Himalayan republic of Nepal still has a good cause to rejoice this Christmas with a pat on the back coming from an unexpected benefactor – Google.

For two days starting from Christmas eve, Google replaced its …. Source  : Gaea News Network.

Six Canadian MPs for Vibrant Gujarat summit

TORONTO – With Canada joining Japan in becoming a partner country at the next Vibrant Gujarat summit in January, six Canadian MPs and dozens of businessmen will make a pitch for Canadian investment and technology in the fastest growing Indian state.

Held biennially immediately after Pravasi Bharatiya Divas since 2003, the Vibrant Gujarat summit is …. Source  : Six Canadian MPs for Vibrant Gujarat summit.

Christmas Village greets tourists at China’s north pole

BEIJING – A Santa Claus House, a Christmas Post Office and snow buildings are all set to greet the visitors to the Christmas Village which was opened in China’s north to attract more number of tourists in winter.

The Village in Mohe county of the northeastern Heilongjiag province which is popular as the “country’s north …. Source  : Gaea News Network.

Virtualisation poses challenges to disaster recovery plans: study

BANGALORE – Indian enterprises face challenges in protecting and recovering data as they increasingly adopt virtualisation and cloud computing, a study by global security solutions provider Symantec Corporation revealed.

“Virtualisation is having a big impact on the disaster recovery plans of Indian enterprises due to the complexity of managing disparate virtual, physical and cloud resources … Read this article on Gaea Times at : Virtualisation poses challenges to disaster recovery plans: study.

Pakistani onions poor, claim Chandigarh wholesalers

CHANDIGARH – Chandigarh has refused to accept “poor quality” onions from Pakistan and wholesalers here Saturday said they will take supplies of the commodity – whose prices have been skyrocketing – from Rajasthan and Gujarat at competitive prices.

As many as 177 truckloads of onions reached Punjab from Pakistan through the Attari-Wagah border check-post Tuesday. … Original source on Gaea Times at : Pakistani onions poor, claim Chandigarh wholesalers.

First women-only call centre opens in Saudi Arabia

JEDDAH – Saudi women, who are prohibited by society from living or working independently without written permission from a male guardian, will now be part of a first-of-its-kind “women-only” call centre in the country.

Kanoo Travel, one of the leading travel management companies in the Middle East, said 20 female employees have undergone telephone operation … Original source on Gaea Times at : First women-only call centre opens in Saudi Arabia.

Snow and ice plunge Europe into Christmas transport chaos

BERLIN/PARIS/LONDON – Winter weather hit weary travellers across Europe Friday as pre-Christmas ice and snow disrupted air and road networks.

In Paris around 2,000 passengers were marooned at Europe’s third largest airport, Charles de Gaulle. Around a third of Friday’s 1,200 scheduled flights were cancelled after a strike by workers at Glykol, which makes de-icing [..] Read the original article: here.

Suspended officer’s message gets chief minister on wrong foot

BHOPAL – Madhya Pradesh Chief Minister Shivraj Singh Chouhan was caught on the wrong foot Friday when he released a book that carried a message from an IAS officer who has been suspended by the government on corruption charges.

The book “Sankalan,” published by the women and child welfare department, was released during the launch …. Source  : Suspended officer’s message gets chief minister on wrong foot.

Ready to discuss ‘no-go’ definition: Jairam Ramesh

NEW DELHI – Environment Minister Jairam Ramesh Friday said he is ready to discuss a more liberal definition of “no-go” areas where mining activities were prohibited on environmental concerns.

“I am ready to sit down and discuss a more liberal definition of what is ‘no-go.’ I am open-minded at every step,” Ramesh told reporters …. Original article  : Ready to discuss ‘no-go’ definition: Jairam Ramesh.

Onion prices down to Rs.40/kg on Christmas eve

NEW DELHI – Delhiites were in for a pleasant surprise on Christmas eve as onion prices were down to Rs.40 per kg Friday after having sky-rocketed to Rs.80 per kg a few days back.

Supply from Pakistan, coupled with raids on hoarders by the authorities, resulted in a fall in onion prices in the wholesale … Original article on : Onion prices down to Rs.40/kg on Christmas eve.

Buddhadeb wants India-Bangaldesh working group

KOLKATA – West Bengal Chief Minister Buddhadeb Bhattacharjee Friday suggested an India-Bangladesh joint working group to identify areas of trade and commerce between the two countries.

“To (face) the intense competition in the global market, countries need to come closer, particularly Bangladesh, India and Bhutan. It’s high time we rise above local outlook. It’s time …. Original source  : Buddhadeb wants India-Bangaldesh working group.

Pakistan owes $53 bn foreign debt

ISLAMABAD – Pakistan is under the burden of more than $53 billion foreign debt despite the repayment of over $6 billion in the last three years.

The country has paid $2.3 loan in the last financial year followed by $2.3 billion in 2008-9 and $1.13 billion in 2007-08 along with the interest worth $982.6 million, …. Read the original article  : Pakistan owes $53 bn foreign debt.

CBI quizzes Raja in 2G spectrum scam (Second Lead)

NEW DELHI – The Central Bureau of Investigation (CBI) Friday questioned former communications minister A. Raja here for several hours in connection with the 2G spectrum scandal, two weeks after it raided his premises in New Delhi and Tamil Nadu.

The DMK leader, who was forced to quit Prime Minister Manmohan Singh’s cabinet last month. …. Source article on Gaea Times at  : CBI quizzes Raja in 2G spectrum scam (Second Lead).

Tata Steel evaluating Rio Tinto’s offer for Riversdale

MUMBAI – Tata Steel Ltd Friday said it was evaluating Rio Tinto’s $3.91 billion takeover offer for Riversdale Mining.

“Tata Steel will evaluate the takeover bid in the context of other alternatives available to Tata Steel,” the company said in a regulatory filing.
The company owns 24 percent stake in Riversdale Mining.
The …. Read the original article  : Tata Steel evaluating Rio Tinto’s offer for Riversdale.

Sensex rebounds 91 points, Reliance Comm surges 10 percent (Roundup)

MUMBAI – A benchmark index of the Indian equities market closed 91 points higher Friday, snapping two-day losing streak on the back of good buying support in consumer durables and FMCG stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 19,911.46 points, settled at 20,073.66 …. Source article  : Sensex rebounds 91 points, Reliance Comm surges 10 percent (Roundup).

Shortage of masons, labourers hit real estate developers in Pune

PUNE – A shortage of masons and skilled labourers is affecting construction industry in Pune.

All these years, a majority of this labour force used to come from the Orissa, Bihar and Jharkhand but with ample opportunities in their own states, these labourers are not too keen to hop over to [..] Read the original article: here.

Delhi Metro’s airport line likely to begin in 15 days

NEW DELHI – The much-awaited Airport Express Line of Delhi Metro is likely to be operational in the next 15 days, its managing director E. Sreedharan said Friday.

He said the work on the 22-km Airport Express line was complete and operations could begin in 24 hours. But the Delhi Metro Rail Corporation (DMRC) was … Read more >>.

45 truckloads of onions arrived from Pakistan Friday

AMRITSAR – Forty-five trucks loaded with onions arrived here Friday from Pakistan through the Attari-Wagah border check-post Friday, an importer said. So far, 177 truckloads of onions have reached India since Tuesday to check spiralling prices of the vegetable in the country. Each truck carries around 10-12 tonnes of onions.

Today around 45 trucks, carrying … Read more >>.

Government monitoring foreign capital impact: Mukherjee

NEW DELHI – The government is constantly monitoring the impact of foreign capital inflows on exchange rates and there was no need to press the panic button, Finance Minister Pranab Mukherjee said Friday.

So far, foreign capital flows are well within the absorptive capacity of our economy and exchange rate and monetary management has …. Source  : Gaea News Network.