Business News – Newsletter for December 27, 2010

Goa tourism hopes for Japanese boost

PANAJI – Attracting a lot of negative publicity in western Europe and Russia due to a string of high profile sex crimes against foreign tourists, Goa is now looking at Japan to expand its tourism base.

A state level delegation led by Tourism Minister Nilkanth Halarnkar and director of Goa Tourism Swapnil Naik returned from … Read this article on Gaea Times at : Goa tourism hopes for Japanese boost.

India has 706 million mobile connections: TRAI

NEW DELHI – India’s mobile phone market added 18.98 million new subscribers to its network in October, taking the total number of connections to 706.69 million, official data has showed.

According to the Telecom Regulatory Authority of India (TRAI), the wireless phone user base grew 2.76 percent to 706.69 million in October from 687.71 million …. Original source  : India has 706 million mobile connections: TRAI.

Heavier payload caused Indian rocket’s failure: Expert

BANGALORE – Instability introduced by excessive payload weight was most likely responsible for the failure of an Indian rocket’s launch on Christmas day, an expert in the field and former scientist of the Indian Space Research Organization (ISRO) says.

The scientist, with over two decades of experience with rocket motors, who did not want …. Read the original article  : here.

Russian ex-oil tycoon convicted in fraud case

Moscow, Dec 27 (IANS/RIA Novosti) Russia’s former oil tycoon Mikhail Khodorkovsky and his business partner Platon Lebedev were found guilty of embezzling 218 tonnes of oil worth $97.5 million by a Moscow court Monday.

Khodorkovsky and Lebedev, who have already spent seven years behind bars for tax evasion, are facing new charges of embezzling 218 …. Original article on Gaea Times at  : Russian ex-oil tycoon convicted in fraud case.

PM writes to Joshi, says ready to appear before PAC

NEW DELHI – Prime Minister Manmohan Singh has written to the chairman of parliament’s Public Accounts Committee (PAC) Murli Manohar Joshi and conveyed his willingness to appear before it in connection with the 2G spectrum scandal, officials said Monday.

Manmohan Singh is understood to have written to Joshi days after his announcement at the …. Original article on Gaea Times at  : PM writes to Joshi, says ready to appear before PAC.

Fog hits flights, trains in Delhi again

NEW DELHI – Several flights and trains were disrupted for the second consecutive day Monday as fog enveloped the national capital, leaving a large number of passengers stranded.

Ten domestic flights were cancelled and 20 were delayed as the heavy fog led to drop in visibility while six trains were cancelled and 55 were delayed, … Original article on : Fog hits flights, trains in Delhi again.

Sunny day in Himachal, flights resume

SHIMLA – The hills of Himachal Pradesh saw a sunny but cold day Monday and flight services resumed though they were running behind schedule due to fog in New Delhi.

It was a bright sunny day almost across the whole state and such conditions would continue till Tuesday, Manmohan Singh, director of the meteorological office … Read the original article on Gaea Times at : Sunny day in Himachal, flights resume.

Transporters’ strike cripples life in Kashmir

SRINAGAR – Passenger transport operators struck work throughout Jammu and Kashmir Monday protesting increase in taxes, rise in fuel prices, stringent laws against road accidents and lack of facilities at bus and taxi stands here.

All passenger transport vehicles, including buses, mini-buses, taxis, and three-wheelers, remained off the roads in the Kashmir Valley and the …. Source article  : Transporters’ strike cripples life in Kashmir.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.15 and the Reference Rate for Euro is ` 59.32 on December 27, 2010. The corresponding rates for the previous day (December 24, 2010) were ` 45.23 and ` 59.34 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 27, 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.

The thinking car: How future vehicles will make drivers redundant

BERLIN – Get in, lean back, relax – travelling in a car could one day be as easy as that. Scientists in Germany are conducting experiments that may lead to driverless vehicles and in a few decades transport might be possible without the need for human oversight behind the steering wheel.

Tinosch Ganjineh has a … Read more »».

Sensex climbs 0.50 percent on Asian cues

MUMBAI – A benchmark index of Indian equities market climbed 0.50 percent in the morning session Monday on positive cues from other Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened marginally in the red at 20,062.60 points from the previous close of 20,073.66 points. However, it was in … Read more »»».

Fog disrupts flights, trains in Delhi again

NEW DELHI – Flight and trains schedules were again disrupted Monday as a heavy fog enveloped the national capital. The weather office, however, forecast a sunny day ahead.

Many passengers were stranded at the Indira Gandhi International Airport here with several flights running behind schedule.
The India Meteorological Department (IMD) said the fog would clear, … Read the original article on Gaea Times at : Fog disrupts flights, trains in Delhi again.

Bolivia plans $1.73 bn in energy investments in 2011

La Paz, Dec 27 (IANS/EFE) Bolivia plans to invest $1.73 billion in the energy industry in 2011, focusing on gas to ensure adequate production to supply Argentina and Brazil, as well as the domestic market, an official said.

“It’s going to be a level of investment that will break records going back a long time, …. Original article on Gaea Times at  : Bolivia plans $1.73 bn in energy investments in 2011.

Japan stocks rise on high tech tie-ups

TOKYO – Japanese shares were up in Monday morning trading, buoyed by several large deals among technology companies, which outweighed concerns over China’s recent base rate increase.

China’s decision to hike its rates by 25 basis points Saturday came as little surprise to investors, observers said.
The announcement of several alliances in the semiconductor …. Original article  : Japan stocks rise on high tech tie-ups.

Money Market Operations as on December 24, 2010

…. Original article  : Money Market Operations as on December 24, 2010.

One in two Germans want Deutschmark back: Survey

BERLIN – Almost one in two Germans would like to drop Europe’s common euro currency and revert back to the old Deutschmark, according to a survey.

The poll, conducted on behalf of the daily Bild, showed that 49 percent of those questioned preferred the old German currency, which was replaced when the euro was introduced … Read the original article on Gaea Times at : One in two Germans want Deutschmark back: Survey.

Over 100 flights cancelled in Chicago due to snow

CHICAGO – Over 100 flights have been called off at the O’Hare International Airport in Chicago because of snow and difficulties in de-icing the planes, officials said.

The Chicago Department of Aviation (CDA) said there were also many cancellations at the city’s Midway International Airport morning, Xinhua reported Monday.
The department recommended that travellers check … Read more »»».

Istanbul’s Grand Bazaar turns 550

ISTANBUL – Over 3,000 people gathered Sunday in Istanbul’s historic Grand Bazaar to celebrate its 550th anniversary.

Established in 1461 by Mehmed the Conqueror eight years after the conquest of Istanbul, the Grand Bazaar is one of the biggest covered bazaars in the world.
It has 58 covered streets and over 1,200 shops that attract …. Original article  : Istanbul’s Grand Bazaar turns 550.

Blizzard bears down on New York, Boston

WASHINGTON – New York and Boston were being hit Sunday by the first blizzard of the season as a snow storm moves out of the South and brings a belated white Christmas to much of the East Coast.

Even before the first flake fell, airlines Saturday – Christmas Day – were offering to re-book flights … Read : Blizzard bears down on New York, Boston.