Business News – Newsletter for December 31, 2010

Arbitration will be our last resort: Smart City Dubai

KOCHI – The deadlock between the Kerala government and Smart City Dubai continued over the fate of the proposed Rs.1,500 crore Smart City Kochi project, with the latter making it clear that arbitration would be their last resort.

As expected, the 23rd board meeting of Smart City Kochi held here Friday, ended in 20 minutes …. Source article  : Arbitration will be our last resort: Smart City Dubai.

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 13, 2010 to December 16, 2010.

All Figures are in USD Millions         

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
… Read more »».

In 2011, cars to come with star ratings on energy efficiency

NEW DELHI – Car owners in India will come to know, probably from 2011, how eco-friendly their vehicle is. The government is coming up with star labelling for the automobile sector in order to stipulate strict fuel efficiency norms for cars.

The Bureau of Energy Efficiency (BEE), a statutory body under the power ministry, …. Source article on Gaea Times at  : In 2011, cars to come with star ratings on energy efficiency.

BlackBerry says India can’t access encrypted data

TORONTO – Denying reports that it has agreed to allow access to its encrypted corporate data to Indian authorities, BlackBerry maker Research In Motion (RIM) Thursday said unscrambling encrypted email on its devices is simply not “technologically feasible.”

India has been seeking access to all encrypted communications as the terrorists involved the 2008 Mumbai … Read more >>>.

Cethar Vessels to cut boiler price, start price war

CHENNAI – Super critical boilers – those which operate at high temperature and pressure – are going to cost less in 2011 as Indias second largest boiler maker, the Rs.1,046-crore Cethar Vessels, is set to reduce price drastically and ignite a price war, a top company official said Friday.

We will bring down the price …. Source article on Gaea Times at  : Cethar Vessels to cut boiler price, start price war.

Sensex soars past 20,500 points; Reliance Comm, Bajaj Auto climb

MUMBAI – A benchmark index of the Indian equities market soared past 20,500 points level in the afternoon session Friday, the last trading day of the year 2010, led by buying support in realty, banking and auto stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), opened in the positive at …. Source  : Gaea News Network.

IMF warns Pakistan of budget deficit

WASHINGTON – The International Monetary Fund (IMF) has issued a stern warning to the debt-ridden Pakistan to take immediate measures to cut its spiralling budget deficit, a media report said Friday.

According to the Wall Street Journal, a senior Pakistani government official said the international donor has written a letter to President Asif Ali Zardari, … Read this article on Gaea Times at : IMF warns Pakistan of budget deficit.

Kashmir sees record tourists, hundreds more for New Year

GULMARG – The Kashmir Valley welcomed a record 7.25 lakh tourists this year despite the four-month unrest that paralysed the region in summer. And the popular winter sports destination of Gulmarg, now covered with a pristine white blanket of snow, saw around 500 visitors arriving on New Year’s eve Friday.

“We had around 700,000 domestic … Original source on Gaea Times at : Kashmir sees record tourists, hundreds more for New Year.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.81 and the Reference Rate for Euro is ` 59.81 on December 31, 2010. The corresponding rates for the previous day (December 30, 2010) were ` 44.90 and ` 59.47 respectively. Based on the …. Source article  : RBI Reference Rate for US $ and Euro.

Srinagar-Jammu national highway still closed

SRINAGAR – The Srinagar-Jammu national highway remained closed for the second day Friday as snowfall and inclement weather threw life out of gear across the Kashmir Valley.

Four feet deep snow has accumulated on the road in the Banihal area of the Srinagar-Jammu highway. The Border Roads Organisation is busy making efforts to reopen the … Original article on : Srinagar-Jammu national highway still closed.

RBI announces rate of interest on Floating Rate Bonds, 2017

The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (January 2, 2011 to July 1, 2011) shall be 7.56 per cent per annum.

It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as …. Source article on Gaea Times at  : RBI announces rate of interest on Floating Rate Bonds, 2017.

BlackBerry denies reports on PlayBook battery life

TORONTO – BlackBerry maker Research In Motion (RIM) Thursday denied reports that the launch of its PlayBook tablet is being delayed because of its poor battery life compared to Apple’s iPad’s 10 hours.

The denial follows reports two days ago in which attributed to Kaufman Bros. analyst Shaw Wu has been quoted as saying that … Read more : BlackBerry denies reports on PlayBook battery life.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 31, 2010 are:

Amount (face value in ` crore)                          

Item

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

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

RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2010???

The Reserve Bank of India today released its ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, June 2010 (rbi.org.in/scripts/QuarterlyPublications.aspx?head=Quarterly%20Statistics%20on%20Deposits%20and%20Credit%20of%20Scheduled%20Commercial%20Banks) ’. The publication contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on last Friday of June 2010 (June 25, 2010). … Read the original article on Gaea Times at : RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: June 2010′.

Spanish PM expects weak economic growth in fourth quarter

Madrid, Dec 31 (IANS/EFE) The Spanish economy will grow in the fourth quarter of this year, but it will be a “slow and weak” growth, Prime Minister Jose Luis Rodriguez Zapatero said Thursday, adding that “what remains ahead is a very decisive task of consolidation and strengthening”.

The premier gave an accounting of 2010 at …. Read the original article  : Spanish PM expects weak economic growth in fourth quarter.

Ford, Chrysler recall over 160,000 vehicles

WASHINGTON – Automobile giants – Ford Motor Company and Chrysler – have announced the recall of more than 160,000 vehicles for repairing manufacturing defects, a media report said Friday.

Ford Motor Co. said Thursday it is recalling 19,600 trucks and crossover sports utility vehicles (SUVs) over concerns that an electrical short could cause a fire, … Original article on : Ford, Chrysler recall over 160,000 vehicles.

Murdoch waits for Ofcom report on BSkyB deal

LONDON – Media baron Rupert Murdoch and his News Corporation are reported to be waiting anxiously for media regulator Ofcom to rule on whether his proposed eight billion pound buyout of BSkyB should be subjected to a Competition Commission inquiry.

Ofcom’s team, which includes specialist lawyers and economists and is headed by chief executive Ed Richards, …. Source  : Gaea News Network.

Kodachrome rolls into history

LOS ANGELES – The last lab in the world to develop Kodachrome film closed its doors Thursday as the iconic colour slide film fell victim to the advantages offered by digital cameras.

Dwayne’s Photo in Parsons, Kansas stopped accepting film at noon local time (1600 GMT). Beforehand it was swamped with deliveries from enthusiasts of … Read more »»».

Cold winds sweep Delhi, temperatures to drop

NEW DELHI – It was a relatively clear morning as cold winds swept Delhi on the last day of the year Friday and the weather office warned that the city would get colder in the days to come.

The weather office said the day would be partly cloudy. The light morning fog affected train services, … Read more >>.

Sensex rises in morning trade

MUMBAI – A benchmark index of Indian equities was Friday ruling in the green in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,412.76 points, was ruling at 20,468.77 points – up 79.7 points or 0.39 percent from its previous close at 20,389.07 points.
At the National … Read this article on Gaea Times at : Sensex rises in morning trade.