Business News – Newsletter for January 1, 2011

Saturday, January 1, 2011

Haryana looks at newer pastures for farming

CHANDIGARH – Horticulture, floriculture, vegetable cultivation and fish farming – Haryana’s agricultural fields that contributed significantly to the country’s Green Revolution are now gradually diversifying to newer areas.

Farmers in the state, who are diversifying from the routine wheat-paddy cycle of crops, say they find the new farming activities more beneficial, especially in terms of … Read more : Haryana looks at newer pastures for farming.

ArcelorMittal hikes bid for Canadian iron ore giant

TORONTO – Toronto-based Baffinland Iron Mines Corp Friday asked its shareholders to accept ArcelorMittal’s higher offer of $1.40 a share or $550.7 million. The world’s biggest steel company raised its offer from $1.25 to $1.40 to beat rival Nunavat Iron Ore Acquisition Inc’s $1.35.

ArcelorMittal raised its bid after the deadline for its previous offer …. Original source  : ArcelorMittal hikes bid for Canadian iron ore giant.

Orissa wants paddy procurement norms relaxed

BHUBANESWAR – Orissa has requested the central government to relax paddy and rice procurement norms for the state as its farmers faced a calamity of rare severity in 2010, an official said Saturday.

The quality of the paddy in the state was affected due to drought conditions and unseasonal cyclonic rains in 2010.
“We … Read this article on Gaea Times at : Orissa wants paddy procurement norms relaxed.

Kindle best-selling gadget in Britain, US

LONDON – Kindle, that allows users to download and read digital copies of books and newspapers, is the most popular product of all time on Amazon – selling an estimated eight million in Britain and the US in 2010.

It appeals to consumers whose priorities are convenience and portability, and follows the success of the …. Original article  : Kindle best-selling gadget in Britain, US.

British PM vows economic growth in New Year message

LONDON – The British government will be “relentlessly focused” on supporting economic growth and job creation in 2011, despite the “heavy lifting” needed to rein in the country’s gaping budget deficit, Prime Minister David Cameron said in his New Year message.

“We have been living seriously beyond our means. We have to sort this out. …. Read the original article  : British PM vows economic growth in New Year message.

Bolivian army to sell bread to prevent shortages

La Paz, Jan 1 (IANS/EFE) Bolivian President Evo Morales has ordered the armed forces to sell bread in the western highland cities of El Alto and La Paz to prevent prices from soaring amid protests over an end to fuel subsidies.

Morales issued a decree last weekend ending subsidies for gasoline, diesel and other fuels. …. Original article on Gaea Times at  : Bolivian army to sell bread to prevent shortages.

Srinagar-Jammu highway opened for one-way traffic

SRINAGAR – The Srinagar-Jammu highway was thrown open to one-way traffic Saturday after it remained closed for two days due to heavy snowfall even as chilly winds continued to lash the summer capital.

The highway has been opened for one-way traffic. Vehicles will be allowed to move from Jammu to Srinagar today (Saturday) and they … Read the original article on Gaea Times at : Srinagar-Jammu highway opened for one-way traffic.

RBI launches Quarterly Industrial Outlook Survey for January-March 2011

The Reserve Bank of India has launched the 53rd round of the Industrial Outlook Survey (IOS) (www.rbi.org.in/scripts/BS_ViewForms.aspx?Id=181) for reference period January –March 2011. The Reserve Bank is conducting the Industrial Outlook Survey on a quarterly basis since 1998. The survey gives an insight into the perception of the public and … Read more : RBI launches Quarterly Industrial Outlook Survey for January-March 2011.

RBI launches Order Books, Inventories and Capacity Utilisation Survey : Round 12

The Reserve Bank of India has launched the Twelfth round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS) (www.rbi.org.in/scripts/BS_ViewForms.aspx?Id=182) . The survey is for the reference period October–December 2010.

The Reserve Bank has been conducting Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector regularly on a …. Read the original article  : here.

US stocks mixed on last day of 2010

NEW YORK – US stocks were mixed as markets closed on the year’s last day of trading Friday, but were up for all of 2010.

Since January, the high tech Nasdaq Composite Index posted the largest gains – 16.91 percent – of the three leading Wall Street indices. The Dow Jones Industrial Average of blue … Read this article on Gaea Times at : US stocks mixed on last day of 2010.

UAE’s Emirates NBD ranked largest bank in Middle East

Dubai, Dec 31 (IANS/WAM) UAE’s Emirates NBD has been ranked the largest bank in the Middle East in a latest ranking by the US-based Global Finance magazine.

Besides the Middle East region, the Emirates NBD also has a significant presence globally at a time when emerging markets continue to drive the global economy out … Read : UAE’s Emirates NBD ranked largest bank in Middle East.

IOC again hikes ATF prices by 2 percent

NEW DELHI – State-owned Indian Oil Corporation (IOC) Friday raised aviation turbine fuel (ATF) prices by two percent, which now stand at Rs. 47,816 per kilolitre in Delhi.

This is the sixth straight ATF rate hike since October, when international oil prices took an upward swing.
Crude oil prices, which were $79 a barrel … Read the original article on Gaea Times at : IOC again hikes ATF prices by 2 percent.

Smart City CEO comes to get drunk: Achutnanandan

THIRUVANANTHAPURAM – Even as the deadlock between the Kerala government and Smart City Dubai continued over the fate of the proposed Rs.1,500 crore Kochi project, Chief Minister V.S. Achuthanandan vented his anger saying that Smart City CEO Fareed Abdulrahman comes to the state “to get drunk”.

Abdulrahman had said earlier Friday that arbitration … Read the original article on Gaea Times at : Smart City CEO comes to get drunk: Achutnanandan.

India hopes to resolve oil payments issue with Iran soon (Roundup)

MUMBAI – India’s central bank Friday said it was in talks with Iran to resolve the row over oil payments, which accounts for 12 percent of its hydrocarbon imports, even as Tehran said the impasse had been resolved.

The Indian foreign office also denied US pressures for a shift in the settlement mechanism and said … Read more »»».

Delhi Metro museum celebrates second anniversary

NEW DELHI – South Asia’s first metro museum, showcasing the Delhi Metro — at Patel Chowk metro station here, celebrated its second anniversary Friday by conducting quiz and drawing competitions for school children.

The competition, arranged by the Delhi Metro Rail Corporation (DMRC), saw participation of students of classes 5 to 10 from … Read more : Delhi Metro museum celebrates second anniversary.

Calendar for Auction of Government of India Treasury Bills

(For the Quarter ending March 2011)

On a review of the cash position of the Government of India, the Reserve Bank of India in consultation with Government of India, has decided to notify amounts for the issuance of Treasury Bills for the quarter ending March 2011. The notified amounts for the …. Original source  : Calendar for Auction of Government of India Treasury Bills.

182-day Treasury Bills auction : Rs.1,500 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.1,500 crore. The auction will be conducted on January 5, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion …. Original source  : 182-day Treasury Bills auction : Rs.1,500 crore under regular auction.

91-day Treasury Bills auction: Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on January 5, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion …. Read the original article  : here.

RBI releases Data on Sectoral Deployment of Bank Credit – November 2010

The Reserve Bank of India has decided to disseminate the data relating to sectoral deployment of credit on a monthly basis. The data is collected from select 47 scheduled commercial banks and accounts for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks. The data …. Source article on Gaea Times at  : RBI releases Data on Sectoral Deployment of Bank Credit – November 2010.

Second 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 
…. Original article  : Second Liquidity Adjustment Facility : Auction Results.

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