Business News – Newsletter for January 3, 2011

India’s exports rise 26.5 percent in November

NEW DELHI – India’s exports rose 26.5 percent to $18.89 billion in November while imports increased by 11.2 percent to $27.79 billion, narrowing the trade deficit to $8.9 billion in the month, official data showed Monday.

Cumulative value of exports for the period April-November 2010 was $140.29 billion as against $110.69 billion during the …. Original article  : India’s exports rise 26.5 percent in November.

Shutdown by anti-mining group hits life in Orissa

BHUBANESWAR – A dawn-to-dusk shutdown by an anti-mining group to protest the killing of two people in a police gunfight crippled life in parts of Orissa Monday, police said.

Normal life was severely affected in villages and towns under Jharbandh, Padampur and Paikmal block in Bargarh district with shops shuttered and commercial vehicles … Read this article on Gaea Times at : Shutdown by anti-mining group hits life in Orissa.

Sensex quiet in afternoon trade

MUMBAI – A benchmark index of the Indian equities market Monday was ruling about 100 points higher in the afternoon, led by gains in metal and realty stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, was ruling at 20,611.67 points, up 102.58 points or 0.5 percent … Read the original article on Gaea Times at : Sensex quiet in afternoon trade.

Onion prices will dip by mid-January, say traders

NEW DELHI – The sky-rocketing prices of onion that have come down marginally are expected to fall further by mid-January, Delhi’s wholesale traders said.

Traders in Delhi’s Azadpur Mandi, Asia’s biggest wholesale vegetable market, said that onion prices are likely to witness a sharp fall by Jan 20 with the arrival of fresh …. Original source  : Onion prices will dip by mid-January, say traders.

Reliance Capital’s unit buys 26 percent in Indian Commodity Exchange

MUMBAI – Reliance Exchangenext Limited (R Next), a subsidiary of financial services major Reliance Capital Monday said it has acquired a 26 percent stake in Indian Commodity Exchange (ICEX), marking its foray into the commodity futures exchange business.

The Reliance Capital unit, part of the Anil Dhirubhai Ambani Group, acquired the stake from Indiabulls Financial … Read this article on Gaea Times at : Reliance Capital’s unit buys 26 percent in Indian Commodity Exchange.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.67 and the Reference Rate for Euro is ` 59.37 on January 3, 2011. The corresponding rates for the previous day (December 31, 2010) were ` 44.81 and ` 59.81 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

China to go into 4G telecom technology by 2015

BEIJING – China’s homemade fourth-generation telecommunication technology TD-LTE that can download over 150 megabytes per second will be used globally by 2015, say Chinese industry experts.

The next-generation Time Division-Long Term Evolution (TD-LTE) technology, currently under trial, is promoted by the China Mobile Communications Co.
“Many international operators have contacted China Mobile and expressed willingness … Read more >>>.

Malaysian Indian leader to seek more business ties in India

KUALA LUMPUR – Malaysian Indian leader S. Samy Vellu will begin his new assignment this week as his countrty’s special envoy to South Asia by seeking more business ties in the infrastructure sector.

He will be in New Delhi Thursday leading a 150-member Malaysian Indian delegation to the ninth Bharatiya Pravasi Divas (PBD), the annual …. Source  : Malaysian Indian leader to seek more business ties in India.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 3, 2011 are:

Amount  (face value in ` crore)                          

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Rival betters ArcelorMittal’s offer for Toronto mining company

TORONTO – The fight between ArcelorMittal and Nunavut Iron Ore Acquisition Inc. for control of Baffinland Iron Mines Corp is heating up as the latter has now made a higher offer of $1.45 a share for the Toronto-based company.

ArcelorMittal had Friday raised its offer from $1.25 to $1.40 to beat rival Nunavat Iron Ore … Original source on Gaea Times at : Rival betters ArcelorMittal’s offer for Toronto mining company.

British MPs draw flak for defying austerity measures

LONDON – Senior MPs in Britain have come under fire for celebrating the New Year with lavish holidays or by sipping champagne at an exclusive Commons fireworks party.

The lawmakers, including Chancellor of the Exchequer George Osborne who defied austerity Britain by taking a luxury break at Prince Charles’s favourite ski resort in Switzerland, …. Source article on Gaea Times at  : British MPs draw flak for defying austerity measures.

Syrians take a gamble with country’s first casino in decades

DAMASCUS – People in Syria can now roll the dice at the country’s only casino, which recently opened its doors in a gamble of its own – to test the limits in this largely conservative society.

Casino Damascus, which opened around 30 km outside the capital,near Damascus airport, is seen as a step in Syria’s …. Original source  : Syrians take a gamble with country’s first casino in decades.

Sensex starts new year on positive note

MUMBAI – Kicking off the new trading year on a positive note, a benchmark index of Indian equities Monday rose in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, was ruling at 20,652.91 points, up 143.82 points or 0.7 percent from its previous close at …. Source article on Gaea Times at  : Sensex starts new year on positive note.

Chinese cars make inroads in Myanmar’s market

YANGON – Min Min yawned as he gazed at the compound of his second-hand cars dealership in Yangon.

“I come here every day as usual but go back home without a single kyat in sales,” Min Min, 45, said.
Myanmar’s market for second-hand cars shifted into low gear last year due to an influx of …. Read the original article  : here.

Money Market Operations as on December 31, 2010

…. Source  : Money Market Operations as on December 31, 2010.

Emirates launches second A-380 to Jeddah

Dubai, Jan 2 (IANS/WAM) Emirates Sunday launched its second Airbus A-380 daily service to Saudi Arabia for business and leisure travellers.

The A-380 can carry a maximum of 517 passengers in a three-class configuration.
“The A-380 has received an overwhelmingly positive response from the Saudi market since it was introduced on …. Original article on Gaea Times at  : Emirates launches second A-380 to Jeddah.

Inflation rate a matter of concern: Pranab

KOLKATA – Finance Minister Pranab Mukherjee Sunday expressed concern over the current rate of inflation but said the figure was expected to come down to 6.5 percent by the end of the next financial year.

“The inflation is an issue of concern. We expect that the steps we have taken will bear results. It is …. Source article on Gaea Times at  : Inflation rate a matter of concern: Pranab.

BJP attacks Congress, Mukherjee over remarks on PM’s PAC offer

NEW DELHI – The Bharatiya Janata Party (BJP) Sunday said the Congress was “not serious” about fighting corruption, after Finance Minister Pranab Mukherjee’s said that Prime Minister Manmohan Singh did not consult anyone before offering to appear before parliament’s Public Accounts Committee (PAC) over the 2G spectrum scandal.

“This shows the Congress is not at … Read this article on Gaea Times at : BJP attacks Congress, Mukherjee over remarks on PM’s PAC offer.

India plans power lines via Bangladesh

AGARTALA – India is exploring the possibility of building transmission lines via Bangladesh to supply power to that country and to transmit electricity between the northeast and the rest of India, union Power Minister Sushil Kumar Shinde said Sunday.

“We should be very cooperative to meet the growing needs of electricity both in India and … Read more : India plans power lines via Bangladesh.

RBI launches survey to gauge industry growth outlook

MUMBAI – The Reserve Bank of India (RBI) has launched a new round of survey to gauge the growth prospects of public and private sector companies during the January-March quarter.

The Industrial Outlook Survey is conducted on a quarterly basis since 1998. This will be the 53rd round of the survey and provides useful … Read more >>>.