Business News – Weekly Newsletter for January 1-3, 2011

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.

Joshi calls for radical change in role of CAPART

NEW DELHI – The Council for Advancement of People’s Action and Rural Technology (CAPART) needs a new institutional framework to develop linkages with panchayati raj institutions (PRI), Rural Development Minister C.P. Joshi Tuesday said.

Joshi called for a “radical change” in the role of CAPART, an autonomous body functioning under the aegis of the …. Read the original article  : here.

Rains give respite from fog, but rail services affected

NEW DELHI – The capital witnessed light rainfall early Tuesday, adding to the chill. It helped ease heavy fog conditions as also flight operations at the Delhi airport, but rail services continued to be hit with 50 trains affected.

“There is a western disturbance over Jammu and Kashmir, because of which Delhi witnessed light … Read more »»».

India again saw gold rush despite robust stock markets (2010 in Retrospect)

NEW DELHI – Despite the sharp recovery of India’s capital markets, appetite for gold in the world’s largest consumer of the precious yellow metal remained robust in 2010, sending prices soaring to record highs at the retail level.

Prices had been on an upward climb throughout the year, particularly since May, when the economies of …. Source  : India again saw gold rush despite robust stock markets (2010 in Retrospect).

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.17 and the Reference Rate for Euro is ` 59.75 on December 28, 2010. The corresponding rates for the previous day (December 27, 2010) were ` 45.15 and ` 59.32 respectively. Based on the Reference Rate for US …. Read the original article  : RBI Reference Rate for US $ and Euro.

Sun shines on Goa tourism even as Europe freezes over

PANAJI – Despite Europe’s travel itineraries freezing up due to an intense cold wave, Goa’s tourism prospects luckily continue to bask in the mild winter sun here.

Travel and tourism industry stakeholders here say the European chill has not affected the Goa market much and also that the domestic tourist has helped tide over the … Read this article on Gaea Times at : Sun shines on Goa tourism even as Europe freezes over.

Malaysia to set up three panels for Indian community

KUALA LUMPUR – Three committees will be set up for Malaysia’s 2.1-million Indian community that will focus on areas where they would benefit the most, a minister has announced.

The areas that will be looked into would be crime among ethnic Indian youth, promoting retail business and small and medium-scale enterprises (SME), Deputy Minister in …. Source article  : Malaysia to set up three panels for Indian community.

Dhaka looks to Moscow for oil, gas exploration

DHAKA – Bangladesh has offered Russian energy corporation Gazprom joint venture projects in oil and gas sector after lukewarm response to its bids from the western multi-national corporations.

State sector Petrobangla’s chairman Hossain Mansur said that they were hopeful of signing agreements at the end of next February when Gazprom’s chairman Viktor Zubkov visits here.
… Read more : Dhaka looks to Moscow for oil, gas exploration.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 28, 2010 are:

Amount  (face value in ` crore)                       

Item

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

1 day Repo Auction 
… Read : Liquidity Adjustment Facility : Auction Results.

Calm before tourism storm as Sri Lankan coast awakens

ARUGAM BAY – The only people who were never frightened by the civil war were the surfers. No matter what, they always came here to Arugam Bay on Sri Lanka’s southeastern coast.

Surfers like Jason, in his mid-20s, with bleached dreadlocks and a full beard, his chest tattooed. The Australian doesn’t need long to consider … Read this article on Gaea Times at : Calm before tourism storm as Sri Lankan coast awakens.

Expert ‘actuaries’ who assess insurance risk getting younger

CHENNAI – Once considered the exclusive preserve of venerable middle-aged executives, the office actuaries — experts who scientifically review the risks in the life and non-life insurance business — is getting younger by the year.

“Earlier, Indian actuaries in the age bracket of around 45 years were hired to head the offices,” said G.L.N. Sarma, …. Source article on Gaea Times at  : Expert ‘actuaries’ who assess insurance risk getting younger.

Money Market Operations as on December 27, 2010

…. Original article on Gaea Times at  : Money Market Operations as on December 27, 2010.

New York, Boston airports open again

NEW YORK – New York’s three regional airports opened for business again Monday evening after a record blizzard dumped more than 50 cm of snow on the region and shut down transport.

The Federal Aviation Administration said that departure delays were about 15 minutes at John F. Kennedy, Laguardia and Newark airports. The major Boston …. Source article on Gaea Times at  : New York, Boston airports open again.

Japan stocks fall on profit taking

TOKYO – Japanese shares were down in Tuesday morning trading, as investors sold to lock in gains.

The benchmark Nikkei 225 Stock Average lost 39.04 points, or 0.38 percent, to trade at 10,316.95 while the broader Topix index was down 0.43 points or 0.05 percent to 904.25.
On currency markets at 9 a.m. (0000 GMT), … Read the original article on Gaea Times at : Japan stocks fall on profit taking.

US stocks mixed amid winter storm

NEW YORK – US stocks were mixed Monday after a three-day Christmas holiday weekend, as investors took trading lightly in the midst of a blizzard in the northeastern US.

Wall Street traders along with many other workers in the region struggled to get to work on Monday after a major snow storm struck the region … Read more : US stocks mixed amid winter storm.

IATA predicts net profit of $15 bn for 2010

AMMAN – A senior official of the International Air Transport Association (IATA) has predicted net profits of the world’s airlines to reach $15 billion for 2010 – up from $8.9 billion in earlier projections.

Majdi Sabri, IATA’s regional vice president for the Middle East and North Africa, attributed the upward revision of earlier estimates to …. Original article  : IATA predicts net profit of $15 bn for 2010.

Blizzard howls into US East Coast, blocking travel (Second Lead)

WASHINGTON – The first blizzard of the season rammed the northeastern US and continued to leave passengers stranded Monday at train stations, airports and highways just after the Christmas holidays.

New York City was in the eye of the storm, reporting more than 50 cm of snow fall by Monday morning. All flights were cancelled …. Original source  : Blizzard howls into US East Coast, blocking travel (Second Lead).

Pakistan’s AirBlue starts Peshawar-Abu Dhabi flight

Abu Dhabi, Dec 27 (IANS/WAM) AirBlue, Pakistan’s largest privately-operated airline, has launched its new service from Abu Dhabi to Peshawar, an official said.

The launch of the link will bring the carrier’s number of weekly flights from Abu Dhabi to 18, the Abu Dhabi Airports Company (ADAC) said in a statement.
AirBlue will operate …. Read the original article  : Pakistan’s AirBlue starts Peshawar-Abu Dhabi flight.

More Bluelines going out, private low-floors being introduced

NEW DELHI – More than 1,200 Blueline buses will be phased out from the capital’s roads by Friday, and the Delhi government is introducing private low-floor buses in several clusters to replace them, it was announced here Monday.

Transport Minister Arvinder Singh Lovely Monday announced a detailed plan for the phase out of Blueline buses … Original article on : More Bluelines going out, private low-floors being introduced.

Dense fog hits hard Delhi, north India (Roundup)

NEW DELHI – A blinding fog Monday morning hit hard the capital disrupting air, rail and road traffic in a major way and in parts of north India, amid warnings that fog was here to stay for some days.

Thousands of men, women and children were stranded — and fuming — for hours both at …. Source  : Gaea News Network.

KEC International bags orders worth Rs.1,018 crore

MUMBAI – Power transmission major KEC International Ltd Monday said it has bagged orders worth Rs.1,018 crore for the construction of transmission lines and other civil projects.

In the transmission segment, the firm secured three orders for constructing 765 kV transmission lines from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPN), Power Grid Corporation of India …. Source article on Gaea Times at  : KEC International bags orders worth Rs.1,018 crore.

Metro stuck for 40 minutes near Patel Chowk metro station

NEW DELHI – Services on Delhi Metro’s Jahangirpuri-Gurgaon line were affected for 40 minutes Wednesday after a train got stuck in the tunnel near Patel Chowk station.

According to a DMRC official, the incident occurred around 1 p.m. when a fault developed in the train’s traction system.
A rescue train was sent to tow … Original article on : Metro stuck for 40 minutes near Patel Chowk metro station.

Indian mobile handsets market grows by 3.6 percent in Q3

NEW DELHI – The sales of mobile phones in India grew 3.6 percent to touch 40 million units during the quarter ended Sep 30, said a study by advisory firm IDC’s India quarterly mobile handsets tracker, 3Q 2010.

According to the study, Finnish handset maker Nokia had the largest share of 31.5 percent in …. Original article on Gaea Times at  : Indian mobile handsets market grows by 3.6 percent in Q3.

Mathrubhumi gets set to launch news channel

THIRUVANANTHAPURAM – “Mathrubhumi,” Kerala’s second most popular Malayalam daily, is getting ready to launch its 24-hour news and current affairs television channel shortly.

Speaking to IANS, M.V. Shreyams Kumar, Mathrubhumi’s director of electronic media, said they are hoping to launch the channel ahead of the forthcoming assembly elections, likely to be held in May 2011.
… Read more : Mathrubhumi gets set to launch news channel.

Chhattisgarh seeks Rs.300 crore damages for paddy farmers

RAIPUR – The Chhattisgarh government has sought at least Rs.300 crore compensation from the centre for the paddy growers whose crops were devastated due to unseasonal heavy rains early this month, an official said Wednesday.

The Bharatiya Janata Party led-government informed the centre that the rains lashed the state’s 18 districts early this month, which … Read : Chhattisgarh seeks Rs.300 crore damages for paddy farmers.

Highlights of developments in Indian economy

NEW DELHI – Some key developments in the Indian economy in 2010:
-GDP up 8.6 percent, 8.8 percent and 8.9 percent in first three quarters

-Industrial growth of around 11 percent between January and October
-Average export growth of over 25 percent during first 10 months
-Foreign exchange reserves up $11 billion and stand at … Read more : Highlights of developments in Indian economy.

Highlights of developments in Indian economy

NEW DELHI – Some key developments in the Indian economy in 2010:
-GDP up 8.6 percent, 8.8 percent and 8.9 percent in first three quarters

-Industrial growth of around 11 percent between January and October
-Average export growth of over 25 percent during first 10 months
-Foreign exchange reserves up $11 billion and stand at … Read this article on Gaea Times at : Highlights of developments in Indian economy.

Economy revives but inflation, reforms sore points (2010 in Retrospect)

NEW DELHI – The year’s first three quarters with over 8.5 percent growth marked a revival of the Indian economy in 2010, but the year also ends on a tart note due to high inflation, a virtual status quo on key reforms and allegations of some serious financial scams.

The year evidently started on a …. Source  : Economy revives but inflation, reforms sore points (2010 in Retrospect).

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.12 and the Reference Rate for Euro is ` 59.22 on December 29, 2010. The corresponding rates for the previous day (December 28, 2010) were ` 45.17 and ` 59.75 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex rises 138 points; HDFC, Bharti Airtel climb

MUMBAI – A benchmark index of the Indian equities market advanced more than half percent by noon Wednesday, led by good buying support in metal, banks and FMCG on the back of positive Asian cues.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened in the positive terrain at 20,060.88 points … Read more : Sensex rises 138 points; HDFC, Bharti Airtel climb.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 29, 2010 are :

Amount  (face value in ` crore)                   

Item

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

1 day Repo Auction 
… Read more : Liquidity Adjustment Facility : Auction Results.

Gujjar agitation worries Rajasthan tourism industry

JAIPUR – Rajasthan’s tourism industry is worried about the ongoing Gujjar agitation that has affected the influx of visitors to the desert state in this peak tourist season.

Gujjars, demanding five percent reservation in government jobs, have been protesting in the state since Dec 20. The protesters have laid siege to a railway track near … Read more >>.

New visa norms are the scourge of Goa tourism, says Official

PANAJI – The new visa regime which restricts travellers from staying in India for over three months is the new scourge of tourism in Goa, according to a travel and tourism industry spokesperson.

The stringent visa regime was severely affecting Goa’s tourism USP — repeat tourists from Europe, Travel and Tourism Association of Goa (TTAG) … Read the original article on Gaea Times at : New visa norms are the scourge of Goa tourism, says Official.

Chinese farmers prosper using internet

BEIJING – Farmers in China’s remote villages are prospering with trading agricultural products through the world wide web using internet connectivity provided at various information centres in rural parts of the country.

Information centres with internet have been set up in 2,362 villages in the autonomous region of Ningxia as part of a national one …. Original source  : Chinese farmers prosper using internet.

Women own or co-own 40 percent of US firms

WASHINGTON – Women entrepreneurs now own or co-own 40 percent of all businesses in the US and have created almost twice as many businesses as men between 2002 and 2007, say experts.

Currently, some 10.1 million firms are owned or co-owned by women, 40 percent of all businesses in the US, says the Centre for … Read more : Women own or co-own 40 percent of US firms.

US Congress bans `silent’ cars

WASHINGTON – With the number of electric cars likely to increase significantly in the coming year, the US Congress has banned “silent” vehicles to improve safety for pedestrians, cyclists and other road users.

Traffic authorities have been given 18 months to set a minimum volume for extremely silent cars. The law stipulates warning signals when … Read more »».

Money Market Operations as on December 28, 2010

…. Source article on Gaea Times at  : Money Market Operations as on December 28, 2010.

Japan stocks rise

TOKYO – Japanese shares were up in Wednesday morning trading, after an opening dip.

The benchmark Nikkei 225 Stock Average gained 17.31 points, or 0.17 percent, to trade at 10,309.94 while the broader Topix index was up 1.68 points or 0.19 percent to 904.51.
The markets dropped as the markets opened as the yen … Read more >>.

US struggles with clean-up, travel delays

NEW YORK – New Yorkers were Tuesday struggling to cope with the aftermath of one of the biggest snow storms to hit the region, severely hampering public transportation and leaving thousands without power.

The estimated 60 cm of snow that piled up over the weekend forced the cancellation of 4,500 flights in the New York … Read more »».

Awareness campaign on intellectual property rights in UAE

Dubai, Dec 29 (IANS/WAM) The UAE Tuesday launched a two-week nationwide campaign to create awareness on intellectual property rights so it can help prevent unfair business practices.

The slogan of the campaign is “Let us be partners in your protection and the protection of others”.
It is being organised by the economy ministry for the …. Source article  : Awareness campaign on intellectual property rights in UAE.

UAE discusses trade cooperation with Syria

Damascus, Dec 28 (IANS/WAM) The United Arab Emirates and Syria have vowed to strengthen their bilateral ties, especially in the fields of trade and investment.

UAE Minister of Foreign Trade Sheikha Lubna Bint Khalid Al Qasimi and Syrian Prime Minister Mohamed Naji al-Otari discussed Monday proposals to develop bilateral trade and investment cooperation.
…. Source article on Gaea Times at  : UAE discusses trade cooperation with Syria.

Govt. will take more steps to check price rise: Mukherjee

NEW DELHI – Union Finance Minister Pranab Mukherjee, expressing his concern over food inflation, which accelerated to a ten-week high in mid-December on rising prices of vegetables, on Thursday said the government will take more steps to check price rise.

“We are looking into it. So far as onion is concerned we have taken care of …. Source  : Gaea News Network.

Cold and drizzle in Delhi; fog affects flights, trains

NEW DELHI – It was a gloomy, cold and and dank Thursday morning as Delhi saw light drizzle. But the minimum temperature was above the average due to the cloud cover. Flight and train services were affected because of fog and low visibility.

The minimum temperature at 11.8 degrees Celsius was five degrees above the … Original article on : Cold and drizzle in Delhi; fog affects flights, trains.

Baring Private Equity invests $90 million in Cethar Vessels

CHENNAI – The Tiruchirapalli-based Rs.1,046 crore boiler manufacturer Cethar Vessels Ltd has received $90 million from private equity fund Baring Private Equity Partners India for an unspecified percentage stake, a top official said.

“We chose Baring Private Equity on account of their appetite for investment in infrastructure projects. We are sure that this partnership will …. Original article  : Baring Private Equity invests $90 million in Cethar Vessels.

Larsen and Toubro bags Rs.11.64 bn projects

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Thursday said that its metallurgical and water operating sectors have bagged projects worth Rs.1,164 crore (Rs.11.64 billion).

“The minerals and metals unit has secured an order worth Rs.523 crore from Tata Steel Limited. It is for a 600,000 tonnes per year continuous annealing and processing … Read more »»».

French retailer Carrefour opens first wholesale store in India

NEW DELHI – The world’s second largest retailer, the France-based Carrefour opened its first cash-and-carry wholesale store in India at the capital’s eastern suburb of Shahadra Thursday and said it would soon open more such outlets in the country.

“Opening of this first store marks Carrefours entry into the Indian market and will be … Read more : French retailer Carrefour opens first wholesale store in India.

Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect)

BANGALORE – Recovering from global tech meltdown, the resilient Indian IT industry returned to high growth during a tumultuous 2010 but is cautiously optimistic about 2011 in view of the economic uncertainty in Europe and the US, which account for 80-85 percent of its export revenue from software services and back office operations.

“Though 2010 …. Original source  : Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect).

ArcelorMittal sticks to offer deadline as rival raises bid

TORONTO – Even as ArcelorMittal stuck to its Thursday night deadline of friendly takeover offer of $492 million to Canada’s Baffinland Iron Mines Corporation, rival Nunavut Iron Ore upped its hostile bid to $1.40 share to buy 50.1 percent stake in it.

Since Nunavat, which was floated by a former Baffinland executive just recently to …. Original article  : ArcelorMittal sticks to offer deadline as rival raises bid.

No RBI approval needed for bank branches in northeast: minister

AGARTALA – The Reserve Bank of India (RBI) has relaxed norms for setting up bank branches in northeast India and no prior approval of the apex regulatory body is required in this regard, a senior Tripura minister said Thursday.

The clarification came during a meeting between RBI Governor D. Subbarao and Tripura’s Finance Minister Badal …. Original article on Gaea Times at  : No RBI approval needed for bank branches in northeast: minister.

Sensex climbs 0.42 percent; Maruti, Tata Motors rise

MUMBAI – A benchmark index of the Indian equities market climbed nearly half a percent by noon Thursday on buying support in auto, FMCG and technology stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened in the positive terrain at 20,274.12 points from the previous close of 20,256.03 points.
Keeping its … Original source on Gaea Times at : Sensex climbs 0.42 percent; Maruti, Tata Motors rise.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.90 and the Reference Rate for Euro is ` 59.47 on December 30, 2010. The corresponding rates for the previous day (December 29, 2010) were ` 45.12 and ` 59.22 respectively. Based on the Reference Rate for US …. Read the original article  : RBI Reference Rate for US $ and Euro.

China to set up rare earths trade body

BEIJING – China plans to set up an industry association and a government unit for the rare earths industry to gain more control over the precious metals, a media report said.

The rare earths industry association is likely to be launched in May next year and will assist companies in exports and international cooperation, Wang … Original article on : China to set up rare earths trade body.

Milk prices up by Rs.2 in Bihar

PATNA – Millions of people in Bihar will have to pay Rs.2 more for a kg of milk from Friday, officials Thursday said.

Bihar State Co-operative Milk Producers’ Federation (COMPFED), which sells milk and milk products in the state and outside it under the brand name Sudha, has increased the milk prices after an year.
… Read the original article on Gaea Times at : Milk prices up by Rs.2 in Bihar.

Food inflation zips on high onion, fruits, eggs, meat prices

NEW DELHI – Soaring prices of onions, fruits, vegetables, milk, eggs, meat and poultry sharply pushed India’s annual food inflation based on wholesale prices to 14.44 percent for the week ended Dec 18 from 12.13 percent for the week before.

This was the fourth straight week of rise in food inflation rate, which was pushed … Original article on : Food inflation zips on high onion, fruits, eggs, meat prices.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 30, 2010 are:

Amount  (face value in ` crore)                            

Item

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

1 day Repo Auction 
…. Source article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Facebook billionaire visits Bangkok

BANGKOK – Mark Zuckerberg, the founder of the popular social-networking website Facebook and the world’s youngest billionaire, has been spotted in Bangkok, media reports said Thursday.

Zuckerberg, Time magazine’s person of the year, was attending a friend’s wedding in the Thai capital this week, The Nation newspaper reported.
He was first spotted at the … Read the original article on Gaea Times at : Facebook billionaire visits Bangkok.

Nicaragua exceeds one mn foreign tourists for first time

Managua, Dec 30 (IANS/EFE) More than one million foreign tourists visited Nicaragua this year, the first time that the country has exceeded that figure and an 8 percent increase with respect to 2009, authorities said.

Nicaraguan Tourism Institute, or Intur, president Mario Salinas told reporters Wednesday that they expect 1.01 million foreign visitors to have …. Original article on Gaea Times at  : Nicaragua exceeds one mn foreign tourists for first time.

Brazil oil field’s name changed to `Lula’

Rio de Janeiro, Dec 30 (IANS/EFE) Brazilian state-controlled energy giant Petrobras Wednesday confirmed the commercial viability of two massive offshore oil and gas fields located deep beneath the ocean floor, announcing that one of them will now be known as “Lula”.

The name of that field, determined to hold 5 billion barrels of recoverable oil …. Source article  : Brazil oil field’s name changed to `Lula’.

Flights stuck hours on runway in New York

NEW YORK – Passengers on international flights to New York were forced to wait hours on the tarmac in the wake of a weekend snow storm that continues to frustrate travellers, US media reported Wednesday.

At least 31 flights from international destinations were forced to wait more than three hours at John F. Kennedy International [..] Read the original article: here.

Japan stocks drop on stronger yen

TOKYO – Japanese shares were down in Thursday morning trading, as the yen reached a seven-week high against the dollar.

The benchmark Nikkei Stock Average lost 128.73 points, or 1.24 percent, to trade at 10,215.81 while the broader Topix index was down 9.90 points or 1.09 percent to 898.11.
A stronger yen makes … Original source on Gaea Times at : Japan stocks drop on stronger yen.

Money Market Operations as on December 29, 2010

… Read more >>.

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.

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.

CII proposes bio-diesel price hike

NEW DELHI – The government should raise the price of bio-diesel obtained from the jatropha plant to support the bio-diesel industry’s sustainability efforts, the Confederation of Indian Industry (CII) says.

In a proposal submitted to the ministry of new and renewable energy, the industry lobby suggested the price could be increased from Rs.26.50 per litre …. Read the original article  : here.

Assocham proposes national poll fund for parties

NEW DELHI – In a bid to stem out corruption and inflow of black money during election campaigns, an industry lobby has asked the government to create a national fund supported by budgetary provisions for political parties.

The suggestion was made by Assocham (Associated Chambers of Commerce and Industry of India) to Finance Minister Pranab …. Source article  : Assocham proposes national poll fund for parties.

CPI-M leader stuns party over GM crops

THIRUVANANTHAPURAM – Deviating from his party’s stand, Communist Party of India-Marxist (CPI-M) politburo member S. Ramachandran Pillai staunchly supported GM crops at an agriculture seminar here.

Pillai, who inaugurated the three-day seminar “Agriculture in the era of Globalization”, declared that opposition to GM seeds was superstitious.
He said that the use of GM … Read more : CPI-M leader stuns party over GM crops.

Second generation of Apple TV to cross million sales mark

BERLIN – Apple’s set-top box TV system Apple TV has long since passed the phase where it’s the domain of hobbyists, according to Apple head Steve Jobs.

That’s because the second generation of the Apple TV system is set to surpass the million sales mark in the next weeks, if it hasn’t done so already.
… Read more : Second generation of Apple TV to cross million sales mark.

Google TV faces hurdles

NEW YORK – Google’s foray into internet television is not going quite as planned.

Google plans to rework the software for Google TV before more manufacturers bring devices to market with that programming installed, reported US media recently. That’s after critics savaged the first take of the system.
Google TV is designed to operate on … Read more >>>.

Microsoft plans new Windows operating system for mobile devices

SAN FRANCISCO – Microsoft is working on a new Windows system for mobile devices like tablet computers, according to reports.

The system would focus on devices using energy-saving chips designed by the British company ARM. Many of ARM’s chips are currently used in both the iPad and iPhone from Apple.
Now Windows will reportedly offer …. Source article on Gaea Times at  : Microsoft plans new Windows operating system for mobile devices.

UAE ministry sets up committees to guide farmers

Dubai, Jan 1 (IANS/WAM) The UAE Environment and Water Ministry has set up two new technical committees to guide the farmers on agricultural and livestock affairs, it was announced Saturday.

The move is to strengthen security of vital food and livestock resources. The committees will be responsible for giving proper guidance to farmers …. Read the original article  : UAE ministry sets up committees to guide farmers.

CNG gets dearer, to cost Rs.29 per kg

NEW DELHI – Delhi will have to pay more for Compressed Natural Gas (CNG) as the rates of the fuel have been revised upward to Rs.29 per kg in the capital with effect from midnight of Jan 1, an official said Saturday.

The price was currently Rs.27.75, an official of Indraprastha Gas Limited (IGL) said.
…. Original source  : CNG gets dearer, to cost Rs.29 per kg.

India has to address governance, ethical deficits: Chidambaram

CHENNAI – India has to address three major deficits – governance, regulatory and ethical- if the country has to progress, the economy continue to log nine percent growth and the gains of last two decades are not lost, Home Minister P. Chidambaram said Saturday.

“We were slow to realise that when the economy grows at …. Read the original article  : here.

Buddhadeb inaugurates social security fortnight for workers

KOLKATA – In a bid to draw more unorganised and organised sector workers into the government’s social security network ahead of next assembly polls, the West Bengal government Saturday launched the Social Security Fortnight to raise awareness about the schemes.

The social security network, formulated by the state labour department and implemented by the State … Original source on Gaea Times at : Buddhadeb inaugurates social security fortnight for workers.

40,000 Chinese apply for car licence plates on New Year

BEIJING – Nearly 40,000 online applications for car licence plates were received by the Beijing municipal government in the first 11 hours of the new year, as new traffic rules took effect here Saturday, Xinhua reports.

As of 11 a.m., the website for application of licence plates accepted 36,138 applications, an official with the …. Read the original article  : 40,000 Chinese apply for car licence plates on New Year.

NTC land in Gujarat fetches Rs.145.93 crore

GANDHINAGAR – Hitting a New Year jackpot, the National Textiles Corporation (NTC) has sold through an e-auction two closed mills in Gujarat for a combined price of Rs.145.93 crore ($32.6 million) against a total reserve price of Rs.68.74 crore, a statement said here Saturday.

In a keenly-fought three-day auction that went on nearly till the …. Source article on Gaea Times at  : NTC land in Gujarat fetches Rs.145.93 crore.

Telecos paid Rs.73.73 crore penalty for late 2G rollout: Sibal

NEW DELHI – Communications Minister Kapil Sibal Saturday said telecom operators who missed the deadlines for the rollout of 2G services paid Rs.73.73 crore penalty and the government had not ruled out cancelling their licences.

“We had generated demand for over Rs.78 crore, of which the operators have submitted Rs.73.73 crore,” Sibal told reporters here.
…. Source article  : Telecos paid Rs.73.73 crore penalty for late 2G rollout: Sibal.

Indian automobile firms close 2010 with stellar sales figures (Roundup)

NEW DELHI/CHENNAI – Prompted by a growing economy, increasing disposable incomes and low interest rates, Indian automobile manufacturers Saturday reported stellar sales figures for the calender year 2010.

Chennai-based car manufacturer Hyundai Motor India, the country’s second largest car manufacturer, saw its domestic sales grow by 23.1 percent, while exports saw a down slide of …. Source article on Gaea Times at  : Indian automobile firms close 2010 with stellar sales figures (Roundup).

Hyundai, Ford close 2010 with higher sales

CHENNAI – The city-based car manufacturers Hyundai Motor India and Ford India closed 2010 with higher sales compared to 2009.

Hyundai, the country’s second largest car manufacturer, saw its domestic sales grow by 23.1 percent while exports saw a downslide of 8.5 percent, a company official said Saturday.
It logged a cumulative growth of … Read more »»».

Toyota Kirloskar’s 2010 sales up 38 percent

NEW DELHI – Toyota Kirloskar Motor (TKM) Saturday reported a growth of 38 percent in its sales for 2010, which stood at 74,759 units as against 54,320 units in 2009.

“We are very happy with the response we have received from our customers in 2010,” said Sandeep Singh, deputy managing director-marketing, TKM.
According to him, …. Source  : Toyota Kirloskar’s 2010 sales up 38 percent.

Night landing cleared at Agra airport

AGRA – The union Ministry of Tourism and Culture has cleared night landing of flights at Agra’s Kheria airport, according to an industry source, who also said flights will begin landing at night within a month or two.

It has been a long-pending demand of the tourism industry to allow flights, particularly international flights, to …. Original article  : Night landing cleared at Agra airport.

GM 2010 sales grow by 59 percent

NEW DELHI – General Motors India Saturday reported 59 percent growth in sales for 2010, which stood at 110,804 units as against 69,579 units in 2009.

Introduction of best-in-segment cars from the 300 series, increase in customer numbers, unique value proposition like cashless ownership are the factors that have led to the impressive performance in …. Read the original article  : GM 2010 sales grow by 59 percent.

China-Russia oil pipeline begins operation

BEIJING – An oil pipeline linking Russia’s far east and northeast China started operating Saturday.

The 1,000-km-long pipeline will transport 15 million tonnes of crude oil annually from Russia to China from 2011 to 2030.
Yao Wei, general manager of pipeline branch of Petro China Co., Ltd. (PBPC), pushed a button in Mohe county of …. Source  : Gaea News Network.

No flight cancelled at Delhi airport

NEW DELHI – The Indira Gandhi International airport ushered in the New Year on an auspicious note as no flights were cancelled Saturday due to fog.

“Low visibility procedures (LVP) were implemented from 0750 hours to 0904 hours, for a total of 1 hour 14 minutes,” a Delhi International Airport Limited (DIAL) official said.
According …. Source  : Gaea News Network.