Business News – Newsletter for January 4, 2011

US clears attack chopper, sophisticated radar, missiles for India

NEW DELHI – The US administration has cleared two more missiles and a highly sophiscitcated combat radar for the Indian Air Force (IAF), as also the anti-tank Hellfire air-to-surface missile and air-to-air Stinger anti-aircraft missile.

The missiles, and the Longbow Fire Control Radar (FCR) which operates them, are part of the weapons package on board …. Read the original article  : US clears attack chopper, sophisticated radar, missiles for India.

Maruti Suzuki’s December sales rise 39.7 percent

NEW DELHI – Automobile major Maruti Suzuki sold 99,225 units in December 2010 against 71,000 units in the like period of 2009, registering a 39.7 percent increase in its sales, a company release said.

In December 2010, sales were up 23.5 percent in A2 and 19.4 percent in A3 segment. In C segment, the … Original source on Gaea Times at : Maruti Suzuki’s December sales rise 39.7 percent.

Sensex ruling dull in noon trade

MUMBAI – A benchmark index of Indian equities Tuesday was ruling dull around noon, having dropped from its early highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,617.38 points, was ruling at 20,490.69 points, down 70.36 points or 0.34 percent from its previous close at 20,561.05 points.
At …. Source  : Sensex ruling dull in noon trade.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.84 and the Reference Rate for Euro is ` 59.79 on January 4, 2011. The corresponding rates for the previous day (January 3, 2011) were ` 44.67 and ` 59.37 respectively. Based on the Reference Rate for …. Original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 4, 2011 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction 
…. Source  : Gaea News Network.

Canadian CEO salaries skyrocket amid recession

TORONTO – Even as other G8 economies struggle to emerge from the meltdown, Canada’s best-paid 100 CEOs breezed through the worst of the recession with earnings 155 times higher than the average Canadian salary, a study released here Monday said.

Titled ‘Recession Proof,’ the study by the Ottawa-based Canadian Centre for Policy Alternatives (CCPA) said … Original article on : Canadian CEO salaries skyrocket amid recession.

India Art Summit 2011 to draw best of global art

NEW DELHI – The capital will become a giant canvas for the international art fraternity to paint its hues, views and transact business Jan 21-23 when the country plays host to the third edition of the India Art Summit 2011.

The summit will be a “sprawling affair with 18 events, nine specially commissioned live …. Source article on Gaea Times at  : India Art Summit 2011 to draw best of global art.

Money Market Operations as on January 03, 2011

… Read : Money Market Operations as on January 03, 2011.

Japanese shares surge on US gains

TOKYO – Japanese stocks surged Tuesday morning, the first trading day of the new year, buoyed by an overnight rally on Wall Street.

The benchmark Nikkei 225 Stock Average gained 144.93 points, or 1.42 percent, to trade 10,373.85 while the broader Topix index was up 12.41 points, or 1.38 percent, at 911.21.
On …. Read the original article  : Japanese shares surge on US gains.

US stocks gain to start new year

NEW YORK – US stocks posted broad gains Monday on the first trading day of the new year, with some manufacturing data boosting investor optimism for a more broad-based economic recovery in 2011.

A private gauge of manufacturing in the US climbed at its fastest rate in seven months in December, while a similar measure … Read this article on Gaea Times at : US stocks gain to start new year.

Facebook valued at $50 bn after new investment

SAN FRANCISCO – Facebook has nabbed $450 million in funding from investment bank Goldman Sachs that values the social networking company at $50 billion, the New York Times reported Monday.

The company also took a $50-million investment from Russian firm Digital Sky Technologies, which has already invested some $500 million in Facebook.
News of the … Read more : Facebook valued at $50 bn after new investment.

Avoid Connaught Place for the next 8 months: Traffic police

NEW DELHI – The Delhi Taffic Police (DTP) issued an advisory Monday asking Delhi residents to avoid Connaught Place in the heart of the city for the next eight months, as its renovation would be commencing Tuesday.

“The New Delhi Municipal Corporation is taking up the redevelopment work including construction of remaining work of subways … Read more >>>.

CSIR to seek proposals for developing regional transport aircraft

BANGALORE – India’s Council of Scientific and Industrial Research (CSIR) will soon invite expression of interest (EoI) from the aerospace industry to develop a 90-seater regional transport aircraft (RTA) for feeder service under public-private partnership, a senior official said Monday.

“An EoI will be floated soon for private participation in the design and development of …. Original article  : CSIR to seek proposals for developing regional transport aircraft.

Delhi’s homeless will be protected from cold: Walia

NEW DELHI – As north India continues to battle cold winds, the Delhi government Monday said it was making all necessary arrangements to shield the homeless in the various night shelters of the capital.

Urban Development Minister A.K. Walia visited several night shelters in the old quarters of the city and took stock of …. Source article on Gaea Times at  : Delhi’s homeless will be protected from cold: Walia.

DDA gets new vice chairman

NEW DELHI – R.C. Mishra Monday took charge as the new vice-chairman of the Delhi Development Authority (DDA), an official statement said.

Mishra, a 1978 batch Indian Administrative Service officer, is presently the additional secretary in the urban development ministry, and has been given the additional charge of the post of DDA vice-chairman.
…. Source article  : DDA gets new vice chairman.

RBI makes Public the Engagement Schedule of its Top Executives

From January 3, 2011, the Reserve Bank of India will place on its website, the public engagement schedule (public_engagement.aspx) of the Governor and the Deputy Governors. The engagement schedule will include public speeches and outreach activities undertaken by the executives.

The initiative is one more step towards demystifying the central …. Source  : Gaea News Network.

Government of India announce the sale of three dated securities for ` 11,000 crore on January 7, 2011

The Government of India have announced the sale (re-issue) of (i) “7.49 percent Government Stock 2017” for a notified amount of `4,000 crore (nominal), (ii) “7.80 percent Government Stock 2020” for a notified amount of `.4,000 crore (nominal), and (iii) “8.26 percent Government Stock 2027” for a notified amount of …. Source  : Government of India announce the sale of three dated securities for ` 11,000 crore on January 7, 2011.

RBI Announces OMO Purchase of Government Securities for `12,000 crore on January 5, 2011

Further to RBI Press Release dated December 16, 2010, wherein it was stated that the Reserve Bank of India would conduct OMO purchase auctions of ` 12,000 crore every week for four weeks starting with the week ending December 24, 2010, Reserve Bank has decided to purchase the following government securities … Read the original article on Gaea Times at : RBI Announces OMO Purchase of Government Securities for `12,000 crore on January 5, 2011.

Sensex pares intra-day gians, closes 52 points higher (Roundup)

MUMBAI – A benchmark index of the Indian equities market Monday gave up some of its intra-day gains on late selling pressure to close 52 points up. Broader markets, however, managed to do better.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, closed at 20,561.05 points, up …. Read the original article  : Sensex pares intra-day gians, closes 52 points higher (Roundup).

Onion prices to crash by mid-January

NEW DELHI – Onion prices will see a sharp fall by Jan 20, an association of Delhi’s wholesale traders said Monday.

This will be because of the arrival of fresh crops, said Rajan Sharma, general secretary of the Chamber of Azadpur Fruit and Vegetable Traders, told IANS.
“With the crops being harvested in Rajasthan, Gujarat, … Read more »».