Business News – Newsletter for January 14, 2011

Maharashtra can learn lessons from Narendra Modi: Shiv Sena

MUMBAI – The Shiv Sena Friday lauded Gujarat Chief Minister Narendra Modi for his state’s industrial growth and for attracting massive investments through the Vibrant Gujarat summit. It also urged the Maharashtra government to learn from the turnaround.

In an editorial in the party mouthpiece Saamna, the Sena praised Modi for saving his “doomed” state … Read more >>.

Sensex fluctuates wildly, now down 251 points (Second Lead)

MUMBAI – A benchmark index of Indian equities market Friday was trading in a see-saw like manner, shedding its intra-day gains to drop 251 points lower than its previous close, about 40 minutes before end of trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling … Read this article on Gaea Times at : Sensex fluctuates wildly, now down 251 points (Second Lead).

Nepal launches tourism gala to exorcise civil war, IA hijack ghosts

KATHMANDU – Twelve years after the hijack of an Indian Airlines aircraft, followed by a decade of civil war, devastated Nepal’s economy, the Himalayan republic Friday kicked off its Tourism Year 2011 campaign to draw 1 million visitors and make tourism earnings account for 4 percent of the GDP.

Ram Baran Yadav, the first president …. Source  : Nepal launches tourism gala to exorcise civil war, IA hijack ghosts.

World’s most advanced Dreamliner jet to roll out soon

LOS ANGELES – The Boeing 787 Dreamliner, the world’s most advanced and fuel-efficient passenger jet whose delivery has been delayed six times since the 2008 deadline, is likely to enter service soon.

The next-generation passenger aircraft is “expected on the runway by fall,” according to the Los Angeles Times.
Boeing already has orders for 847 …. Source article on Gaea Times at  : World’s most advanced Dreamliner jet to roll out soon.

Sensex pares early losses, rises 213 points

MUMBAI – A benchmark index of Indian equities market Friday moved up from a weak start and was ruling 213 points higher in afternoon trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling at 19,396.16 points — up 213.34 points or 1.11 percent from its …. Source article  : Sensex pares early losses, rises 213 points.

Dense fog disrupts flights, trains in Kolkata

KOLKATA – Heavy fog threw air services out of gear at the international airport here Friday as 40 flights failed to take off while train schedules were also disrupted, officials said.

The visibility at the Netaji Subhash Chandra Bose International Airport was very low at less than 50 metres in the morning, an airport …. Original article  : Dense fog disrupts flights, trains in Kolkata.

6,000 quintals of foodgrain rot in Jharkhand

RANCHI – At a time when prices of essential commodities are spiralling, a whopping 6,000 quintals of foodgrain have been found rotting in a State Food Corporation (SFC) warehouse in Ranchi since 2006. The government Friday said strict action will be taken against those found guilty.

“Around 5,000 quintals of wheat and 1,000 quintals …. Source article on Gaea Times at  : 6,000 quintals of foodgrain rot in Jharkhand.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.30 and the Reference Rate for Euro is ` 60.40 on January 14, 2011. The corresponding rates for the previous day (January 13, 2011) were ` 45.13 and ` 59.10 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Delhi Metro’s Sarita Vihar-Badarpur line opens

NEW DELHI – The Delhi Metro Friday added five more kilometres to its network as its Sarita Vihar-Badarpur section became operational Friday morning.

According to a Delhi Metro statement, the stretch – with stations at Mohan Estate, Tughlakabad and Badarpur – will mainly benefit commuters in southeast Delhi and the satellite town of Faridabad … Read : Delhi Metro’s Sarita Vihar-Badarpur line opens.

US Treasury extends sanctions to 26 Iran-related firms

WASHINGTON – The US Treasury Department slapped sanctions on 26 companies affiliated with Iran’s state-run shipping line and aerospace industries that are believed to be involved in the Islamic Republic’s ballistic missile programme.

The treasury Thursday designated 24 shipping companies allegedly operating as fronts for the Islamic Republic of Iran Shipping Lines (IRISL) and …. Original article  : US Treasury extends sanctions to 26 Iran-related firms.

For small farmers, it’s tea time in Assam!

GUWAHATI – They were once the domain of hard-nosed British sahibs on horseback. But today, the lush green tea plantations in Assam have come full circle with thousands of small farmers taking to growing the crop.

The profession has now shifted from the rich to the common man, especially unemployed youths who have taken up …. Source article  : For small farmers, it’s tea time in Assam!.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 14, 2011 are:

Amount  (face value in ` crore)                           

Item

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

3 days Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

$170 mn World Bank loans for Rajasthan, Uttarakhand

WASHINGTON – The World Bank has approved an International Development Association (IDA) credit of $162.7 million to help improve livelihood opportunities for some 400,000 village households in 17 districts of Rajasthan.

The Bank has also approved a credit of $7.98 million additional finance for an ongoing watershed development project in Uttarakhand that is helping rural [..] Read the original article: here.

Sensex weak in morning trade

MUMBAI – A benchmark index for Indian equities markets Friday was ruling 102 points lower in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling at 19,080.6 points — down 102.22 points or 0.53 percent from its previous close at 19,182.82 points.
The 50-scrip … Read : Sensex weak in morning trade.

Higher wages in India, China help US workers too

WASHINGTON – The United States has been advocating for higher wages in emerging market economies as better pay in countries like India and China helps prevent a drop in US wages, according to a senior US official.

“When wages rise in China, India, Brazil and elsewhere, it helps relieve downward pressure on American wages,” US … Original article on : Higher wages in India, China help US workers too.

New rules for overseas Chinese contractors

BEIJING – China will soon issue a set of guidelines for its contractors working abroad as part of an effort to help improve the brand value of its companies.

The rules will help strengthen the efforts in improving and regulating the performance of China’s overseas project contractors, said Vice Minister of Commerce Chen Jian Wednesday.
…. Source  : New rules for overseas Chinese contractors.

Money Market Operations as on January 13, 2011

… Read this article on Gaea Times at : Money Market Operations as on January 13, 2011.

Japanese stocks down on stronger yen, profit-taking

TOKYO – Japanese shares declined in Friday morning trading as exporters were dragged down by the yen’s rise against the dollar and investors sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 30.83 points, or 0.29 percent, to trade at 10,558.93 after it hit an eight-month high … Read : Japanese stocks down on stronger yen, profit-taking.

Intel earnings jump 48 percent

SAN FRANCISCO – Intel posted a 48-percent rise in fourth-quarter earnings Thursday and reported record earnings for 2010 as the world’s largest chipmaker enjoyed a resurgence in the market for computers that had been hard hit by the global recession.

Intel said it was its best fourth quarter on record, with revenue rising eight percent … Original article on : Intel earnings jump 48 percent.

US stocks fall on rising jobless claims, dollar weakens

NEW YORK – US stocks fell slightly Thursday as the government figures showed weekly claims for jobless benefits by out-of-work Americans rose more than expected.

New jobless claims climbed to a three-month high of 445,000, according to the Labour Department.
The blue-chip Dow Jones Industrial Average fell 23.54 points, or 0.2 percent, to 11,731.9. The …. Original article on Gaea Times at  : US stocks fall on rising jobless claims, dollar weakens.