Business News – Newsletter for January 15, 2011

Now ArcelorMittal joins rival in joint bid for Canadian ore co.

TORONTO – In a strange twist to its fierce battle to acquire Toronto-based Baffinland Iron Mines Corporation, ArcelorMittal Friday joined hands with rival Nunavut Iron Ore Acquisition Inc. to make a joint bid for the Canadian iron ore company.

Burying their rivalry which started in September, ArcelorMittal and Nunavat Friday made peace with a joint … Read more : Now ArcelorMittal joins rival in joint bid for Canadian ore co..

Obama’s ‘embrace’ of India led to leap in economic ties : US

WASHINGTON – Describing US President Barack Obama’s November trip to India as a full “embrace” of India as a great power and partner, US officials say the trip resulted in a great leap in their economic ties.

It “…was an extraordinary trip, to India, where we fully embraced India’s rise as a great power and …. Source  : Gaea News Network.

China to raise bank reserve ratio again

BEIJING – The People’s Bank of China has said that it will raise the banks’ reserve requirement ratio by 50 basis points from Jan 20.

After this hike, the major banks will have to set aside 19 percent of their reserves and small and medium banks will have to keep 15.5 percent of their deposits … Original article on : China to raise bank reserve ratio again.

Russia’s Rosneft, BP seal huge deal on Arctic push

LONDON – Russian oil giant Rosneft and BP Plc have agreed to a stock swap as part of a deal to push joint exploration and drilling on the Russian Arctic continental shelf, the companies said Friday in London.

Under the deal valued at $7.8 billion by BP, Rosneft will receive a 5-percent stake in the … Read more : Russia’s Rosneft, BP seal huge deal on Arctic push.

Tibet expects 15 mn tourists by 2015

BEIJING – Tibet plans to upgrade facilities for visitors and develop more tourist destinations to attract 15 million tourists by 2015, generating some 16 billion yuan ($2.4 billion), the local tourism bureau has said.

Between 2001 and 2005, the Chinese government earmarked 350 million yuan to Tibet, in China’s southwest, to improve its tourism sector, …. Read the original article  : Tibet expects 15 mn tourists by 2015.

Qatar ready to increase LNG supplies to India

NEW DELHI – Qatar has expressed its readiness to increase the supply of Liquified Natural Gas (LNG) to India.

This was conveyed during the two-day meeting of the India-Qatar high level monitoring mechanism (HLMM) held here Jan 13-14.
The meeting was co-chaired by T.K.A. Nair, principal secretary to the prime minister, and Khalid bin Mohamed …. Original article  : Qatar ready to increase LNG supplies to India.

Top US firms embark on sales mission to India

WASHINGTON – Top US companies like Boeing, Lockheed Martin, GE-Hitachi and Westinghouse are among 24 businesses embarking on a mission to India next month to pitch their high-tech ware from civil nuclear to defence and civil aviation fields.

Leading the Feb 6-11 business development mission to India will be US Commerce Secretary Gary Locke, who … Read more >>>.

And now, milk price set to increase in Karnataka

BANGALORE – After onions and vegetables, the retail milk price across Karnataka is set to go up by Rs.2-3 per litre next month if the state-run Karnataka Milk Federation (KMF) has its way.

“We have apprised the state government on the need to increase the milk procurement price to compensate producers from rising costs and …. Original article  : And now, milk price set to increase in Karnataka.

TRAI to start registration of telemarketers from Jan 15

NEW DELHI – In the first step towards ending the menace of pesky calls, the telecom watchdog Friday said it will start online registration of telemarketing companies from Jan 15.

“The new telemarketers will have to pay a registration fee of Rs.1,000 and customer education fee of Rs.9,000 while the existing telemarketers will have to …. Read the original article  : TRAI to start registration of telemarketers from Jan 15.

Kemrock to invest $2 bn in Gujarat for speciality polymers

MUMBAI – Vadodara-based Kemrock Industries and Exports, a leading manufacturer of reinforced polymer has signed an agreement with the Gujarat government to invest $2 billion to set Greenfield projects in the state.

These projects include defence and aerospace parks, a carbon fibre plant, a glass fibre unit and another facility for speciality polymers, said … Read the original article on Gaea Times at : Kemrock to invest $2 bn in Gujarat for speciality polymers.

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 19, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the … Read more : 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 19, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the … Read the original article on Gaea Times at : 91-day Treasury Bills auction : Rs.4,000 crore under regular auction.

SEBI alerts investors about risky market

AGARTALA – Capital market regulator Securities and Exchange Board of India (SEBI) Friday asked investors to remain alert about the risky market.

“The SEBI has toughened its actions and is intensifying surveillance over the capital market to check fraudulent and illegal acts,” SEBI chairman C.B. Bhave said while addressing a national seminar on investors protection.
… Read : SEBI alerts investors about risky market.

British business minister on way, infrastructure deals on cards

NEW DELHI – Britain is set to make a renewed pitch for making greater investment in India’s infrastructure sector which requires $1-2 trillion over the next few years when British Business Minister Vince Cable comes here on a three-day visit next week.

Accompanied by a large business delegation that will include top corporate honchos representing …. Original article  : British business minister on way, infrastructure deals on cards.

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 27, 2010 to December 31, 2010.

All Figures are in USD Millions     

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward … Original article on : Foreign Exchange Turnover Data.

Second 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 
…. Source article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.

World Bank to provide $1.5 bn for rural roads in India

NEW DELHI – The World Bank will provide $1.5 billion to help build 24,000 km of roads in economically backward and hilly areas across seven states of India.

These roads will not only connect people to markets and services but also create jobs in rural areas, World Bank president Robert B. Zoellick, who is …. Source article on Gaea Times at  : World Bank to provide $1.5 bn for rural roads in India.

Sensex loses 322 points amid dull global cues (Roundup)

MUMBAI – A benchmark index of Indian equities market Friday closed 322 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets. Dull cues from other bourses did not help either.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, closed …. Original source  : Sensex loses 322 points amid dull global cues (Roundup).

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2010

2011

Variation

Jan. 8

Dec. 31

Jan. 7#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

3

—

—

—

-3

2. Foreign Exchange Reserves

Variation over

Item

As on Jan. 7, 2011

Week

End-March 2010

End-December 2010

Year

`
Crore

US$
… Read more >>.

With 7,936 pacts, $462 bn investment, Modi makes Gujarat shine

GANDHINAGAR – If it is rare for 60 of India’s top industrialists, representing companies that command the bulk of market capitalisation, to share the dais at a single event, it is even rarer when they commit investments worth hundreds of billions of dollars to one state — in a matter of a few hours.

The …. Original article  : With 7,936 pacts, $462 bn investment, Modi makes Gujarat shine.