Business News – Weekly Newsletter for January 10-17, 2011

Monday, January 17, 2011

Temple town with doorless homes gets a bank with no lock

AHMEDNAGAR – Shani Shingnapur, the world famous temple town in Maharashtra where houses have neither doors or locks, now befittingly has its first commercial bank branch – with no locks on its front door!

The public sector UCO Bank is the first to throw open the doors of commercial banking to this …. Source : Temple town with doorless homes gets a bank with no lock.

iGate acquires majority stake in Patni Computers

MUMBAI/BANGALORE – US software company iGate along with private equity firm Apax Partners has agreed to acquire a majority stake in Indian software services major Patni Computer Systems Monday for about $920 million.

The Indian software company in a regulatory filing said that iGate would buy out the promoter stake of Narendra Patni, Gajendra Patni …. Source : iGate acquires majority stake in Patni Computers.

Stalled Mizoram power project to be completed in 3 months

AIZAWL – The state-owned North Eastern Electric Power Corp (NEEPCO) would soon restart work at Mizoram’s Tuirial hydroelectric project that was suspended June 2004 due to law and order problems, an official said here Monday.

“After the intervention of Prime Minister Manmohan Singh and Union Power Minister Sushil Kumar Shinde, the Public Investment Board (PIB) … Read more >>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.44 and the Reference Rate for Euro is ` 58.63 on January 10, 2011. The corresponding rates for the previous day (January 7, 2011) were ` 45.37 and ` 58.93 respectively. Based on the Reference Rate for US [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 10, 2011 are:

Amount (face value in ` crore)

Item

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

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

Metro services hit on Gurgaon, Dwarka route

NEW DELHI – Travellers on Delhi Metro’s Jahangirpuri-Gurgaon and Anand Vihar-Dwarka lines had a tough time Monday morning as train services were affected due to technical snags.

The trains between Jahangirpuri and Gurgaon Metro stations were running at a very slow speed while services on Anand Vihar and Dwarka line with passengers waiting for up … Original source on Gaea Times at : Metro services hit on Gurgaon, Dwarka route.

Britain’s ‘most-networked’ man sets eyes on India

NEW DELHI – Pi Capital, the Britain-based private equity firm for top-notch industrialists and high net-worth individuals, is finally opening a unit in India where it has an indirect presence through its Fitness First gym chain, the largest globally.

“I love to do business in this country,” Pi Capital’s chief executive David Giampaolo, once called …. Read the original article : here.

Sensex down 204 points, Asian cues negative

MUMBAI – A benchmark index of the Indian equities market Monday was ruling weak amid negative cues from other major Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,714.42 points, was ruling at 19,487.06 points, down 204.75 points or 1.04 percent from its previous close at 19,691.81 …. Original source : Sensex down 204 points, Asian cues negative.

Haryana to reserve 10 percent industrial plots for NRIs

CHANDIGARH – There’s good news for NRIs wanting to invest in Haryana. The state has decided to reserve up to 10 percent of industrial plots or sheds for NRIs and persons of Indian origin (PIO).

Industrial units with 33 percent or more foreign direct investment (FDI) can also avail the benefit of reservation of industrial …. Source : Gaea News Network.

Himachal records 16 percent increase in tourists

SHIMLA – As many as 13 million tourists visited the hills of Himachal Pradesh last year as compared to 11 million in 2009, registering an increase of over 16 percent in a year, said a state tourism survey.

The 2010 arrival number was 16.38 percent higher than 2009 and 25 percent up from 2008.
Similarly, …. Source : Himachal records 16 percent increase in tourists.

Hundreds of flights cancelled as ice storms hit US

WASHINGTON – A snow and ice storm swept across the US South Sunday, spreading power outages and prompting more than 1,400 flight cancellations by Delta, whose hub is Atlanta, Georgia.

The flight cancellations extend through Monday, as rare sub-zero temperatures ranging below minus 14 Celsius settled across the region from Ohio south to northern Alabama.
… Read more »».

Kashmir interlocutors submit report to Chidambaram

JAMMU – The three interlocutors on Jammu and Kashmir have submitted a report to union Home Minister P. Chidambaram, stressing on the right to protest and outlining a basic framework to bring peace in the state, an official source said Monday.

Journalist Dileep Padgaonkar, academician Radha Kumar and economist M.M. Ansari in their report have …. Read the original article : here.

Money Market Operations as on January 07, 2011

… Original source on Gaea Times at : Money Market Operations as on January 07, 2011.

UAE’s Masdar named city of the future

Abu Dhabi, Jan 9 (IANS/WAM) Masdar, a planned city currently being built outside Abu Dhabi, has been termed the “city of the future” by one of Germany’s largest television news networks.

Designed by British architectural firm Foster+Partners, the city will rely entirely on solar energy and other renewable energy sources, with a sustainable, zero-carbon, … Read the original article on Gaea Times at : UAE’s Masdar named city of the future.

Corporate-business tie-ups to generate million jobs in Gujarat

GANDHINAGAR – Gujarat Livelihood Promotion Company Limited (GLPC) has initiated corporate-business partnerships that will generate more than a million jobs in the next five years in the rural areas of the state, a company release said Sunday.

The company aims to organise the poor into self-help groups, link them with banks to build … Read the original article on Gaea Times at : Corporate-business tie-ups to generate million jobs in Gujarat.

Bangladesh to claim 400 nautical miles in Bay of Bengal

DHAKA – Bangladesh will fight to establish its claim to 400 nautical miles of territorial waters in the Bay of Bengal disputed by neighbouring India and Myanmar, officials said Sunday.

“We will submit our claim to the UN over our maritime boundary in the Bay of Bengal sometime next month,” Foreign Minister Dipu Moni told …. Source : Gaea News Network.

Electricity for everyone in Bihar in 5 years: Sushil Modi

NEW DELHI – Every individual in Bihar will have access to electricity in five years as the state government has undertaken several projects to boost generation capacity to 20,000 MW, Deputy Chief Minister Sushil Kumar Modi said Sunday.

“In five years, we target to become self-dependent in power sector. There will be electricity in …. Original article : Electricity for everyone in Bihar in 5 years: Sushil Modi.

IIT conclave as part of Vibrant Gujarat summit

AHMEDABAD – To give a thrust to the technological development of Gujarat, the state government, along with the 500-strong Pan-IIT Gujarat Alumni Association will be organising a conclave on technology and development here Monday.

‘The IIT Conclave: Technology and Development in Gujarat’ will present and discuss various issues such as addressing educational challenges for innovation …. Read the original article : IIT conclave as part of Vibrant Gujarat summit.

Delhi Metro trains Bangalore Metro personnel

NEW DELHI – The Delhi Metro Rail Corporation (DMRC) has trained more than 150 personnel of the Bangalore Metro, which is to soon start its operations.

According to a DMRC statement Sunday, 153 young professionals of the Bangalore Metro – including station controllers, train operators, section engineers, junior engineers and maintainers – underwent training at … Original source on Gaea Times at : Delhi Metro trains Bangalore Metro personnel.

Finnair achieves 2.5 percent growth in 2010

NEW DELHI – Nordic carrier Finnair’s passenger traffic grew by 2.5 percent in 2010 helped by a boost on its Asian routes, the airline said Sunday.

Traffic on the Asian route grew by 8 percent in 2010.
The airline carried a total of 6.2 million passengers in 2010, with over 1.2 million on its …. Source article on Gaea Times at : Finnair achieves 2.5 percent growth in 2010.

Insurance regulator to meet, brief life insurers on flaws

CHENNAI – The Indian insurance regulator is planning to start the new year with a path-breaking initiative of calling promoters of private life insurers and having a frank discussion with them on the issues facing their companies.

Speaking to IANS on the condition of anonymity, a senior Insurance Regulatory and Development Authority (IRDA) official said: … Read more : Insurance regulator to meet, brief life insurers on flaws.

Gujarat tourism achieving new milestones: Narendra Modi

AHMEDABAD – Gujarat is witnessing a rise in tourism thanks to its effective campaigns to promote the state’s culture and tradition, Chief Minister Narendra Modi said Tuesday.

“Gujarat is achieving new milestones in tourism. And considering the progress we have made so far, there is no looking back,” Modi said while inaugurating the 21st International …. Source : Gaea News Network.

PM-led meet on price rise ends inconclusively (Second Lead)

NEW DELHI – A meeting Prime Minister Manmohan Singh held with senior cabinet ministers and officials Tuesday, to discuss measures to check rising food prices, ended inconclusively.

According to a senior official, the high-level meeting will take place again Wednesday or Thursday.
The meeting began around 10.30 a.m. at the prime minister’s 7, Race Course … Read more »»».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.32 and the Reference Rate for Euro is ` 58.70 on January 11, 2011. The corresponding rates for the previous day (January 10, 2011) were ` 45.44 and ` 58.63 respectively. Based on the Reference Rate for US … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Malaysia to sweeten sugarless drink prices

KUALA LUMPUR – The Malaysian government is considering to cut prices of sugarless beverages, as part of the campaign that it unleashed two years ago when sugar imports from India were hit.

“This will encourage consumers to order sugarless drinks. It will be good for their health and it will also be good for their … Read more >>.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 11, 2011 are:

Amount (face value in ` crore)

Item

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

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

India to set energy efficiency targets for industries

NEW DELHI – India will for the first time release energy efficiency targets for eight industrial sectors in April in a move that is expected to save 10 million tonnes of energy by 2013-14.

The Bureau of Energy Efficiency (BEE) has prepared energy efficiency targets for 580 industrial units in the eight sectors – … Original source on Gaea Times at : India to set energy efficiency targets for industries.

ArcelorMittal again extends bid for Canadian ore company

TORONTO – Global steel giant ArcelorMittal and rival bidder Nunavat Iron Core extended their competing bid deadlines for Toronto-based Baffinland Iron Mines Tuesday.

While Nunavut extended its offer from Jan 10 to Jan 25, ArcelorMittal – whose deadline expired midnight of Monday – pushed it Jan 21.
The two companies have been involved in a …. Read the original article : ArcelorMittal again extends bid for Canadian ore company.

BlackBerry tablet will be a winner: Market analysts

TORONTO – With its monopoly in the business handset market under onslaught from Google’s Android devices and Apple’s iPhone, BlackBerry maker Research In Motion (RIM) is now shifted its focus entirely to its tablet Playbook.

In the projected 55-million tablet market this year with iPad in the clear lead, RIM is trying “everything right first …. Original article : BlackBerry tablet will be a winner: Market analysts.

China’s BYD Auto seeks 2012 US launch

DETROIT – Chinese carmaker BYD Auto has set a new target of selling hybrid and electric cars to the US public in early 2012, but stressed that it would not make the mistake of rushing to break into the world’s most competitive market.

BYD, a top battery manufacturer that shifted into producing hybrid-electric cars in [..] Read the original article: here.

PM begins meet over price rise

NEW DELHI – Prime Minister Manmohan Singh Tuesday met with senior cabinet colleagues and officials on steps taken to curb inflation and to discuss future measures to arrest the sudden spurt in the prices of essential items.

The meeting began at about 10.30 a.m. at the prime minister’s 7, Race Course Road residence. Finance … Read the original article on Gaea Times at : PM begins meet over price rise.

Sensex gives up opening gains

MUMBAI – A key Indian equities index started weak Tuesday, giving up its opening gains.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 19,279.77 points and was ruling at 19,262.13 points, up 38 points or 0.2 percent from its previous close at 19,224.12 points.
It had …. Read the original article : Sensex gives up opening gains.

PM to preside over meet on inflation

NEW DELHI – Prime Minister Manmohan Singh will Tuesday preside over a meeting with senior cabinet colleagues and officials on steps required to arrest the sudden spurt in inflation, especially due to the spike in prices of essential goods.

High prices of food items, especially onions, led to a sharp hike in India’s annual food …. Original article : PM to preside over meet on inflation.

Japanese stocks mixed on European debt woes

TOKYO – Japanese shares were mixed in Tuesday morning trading on concerns that the eurozone’s debt crisis might worsen while investors were still optimistic about a global economic recovery, traders said.

The benchmark Nikkei 225 Stock Average lost 24.07 points, or 0.23 percent, to trade at 10,526.97 while the broader Topix index was up 0.36 …. Original source : Japanese stocks mixed on European debt woes.

Money Market Operations as on January 10, 2011

…. Source article : Money Market Operations as on January 10, 2011.

Pakistan reaffirms ban on onion exports to India

ISLAMABAD – Citing shortages, Pakistan Monday reaffirmed a ban on the export of onions to India, officials said.

Pakistan had imposed the ban last week and reaffirmed this Monday after a meeting of the agriculture and commerce ministries, the official said.
“The decision will affect the agreements inked after January 5 this year. However, the …. Original article on Gaea Times at : Pakistan reaffirms ban on onion exports to India.

Britain, China sign deals on energy, cars

LONDON – Britain and China Monday signed trade deals worth an estimated 2.6 million pounds ($4 million), ranging from the supply of green technology to the delivery of luxury Jaguar Land Rover cars.

Among the trade deals is a commitment by Jaguar Land Rover, the luxury carmaker owned by India’s Tata Group, to sell 40,000 …. Source : Britain, China sign deals on energy, cars.

Delhi Metro’s airport line gets safety clearance, to begin soon

NEW DELHI – The Delhi Metro’s much-awaited Airport Express Line is likely to start soon after it got a safety clearance from the Commissioner of Metro Rail Safety, officials said Monday.

A Delhi Metro official told IANS that the 23-km link high-speed Airport Express Line got a safety clearance after undergoing a two-day safety check. …. Original article : Delhi Metro’s airport line gets safety clearance, to begin soon.

PM calls emergency meeting on inflation Tuesday

NEW DELHI – Prime Minister Manmohan Singh has called an emergency meeting Tuesday morning to review the spiralling inflation and the rise in prices of essential goods, an official in the Prime Minister’s Office (PMO) said Monday.

“The meeting will be held at 10.30 a.m. Tuesday,” the official told IANS.
Finance Minister Pranab Mukherjee, Agricultural …. Source : PM calls emergency meeting on inflation Tuesday.

Vibrant Gujarat now international platform for investments: Modi

GANDHINAGAR – The Global Investors summit in Gujarat has now metamorphosed into an international platform to facilitate investment alliances for participating countries, states and investors and has catapulted Gujarat into a global business hub, Chief Minister Narendra Modi said Monday.

Speaking at the inauguration of the mega exhibition put up as part of …. Read the original article : here.

91 day Treasury Bills : Auction Result

Date of Auction : January 12, 2011

Notified Amount

` 4000.00 crore

II.

Underwriting notified amount

N.A.

III.

Competitive Bids received

(i)

Number

(ii)

Amount

` 10940.38 crore

IV.

Cut-off price

` 98.25 (YTM is 7.1443%)

Competitive bids accepted

(i)

Number

(ii)

Amount

` 4000.00 crore

VI.

Partial Allotment Percentage of Comp. Bids

76.95 (17 Bids)

VII.

Weighted Average Price

` 98.26

VIII.

Non-competitive bids received

(i)

Number

(ii)

Amount

` 500.00 crore

IX.

Non-competitive bids accepted

(i)

Number

(ii)

Amount

` 500.00 crore

(iii)

Partial … Original source on Gaea Times at : 91 day Treasury Bills : Auction Result.

Shriram group to divest 20 percent in Shriram Capital to Sanlam

CHENNAI – The city-based Shriram group plans to divest around 20 percent in its financial services business holding company, Shriram Capital, for around Rs.900 crore ($200 million) in favour of South African insurance group Sanlam.

Confirming the development, S.P. Raghunathan, a director in the Shriram group, told IANS: “Talks are on with the Sanlam … Read more »».

Bangladesh accord pushes 14 irrigation schemes in Tripura

AGARTALA – The India-Bangladesh secretary-level talks of the Joint River Commission (JRC), removed four years long deadlock over the construction of 14 irrigation projects along the border in Tripura, officials said here Wednesday.

During the one-day JRC meeting held in Dhaka Monday, the two countries have agreed to sign a 15-year interim water-sharing treaty on …. Read the original article : here.

Shriram Life to tap clients of group companies

CHENNAI – The Rs.611 crore ($135 million) premium income Shriram Life Insurance Company Ltd will tap the client base of its sister companies this year and also beef up equity capital by Rs.25 crore in two months, said a top company official.

“We will soon promote our Shriram Credit Guard policy to the clients …. Source article on Gaea Times at : Shriram Life to tap clients of group companies.

Indian Navy commandos to be armed with Israeli rifles

NEW DELHI – The Indian Navy’s elite marine commandos will this month be armed with Israeli assault and rifles that will enhance their operational capability as a force trained for special operations.

A consignment of over 500 TAR-21 Tavor assault rifles and another 30 Galil sniper rifles worth over Rs.15 crore ($3.3 million) and
Rs.2 … Read more »».

IndiGo to buy 180 Airbus aircrafts

NEW DELHI – Leading low cost carrier (LCC) IndiGo Wednesday signed a deal with European aircraft manufacturer Airbus for buying 180 A320 aircrafts.

“IndiGo has signed a memorandum of understanding for 180 eco-efficient Airbus A320 aircrafts of which 150 will be the neo option and 30 will be standard A320s,” a company statement said.
The … Read this article on Gaea Times at : IndiGo to buy 180 Airbus aircrafts.

Correct steps will be taken to push up factory output: Mukherjee

NEW DELHI – Union Finance Minister Pranab Mukherjee on Wednesday promised to take corrective steps to push up factory output.

He said the decline in industrial growth to 2.7 per cent in November and rising inflation could have an adverse impact on the economy.
“If index of industrial production (IIP) goes …. Original source : Correct steps will be taken to push up factory output: Mukherjee.

With 8.5 percent growth, new Rwanda woos global investors

GANDHINAGAR – With robust 8.5 percent growth since 2006, the east African nation of Rwanda is seeking to put behind the ugly civil war of 1994 that claimed a million lives, calling upon global investors to invest and benefit from its progress.

Prime Minister Bernard Mazuka led the country’s sales pitch at the two-day Vibrant …. Original article on Gaea Times at : With 8.5 percent growth, new Rwanda woos global investors.

Rajan Anandan Joins Google Inc India

NEW DELHI, INDIA (GaeaTimes.com)- Rajan Anandan, the Managing Director of Microsoft India’s Sales Marketing and Services business has been appointed as the Vice President of Google Inc, India. This can be called as the headhunting victory of Google against its rival company. The President of search giant in Japan, Daniel Alegre, at the press … Read this article on Gaea Times at : Rajan Anandan Joins Google Inc India.

Crop insurance must reach farmers, Chouhan says after suicides

BHOPAL – Chief Minister Shivraj Singh Chouhan Wednesday termed as unfortunate the six farmer suicides in a month in Madhya Pradesh, and said he would make sure the benefits of crop insurance schemes reached cultivators.

“It is unfortunate that farmers have to commit suicide. Whatever be the reason, this should not happen,” Chouhan said after [..] Read the original article: here.

Economic woes worsen, industrial growth dips to 2.7 percent

NEW DELHI – India’s industrial growth plunged to 2.7 percent in November from 11.3 percent in October, worsening the economic woes for the government struggling to find ways to control the soaring prices of essential commodities.

The index of industrial production (IIP) fell to 2.7 percent in November, the slowest growth since May 2009, …. Source : Economic woes worsen, industrial growth dips to 2.7 percent.

Committed customers don’t like logo redesigns: Study

WASHINGTON – A new research has found that loyal customers who are strongly committed to a brand react more negatively toward logo redesigning, while more casual customers typically view the redesigns as a positive development.

Brands like Starbucks gain much of their strength from consumers who feel a personal connection to the brand. However, it’s these …. Read the original article : here.

RBI Bulletin for January 2011

The Reserve Bank of India today released its January 2011 Bulletin (www.rbi.org.in/scripts/BS_ViewBulletin.aspx) . The Bulletin carries four special articles: (i) Investment Portfolio of Scheduled Commercial Banks: March 2009; (ii) Composition and Ownership Pattern of Deposits with Scheduled Commercial Banks: March 2009, (iii) International Banking Statistics of India: March 2010 and … Original article on : RBI Bulletin for January 2011.

Modi kicks off conclave that fetches Gujarat mega-billions

GANDHINAGAR – Gujarat Chief Minister Narendra Modi kicked off the state’s 5th biennial global summit Wednesday, confident of pulling investment commitments larger than the $243 billion attracted by the previous edition.

With the who’s who of India’s corporate world in attendance here, the chief minister told the Vibrant Gujarat Summit that the 21st century …. Source article : Modi kicks off conclave that fetches Gujarat mega-billions.

BlackBerry to filter porn content for the first time

TORONTO – For the first time, BlackBerry maker Research In Motion (RIM) has agreed to filter pornographic content on its smart phones bowing to pressure from Indonesia.

The decision follows after the world’s biggest Muslim nation of 237 million people warned RIM that it shut down BlackBerry services and revoke its licence. Representatives from RIM … Read more »»».

Polish vodka takes a shot at Indian market

WARSAW – One of Poland’s best-known vodka brands is about to make a spirited entry in India. Sobieski will be on Indian shelves this April.

The French owner of Sobieski, the Belvedere Group, has announced it will cooperate with Delhi-based NV Distilleries to distill and distribute the spirit in Delhi and eight other Indian states.
… Read more >>>.

Business jets make a dash for Vibrant Gujarat (Diary)

GANDHINAGAR – Some 35 business jets and choppers ferrying the country’s top industrialists and political leaders have descended at Ahmedabad for the Vibrant Gujarat two-day biennial conclave that started here Wednesday.

Such was the rush at the roads leading from the airport to the city that a run that takes some 15-20 minutes to mid-town …. Read the original article : Business jets make a dash for Vibrant Gujarat (Diary).

Sensex recovers after intra-day sell-off

MUMBAI – A benchmark index of Indian stocks market rebounded after government figures showed Wednesday that industrial output had fallen to an 18-month low.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,353.34 points, was ruling at 19,359.78 points – up 163.44 points or 0.85 percent from its … Read : Sensex recovers after intra-day sell-off.

Peeved at raids, Delhi onion traders continue strike

NEW DELHI – Wholesale onion traders in Delhi are peeved at being held responsible for the rising price of the commodity and have gone on indefinite strike, saying raids by the authorities to counter hoarding are only adding insult to injury.

Raids were carried out across Delhi, including the wholesale vegetable market at Azadpur …. Original source : Peeved at raids, Delhi onion traders continue strike.

After all clear, Qantas to resume A380 flights to US

SYDNEY – Australian carrier Qantas Airways will resume its Airbus A380 flights on the US route from Jan 16, after receiving the all-clear from safety regulators, the airline has said.

Qantas said Tuesday that after “extensive engineering analysis and close consultation” with Rolls-Royce, Airbus and European and Australian safety regulators, the parties were “now satisfied …. Read the original article : After all clear, Qantas to resume A380 flights to US.

Read, sketch, buy, sell at India’s first Comic Con

NEW DELHI – Remember pacing through your favourite comic book with a torch tucked inside a blanket? Indian comic book aficionados can now relive those moments at the country’s First Annual Indian Comic Convention here next month.

An excellent combination of fun and serious business, the event will be a landmark for the industry in … Original article on : Read, sketch, buy, sell at India’s first Comic Con.

L&T delivers first nuclear equipment lot to US firm

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Thursday said that it has delivered its first four dry shielded canisters for Transnuclear Inc as part of orders for three American nuclear power plant operators.

“Larsen and Toubro delivered the first four dry shielded canisters for Transnuclear Inc, US,” the company said in …. Original article : L&T delivers first nuclear equipment lot to US firm.

Northeast hopes to draw much business from Mumbai summit

AGARTALA – With the sixth ‘North East Business Summit’ set to begin in Mumbai next week, the industry starved and resource crammed northeastern region is making all-out efforts to attract investment.

The union ministry of development of north eastern region (DoNER) in association with the Indian Chamber of Commerce is organising the two-day summit Jan …. Original article : Northeast hopes to draw much business from Mumbai summit.

In severe winter, Jharkhand imposes VAT on blankets

RANCHI – Jharkhand’s people may be shivering away in the severe cold wave, but the state government has chosen to cash in on their winter blues by imposing a value added tax (VAT) on blankets.

The Jharkhand cabinet late Wednesday decided to impose a VAT of four percent on blankets, towels, napkins and [..] Read the original article: here.

Indo-Israel vegetable centre set up in Haryana

NEW DELHI – Continuing the cooperation between India and Israel in the field of agriculture, the first Indo-Israel Centre of Excellence for vegetables will be inaugurated in Haryana’s Gharaunda town next week.

The vegetables centre project, under which both the countries will share technology and undertake protected cultivation of various vegetables, including tomatoes, cucumbers and …. Original article on Gaea Times at : Indo-Israel vegetable centre set up in Haryana.

Ghana wants duty free access to Indian market

ACCRA – The west African nation of Ghana is concerned about the imbalance in its trade with India and is hoping to gain duty-free access to the Indian market to improve the situation, say trade officials here.

“We are aware that the two countries have similar climatic conditions and apart from cocoa, almost all we … Read more »».

Infosys loses more techies than it hired in Q3

BANGALORE – The attrition rate at India’s IT bellwether Infosys Technologies Ltd shot up during the October-December third quarter of fiscal 2010-11 on annualised basis, with more employees leaving than it hired.

Though the global software major hired 11,067 employees during the quarter, the net addition was 5,311 techies, as 5,756 left the company for … Read more : Infosys loses more techies than it hired in Q3.

Government may announce measures to bring down prices

NEW DELHI – The government may announce some measures that could bring down food inflation further, official sources indicated Thursday, a day after Finance Minister Pranab Mukherjee met Agriculture Minister Sharad Pawar and other senior government officials to finalise action on the issue.

Wednesday’s discussions were a follow-up to the meeting chaired by Prime … Read : Government may announce measures to bring down prices.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.13 and the Reference Rate for Euro is ` 59.10 on January 13, 2011. The corresponding rates for the previous day (January 12, 2011) were ` 45.16 and ` 58.68 respectively. Based on the Reference Rate for …. Read the original article : RBI Reference Rate for US $ and Euro.

Onions at Rs.5 per kg soon? Traders say so

NEW DELHI – Onions may sell for as low as Rs.5 per kg fom next week with the market set to be flooded with a new harvest, the Azadpur wholesale vegetable traders association here said Thursday.

“The new harvest begins after Lohri, so the wholesale market will be flooded with a huge amount of onions, …. Source : Onions at Rs.5 per kg soon? Traders say so.

Infosys again ups fiscal guidance on double digit growth (Second Lead)

BANGALORE – Infosys Technologies Ltd Thursday once again revised its revenue guidance upwards for fiscal 2010-11 on strong double-digit growth of 24 percent year-on-year during the October-December third quarter.

Consolidated revenue for the fiscal is expected to be Rs.27,445 crore (Rs.274.45 billion/$6.05 billion), projecting 21 percent year-on-year growth, according to the Indian accounting system.
The … Read more >>.

India’s food inflation slips, breather for government

NEW DELHI – India’s annual food inflation for the week ended Jan 1 fell to 16.91 percent, compared to 18.32 percent in the previous week. The will come as a breather to the government, whose senior ministers have been conducting hectic meetings to curb the rise in food prices.

After five straight weeks of …. Original article on Gaea Times at : India’s food inflation slips, breather for government.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 13, 2011 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Original source : Liquidity Adjustment Facility : Auction Results.

Amid rising prices, cheerless harvest festival in Karnataka (Letter from Bangalore)

BANGALORE – The lowest priced vegetable, sweet pumpkin, costs Rs.12 a kg, the humble drumstick a whopping Rs.134 a kg, watermelon at Rs.15 a piece is the cheapest fruit while the exotic kiwi fruit comes at a cool Rs.225 a kg.

The prices may go up by another 25 percent in the next two … Original article on : Amid rising prices, cheerless harvest festival in Karnataka (Letter from Bangalore).

Bullet train rides in China pinch travellers

BEIJING – As China rolls out its prized 350-plus/kmph bullet trains for the public, many travellers have complained that the expensive service has burnt a hole in their pocket.

China has the world’s longest high-speed rail network with over 8,350 km., according to the railways ministry. But the opening of more fast train services has …. Original article on Gaea Times at : Bullet train rides in China pinch travellers.

South Korean central bank announces surprise rate hike

SEOUL – South Korea’s central bank Thursday unexpectedly hiked its key interest rate to 2.75 percent to counter inflationary pressure driven by strong growth and rising commodity prices.

The Bank of Korea’s increase of the seven-day repurchase rate by 0.25 percentage points came as a surprise because most analysts had expected rates to remain …. Read the original article : South Korean central bank announces surprise rate hike.

Argentina facing scarcity of paper money

Buenos Aires, Jan 13 (IANS/EFE) Argentina is facing a huge scarcity of paper money as a result of which the country has outsourced a printing order for five billion pesos ($1.25 billion) worth of currency to neighbouring Brazil.

The central bank set up a special operation to distribute 100-peso bills on a priority basis to … Read more >>>.

Infosys annual guidance up again on double digit growth (Lead, Reissuing correcting figure in para one)

BANGALORE – Infosys Technologies Ltd has revised its revenue guidance upwards for the fiscal 2010-11 for the third consecutive time on a healthy double digit growth of 24 percent year-on-year during the third quarter (Oct-Dec).

In a regulatory filing Thursday, the IT bellwether said its consolidated revenue for the fiscal under review would be Rs.27,445 … Read : Infosys annual guidance up again on double digit growth (Lead, Reissuing correcting figure in para one).

Infosys ups annual guidance again on double digit growth

BANGALORE – Infosys Technologies Ltd has revised its revenue guidance upwards for this fiscal (2010-11) for the second consecutive time on a healthy double digit growth of 24 percent year-on-year during the third quarter (Oct-Dec).

In a regulatory filing Thursday, the IT bellwether said its consolidated revenue for the fiscal under review would be Rs.27,445 …. Source article : Infosys ups annual guidance again on double digit growth.

India, developing nations driving global growth, but risks remain

WASHINGTON – Led by India and other developing countries, the world economy is moving on from a post-crisis bounce-back phase of recovery to slower but still solid growth this year and the next, according to the World Bank.

Global GDP, which expanded by 3.9 percent in 2010, is expected to slow to 3.3 percent in … Original article on : India, developing nations driving global growth, but risks remain.

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.

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

Loans and advances

Central Government

—

State Governments

—

-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.

Railways get long-delayed fog shields, but partially

NEW DELHI – Five years after the plan was first mooted, Indian Railways is finally set to instal fog shields on some lines in north India, but only at the end of January.

The move follows Railway Minister Mamata Banerjee’s directive late last year. Though fog continues to disrupt train movement across northern and eastern [..] Read the original article: here.

Demolish Adarsh society building: environment ministry

NEW DELHI – The environment ministry Sunday ordered that the scam-hit Adarsh housing society building in Mumbai be demolished within three months for violating green norms.

The ministry in its order said the unauthorised 31-storey structure built at Block 6, Backbay Reclamation Area in Mumbai’s upscale Colaba area should be removed in its entirety and [..] Read the original article: here.

Staffing companies value add services for higher rating

CHENNAI – With staffing services fast turning into big business, major players in the field have started going up in the value chain, offering trained people or even guaranteeing performance so as to get a better billing.

Staffing companies provide temporary employees to firms. The service is also called “temping” or “flexi staffing.”
“Staffing is … Original source on Gaea Times at : Staffing companies value add services for higher rating.

Stringent visa norms hurting Goa’s tourism prospects

PANAJI – Even as the central government has refused to review its stringent visa rules which force tourists to take a two- month gap before re-entering India, tourism officials and tourism industry stakeholders say that the norms were damaging the tourism prospects of Goa that has seen a seven-percent drop in tourist arrivals.

While the … Original article on : Stringent visa norms hurting Goa’s tourism prospects.

Snow cheers apple growers in Himachal

SHIMLA – Widespread snowfall in the apple-growing areas of Himachal Pradesh has brightened the prospects of a bumper apple production this year too.

High hills in Shimla, Kullu, Mandi and Kinnaur districts have been experiencing moderate spell of snow since Friday and the Met office has predicted more snow later this month.
“These spells of …. Original source : Snow cheers apple growers in Himachal.

Finland’s Turku inaugurated as European capital of culture

HELSINKI – Finnish city Turku has inaugurated its year-long stint as European Capital of Culture for 2011.

Turku shares the title with the Estonian capital Tallinn, less than 200 km away on the other side of the Gulf of Finland, where the opening kicked off at the New Year.
In addition to a fireworks display, …. Source : Finland’s Turku inaugurated as European capital of culture.

Nalco signs pact for Rs.400 crore titanium project

BHUBANESWAR – Two public sector companies, the National Aluminium Company Ltd (Nalco) and Indian Rare Earths Ltd (IREL), have signed a pact to set up a titanium plant at an estimated cost of Rs.400 crore in Orissa’s Ganjam district, a senior Nalco official said Saturday.

Nalcos director (finance) B.L. Bagra said Nalco and IREL … Read this article on Gaea Times at : Nalco signs pact for Rs.400 crore titanium project.

Petrol price hike a cruel blow: CPI-M

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Saturday termed the decision to increase the price of petrol as a cruel blow and said the United Progressive Alliance (UPA) government was riding roughshod over the interests of the people.

In a statement, the party politburo said the decision to hike prices was …. Source : Gaea News Network.

Jaypee Group to invest Rs.33,000 crore in Gujarat

NEW DELHI – Infrastructure conglomerate Jaiprakash Associates Ltd Saturday said it has committed Rs.30,000 crore for investment in the western state of Gujarat over the next 3 to 5 years.

According to the company, the mega investment in the state comes as it signed six MoUs (memorandum of understanding) at the recently held ‘Vibrant Gujarat’ …. Read the original article : Jaypee Group to invest Rs.33,000 crore in Gujarat.

Kolkata Metro station to be named after Mother Teresa

KOLKATA – Railway Minister Mamata Banerjee Saturday announced that a proposed Metro railway station in New Barrackpore municipality of West Bengal’s North 24 Parganas district will be named after Nobel laureate Mother Teresa.

“We will name the proposed Metro station at New Barrackpore after Mother Teresa. We will also name the proposed Metro stations at …. Original article on Gaea Times at : Kolkata Metro station to be named after Mother Teresa.

Chhattisgarh to build seven barrages on Mahanadi

RAIPUR – The Chhattisgarh government will construct a chain of seven barrages on Mahanadi river at an investment of about Rs.1,467 crore to provide water to dozens of industries, mainly the power plants, coming up in Raigarh and Janjgir-Champa districts, official sources said Saturday.

“Four barrages are to be constructed in Janjgir-Champa, while two in … Original article on : Chhattisgarh to build seven barrages on Mahanadi.

7.17% Government Stock, 2015

8.13% Government Stock, 2022

8.30% Government
Stock, 2040

Notified Amount …. Source article : Government Stock – Auction Results.

Sensex closes 339 points lower (Third Lead)

MUMBAI – A benchmark index of Indian equities market Friday closed 339 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, closed at 18,842.94 points (provisional) — down 339.88 points or …. Source : Sensex closes 339 points lower (Third Lead).