Business News – Newsletter for January 21, 2011

Friday, January 21, 2011

Eric Schmidt Steps Down

MOUNTAIN VALLEY (GaeaTimes.com)- Internet search giant Google has announced a major reshuffle in the top portfolio of the company and its CEO Eric Schmidt is going to step down from his post. He is going to be succeeded by Larry Page said the California based company. The outgoing CEO had been a part …. Original article on Gaea Times at : Eric Schmidt Steps Down.

Wyndham to franchise Chatwal’s hotel brands globally

WASHINGTON – Wyndham Hotel Group, one of the world’s largest chains, has entered into an agreement with Indian-American hotelier Sant Singh Chatwal to franchise and manage his group’s Dream and Night boutique hotel brands globally.

Wyndham and New York headquartered Chatwal Hotels & Resorts announced the agreement in Parsippany, New Jersey Thursday.
The 151-room Dream …. Original article on Gaea Times at : Wyndham to franchise Chatwal’s hotel brands globally.

Aadhaar number to help deprived people get banking services

AGARTALA – Aadhaar, a 12-digit identity number to be issued by the Unique Identification Authority of India (UIDAI) for all Indian residents, will help millions of people open bank accounts for the first time, top officials said here Friday.

“Crores of Indians do not have bank accounts. Once they get the Aadhaar’ number it would …. Source article : Aadhaar number to help deprived people get banking services.

Punjab National Bank’s quarterly net profit jumps 8 percent

MUMBAI – State-run Punjab National Bank (PNB) Friday reported an 8 percent increase in its net profit for the third quarter, which stood at Rs.1,089.77 crore as against Rs. 1,011.31 crore in the like period of fiscal 2009-10.

The bank’s total income increased by 27.89 percent to Rs. 7,976.35 crore crore in the third … Read the original article on Gaea Times at : Punjab National Bank’s quarterly net profit jumps 8 percent.

RBI Releases Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds

The Reserve Bank of India has today placed on its website the report of the Working Group on information security, electronic banking, technology risk management, and cyber frauds (PublicationReportDetails.aspx?UrlPage=&ID=609) .

The Working Group (Chairman: Shri G.Gopalakrishna, Executive Director, RBI) was established following the announcement in the April 2010 Monetary Policy …. Source : RBI Releases Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 21, 2011 are:

Amount (face value in ` crore)

Item

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

3 days Repo Auction … Read more : Liquidity Adjustment Facility : Auction Results.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.70 and the Reference Rate for Euro is ` 61.65 on January 21, 2011. The corresponding rates for the previous day (January 20, 2011) were ` 45.58 and ` 61.45 respectively. Based on the Reference Rate for … Read more >>.

Sensex flat in noon trade

MUMBAI – A benchmark index for an Indian equities market Friday was trading flat in noon trade even as broader markets saw buying action.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,007.08 points, was ruling at 19,014.08 points – 32.46 points or 0.17 percent down from its previous … Read this article on Gaea Times at : Sensex flat in noon trade.

Wipro forecasts $1.4 billion IT revenue in Q4

BANGALORE – Software major Wipro Ltd Friday said revenue from its global IT business for the Jan-March fourth quarter of this fiscal would be $1.4 billion, projecting a sequential growth of four percent over the Oct-Dec third quarter.

We expect revenues from our IT services business to be about $1.4 billion, a sequential growth of … Read more >>.

Obama preparing kids to take on Indians, Chinese in global economy

WASHINGTON – President Barack Obama remains focused on creating jobs and preparing American children for competing against the Chinese and the Indians and a whole host of different countries, says a top aide.

Obama is going to Schenectady, New York Friday to “visit the birthplace of General Electric, talk about the economy,” Obama’s press secretary … Original source on Gaea Times at : Obama preparing kids to take on Indians, Chinese in global economy.

Mexican tequila production rises in 2010

Mexico City, Jan 21 (IANS/EFE) Mexico’s production of tequila, the country’s best-known alcoholic beverage, rose 3.37 percent in 2010 compared with the previous year to 257.4 million liters, the Tequila Regulatory Council, or CRT, said Thursday.

Consumption of agave (the plant used to make tequila) topped the 1-million-tonne barrier for the third time in Mexico’s …. Read the original article : Mexican tequila production rises in 2010.

GM to invest $540 mn in engine plant in Mexico

Mexico City, Jan 21 (IANS/EFE) The Mexican subsidiary of US automaker General Motors said Thursday it planned to invest $540 million to manufacture two types of low-emission engines at its plant in Toluca.

The project will create 500 direct and 500 indirect jobs, and it will allow the plant to produce engines featuring new technologies … Read more : GM to invest $540 mn in engine plant in Mexico.

Jindal to export 1 mn tonnes of Bolivian iron ore in 2011

La Paz, Jan 21 (IANS/EFE) India’s Jindal Steel & Power plans this year to export 1 million tonnes of iron ore concentrate from Bolivia’s El Mutun mine, the firm said.

Exports will begin in March now that some problems that had slowed development of the mine near Puerto Suarez – a town close to the [..] Read the original article: here.

Wipro projects higher IT revenue for fourth quarter

BANGALORE – Wipro Ltd projected $1.4 billion revenue from its global IT business for the fourth quarter (January-March) of this fiscal (2010-11), an increase of four percent sequentially from the third quarter (October-December) of this fiscal.

In a regulatory filing Friday, the IT bellwether said the higher revenue was based on meeting the guidance of … Read more : Wipro projects higher IT revenue for fourth quarter.

Wipro net up 10 percent in third quarter

BANGALORE – Wipro Ltd reported net profit of Rs.13.2 billion for the third quarter (October-December) of this fiscal (2010-11), registering 10 percent year-on-year (YoY) growth, according to the Indian accounting system.

In a regulatory filing Friday, the IT bellwether said revenue for the quarter under review (Q3) posted Rs.78.3 billion, an increase of 12 percent …. Original source : Wipro net up 10 percent in third quarter.

Money Market Operations as on January 20, 2011

…. Original source : Money Market Operations as on January 20, 2011.

Japanese shares decline on US, European falls

TOKYO – Japanese stocks fell in Friday morning trading as investor sentiment was hurt by overnight losses in US and European markets.

The benchmark Nikkei 225 Stock Average lost 90.53 points, or 0.87 percent, to trade at 10,346.78 while the broader Topix index was down 9.72 points, or 1.05 percent, at 917.47.
Investors were cautious …. Source article on Gaea Times at : Japanese shares decline on US, European falls.