Business News – Newsletter for January 22, 2011

Vegemite In New Form

SYDNEY, AUSTRALIA (GaeaTimes.com)- There is a good news for the foodies who love gorging on vegemite. It is a favorite among Australians for breakfast. The spread is used with cracker biscuits, dinner rolls and toast. It is made from yeast extract. It is made and marketed by Kraft Foods Inc. dark brown in texture … Read more : Vegemite In New Form.

India, Indonesia to sign 34 MoUs during Yudhoyono visit

NEW DELHI – India and Indonesia will sign a record 34 memorandums of understanding (MoUs), half of them on business and investment, when Indonesian President Susilo Bamgbang Yudhoyono comes visiting next week.

A 140-strong business delegation will be accompanying Yudhoyono – who will begin a three-day visit Jan 24 – to explore the potential for … Original article on : India, Indonesia to sign 34 MoUs during Yudhoyono visit.

Wipro overhauls management, makes 10 percent more profit

BANGALORE – Announcing major changes in the line up of its management, Wipro, India’s premier information technology company declared its annual financial score card here on Friday.

In a statement, Wipro said fiscal third-quarter net profit rose 10 percent to Rs. 13.19 billion under international accounting standards from 12.03 billion a year ago, matching forecasts.

Wipro, which …. Original article  : Wipro overhauls management, makes 10 percent more profit.

Obama showcases GE’s Samalkot deal to say he’s creating jobs

WASHINGTON – Showcasing a new General Electric Co (GE) deal with India, US President Barack Obama has called for a new effort to put the economy into job-creation “overdrive” by boosting American exports.

“For America to compete around the world, we need to export more goods around the world. That’s where the customers are. …. Original article on Gaea Times at  : Obama showcases GE’s Samalkot deal to say he’s creating jobs.

BlackBerry begins porn ban in Indonesia

TORONTO – BlackBerry Friday stopped access to pornography on its smart phones in Indonesia.

It is the first time that BlackBerry maker Research In Motion (RIM) has agreed to filter pornographic content under pressure from any country.
The decision follows after the world’s biggest Muslim nation of 237 million people gave RIM the deadline of … Read more : BlackBerry begins porn ban in Indonesia.

Cuba suspends mail service to US

Havana, Jan 22 (IANS/EFE) The Cuban postal service has suspended mail deliveries to the US until further notice after large amounts of US-bound mail using airlines of other countries returned to Cuba, according to a statement.

Correos de Cuba “will not be able to continue accepting any type of dispatch destined for the US”, the … Original article on : Cuba suspends mail service to US.

Karnataka shuts down over Yeddyurappa’s prosecution

BANGALORE – Many educational institutions in Karnataka did not open, state-run buses went off roads, and a few vehicles were stoned Saturday as the ruling Bharatiya Janata Party (BJP) organised a daylong shutdown to protest Governor H.R. Bhardwaj’s move to allow Chief Minister B.S. Yeddyurappa’s prosecution over corruption charges.

“We have withdrawn bus services at …. Original article  : Karnataka shuts down over Yeddyurappa’s prosecution.

Citigroup head’s salary jumps from $1 to 1.75 mn

NEW YORK – Vikram Pandit, who led the financial giant Citigroup through the dark days of the recession and bail-out, is getting a raise.

After working for two years for just $1 a year, he will now receive $1.75 million, board chairman Richard Parsons said Friday.
Under Pandit’s leadership since December 2007, Citigroup got … Read the original article on Gaea Times at : Citigroup head’s salary jumps from $1 to 1.75 mn.

US stocks edge up on GE earnings

NEW YORK – Most US stocks climbed higher Friday as conglomerate General Electric reported better-than expected earnings, ending a mixed week for Wall Street on a positive note.

GE reported a surge in fourth-quarter earnings for 2010 to $4.54 billion profit, up from $3.01 billion in the same period of 2009. Net income for the … Read the original article on Gaea Times at : US stocks edge up on GE earnings.

Ministerial panel on corruption holds first meeting

NEW DELHI – The first meeting of the recently-constituted group of ministers (GOM) on corruption was held under the chairmanship of Finance Minister Pranab Mukherjee here Friday evening, an official said.

“The GOM met for an hour and held preliminary discussions,” a finance ministry official told IANS.
Preliminary discussions on a separate agency, other than … Read : Ministerial panel on corruption holds first meeting.

M&M, DLLFS team up to finance US tractor dealers

MUMBAI – Mahindra & Mahindra’s financial services subsidiary Mahindra Finance Friday announced a joint venture with De Lage Landen Financial Services to provide finance to US-based tractor dealers.

The new venture, named Mahindra Finance USA LLC, will have 49 percent by the Indian partner and the rest by DLLFS.
DLLFS is a fully-owned subsidiary of …. Source  : Gaea News Network.

India, EU may firm up FTA by April

NEW DELHI – The 27-nation European Union (EU) Friday said it was expecting to firm up negotiations with India by April on a broad-based free trade area (FTA) agreement that will also cover the mobility of skilled professionals. The signing, however could take longer.

The EU also underlined its plans to expand counter-terror cooperation …. Source article  : India, EU may firm up FTA by April.

Modi inaugurates major farming development scheme

GANDHINAGAR – Gujarat Chief Minister Narendra Modi Friday inaugurated a first of its kind public-private partnership (PPP) with US farm equipment major John Deere, which could impact over 50,000 families over five years.

Signed under the aegis of the state’s Vanbandhu Kalyan Yojna (ten-point programme for tribal welfare), the agreement entails John Deere opening … Original article on : Modi inaugurates major farming development scheme.

Food prices stable in Delhi Jan 14-20: Government

NEW DELHI – The government said Friday that the prices of main food commodities were stable in Delhi during the week Jan 14-20.

As per data compiled by the Price Monitoring Cell, Department of Consumer Affairs, in the week ending 20.1.2011, the prices of main food commodities either declined or remained steady in Delhi, an …. Original source  : Food prices stable in Delhi Jan 14-20: Government.

Eicher mulls greenfield facility for Bullets, other two-wheelers

CHENNAI – Automobile major Eicher Motors Ltd is mulling a greenfield facility for its Enfield Bullet and other two-wheelers that would meet the needs of the company for the next ten years, said a senior company official.

The company’s two-wheeler division is called Royal Enfield and rolls out the Enfield Bullet, Thunderbird and other high-powered …. Read the original article  : Eicher mulls greenfield facility for Bullets, other two-wheelers.

364-day Treasury Bills auction: Rs.1,000 crore under regular auction

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.1,000 crore. The auction will be conducted on January 25, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the …. Source article on Gaea Times at  : 364-day Treasury Bills auction: Rs.1,000 crore under regular auction.

Agreement with Government of Jammu & Kashmir

The Reserve Bank of India has entered into a Supplementary Agreement under Section 21A of the Reserve Bank of India Act, 1934 with the Government of Jammu & Kashmir.  Under the agreement, which shall be effective from April 1, 2011, the Reserve Bank of India shall carry on the general banking …. Source article  : Agreement with Government of Jammu & Kashmir.

RBI releases Discussion Paper on Presence of Foreign Banks in India

The Reserve Bank of India released on its website today, the “Discussion Paper on Presence of Foreign Banks in India (www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313) ”. Views/comments of banks, non-banking financial institutions, all stakeholders and the public at large are invited on the discussion paper.

Suggestions and comments may please be sent by March 7, 2011 …. Read the original article  : here.

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 25, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion … Read : 91-day Treasury Bills auction: Rs.4,000 crore under regular auction.

Reliance Industries net profit rises 28 percent to Rs.5,136 crore

MUMBAI – India’s largest private company, Reliance Industries Friday reported a 28.14 percent rise in net profit at Rs.5,136 crore for the quarter ending Dec 31, compared to Rs.4,008 crore in the previous corresponding quarter.

The turnover of the Mukesh Ambani-led energy behemoth rose to Rs.62,399 crore during the quarter under review, compared to Rs.58,848 …. Source article on Gaea Times at  : Reliance Industries net profit rises 28 percent to Rs.5,136 crore.