Business News – Newsletter for January 23, 2011

Pakistan to face power outages for many years

ISLAMABAD – Hit by acute power shortage, Pakistan will continue to face the problem of loadshedding for many more years, a top official has admitted.

Pakistan Electric Power Company Limited (PEPCO) chief Muhammad Khalid Saturday ruled out the possibility of overcoming the problem of loadshedding for many years in future.
He, however, stressed that efforts … Read the original article on Gaea Times at : Pakistan to face power outages for many years.

India’s central bank may raise rates Tuesday

MUMBAI – India Inc and the stock markets are keenly waiting if the central bank will hike key interest rates when it conducts its quarterly monetary policy review Tuesday — a move widely predicted by economists, bankers and analysts.

The Reserve Bank of India (RBI) has already tinkered with interest rates six times this fiscal …. Source  : India’s central bank may raise rates Tuesday.

Of eggs, medicines and growing Indian connection in Liberia

NEW DELHI – If you order a couple of fried eggs for breakfast in any restaurant in Monrovia, the capital of Liberia, the eggs are almost certain to be from India. Almost 90 percent of pharmaceuticals sold in the West African country are also from India.

According to India’s Honorary Consul General in Liberia Upjit … Read more »».

Art Summit: India’s ‘educated art market’ impresses foreign galleries

NEW DELHI – Foreign galleries participating in the India Art Summit for the first time are “impressed” by the “educated art market” and the large turnout. Many even brought down the prices of their paintings to “suit” the Indian tastes.

“This is the first time we are participating in the art summit here and [..] Read the original article: here.

Mobile phones’ sale in China grew by 57 percent in 2010

SHANGHAI – Sale of mobile phones in China showed a growth of 57 percent in 2010 due to the popularity of internet and television enabled devices, according to a survey.

More than 246 million mobile phone units were sold on the Chinese mainland last year, Beijing-based research firm Analysys International said.
The domestic market will … Read this article on Gaea Times at : Mobile phones’ sale in China grew by 57 percent in 2010.

Cobra Beer looks for tie-ups to expand India business

NEW DELHI – Cobra Beer, which has invested over $30 million in India so far, plans to double the production capacity of its Bihar unit within two years and expand business in other states through tie-ups, says the company’s India-born, London-based founder and chairman Karan Bilimoria.

“Our Patna brewery can currently produce nearly 2.5 million … Read more : Cobra Beer looks for tie-ups to expand India business.

Indian companies will benefit from defence offsets policy (Comment)

India’s rising economic capacity has enabled the funding of its defence modernisation capabilities over the past two decades and as one of the largest global military spenders, the country has the third-largest defence procurement budget in Asia.

The Indian aerospace industry is one of the fastest-growing aerospace markets in the world and the rapid growth …. Source  : Gaea News Network.

Pakistan in deep economic mess, says Pakistani daily

ISLAMABAD – The economic policies being pursued by Pakistan are “neither sound nor equitable”, a leading Pakistani daily said, adding that this “is evident from the deep economic mess the country is in”.

An editorial in the Dawn Sunday said: “The macro economy is crumbling because of imprudent, opaque and unprofessional management of the country`s … Original source on Gaea Times at : Pakistan in deep economic mess, says Pakistani daily.

Haryana’s industry scene is a ‘mini-Japan’

CHANDIGARH – The runaway success of India’s biggest car manufacturer Maruti-Suzuki has led other Japanese companies to invest over Rs.4,282 crore ($938 million) in Haryana over the years.

Haryana has emerged as a favoured destination for Japanese majors to invest, given the proximity of the state’s national capital region (NCR) belt to New Delhi.
A … Read more : Haryana’s industry scene is a ‘mini-Japan’.

No restrictions on mail from Cuba, says US

Washington, Jan 23 (IANS/EFE) The US has said it has placed no restrictions on mail from Cuba, after Havana announced it was stopping deliveries to America after mail sent through airlines of other countries were sent back to Cuba.

A few new measures, adopted after two packages containing bombs were sent from Yemen to the [..] Read the original article: here.

Toshiba to start production of turbine generators in July

CHENNAI – The Rs.800 crore, 3,000 MW steam turbine and generator project of Toshiba JSW Turbine and Generator Pvt. Ltd. coming up here is expected to start production in July this year, a top company official said Saturday.

“The turbine and generator project is on track and production is expected to start in July. About …. Original article on Gaea Times at  : Toshiba to start production of turbine generators in July.

Solar power plant inaugurated in Gujarat

GANDHINAGAR – Gujarat chief minister Narendra Modi Saturday inaugurated a 1 MW solar power plant here, commissioned in a record 105 days at a cost of Rs.15 crore.

“The plant will generate around 15 lakh units of power per year, enough to light 1,500 houses and is expected to lessen carbon emission by 1,500 …. Read the original article  : Solar power plant inaugurated in Gujarat.

Trade ties with India to be strengthened: Japanese minister

CHENNAI – India and Japan are moving closer towards concluding a Comprehensive Economic Partnership Agreement (CEPA) and Japanese companies are interested investing in rare earth mining, infrastructure development projects in India, a Japanese minister said Saturday.

Hideichi Okada, vice minister for international affairs in Japan’s ministry of economy, trade and industry, said two Japanese companies … Original article on : Trade ties with India to be strengthened: Japanese minister.

BBC to lay off hundreds of employees

LONDON – Hundreds of BBC employees are all set to receive pink slips, for the news broadcasting organisation is going to slash hundreds of online jobs as part of swingeing cuts which will halve the size of its website operations.

A number of popular gardening, cookery and lifestyle websites will be axed or dramatically scaled …. Source article  : BBC to lay off hundreds of employees.

Cotton exports will not exceed 55 lakh bales: Maran

NEW DELHI – Union Textiles Minister Thiru Dayanidhi Maran on Saturday indicated that not a single bale over the 55 lakh bales already approved for exports would be allowed to be exported.

Maran said this while laying the foundation stone for Erode …. Source article  : Cotton exports will not exceed 55 lakh bales: Maran.

Ashok Leyland Q3 net profit down 59 percent

CHENNAI – Commercial vehicles maker Ashok Leyland Ltd reported a 59 percent decline in its net profit for the third quarter of the current fiscal despite an increase of 22.5 percent in the topline.

The company closed the period under review with a net profit of Rs.43.37 crore and revenue of Rs.2,227.25 crore as against …. Original article  : Ashok Leyland Q3 net profit down 59 percent.

Goa trade forum seeks action against drugs trade, prostitution

PANAJI – After students groups, opposition and the media, the captains of industry in Goa have now asked the government to act against rampant drug trade and prostitution in the tourism-oriented state.

Identifying crimes related to drugs and prostitution as areas of prime concern, the Goa Chamber of Commerce and Industry (GCCI) in a … Read more : Goa trade forum seeks action against drugs trade, prostitution.

Facebook raises $1.5 bn; Goldman funds limited

SAN FRANCISCO – Facebook raised $1.5 billion in funding, but has limited the financing by investment giant Goldman Sachs to $1 billion, the social networking company announced Friday.

The transaction includes a previously announced investment by Goldman Sachs of $450 million and a $50-million injection from Russian internet firm Digital Sky Technologies. The other billion …. Original source  : Facebook raises $1.5 bn; Goldman funds limited.

SBI net profit rises 14 percent at Rs.2,828 crore

MUMBAI – State Bank of India (SBI), the country largest lender, said Saturday its net profit rose 14.07 percent to Rs.2,828.06 crore ($628.45 million) in the third quarter of the current fiscal, on the back of increased credit demand.

The bank’s total income rose to Rs.24,726.73 crore for the quarter ended Dec 31, 2010, … Read more »».

Big Bazaar Bonanza For Buyers

DELHI, INDIA (GaeaTimes.com)- Big Bazaar the famous hypermarket retail chain owned by Future Group has unveiled a shopping bonanza for the buyers for 5 days during the week of Republic day of India. This discount offer valid for 5 days includes a plethora of grocery, electronics and household products. This offer was started …. Source article  : Big Bazaar Bonanza For Buyers.