Business News – Weekly Newsletter for January 17-24, 2011

Agra battles water crisis as Yamuna is highly polluted

AGRA – Agra has been battling a water crisis for over a month now as the sewer and industrial effluents have polluted the Yamuna river, causing an inadequate water supply to the residents.

There has been hardly any fresh inflow in the river as all it carries is the pollutants from Delhi and towns in … Read more >>.

Summer trials this year of upgraded indigenous battle tank

NEW DELHI – Within a year of the government approving a project for an upgraded indigenous main battle tank (MBT), India’s defence research agency has readied a Mark II version that will undergo summer and winter trials this year.

The defence ministry had last May given its nod to the Defence Research and Development …. Original article on Gaea Times at  : Summer trials this year of upgraded indigenous battle tank.

Money Market Operations as on January 15, 2011

… Read this article on Gaea Times at : Money Market Operations as on January 15, 2011.

India Art Summit spotlight on market, infrastructure

NEW DELHI – The market and infrastructure for art are expected to be highlighted at the India Art Summit 2011 beginning this week. The event promises a large variety that could make collectors out of visitors and experts are hoping it will help position Indian art globally.

The Jan 21-23 event will see seminars and …. Source article on Gaea Times at  : India Art Summit spotlight on market, infrastructure.

Huge source of oil, gas found in South China Sea

BEIJING – Chinese geologists have detected “super-thick” oil and gas-rich strata in the South China Sea and also identified 38 offshore oil and gas basins, a media report said Monday.

The outskirts of Songliao basin in northeast China, Yin’e basin in the north and Qiangtang basin on the Qinghai-Tibet Plateau have rich oil and gas … Read more »»».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.59 and the Reference Rate for Euro is ` 60.73 on January 17, 2011. The corresponding rates for the previous day (January 14, 2011) were ` 45.30 and ` 60.40 respectively. Based on the Reference Rate for US …. Original source  : RBI Reference Rate for US $ and Euro.

Sensex lacklustre, Asian cues negative

MUMBAI – A benchmark index of Indian equities market Monday was ruling dull, amid sombre cues coming from other major Asian markets. Broader markets saw profit booking.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,911.43 points, was ruling at 18,874.17 points — up 13.73 points or 0.07 percent …. Original article  : Sensex lacklustre, Asian cues negative.

Bangladesh plans waterway transit for Bhutan

DHAKA – Bangladesh plans to have an exclusive Teesta river waterway transit for landlocked Bhutan, an official said.

A government committee is preparing the final documents to give transit facilities to neighbouring countries to enable them to reach Bangladesh’s Chittagong and Mongla ports, the Daily Star newspaper said Monday.
Teesta is one of the major …. Original article  : Bangladesh plans waterway transit for Bhutan.

Indian products and services show in Nigeria this month

LAGOS – With Indian outreach to Africa steadily growing, a major Indian products and services show is being mounted here later this month amid high hopes that trade between India and Nigeria will pick up this year after a lull in the past two years.

“As a result of global recession, trade dropped for …. Original article on Gaea Times at  : Indian products and services show in Nigeria this month.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 17, 2011 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction  …. Source  : Liquidity Adjustment Facility : Auction Results.

Money Market Operations as on January 14, 2011

… Read this article on Gaea Times at : Money Market Operations as on January 14, 2011.

Advani slams government on illegal wealth in foreign banks

MUMBAI – Senior Bharatiya Janata Party (BJP) leader L.K. Advani Sunday took on the Manmohan Singh-led central government over its inability to crack down on corruption, alleging it was doing little to bring back the ill-gotten money kept by Indians in foreign banks.

Addressing a ‘Bhrashtachar Virodhi Mahasangram’ (anti-corruption rally) organised here by the National …. Original article on Gaea Times at  : Advani slams government on illegal wealth in foreign banks.

On-line power bill payment starts in west Uttar Pradesh

GHAZIABAD – About 32 lakh consumers of the Uttar Pradesh Power Corporation Limited (UPPCL) in western Uttar Pradesh will now be able to pay their electricity bills on the internet, a statement said Sunday.

The on-line bill payment facility was introduced by UPPCL Paschimanchal Vidyut Vitran Nigam Limited (PVVNL) in districts such as Bagpat, Bijnor, … Read this article on Gaea Times at : On-line power bill payment starts in west Uttar Pradesh.

UAE to participate in 16 international trade fairs

Abu Dhabi, Jan 16 (IANS/WAM) As part of its efforts to attract more foreign investments, the United Arab Emirates will participate in 16 international trade fairs and exhibitions across the globe, including one in India, this year.

The Ministry of Foreign Trade (MFT) is also busy in arranging promotional tours to many countries this …. Read the original article  : UAE to participate in 16 international trade fairs.

Bangladesh signs LNG import deal with Qatar

DHAKA – Bangladesh Sunday signed a deal with Qatar to import four million tonnes of liquefied natural gas (LNG) per year to meet the growing demand for gas.

Mohammad Mejbahuddin, secretary to the energy and mineral resources division of Bangladesh, and Mohammed Saleh Al-Sada, state minister for energy and industrial affairs of Qatar, signed …. Read the original article  : here.

Ahmadinejad’s 33-year-old car gets $2 mn bid

TEHRAN – Iranian President Mahmoud Ahmadinejad’s 33-year-old car has received a $2 million bid after it was put on an online auction, a minister said Sunday.

“We have different suggestions from many countries and the last received bid was $2 million,” ISNA news agency quoted Minister of Welfare and Social Security Sadeq Mahsouli …. Source article on Gaea Times at  : Ahmadinejad’s 33-year-old car gets $2 mn bid.

Petrol price hike: Strike planned in Bengal Monday

KOLKATA – Protesting against the latest petrol price hike, Communist Party of India-Marxist’s labour arm Centre of Indian Trade Unions (CITU) has called a three-hour public transport strike in West Bengal Monday.

The strike will begin at noon, CITU state president Shyamal Chakraborty told mediapersons here Sunday.
He said private vehicles have been exempted from [..] Read the original article: here.

Not consulted on petrol hike, will hold protests: Trinamool

KOLKATA – Alleging that it was not consulted before the petrol price hike, United Progressive Alliance (UPA) partner Trinamool Congress Sunday announced protest rallies and meetings across West Bengal to demand a rollback and steps to control the escalating cost of essentials.

It also demanded that meetings of the UPA constituents be held every three … Read more : Not consulted on petrol hike, will hold protests: Trinamool.

Israel to host industry meet to woo Indian investments

BANGALORE – Israel will host the second high-tech industry association conference in Jerusalem May 29-June 3 to attract investments and partnerships from India in new technologies spanning IT, telecom, defence, aerospace, renewable energy and security.

Organised by the Israeli ministry of industry, trade and labour, the annual conference will provide a platform to investors, venture … Original source on Gaea Times at : Israel to host industry meet to woo Indian investments.

Maharashtra politicos cheer Adarsh demolition order

MUMBAI – Welcoming the environment ministry’s order to demolish the Adarsh housing society building within three months, politicians in Maharashtra said this was the only option for the scam-hit project.

Shiv Sena legislator Subhash Desai said: “We welcome the decision of MoEF (ministry of environment and forests) and Jairam Ramesh. But I am concerned if … Original article on : Maharashtra politicos cheer Adarsh demolition order.

Prestige Microchef: High Tech Cooking!

DELHI, INDIA (GaeaTimes.com)- TTK Prestige which is among India’s top kitchen appliance brands has unveiled a unique offering for health conscious buyers- the first ever microwave pressure cooker of India. Named Microchef the device is meant for those users who own Microwave ovens but do not use it for general cooking. S Ravichandran the …. Source  : Gaea News Network.

BJP protests petrol price hike in Delhi

NEW DELHI – About 500 Bharatiya Janata Party (BJP) workers Tuesday held a demonstration at Jantar Mantar in central Delhi to protest the recent hike in petrol prices. Police had to use water cannons to disperse the crowd.

“The protest began around 11 a.m. and is still on. Around 500 people have gathered at the … Read : BJP protests petrol price hike in Delhi.

Chhattisgarh farmers renew protest against power project

RAIPUR – About 150 farmers Tuesday renewed their protest in Chhattisgarh’s Janjgir-Champa district against land acquisition by a private company for an upcoming thermal power plant project, police said.

“Farmers have renewed their protest, accusing the company of forcibly trying to take over their lands. We have strengthened police deployment in the area as protesters … Read this article on Gaea Times at : Chhattisgarh farmers renew protest against power project.

Tata Car Nano Selling Well

DELHI, INDIA (GaeaTimes.com)- After months of not so inspiring sales figure, Tata Motors is witnessing rising demands for its small car Nano. The car which set a cut throat competition among top car makers for coming out with a low budget compact car after its arrival, was plagued with a number of problems … Original source on Gaea Times at : Tata Car Nano Selling Well.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.53 and the Reference Rate for Euro is ` 60.62 on January 18, 2011. The corresponding rates for the previous day (January 17, 2011) were ` 45.59 and ` 60.73 respectively. Based on the Reference Rate for US …. Read the original article  : RBI Reference Rate for US $ and Euro.

New water policy by 2011, will include climate change impact

NEW DELHI – Nine years after the last document, work is on to put in shape a new water policy that will by the end of the year not just lay down a framework for the allocation of water but also take into account the impact of climate change and the remedial steps that need … Original article on : New water policy by 2011, will include climate change impact.

Sensex rises in noon trade

MUMBAI – A benchmark index of Indian equities markets Tuesday rose in noon trade, helped by strong earnings reported by corporates. Gainers in front-line stocks were led by IT and telecom firms.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,983.2 points, was ruling at 19,008.28 points — … Read : Sensex rises in noon trade.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 18, 2011 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

Clegg outlines plan to allow shared parental leave

LONDON – Britain’s Deputy Prime Minister Nick Clegg has unveiled plans to allow parents to share parental leave between them, evoking angry reactions from some business leaders.

Fathers will be given up to ten months of paid paternity leave under plans outlined Monday by Clegg, the Daily Mail reported.
With backing from British Prime Minister … Read more : Clegg outlines plan to allow shared parental leave.

Common property resources crucial for livelihood of poor’

HYDERABAD – Protection of common property resources, or commons, is becoming critical not just because of the pressure of increasing population but also because of the higher level of consumption people want, according to Ruth S. Menizen-Dick, president, International Association for the Study of the Commons (IASC).

“The challenge before India and many other countries … Read the original article on Gaea Times at : Common property resources crucial for livelihood of poor’.

Japanese shares inch higher on bargain hunting

TOKYO – Japanese stocks edged up in Tuesday morning trading as investors picked up some blue chip issues at lower prices after a weak start.

The benchmark Nikkei 225 Stock Average gained 18.41 points, or 0.18 percent, to trade at 10,521.27 while the broader Topix index was up 3.85 points, or 0.41 percent, at 932.58.
…. Read the original article  : Japanese shares inch higher on bargain hunting.

Money Market Operations as on January 17, 2011

… Original article on : Money Market Operations as on January 17, 2011.

Airbus reports record deliveries in anniversary year 2010

TOULOUSE – European passenger plane company Airbus has reported that it delivered a record 510 new airplanes in 2010, the 40th anniversary year of the consortium.

The deliveries, surpassing the previous one-year delivery record of 498 planes, gave Airbus a 52 percent of the world market share last year, outpacing US arch-rival Boeing.
At the …. Read the original article  : Airbus reports record deliveries in anniversary year 2010.

Dollar’s dominance ‘product of the past’: Hu Jintao

WASHINGTON – The era of a world currency system dominated by the US dollar is a “product of the past”, Chinese President Hu Jintao said in interviews with US newspapers on the eve of a visit to Washington.

Hu is set to meet US President Barack Obama at the White House Wednesday.
In written responses …. Original source  : Dollar’s dominance ‘product of the past’: Hu Jintao.

World Future Energy Summit opens in Abu Dhabi

Abu Dhabi, Jan 17 (IANS/WAM) The fourth World Future Energy Summit (WFES) kicked off Monday here to discuss ways to promote the use of clean energy for sustainable growth.

Leaders and industry experts from around the world gathered in the capital of the United Arab Emirates for the annual summit, hosted by Abu Dhabi-based …. Source  : Gaea News Network.

International cargo airport coming up near Delhi

CHANDIGARH – An international cargo airport would be set up in Haryana territory falling in the national capital region (NCR) of New Delhi, Haryana Chief Minister Bhupinder Singh Hooda said Monday.

Hooda said 3,000 acres of land has been identified for the project at Bhaini Maharajpur and Bhaini Bhairon villages near Delhi.
Hooda said the …. Original article  : International cargo airport coming up near Delhi.

Karat slams government policies to curb inflation

DURGAPUR – Communist Party of India-Marxist (CPI-M) general secretary Prakash Karat Monday flayed the United Progressive Alliance (UPA) government’s proposed policy of allowing foreign investment in retail market in order to curb inflation.

“The government now wants to give permission to foreign investment in retail trade. Few days back a statement came out from the … Read this article on Gaea Times at : Karat slams government policies to curb inflation.

No alternative to petrol price hike: Deora

NEW DELHI – A day after petrol prices were hiked by about four percent, Petroleum Minister Murli Deora said Monday that there was no alternative but to do so as the state oil marketing companies were facing huge losses.

“The decision to hike petrol prices was taken by the oil companies. These companies are Navratnas …. Source article  : No alternative to petrol price hike: Deora.

Hike in jet fuel price to jack up air fares: Patel

NEW DELHI – Any increase in aviation turbine fuel (ATF) will have an impact on the cost of flying, Civil Aviation Minister Praful Patel said Monday, adding that the government would not allow exorbitant fares to be charged on any pretext.

“The fuel prices are directly linked to the fares, so it is but natural … Read this article on Gaea Times at : Hike in jet fuel price to jack up air fares: Patel.

Chinese banking giant ICBC expands in Europe

LUXEMBOURG – China’s banking giant, the Industrial & Commercial Bank of China (ICBC), launched Monday an expansion of its operations across Europe.

ICBC opened five new branches Monday in major European capitals – in Amsterdam, Brussels, Paris, Madrid and Milan.
The banking giant already has branches in Moscow, London, Frankfurt and Luxembourg.
Speaking at a … Read this article on Gaea Times at : Chinese banking giant ICBC expands in Europe.

Anand Sinha takes over as RBI Deputy Governor

Shri Anand Sinha took over today as Deputy Governor of the Reserve Bank of India. As Deputy Governor, Shri Sinha has been appointed Deputy Governor for a period upto February 28, 2013. He will look after two regulatory departments, namely, Department of Banking Operations and Development and Urban Banks Department. He …. Read the original article  : Anand Sinha takes over as RBI Deputy Governor.

Bajaj Auto’s third quarter profit jumps 40 percent

NEW DELHI – Two-wheeler major Bajaj Auto Wednesday reported a 40 percent growth in its net profit for the third quarter of the current fiscal, which stood at Rs.667 crore as against Rs.457 crore in 2009-10.

The auto-major posted a net sales growth of 17 percent at 946,850 units in the third quarter as compared …. Original source  : Bajaj Auto’s third quarter profit jumps 40 percent.

Jammu and Kashmir lost Rs.700 crore due to summer unrest

JAMMU – The Jammu and Kashmir government lost Rs.700 crore during last year’s summer unrest in the Kashmir Valley by way of damage to infrastructure and cost of ferrying employees to their duties, an official source said.

This figure does not include the loss the state suffered in the tourism and industrial sectors.
The …. Original article  : Jammu and Kashmir lost Rs.700 crore due to summer unrest.

Kaiga-4 nuke plant synchronised with southern power grid

MUMBAI – The fourth unit of Kaiga Generating Station (KGS), Kaiga-4, Indias 20th nuclear reactor, began supplying electricity after it was linked to the southern power grid early Wednesday, an official said here.

After the synchronisation of the 220 MW KGS-4, the countrys nuclear power capacity has gone up to 4,780 MW with a total …. Original article  : Kaiga-4 nuke plant synchronised with southern power grid.

HCL Technologies quarterly net profit rises 12 percent

NEW DELHI – HCL Technologies Wednesday reported an increase of 12 percent in the net profit at Rs.285.97 crore for the quarter ended December 2010 as compared to Rs.255.44 crore for the same period last fiscal.

The total income of the company increased to Rs.1,687.59 crore as against Rs.1259.22 crore during the quarter under …. Original article  : HCL Technologies quarterly net profit rises 12 percent.

Black money stashed abroad a national plunder: Supreme Court

NEW DELHI – The Supreme Court Wednesday said stashing away ill-gotten money in foreign banks was a “national plunder” and asked the central government to give it all the information it had on Indians who had siphoned off their illicit money to tax havens.

The apex court bench of Justice B. Sudarshan Reddy and …. Original article  : Black money stashed abroad a national plunder: Supreme Court.

Chinese president’s US trip focused on business

WASHINGTON – Chinese President Hu Jintao began a four-day state visit to the US clearly focused on business, much like his host President Barack Obama’s trip to India in November.

Reflecting the importance Obama places on the economic relationship with China to boost exports and spur job growth, Vice President Joe Biden personally greeted Hu [..] Read the original article: here.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.38 and the Reference Rate for Euro is ` 61.15 on January 19, 2011. The corresponding rates for the previous day (January 18, 2011) were ` 45.53 and ` 60.62 respectively. Based on the Reference Rate …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Sensex trades in tight range, broader markets gain

MUMBAI – A benchmark index for an Indian equities market Wednesday was trading in a tight range even as broader markets saw moderate buying activiy.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,138.42 points – up 46.37 points or 0.24 percent from its … Read : Sensex trades in tight range, broader markets gain.

RBI Measures to extend Credit Support to Micro Finance Institutions

The Reserve Bank of India has today advised certain relaxation to banks in its present restructuring guidelines in order to enable them to extend credit support to micro finance institutions (MFIs) (www.rbi.org.in/scripts/NotificationUser.aspx?Id=6227&Mode=0) . The relaxation is purely a temporary measure and would be applicable to bank loans to MFIs restructured by …. Source  : RBI Measures to extend Credit Support to Micro Finance Institutions.

Bihar’s silent revolution: 30,000 women now own land

PATNA – Until two-and-a-half years ago, Parvatia Devi and Kamla Devi were among the poorest of the poor. They worked as farm labourers and did odd jobs to eke out a living. But today they are proud owners of land and part of the silent revolution through which nearly 30,000 women have been provided land … Read more : Bihar’s silent revolution: 30,000 women now own land.

Underwriting Auctions for Government Securities

The Government of India have announced the sale(reissue) of “7.99 per cent Government Stock 2017” for a notified amount of ` 4,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of  ` 4,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount … Original article on : Underwriting Auctions for Government Securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 19, 2011 are:

Amount  (face value in ` crore)                            

Item

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

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

Bolivian firm introduces coca-based soft drink

La Paz, Jan 19 (IANS/EFE) A private firm Tuesday presented Coca Brynco, Bolivia’s first mass-produced coca-based soft drink.

The drink was officially presented at the Rural Development Ministry with several ministers in attendance, a few days after President Evo Morales displayed it to foreign media during a press conference in which he defended coca leaf.
…. Original article  : Bolivian firm introduces coca-based soft drink.

Suzuki Kizashi, Swift with all-wheel-drive

TOKYO – The Japanese car maker Suzuki is offering with immediate effect on the European markets an all-wheel drive version of its top-of-the-range Kizashi model and the Suzuki Swift.

From the exterior the all-wheel drive version only differs from the front-wheel drive in having a 4×4 badge. The front and rear axle are linked to …. Source article  : Suzuki Kizashi, Swift with all-wheel-drive.

Japanese shares up on Apple, US gains

TOKYO – Japanese stocks climbed in Wednesday morning trading, boosted by overnight US gains and a robust earnings report from Apple Inc.

The benchmark Nikkei 225 Stock Average gained 19.95 points, or 0.19 percent, to trade at 10,538.93 while the broader Topix index was up 1.86 points, or 0.2 percent, at 933.44.
Apple, the world’s …. Original article  : Japanese shares up on Apple, US gains.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Wednesday was trading flat in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,084.99 points – down 7.06 points from its previous close at 19,092.05 points.
The 50-scrip S&P CNX Nifty of the …. Source article on Gaea Times at  : Sensex flat in early trade.

Money Market Operations as on January 18, 2011

… Read more »»».

Apple posts record revenues, profit

SAN FRANCISCO – Apple posted record revenue and profits Tuesday, a day after the company announced that its iconic founder and chief executive Steve Jobs was taking a medical leave of absence for unspecified health problems.

The health of the company however has never seemed brighter. Apple said it had record revenue of $26.74 billion … Read more >>.

Etihad Airways increases flights to Jeddah

Abu Dhabi, Jan 18 (IANS/WAM) Etihad Airways, the national airline of the United Arab Emirates, will expand its services to Jeddah in Saudi Arabia from Feb 1, increasing to 12 flights per week.

The increased flying programme is a result of the strong ties between the two countries and the growing demand for business and … Read : Etihad Airways increases flights to Jeddah.

Airtel Digital TV Revamp

DELHI, INDIA (GaeaTimes.com)- Airtel Digital TV which is the DTH wing of cellular major Bharti Airtel has come up with its unique offer which enables the customers to select the channels of their choice. This is a welcome move considering some of the channels offered in its existing DTH packages may not be …. Original article on Gaea Times at  : Airtel Digital TV Revamp.

China’s economy grows 10.3 percent in 2010

BEIJING – China’s economy grew 10.3 percent last year, up from 9.2 percent in 2009, the National Bureau of Statistics (NBS) announced Thursday.

Gross domestic product (GDP) hit 39.8 trillion yuan ($6.05 trillion) last year, up 10.3 percent year on year calculating at comparable prices, Ma Jiantang, director of the NBS, told a press conference …. Read the original article  : here.

India to assist Ghana in $1.1-bn fertiliser project

ACCRA – India will assist Ghana in a joint venture to set up a$1.1 billion fertiliser plant in the Shama Industrial Area of the west African nation.

Ghana’s Minister of Food and Agriculture Kwesi Ahwoi said finance for the project will be sourced from banks and financial institutions in both the countries.
Under a memorandum … Original source on Gaea Times at : India to assist Ghana in $1.1-bn fertiliser project.

Ukrainians go on winter holiday – to Goa!

KIEV – Fun-loving Ukrainians are heading to Goa in big numbers. The Indian holiday destination is a clear favourite, with Ukraine’s flag carrier operating two packed direct flights to the state every week – the only airline in Eastern Europe to do so.

“Goa for us is a dream. It is on the radar screen …. Original article on Gaea Times at  : Ukrainians go on winter holiday – to Goa!.

Maruti Suzuki Kizashi: February 2 Debut?

DELHI, INDIA (GaeaTimes.com)- Maruti Suzuki the car maker that has a large stake in compact car market in India is now vying for a share of the mid sized and premium car segment where its share is not much to talk about. In the last few years the growth in the mid sized … Original article on : Maruti Suzuki Kizashi: February 2 Debut?.

Punj Lloyd Group bags Rs.645 crore projects

MUMBAI – Engineering and construction major Punj Lloyd Group Thursday said it had bagged three oil and gas contracts worth Rs.645 crore in India, Oman and Indonesia.

The largest contract worth Rs.323 crore has been awarded by petroleum company Occidental Mukhaizna for engineering and construction of a new water treatment at their oil production …. Source article on Gaea Times at  : Punj Lloyd Group bags Rs.645 crore projects.

PM to launch scheme to keep cell number but switch operator

NEW DELHI – Prime Minister Manmohan Singh will Thursday unveil a new scheme that will permit mobile phone users to change their service providers without having to forgo their numbers in what in industry jargon is called mobile number portability.

The service is currently available in Haryana but being taken nationwide in a bid to …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.58 and the Reference Rate for Euro is ` 61.45 on January 20, 2011. The corresponding rates for the previous day (January 19, 2011) were ` 45.38 and ` 61.15 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Onions, vegetables continue to keep food inflation high

NEW DELHI – Even as India’s annual food inflation based on wholesale prices fell to to 15.52 percent for the week ended Jan 8, high prices continued to pinch people at large with onions 100 percent dearer over the past year and vegetables 65 percent.

Yet, this was the second week of decline, from 16.91 …. Original source  : Onions, vegetables continue to keep food inflation high.

Blue Star Eyeing Expansion

DELHI, INDIA (GaeaTimes.com)- Blue Star which is a major manufacturer of Air conditioning and commercial refrigeration units in India has decided to shift focus on residential market from the next season and therefore it wants to augment its range of air conditioners. It will also tie up with more retail outlets to reach out …. Original article  : Blue Star Eyeing Expansion.

Sensex weak in noon trade

MUMBAI – A benchmark index for an Indian equities market Thursday was trading lower amid profit booking in front-line stocks, while broader markets were dull as traders adopted a wait and watch policy.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,892.43 points, was ruling at 19,891.52 points – …. Original article  : Sensex weak in noon trade.

Obama, Hu differ on issues, but make $45 bn business deals

WASHINGTON – US President Barack Obama and Chinese President Hu Jintao continued to disagree on issues ranging from economics to human rights but pledged cooperation to stabilise their relations and struck business deals worth a whopping $45 billion.

Obama welcomed Hu with full fanfare, receiving him Wednesday morning at the White House with a 21-gun … Original article on : Obama, Hu differ on issues, but make $45 bn business deals.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 20, 2011 are:

Amount  (face value in ` crore)                            

Item

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

1 day Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

India asks Australia to show progress in nuclear energy

MELBOURNE – As Canberra sticks to its ban on selling uranium to New Delhi, India Thursday made it clear to Australia that the full potential of their strategic partnership would not be realised without some progress in the area of nuclear energy.

“While the relationship is progressing well, I think it is important … Original article on : India asks Australia to show progress in nuclear energy.

Boeing withdraws from Indian midair tanker tender

NEW DELHI – Boeing has withdrawn from the midair tanker tender floated by the Indian Air Force (IAF) in September 2010.

That leaves only the European Airbus A330 MRTT and the Russian IL 78 in the fray for supplying six midair refuelers to the IAF, which may actually buy a few more aircraft on follow-on … Read : Boeing withdraws from Indian midair tanker tender.

Brazil created record 2.52 mn new jobs in 2010

Rio de Janeiro, Jan 20 (IANS/EFE) Brazil created a record 2.52 million new jobs last year, the most since the statistics were first registered in 1992, the labour ministry has said.

The number surpassed the 1.61 million jobs the nation generated in 2007, which was the previous high until now. There were only 990,000 new …. Read the original article  : Brazil created record 2.52 mn new jobs in 2010.

Brazil created record 2.52 mn new jobs in 2010

Rio de Janeiro, Jan 20 (IANS/EFE) Brazil created a record 2.52 million new jobs last year, the most since the statistics were first registered in 1992, the labour ministry has said.

The number surpassed the 1.61 million jobs the nation generated in 2007, which was the previous high until now. There were only 990,000 new … Read the original article on Gaea Times at : Brazil created record 2.52 mn new jobs in 2010.

Money Market Operations as on January 19, 2011

…. Source  : Gaea News Network.

Swiss whistleblower banker guilty, but no jail term

GENEVA – A former top Swiss private banking executive turned WikiLeaks collaborator was found guilty Wednesday by a Zurich court of violating bank secrecy, attempted coercion and sending threatening letters.

But Rudolf Elmer, who once worked for Julius Baer Bank, managed to avoid the jail-time prosecutors sought. Instead, he received a fine of some 7,200 …. Read the original article  : Swiss whistleblower banker guilty, but no jail term.

Declare Sawantwadi-Dodamarg ‘eco-sensitive’, government urged

MUMBAI – A top Mumbai NGO Wednesday urged the central government to declare the Sawantwadi-Dodamarg area of Sindhudurg district of the Konkan region as Ecologically Sensitive Area (ESA) and implement a zero mining policy.

In a memorandum to union Minister for Environment and Forests Jairam Ramesh, Sumaira Ali, chief of the Awaaz Foundation, has said …. Source article on Gaea Times at  : Declare Sawantwadi-Dodamarg ‘eco-sensitive’, government urged.

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.

US stocks edge lower on China’s rise

NEW YORK – US stocks fell slightly Thursday on concerns that surging growth in China could force more interest rate tightening in the Asian powerhouse.

The Chinese government said the economy accelerated at a 9.8-percent annual rate in the fourth quarter of 2010. The news overshadowed some positive news from the US from a key … Original article on : US stocks edge lower on China’s rise.

Google’s Larry Page to take over as CEO

SAN FRANCISCO – Google co-founder Larry Page is to take over the day-to-day operations of the web search company as chief executive, Google said Thursday.

Current CEO Eric Schmidt will assume the role of executive chairman and will focus on deals and external relations. Sergey Brin, the other Google co-founder, will focus on new products, [..] Read the original article: here.

Tamil Nadu yet to decide on using old submarine as museum

CHENNAI – The Tamil Nadu government is yet to decide on accepting as a gift the decommissioned naval submarine, INS Vela, for converting it into a museum based in Chennai, said an official of the National Maritime Foundation (NMF) Thursday.

A naval museum out of a submarine will be a good revenue earner as well … Read : Tamil Nadu yet to decide on using old submarine as museum.

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.

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.