Business News – Newsletter for January 26, 2011

Toyota recalling 1.7 mn vehicles globally

TOKYO – Japan’s Toyota Motor Corp plans to recall 1.7 million vehicles worldwide, including 1.28 million in Japan, to repair faulty parts, including defective fuel pipes, the world’s largest automaker said Wednesday.

The recalls in Japan were for 16 models, including the Noah and Voxy minivans, manufactured from May 2000 to October 2008, a Toyota …. Original source  : Toyota recalling 1.7 mn vehicles globally.

India seeks diversified cooperation with Nepal on R’Day

KATHMANDU – India celebrated its 62nd Republic Day in Nepal Wednesday by wishing for diversified India-Nepal cooperation in the days to come.

“India remains steadfast in its commitment to extend assistance for Nepals economic development and institutionalisation of multi-party democracy, the Indian ambassador to Nepal, Rakesh Sood, said.
It is our wish that India-Nepal cooperation … Read : India seeks diversified cooperation with Nepal on R’Day.

Car licence lottery held in traffic choked Beijing

BEIJING – The first ever car licence plate lottery was held Wednesday in Beijing, a city where 800,000 new cars took to the overcrowded roads last year.

The lottery system has been introduced to restrict vehicle purchases and curtail worsening traffic jams, Xinhua reported.
Data from the Beijing Municipal Commission of Transport shows the number … Read more : Car licence lottery held in traffic choked Beijing.

‘India presents fantastic opportunities for US firms’

WASHINGTON – With India presenting “fantastic opportunities” for American companies in infrastructure development, the US is making it a priority to help private sector help meet India’s growing needs, according to a senior official.

“India presents fantastic opportunities for US companies to provide the goods and services needed to build its railroads, airports, power plants, … Read more >>.

Airtel bets on World Cup, IPL to flag 3G service

BANGALORE – India’s largest mobile service operator Bharti Airtel is betting on the upcoming World Cup and Indian Premier League (IPL) to hook customers on to its 3G (third generation) service to view cricket matches live on their mobile phones.

“We will pitch for more subscribers during the World Cup and IPL matches to flag …. Original source  : Airtel bets on World Cup, IPL to flag 3G service.

Innovate to face India, China challenge: Obama

WASHINGTON – Citing once again the growing challenge from emerging powers like India and China, US President Barack Obama asked Americans to unleash their creative spirits and innovate to “win the future” in a rapidly shifting global economy.

“That world has changed. And for many, the change has been painful,” he said in a State …. Original article on Gaea Times at  : Innovate to face India, China challenge: Obama.

Bengal’s secondary steel sector face raw material shortage

KOLKATA – The secondary steel sector in West Bengal, which churns a fifth of India’s total production of this commodity, is in a severe crisis following insecurity over supply of raw materials, especially iron ore.

“Lack of raw material like coal and iron ore is severely affecting the secondary steel sector in West Bengal. Producers … Read : Bengal’s secondary steel sector face raw material shortage.

Spain posts lower than expected budget deficit

Madrid, Jan 26 (IANS/EFE) The Spanish government ran a budget deficit equal to 5.1 percent of gross domestic product in 2010, better than the official forecast of 5.9 percent of GDP, a minister said.

Spain “comfortably” met the goal of keeping the cumulative 2010 deficit of the national, regional and municipal administrations at no more …. Source  : Gaea News Network.

Pilots get stake in Mexican airline

Mexico City, Jan 26 (IANS/EFE) The union representing pilots at Mexicana de Aviacion is getting a 2.8 percent stake in the carrier, which went bankrupt last year, as compensation for unpaid wages, union leaders said.

The union’s stake in the carrier was reduced by about 2 percent, Airline Pilots Association, or ASPA, leader Fernando Perfecto … Read more : Pilots get stake in Mexican airline.

Companies Bill to come up in budget session: Deora

MUMBAI – The Companies Bill, 2009, will be presented for consideration of parliament during its budget session next month, said Corporate Affairs Minister Murli Deora here Tuesday, adding the ministry would also address problems of small investors.

Deora said the ministry would try addressing the problems faced by small investors and independent directors by making …. Read the original article  : here.

List of the Padma awardees

NEW DELHI – The following is the list of 128 Padma awardees approved by President Pratibha Patil on the eve of the Republic Day Tuesday.

Padma Vibhushan
01.Kapila Vatsyayan Art-Administration and Promotion
02.Homai Vyarawalla Art-Photography
03.Nageshwara Rao Art- Cinema
04.Parasaran Kesava Iyengar Public Affairs … Read more >>.

India confident of over 9 pc growth next year: President

NEW DELHI – President Pratibha Patil Tuesday said the government was confident of achieving over 9 per cent economic growth next year, but admitted that rising inflation, specially food prices, are a matter of serious concern.

“We are now returning to the pre-crisis growth pattern and are confident of growing at over 9 percent …. Original article on Gaea Times at  : India confident of over 9 pc growth next year: President.

Tata Coffee net profit zooms 79 percent in third quarter

BANGALORE – Tata Coffee Ltd Tuesday reported a net profit of Rs.25 crore for the third quarter (Oct-Dec) of the 2010-11 fiscal as against Rs.14 crore in the previous 2009-10 fiscal, registering a whopping 79 percent year-on-year (YoY) growth.

In a regulatory filing, the company said the turnover was Rs.101 crore for the …. Original source  : Tata Coffee net profit zooms 79 percent in third quarter.

India will grow over 9 percent next year: President

NEW DELHI – President Pratibha Patil Tuesday said the Indian economy is expected to grow more than 9 percent in 2011-12.

“We are expecting a growth of more than 9 percent next year,” the president said in her message to the nation on the eve of Republic Day.
She said the economy’s performance has … Read this article on Gaea Times at : India will grow over 9 percent next year: President.

GVK to develop two airports in Indonesia

NEW DELHI – GVK Power and Infrastructure will develop two airports in Indonesia with an investment of nearly $5 billion, the company’s vice-chairman G.V. Sanjay Reddy said here Tuesday.

We will be developing two greenfield international airports in Indonesia. It will require an investment of $4-5 billion, Reddy told reporters after signing agreements with …. Source  : Gaea News Network.

RBI hikes key rates by 0.25 percent to curb inflation

MUMBAI – The Reserve Bank of India (RBI) on Tuesday raised the repo rate and the reverse repo rate by 0.25 per cent, each, with immediate effect, in order to curb inflation.

Announcing its third quarterly monetary policy review here, the RBI said that it has increased its repo rate to 6.5 per … Read more : RBI hikes key rates by 0.25 percent to curb inflation.

No night trains in Assam till Jan 30

KOLKATA – Night-time movements along the Guwahati-Lumding section of North East Frontier Railway in Assam have been suspended till Jan 30 to prevent any possible subversive activity in view of Republic Day Wednesday, a railway release said.

Intelligence sources said there were inputs about threats from different militant groups, including the United Liberation Front of …. Source article  : No night trains in Assam till Jan 30.

Wipro’s Premji leads Padma awardees among industrialists

NEW DELHI – Wipro chairman Azim Premji led the list of this year’s awardees named for the government’s civilian “Padma” honours, among the representatives of trade and industry here Tuesday.

Premji, who has also made a mark in philanthropy, was named for the second highest Padma Vibushan award.
In the list of 128 awardees for … Read more : Wipro’s Premji leads Padma awardees among industrialists.

Bangladesh to probe stock market crash

DHAKA – The Bangladesh government Tuesday formed a three-member committee to probe into the causes behind the collapse of its stock markets twice in this month.

The committee headed by Khondkar Ibrahim Khaled, chairman of the Bangladesh Krishi Bank and former deputy governor of the Bangladesh Bank, was announced by Finance Minister A.M.A. Muhith.
Names … Original article on : Bangladesh to probe stock market crash.

Railways’ freight earning up by 6.27 percent

KOLKATA – The Railways’ revenue earnings from commodity-wise freight traffic rose by 6.27 percent during the April-December period of 2010 over the corresponding figure a year ago, a statement said Tuesday.

The Railways earned Rs.44,789.55 crore from commodity-wise freight traffic during April-December 2010, compared to Rs.42,146.97 crore during the corresponding period in 2009.
The Railways …. Read the original article  : Railways’ freight earning up by 6.27 percent.