Business News – Newsletter for January 31, 2011

Monday, January 31, 2011

NEW DELHI – A thick blanket of fog engulfed the Indira Gandhi International (IGI) Airport here Monday that caused cancellation of 10 flights and diversion of three from the national capital, an official said.

“Flight operations at IGI Airport were affected due to dense fog Monday morning. After the initial dip, general visibility … Read more »»».

Posco project in Orissa get conditional nod

NEW DELHI – The environment ministry Monday gave conditional clearance to South Korean steel major Posco’s $12 billion project in Orissa.
… Read more >>>.

Sensex pares some intra-day losses

MUMBAI – A benchmark index for Indian equities markets Monday pared some of its intra-day lows in the afternoon, moving up from its intra-day lows although weakness persisted across the breadth of the market amid negative cues from Asia.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,226.21 points, … Read more >>>.

Tamil Nadu to get new marine biotech park

CHENNAI – A marine biotechnology park will soon be set up near Mamallapuram in Tamil Nadu while the state will also get a medicinal plant biotech park, Deputy Chief Minister M.K. Stalin said Monday, adding that a new biotech policy is being drafted.

“We have identified 300 acres near Mamallapuram to set up a marine … Read more >>>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.95 and the Reference Rate for Euro is ` 62.54 on January 31, 2011. The corresponding rates for the previous day (January 28, 2011) were ` 45.74 and ` 62.73 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Chandigarh to spruce up Sukhna Lake to attract tourists

CHANDIGARH – The popular Sukhna Lake here is all set for a major overhaul, with additions like better landscaping, lighting, new walkways, trekking trails, a garden of silence and a tourist information centre, an official said Monday.

Keeping in view the tourist attracting capacity of Sukhna Lake, there is a need to enhance the tourism …. Source : Chandigarh to spruce up Sukhna Lake to attract tourists.

Flight from Egypt to reach Mumbai in afternoon

MUMBAI – A special flight bringing back nearly 300 Indians from Egypt, which is in the midst of a political upheaval, is expected to reach here by Monday afternoon, an Air India official said.

“A Boeing-747 took off from Mumbai Saturday and will be reaching back here this afternoon,” the Air India spokesperson said.
The … Read this article on Gaea Times at : Flight from Egypt to reach Mumbai in afternoon.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 31, 2011 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Original source : Liquidity Adjustment Facility : Auction Results.

Flights delayed as fog engulfs Delhi airport

NEW DELHI – A thick blanket of fog engulfed the Indira Gandhi International (IGI) Airport here Monday causing flight delays and diversions, an official said.

The fog was back in the city after over a fortnight.
The visibility dropped below 150 metres at Delhi airport and CAT III B procedure was operated around 9 … Read the original article on Gaea Times at : Flights delayed as fog engulfs Delhi airport.

Malaysia, India to sign pact to boost economic ties

IPOH – Malaysia and India are expected to sign the Comprehensive Economic Cooperation Agreement (CECA) next month to enhance trade and economic activities between the two countries as well as explore new areas of cooperation, a Malaysian minister has said.

The formal signing will take place in Malaysia, Second Finance Minister Ahmad Husni Mohamad Hanadzlah …. Original article : Malaysia, India to sign pact to boost economic ties.

Foreign firms eye Indian lesbian, gay travel pie

NEW DELHI – With India becoming a favoured destination among gay travellers, many international gay travel agencies are keen to open shop in India to cater to this niche travel segment.

“There is a lot of interest by LGBT (lesbian, gay, bisexual and transgender) travel agencies and related services to start operations in India, as … Read more >>>.

Weak start to week for Sensex

MUMBAI – A benchmark index for Indian equities markets Monday started the trading week on a negative note as across the board selling continued.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,226.21 points, was ruling at 18,155.14 points, down 240.83 points or 1.31 percent from its previous close …. Original source : Weak start to week for Sensex.

Money Market Operations as on January 28, 2011

…. Source : Gaea News Network.

Bangladesh to get $63 mn loan from Kuwait

DHAKA – Bangladesh will receive $63 million in loan from Kuwait for help in a power project and to achieve food security in the country, a statement said.

The Kuwait Fund for Arab Economic Development (KFAED) approved the loan Sunday under an agreement signed in Dhaka between itself and the Economic Relations Division of Bangladesh’s … Read more »»».

$8.25 billion exports by 2014 achievable: leather exporters

CHENNAI – India’s leather exporters are confident of achieving the ambitious export target of $8.25 billion by 2013-14 from the current level of $3.4 billion even if the European Union scraps the anti-dumping duty levied on Chinese and Vietnamese shoes, said a top industry official.

“The $8.25 billion export target is ambitious and is achievable …. Source article : $8.25 billion exports by 2014 achievable: leather exporters.