Business News – Monthly Newsletter February 2011

Haryana looks at newer pastures for farming

CHANDIGARH – Horticulture, floriculture, vegetable cultivation and fish farming – Haryana’s agricultural fields that contributed significantly to the country’s Green Revolution are now gradually diversifying to newer areas.

Farmers in the state, who are diversifying from the routine wheat-paddy cycle of crops, say they find the new farming activities more beneficial, especially in terms of … Read more : Haryana looks at newer pastures for farming.

ArcelorMittal hikes bid for Canadian iron ore giant

TORONTO – Toronto-based Baffinland Iron Mines Corp Friday asked its shareholders to accept ArcelorMittal’s higher offer of $1.40 a share or $550.7 million. The world’s biggest steel company raised its offer from $1.25 to $1.40 to beat rival Nunavat Iron Ore Acquisition Inc’s $1.35.

ArcelorMittal raised its bid after the deadline for its previous offer …. Original source  : ArcelorMittal hikes bid for Canadian iron ore giant.

Orissa wants paddy procurement norms relaxed

BHUBANESWAR – Orissa has requested the central government to relax paddy and rice procurement norms for the state as its farmers faced a calamity of rare severity in 2010, an official said Saturday.

The quality of the paddy in the state was affected due to drought conditions and unseasonal cyclonic rains in 2010.
“We … Read this article on Gaea Times at : Orissa wants paddy procurement norms relaxed.

Kindle best-selling gadget in Britain, US

LONDON – Kindle, that allows users to download and read digital copies of books and newspapers, is the most popular product of all time on Amazon – selling an estimated eight million in Britain and the US in 2010.

It appeals to consumers whose priorities are convenience and portability, and follows the success of the …. Original article  : Kindle best-selling gadget in Britain, US.

British PM vows economic growth in New Year message

LONDON – The British government will be “relentlessly focused” on supporting economic growth and job creation in 2011, despite the “heavy lifting” needed to rein in the country’s gaping budget deficit, Prime Minister David Cameron said in his New Year message.

“We have been living seriously beyond our means. We have to sort this out. …. Read the original article  : British PM vows economic growth in New Year message.

Bolivian army to sell bread to prevent shortages

La Paz, Jan 1 (IANS/EFE) Bolivian President Evo Morales has ordered the armed forces to sell bread in the western highland cities of El Alto and La Paz to prevent prices from soaring amid protests over an end to fuel subsidies.

Morales issued a decree last weekend ending subsidies for gasoline, diesel and other fuels. …. Original article on Gaea Times at  : Bolivian army to sell bread to prevent shortages.

Srinagar-Jammu highway opened for one-way traffic

SRINAGAR – The Srinagar-Jammu highway was thrown open to one-way traffic Saturday after it remained closed for two days due to heavy snowfall even as chilly winds continued to lash the summer capital.

The highway has been opened for one-way traffic. Vehicles will be allowed to move from Jammu to Srinagar today (Saturday) and they … Read the original article on Gaea Times at : Srinagar-Jammu highway opened for one-way traffic.

RBI launches Quarterly Industrial Outlook Survey for January-March 2011

The Reserve Bank of India has launched the 53rd round of the Industrial Outlook Survey (IOS) (www.rbi.org.in/scripts/BS_ViewForms.aspx?Id=181) for reference period January –March 2011. The Reserve Bank is conducting the Industrial Outlook Survey on a quarterly basis since 1998. The survey gives an insight into the perception of the public and … Read more : RBI launches Quarterly Industrial Outlook Survey for January-March 2011.

RBI launches Order Books, Inventories and Capacity Utilisation Survey : Round 12

The Reserve Bank of India has launched the Twelfth round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS) (www.rbi.org.in/scripts/BS_ViewForms.aspx?Id=182) . The survey is for the reference period October–December 2010.

The Reserve Bank has been conducting Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector regularly on a …. Read the original article  : here.

US stocks mixed on last day of 2010

NEW YORK – US stocks were mixed as markets closed on the year’s last day of trading Friday, but were up for all of 2010.

Since January, the high tech Nasdaq Composite Index posted the largest gains – 16.91 percent – of the three leading Wall Street indices. The Dow Jones Industrial Average of blue … Read this article on Gaea Times at : US stocks mixed on last day of 2010.

UAE’s Emirates NBD ranked largest bank in Middle East

Dubai, Dec 31 (IANS/WAM) UAE’s Emirates NBD has been ranked the largest bank in the Middle East in a latest ranking by the US-based Global Finance magazine.

Besides the Middle East region, the Emirates NBD also has a significant presence globally at a time when emerging markets continue to drive the global economy out … Read : UAE’s Emirates NBD ranked largest bank in Middle East.

IOC again hikes ATF prices by 2 percent

NEW DELHI – State-owned Indian Oil Corporation (IOC) Friday raised aviation turbine fuel (ATF) prices by two percent, which now stand at Rs. 47,816 per kilolitre in Delhi.

This is the sixth straight ATF rate hike since October, when international oil prices took an upward swing.
Crude oil prices, which were $79 a barrel … Read the original article on Gaea Times at : IOC again hikes ATF prices by 2 percent.

Smart City CEO comes to get drunk: Achutnanandan

THIRUVANANTHAPURAM – Even as the deadlock between the Kerala government and Smart City Dubai continued over the fate of the proposed Rs.1,500 crore Kochi project, Chief Minister V.S. Achuthanandan vented his anger saying that Smart City CEO Fareed Abdulrahman comes to the state “to get drunk”.

Abdulrahman had said earlier Friday that arbitration … Read the original article on Gaea Times at : Smart City CEO comes to get drunk: Achutnanandan.

India hopes to resolve oil payments issue with Iran soon (Roundup)

MUMBAI – India’s central bank Friday said it was in talks with Iran to resolve the row over oil payments, which accounts for 12 percent of its hydrocarbon imports, even as Tehran said the impasse had been resolved.

The Indian foreign office also denied US pressures for a shift in the settlement mechanism and said … Read more »»».

Delhi Metro museum celebrates second anniversary

NEW DELHI – South Asia’s first metro museum, showcasing the Delhi Metro — at Patel Chowk metro station here, celebrated its second anniversary Friday by conducting quiz and drawing competitions for school children.

The competition, arranged by the Delhi Metro Rail Corporation (DMRC), saw participation of students of classes 5 to 10 from … Read more : Delhi Metro museum celebrates second anniversary.

Calendar for Auction of Government of India Treasury Bills

(For the Quarter ending March 2011)

On a review of the cash position of the Government of India, the Reserve Bank of India in consultation with Government of India, has decided to notify amounts for the issuance of Treasury Bills for the quarter ending March 2011. The notified amounts for the …. Original source  : Calendar for Auction of Government of India Treasury Bills.

182-day Treasury Bills auction : Rs.1,500 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.1,500 crore. The auction will be conducted on January 5, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion …. Original source  : 182-day Treasury Bills auction : Rs.1,500 crore under regular auction.

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 5, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion …. Read the original article  : here.

RBI releases Data on Sectoral Deployment of Bank Credit – November 2010

The Reserve Bank of India has decided to disseminate the data relating to sectoral deployment of credit on a monthly basis. The data is collected from select 47 scheduled commercial banks and accounts for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks. The data …. Source article on Gaea Times at  : RBI releases Data on Sectoral Deployment of Bank Credit – November 2010.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 31, 2010 are :

Amount  (face value in ` crore)                       

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
…. Original article  : Second Liquidity Adjustment Facility : Auction Results.

CII proposes bio-diesel price hike

NEW DELHI – The government should raise the price of bio-diesel obtained from the jatropha plant to support the bio-diesel industry’s sustainability efforts, the Confederation of Indian Industry (CII) says.

In a proposal submitted to the ministry of new and renewable energy, the industry lobby suggested the price could be increased from Rs.26.50 per litre …. Read the original article  : here.

Assocham proposes national poll fund for parties

NEW DELHI – In a bid to stem out corruption and inflow of black money during election campaigns, an industry lobby has asked the government to create a national fund supported by budgetary provisions for political parties.

The suggestion was made by Assocham (Associated Chambers of Commerce and Industry of India) to Finance Minister Pranab …. Source article  : Assocham proposes national poll fund for parties.

CPI-M leader stuns party over GM crops

THIRUVANANTHAPURAM – Deviating from his party’s stand, Communist Party of India-Marxist (CPI-M) politburo member S. Ramachandran Pillai staunchly supported GM crops at an agriculture seminar here.

Pillai, who inaugurated the three-day seminar “Agriculture in the era of Globalization”, declared that opposition to GM seeds was superstitious.
He said that the use of GM … Read more : CPI-M leader stuns party over GM crops.

Second generation of Apple TV to cross million sales mark

BERLIN – Apple’s set-top box TV system Apple TV has long since passed the phase where it’s the domain of hobbyists, according to Apple head Steve Jobs.

That’s because the second generation of the Apple TV system is set to surpass the million sales mark in the next weeks, if it hasn’t done so already.
… Read more : Second generation of Apple TV to cross million sales mark.

Google TV faces hurdles

NEW YORK – Google’s foray into internet television is not going quite as planned.

Google plans to rework the software for Google TV before more manufacturers bring devices to market with that programming installed, reported US media recently. That’s after critics savaged the first take of the system.
Google TV is designed to operate on … Read more >>>.

Microsoft plans new Windows operating system for mobile devices

SAN FRANCISCO – Microsoft is working on a new Windows system for mobile devices like tablet computers, according to reports.

The system would focus on devices using energy-saving chips designed by the British company ARM. Many of ARM’s chips are currently used in both the iPad and iPhone from Apple.
Now Windows will reportedly offer …. Source article on Gaea Times at  : Microsoft plans new Windows operating system for mobile devices.

UAE ministry sets up committees to guide farmers

Dubai, Jan 1 (IANS/WAM) The UAE Environment and Water Ministry has set up two new technical committees to guide the farmers on agricultural and livestock affairs, it was announced Saturday.

The move is to strengthen security of vital food and livestock resources. The committees will be responsible for giving proper guidance to farmers …. Read the original article  : UAE ministry sets up committees to guide farmers.

CNG gets dearer, to cost Rs.29 per kg

NEW DELHI – Delhi will have to pay more for Compressed Natural Gas (CNG) as the rates of the fuel have been revised upward to Rs.29 per kg in the capital with effect from midnight of Jan 1, an official said Saturday.

The price was currently Rs.27.75, an official of Indraprastha Gas Limited (IGL) said.
…. Original source  : CNG gets dearer, to cost Rs.29 per kg.

India has to address governance, ethical deficits: Chidambaram

CHENNAI – India has to address three major deficits – governance, regulatory and ethical- if the country has to progress, the economy continue to log nine percent growth and the gains of last two decades are not lost, Home Minister P. Chidambaram said Saturday.

“We were slow to realise that when the economy grows at …. Read the original article  : here.

Buddhadeb inaugurates social security fortnight for workers

KOLKATA – In a bid to draw more unorganised and organised sector workers into the government’s social security network ahead of next assembly polls, the West Bengal government Saturday launched the Social Security Fortnight to raise awareness about the schemes.

The social security network, formulated by the state labour department and implemented by the State … Original source on Gaea Times at : Buddhadeb inaugurates social security fortnight for workers.

40,000 Chinese apply for car licence plates on New Year

BEIJING – Nearly 40,000 online applications for car licence plates were received by the Beijing municipal government in the first 11 hours of the new year, as new traffic rules took effect here Saturday, Xinhua reports.

As of 11 a.m., the website for application of licence plates accepted 36,138 applications, an official with the …. Read the original article  : 40,000 Chinese apply for car licence plates on New Year.

NTC land in Gujarat fetches Rs.145.93 crore

GANDHINAGAR – Hitting a New Year jackpot, the National Textiles Corporation (NTC) has sold through an e-auction two closed mills in Gujarat for a combined price of Rs.145.93 crore ($32.6 million) against a total reserve price of Rs.68.74 crore, a statement said here Saturday.

In a keenly-fought three-day auction that went on nearly till the …. Source article on Gaea Times at  : NTC land in Gujarat fetches Rs.145.93 crore.

Telecos paid Rs.73.73 crore penalty for late 2G rollout: Sibal

NEW DELHI – Communications Minister Kapil Sibal Saturday said telecom operators who missed the deadlines for the rollout of 2G services paid Rs.73.73 crore penalty and the government had not ruled out cancelling their licences.

“We had generated demand for over Rs.78 crore, of which the operators have submitted Rs.73.73 crore,” Sibal told reporters here.
…. Source article  : Telecos paid Rs.73.73 crore penalty for late 2G rollout: Sibal.

Indian automobile firms close 2010 with stellar sales figures (Roundup)

NEW DELHI/CHENNAI – Prompted by a growing economy, increasing disposable incomes and low interest rates, Indian automobile manufacturers Saturday reported stellar sales figures for the calender year 2010.

Chennai-based car manufacturer Hyundai Motor India, the country’s second largest car manufacturer, saw its domestic sales grow by 23.1 percent, while exports saw a down slide of …. Source article on Gaea Times at  : Indian automobile firms close 2010 with stellar sales figures (Roundup).

Hyundai, Ford close 2010 with higher sales

CHENNAI – The city-based car manufacturers Hyundai Motor India and Ford India closed 2010 with higher sales compared to 2009.

Hyundai, the country’s second largest car manufacturer, saw its domestic sales grow by 23.1 percent while exports saw a downslide of 8.5 percent, a company official said Saturday.
It logged a cumulative growth of … Read more »»».

Toyota Kirloskar’s 2010 sales up 38 percent

NEW DELHI – Toyota Kirloskar Motor (TKM) Saturday reported a growth of 38 percent in its sales for 2010, which stood at 74,759 units as against 54,320 units in 2009.

“We are very happy with the response we have received from our customers in 2010,” said Sandeep Singh, deputy managing director-marketing, TKM.
According to him, …. Source  : Toyota Kirloskar’s 2010 sales up 38 percent.

Night landing cleared at Agra airport

AGRA – The union Ministry of Tourism and Culture has cleared night landing of flights at Agra’s Kheria airport, according to an industry source, who also said flights will begin landing at night within a month or two.

It has been a long-pending demand of the tourism industry to allow flights, particularly international flights, to …. Original article  : Night landing cleared at Agra airport.

GM 2010 sales grow by 59 percent

NEW DELHI – General Motors India Saturday reported 59 percent growth in sales for 2010, which stood at 110,804 units as against 69,579 units in 2009.

Introduction of best-in-segment cars from the 300 series, increase in customer numbers, unique value proposition like cashless ownership are the factors that have led to the impressive performance in …. Read the original article  : GM 2010 sales grow by 59 percent.

China-Russia oil pipeline begins operation

BEIJING – An oil pipeline linking Russia’s far east and northeast China started operating Saturday.

The 1,000-km-long pipeline will transport 15 million tonnes of crude oil annually from Russia to China from 2011 to 2030.
Yao Wei, general manager of pipeline branch of Petro China Co., Ltd. (PBPC), pushed a button in Mohe county of …. Source  : Gaea News Network.

No flight cancelled at Delhi airport

NEW DELHI – The Indira Gandhi International airport ushered in the New Year on an auspicious note as no flights were cancelled Saturday due to fog.

“Low visibility procedures (LVP) were implemented from 0750 hours to 0904 hours, for a total of 1 hour 14 minutes,” a Delhi International Airport Limited (DIAL) official said.
According …. Source  : Gaea News Network.

India’s exports rise 26.5 percent in November

NEW DELHI – India’s exports rose 26.5 percent to $18.89 billion in November while imports increased by 11.2 percent to $27.79 billion, narrowing the trade deficit to $8.9 billion in the month, official data showed Monday.

Cumulative value of exports for the period April-November 2010 was $140.29 billion as against $110.69 billion during the …. Original article  : India’s exports rise 26.5 percent in November.

Shutdown by anti-mining group hits life in Orissa

BHUBANESWAR – A dawn-to-dusk shutdown by an anti-mining group to protest the killing of two people in a police gunfight crippled life in parts of Orissa Monday, police said.

Normal life was severely affected in villages and towns under Jharbandh, Padampur and Paikmal block in Bargarh district with shops shuttered and commercial vehicles … Read this article on Gaea Times at : Shutdown by anti-mining group hits life in Orissa.

Sensex quiet in afternoon trade

MUMBAI – A benchmark index of the Indian equities market Monday was ruling about 100 points higher in the afternoon, led by gains in metal and realty stocks.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, was ruling at 20,611.67 points, up 102.58 points or 0.5 percent … Read the original article on Gaea Times at : Sensex quiet in afternoon trade.

Onion prices will dip by mid-January, say traders

NEW DELHI – The sky-rocketing prices of onion that have come down marginally are expected to fall further by mid-January, Delhi’s wholesale traders said.

Traders in Delhi’s Azadpur Mandi, Asia’s biggest wholesale vegetable market, said that onion prices are likely to witness a sharp fall by Jan 20 with the arrival of fresh …. Original source  : Onion prices will dip by mid-January, say traders.

Reliance Capital’s unit buys 26 percent in Indian Commodity Exchange

MUMBAI – Reliance Exchangenext Limited (R Next), a subsidiary of financial services major Reliance Capital Monday said it has acquired a 26 percent stake in Indian Commodity Exchange (ICEX), marking its foray into the commodity futures exchange business.

The Reliance Capital unit, part of the Anil Dhirubhai Ambani Group, acquired the stake from Indiabulls Financial … Read this article on Gaea Times at : Reliance Capital’s unit buys 26 percent in Indian Commodity Exchange.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.67 and the Reference Rate for Euro is ` 59.37 on January 3, 2011. The corresponding rates for the previous day (December 31, 2010) were ` 44.81 and ` 59.81 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

China to go into 4G telecom technology by 2015

BEIJING – China’s homemade fourth-generation telecommunication technology TD-LTE that can download over 150 megabytes per second will be used globally by 2015, say Chinese industry experts.

The next-generation Time Division-Long Term Evolution (TD-LTE) technology, currently under trial, is promoted by the China Mobile Communications Co.
“Many international operators have contacted China Mobile and expressed willingness … Read more >>>.

Malaysian Indian leader to seek more business ties in India

KUALA LUMPUR – Malaysian Indian leader S. Samy Vellu will begin his new assignment this week as his countrty’s special envoy to South Asia by seeking more business ties in the infrastructure sector.

He will be in New Delhi Thursday leading a 150-member Malaysian Indian delegation to the ninth Bharatiya Pravasi Divas (PBD), the annual …. Source  : Malaysian Indian leader to seek more business ties in India.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 3, 2011 are:

Amount  (face value in ` crore)                          

Item

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

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

Rival betters ArcelorMittal’s offer for Toronto mining company

TORONTO – The fight between ArcelorMittal and Nunavut Iron Ore Acquisition Inc. for control of Baffinland Iron Mines Corp is heating up as the latter has now made a higher offer of $1.45 a share for the Toronto-based company.

ArcelorMittal had Friday raised its offer from $1.25 to $1.40 to beat rival Nunavat Iron Ore … Original source on Gaea Times at : Rival betters ArcelorMittal’s offer for Toronto mining company.

British MPs draw flak for defying austerity measures

LONDON – Senior MPs in Britain have come under fire for celebrating the New Year with lavish holidays or by sipping champagne at an exclusive Commons fireworks party.

The lawmakers, including Chancellor of the Exchequer George Osborne who defied austerity Britain by taking a luxury break at Prince Charles’s favourite ski resort in Switzerland, …. Source article on Gaea Times at  : British MPs draw flak for defying austerity measures.

Syrians take a gamble with country’s first casino in decades

DAMASCUS – People in Syria can now roll the dice at the country’s only casino, which recently opened its doors in a gamble of its own – to test the limits in this largely conservative society.

Casino Damascus, which opened around 30 km outside the capital,near Damascus airport, is seen as a step in Syria’s …. Original source  : Syrians take a gamble with country’s first casino in decades.

Sensex starts new year on positive note

MUMBAI – Kicking off the new trading year on a positive note, a benchmark index of Indian equities Monday rose in morning trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, was ruling at 20,652.91 points, up 143.82 points or 0.7 percent from its previous close at …. Source article on Gaea Times at  : Sensex starts new year on positive note.

Chinese cars make inroads in Myanmar’s market

YANGON – Min Min yawned as he gazed at the compound of his second-hand cars dealership in Yangon.

“I come here every day as usual but go back home without a single kyat in sales,” Min Min, 45, said.
Myanmar’s market for second-hand cars shifted into low gear last year due to an influx of …. Read the original article  : here.

Money Market Operations as on December 31, 2010

…. Source  : Money Market Operations as on December 31, 2010.

Emirates launches second A-380 to Jeddah

Dubai, Jan 2 (IANS/WAM) Emirates Sunday launched its second Airbus A-380 daily service to Saudi Arabia for business and leisure travellers.

The A-380 can carry a maximum of 517 passengers in a three-class configuration.
“The A-380 has received an overwhelmingly positive response from the Saudi market since it was introduced on …. Original article on Gaea Times at  : Emirates launches second A-380 to Jeddah.

Inflation rate a matter of concern: Pranab

KOLKATA – Finance Minister Pranab Mukherjee Sunday expressed concern over the current rate of inflation but said the figure was expected to come down to 6.5 percent by the end of the next financial year.

“The inflation is an issue of concern. We expect that the steps we have taken will bear results. It is …. Source article on Gaea Times at  : Inflation rate a matter of concern: Pranab.

BJP attacks Congress, Mukherjee over remarks on PM’s PAC offer

NEW DELHI – The Bharatiya Janata Party (BJP) Sunday said the Congress was “not serious” about fighting corruption, after Finance Minister Pranab Mukherjee’s said that Prime Minister Manmohan Singh did not consult anyone before offering to appear before parliament’s Public Accounts Committee (PAC) over the 2G spectrum scandal.

“This shows the Congress is not at … Read this article on Gaea Times at : BJP attacks Congress, Mukherjee over remarks on PM’s PAC offer.

India plans power lines via Bangladesh

AGARTALA – India is exploring the possibility of building transmission lines via Bangladesh to supply power to that country and to transmit electricity between the northeast and the rest of India, union Power Minister Sushil Kumar Shinde said Sunday.

“We should be very cooperative to meet the growing needs of electricity both in India and … Read more : India plans power lines via Bangladesh.

RBI launches survey to gauge industry growth outlook

MUMBAI – The Reserve Bank of India (RBI) has launched a new round of survey to gauge the growth prospects of public and private sector companies during the January-March quarter.

The Industrial Outlook Survey is conducted on a quarterly basis since 1998. This will be the 53rd round of the survey and provides useful … Read more >>>.

US clears attack chopper, sophisticated radar, missiles for India

NEW DELHI – The US administration has cleared two more missiles and a highly sophiscitcated combat radar for the Indian Air Force (IAF), as also the anti-tank Hellfire air-to-surface missile and air-to-air Stinger anti-aircraft missile.

The missiles, and the Longbow Fire Control Radar (FCR) which operates them, are part of the weapons package on board …. Read the original article  : US clears attack chopper, sophisticated radar, missiles for India.

Maruti Suzuki’s December sales rise 39.7 percent

NEW DELHI – Automobile major Maruti Suzuki sold 99,225 units in December 2010 against 71,000 units in the like period of 2009, registering a 39.7 percent increase in its sales, a company release said.

In December 2010, sales were up 23.5 percent in A2 and 19.4 percent in A3 segment. In C segment, the … Original source on Gaea Times at : Maruti Suzuki’s December sales rise 39.7 percent.

Sensex ruling dull in noon trade

MUMBAI – A benchmark index of Indian equities Tuesday was ruling dull around noon, having dropped from its early highs.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,617.38 points, was ruling at 20,490.69 points, down 70.36 points or 0.34 percent from its previous close at 20,561.05 points.
At …. Source  : Sensex ruling dull in noon trade.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.84 and the Reference Rate for Euro is ` 59.79 on January 4, 2011. The corresponding rates for the previous day (January 3, 2011) were ` 44.67 and ` 59.37 respectively. Based on the Reference Rate for …. Original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 4, 2011 are:

Amount  (face value in ` crore)                          

Item

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

1 day Repo Auction 
…. Source  : Gaea News Network.

Canadian CEO salaries skyrocket amid recession

TORONTO – Even as other G8 economies struggle to emerge from the meltdown, Canada’s best-paid 100 CEOs breezed through the worst of the recession with earnings 155 times higher than the average Canadian salary, a study released here Monday said.

Titled ‘Recession Proof,’ the study by the Ottawa-based Canadian Centre for Policy Alternatives (CCPA) said … Original article on : Canadian CEO salaries skyrocket amid recession.

India Art Summit 2011 to draw best of global art

NEW DELHI – The capital will become a giant canvas for the international art fraternity to paint its hues, views and transact business Jan 21-23 when the country plays host to the third edition of the India Art Summit 2011.

The summit will be a “sprawling affair with 18 events, nine specially commissioned live …. Source article on Gaea Times at  : India Art Summit 2011 to draw best of global art.

Money Market Operations as on January 03, 2011

… Read : Money Market Operations as on January 03, 2011.

Japanese shares surge on US gains

TOKYO – Japanese stocks surged Tuesday morning, the first trading day of the new year, buoyed by an overnight rally on Wall Street.

The benchmark Nikkei 225 Stock Average gained 144.93 points, or 1.42 percent, to trade 10,373.85 while the broader Topix index was up 12.41 points, or 1.38 percent, at 911.21.
On …. Read the original article  : Japanese shares surge on US gains.

US stocks gain to start new year

NEW YORK – US stocks posted broad gains Monday on the first trading day of the new year, with some manufacturing data boosting investor optimism for a more broad-based economic recovery in 2011.

A private gauge of manufacturing in the US climbed at its fastest rate in seven months in December, while a similar measure … Read this article on Gaea Times at : US stocks gain to start new year.

Facebook valued at $50 bn after new investment

SAN FRANCISCO – Facebook has nabbed $450 million in funding from investment bank Goldman Sachs that values the social networking company at $50 billion, the New York Times reported Monday.

The company also took a $50-million investment from Russian firm Digital Sky Technologies, which has already invested some $500 million in Facebook.
News of the … Read more : Facebook valued at $50 bn after new investment.

Avoid Connaught Place for the next 8 months: Traffic police

NEW DELHI – The Delhi Taffic Police (DTP) issued an advisory Monday asking Delhi residents to avoid Connaught Place in the heart of the city for the next eight months, as its renovation would be commencing Tuesday.

“The New Delhi Municipal Corporation is taking up the redevelopment work including construction of remaining work of subways … Read more >>>.

CSIR to seek proposals for developing regional transport aircraft

BANGALORE – India’s Council of Scientific and Industrial Research (CSIR) will soon invite expression of interest (EoI) from the aerospace industry to develop a 90-seater regional transport aircraft (RTA) for feeder service under public-private partnership, a senior official said Monday.

“An EoI will be floated soon for private participation in the design and development of …. Original article  : CSIR to seek proposals for developing regional transport aircraft.

Delhi’s homeless will be protected from cold: Walia

NEW DELHI – As north India continues to battle cold winds, the Delhi government Monday said it was making all necessary arrangements to shield the homeless in the various night shelters of the capital.

Urban Development Minister A.K. Walia visited several night shelters in the old quarters of the city and took stock of …. Source article on Gaea Times at  : Delhi’s homeless will be protected from cold: Walia.

DDA gets new vice chairman

NEW DELHI – R.C. Mishra Monday took charge as the new vice-chairman of the Delhi Development Authority (DDA), an official statement said.

Mishra, a 1978 batch Indian Administrative Service officer, is presently the additional secretary in the urban development ministry, and has been given the additional charge of the post of DDA vice-chairman.
…. Source article  : DDA gets new vice chairman.

RBI makes Public the Engagement Schedule of its Top Executives

From January 3, 2011, the Reserve Bank of India will place on its website, the public engagement schedule (public_engagement.aspx) of the Governor and the Deputy Governors. The engagement schedule will include public speeches and outreach activities undertaken by the executives.

The initiative is one more step towards demystifying the central …. Source  : Gaea News Network.

Government of India announce the sale of three dated securities for ` 11,000 crore on January 7, 2011

The Government of India have announced the sale (re-issue) of (i) “7.49 percent Government Stock 2017” for a notified amount of `4,000 crore (nominal), (ii) “7.80 percent Government Stock 2020” for a notified amount of `.4,000 crore (nominal), and (iii) “8.26 percent Government Stock 2027” for a notified amount of …. Source  : Government of India announce the sale of three dated securities for ` 11,000 crore on January 7, 2011.

RBI Announces OMO Purchase of Government Securities for `12,000 crore on January 5, 2011

Further to RBI Press Release dated December 16, 2010, wherein it was stated that the Reserve Bank of India would conduct OMO purchase auctions of ` 12,000 crore every week for four weeks starting with the week ending December 24, 2010, Reserve Bank has decided to purchase the following government securities … Read the original article on Gaea Times at : RBI Announces OMO Purchase of Government Securities for `12,000 crore on January 5, 2011.

Sensex pares intra-day gians, closes 52 points higher (Roundup)

MUMBAI – A benchmark index of the Indian equities market Monday gave up some of its intra-day gains on late selling pressure to close 52 points up. Broader markets, however, managed to do better.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,621.61 points, closed at 20,561.05 points, up …. Read the original article  : Sensex pares intra-day gians, closes 52 points higher (Roundup).

Onion prices to crash by mid-January

NEW DELHI – Onion prices will see a sharp fall by Jan 20, an association of Delhi’s wholesale traders said Monday.

This will be because of the arrival of fresh crops, said Rajan Sharma, general secretary of the Chamber of Azadpur Fruit and Vegetable Traders, told IANS.
“With the crops being harvested in Rajasthan, Gujarat, … Read more »».

After new norms, microfinance firm Ujjivan raises funds

MUMBAI – Bangalore-based Ujjivan Financial Services Wednesday said it is now among the first microfinance institutions to raise money from the international markets after the clampdown on such companies by the Andhra Pradesh government last October.

The institution, which claims to serve 970,000 urban and semi-urban poor customers in 20 states, has raised nearly $1 … Original source on Gaea Times at : After new norms, microfinance firm Ujjivan raises funds.

World Bank issues first yaun bonds

HONG KONG – The World Bank has issued its first bonds in the yuan as China promotes the international use of its currency, also known as renminbi.

The World Bank said in a statement Monday that it is raising 500 million yuan ($76 million) by issuing the two-year bonds, which pay out 0.95 percent in … Read : World Bank issues first yaun bonds.

Indian stock markets may gain 15-18 percent in 2011

NEW DELHI – Indian stock markets are likely to gain 15-18 percent in 2011 on the back of an estimated 8-9 percent economic growth with robust performances by telecom, auto, banking and financial stocks, says France-based $1.2 billion consultancy Mazars.

“Economic growth is expected to remain robust with 8-9 percent. The market should grow double … Original article on : Indian stock markets may gain 15-18 percent in 2011.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.20 and the Reference Rate for Euro is ` 59.99 on January 5, 2011. The corresponding rates for the previous day (January 4, 2011) were ` 44.84 and ` 59.79 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Punjab, Haryana fogged out

CHANDIGARH – A thick blanket of fog enveloped most parts of Punjab, Haryana and their joint capital Chandigarh Wednesday morning, disrupting rail, road and air traffic.

Road traffic was reduced to a snail’s pace in most parts of the region. Most trains from Chandigarh were running behind schedule.
Overcast conditions and foggy weather …. Source  : Punjab, Haryana fogged out.

China plans wider monetary policy reform

BEIJING – China’s central bank plans to begin this year a monthly review of banks’ required reserves as part of wider monetary policy reform, it was revealed here Wednesday.

Banks will be subject to different required reserve ratios depending on their role in the economy, China Daily reported citing the official China Securities Journal.
…. Source  : Gaea News Network.

Sensex down 115 points in noon trade

MUMBAI – A benchmark index of Indian equities Wednesday was ruling 115 points lower around noon, with even broader markets subdued.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,509.95 points, was ruling at 20,386.62 points, down 115.45 points or 0.56 percent from its previous close at 20,498.72 points.
… Original source on Gaea Times at : Sensex down 115 points in noon trade.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 5, 2011 are:

Amount  (face value in ` crore)                         

Item

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

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

Underwriting Auctions for Government Securities

The Government of India have announced the sale of “7.49 per cent Government Stock 2017” for a notified amount of ` 4,000 crore (nominal), sale (reissue) of ”7.80 per cent Government Stock 2020”  for a notified amount of ` 4,000 crore (nominal) and “8.26 per cent Government Stock 2027” for …. Original article on Gaea Times at  : Underwriting Auctions for Government Securities.

British magazine names Jaguar XJ as best luxury car

LONDON – The British motoring magazine Top Gear has named the Jaguar XJ as the best luxury car for 2010 ahead of its main rivals BMW and Audi.

Writing in the most recent Awards Issue of Top Gear Magazine, Editor at Large Jason Barlow described the XJ as a “blast from the future”, adding “rarely … Read the original article on Gaea Times at : British magazine names Jaguar XJ as best luxury car.

Saudi Arabia to build world’s largest gold factory

RIYADH – Saudi Arabia, one of the top global oil exporters, is planning to build the world’s largest gold factory by the end of 2011.

The 22,000-square metre factory, located in the kingdom’s Red Sea port city of Jeddah, will bring in between 500 to 800 jobs.
“The factory will become a reality by the … Read more : Saudi Arabia to build world’s largest gold factory.

President urged to stop liquor sales on government premises

PANAJI – A woman’s rights group has urged President Pratibha Patil to stop the sale of wine and liquor at government premises in Goa.

In a petition, Bailancho Saad, a woman’s organisation, sought Patil’s intervention to stop a government-promoted wine festival to be held at a multiplex in the capital later this month.
… Read more >>>.

ArcelorMittal again gets nod from Canadian company for takeover

TORONTO – Backing ArcelorMittal once again, Toronto-based Baffinland Iron Mines Corporation has asked its shareholders to reject the higher offer by rival Nunavat Iron Ore Acquisition Inc and opt for the world’s biggest steel company.

Nunavat made its offer of $1.45 a share at the weakend against ArcelorMittal’s $1.40 a share for the Toronto company.
… Read more : ArcelorMittal again gets nod from Canadian company for takeover.

Audi planning biggest investment in company history

INGOLSTADT – Audi is planning the biggest investment programme in the company’s history, investing some 11.6 billion euros (about $15 billion) between 2011 and 2015 in new products and hiring around 1,200 experts to bolster electro-mobility and lightweight construction, the carmaker has announced.

Some two thirds of the investment – more than 9.5 billion euros …. Source  : Audi planning biggest investment in company history.

Chinese media to get funds to expand overseas

BEIJING – In a move aimed at presenting “true picture” of the country to the world, China will give more funds to media outlets, particularly those targeting overseas readers, in the next 10 years.

China will invest more in mainstream media organisations to better present a true picture of the country to the world, …. Original article on Gaea Times at  : Chinese media to get funds to expand overseas.

Volkswagen given top marks by US highway safety institute

ARLINGTON – Volkswagen has been given top marks by the American Insurance Institute for Highway Safety (IIHS) which rated a total of six Volkswagen models as the “Top Safety Pick 2011″.

In the compact class, the Jetta Sedan, the Jetta Sport Wagen, the Golf, the Golf GTI and the Tiguan (mid-class SUV) stood out among …. Read the original article  : here.

New Mercedes C-Class to launch early in 2011

STUTTGART – The new Mercedes C-Class, to be launched early in the new year, has undergone several modifications including a new front and rear and energy efficient engines that reduce consumption by up to 31 percent compared to the predecessor model, according to the carmaker.

Efficiency-enhancing measures include improved 7G-Tronic Plus automatic transmission and the … Original article on : New Mercedes C-Class to launch early in 2011.

Money Market Operations as on January 04, 2011

…. Original article  : Money Market Operations as on January 04, 2011.

Over 200 Brazil firms found treating workers as slaves

Brasilia, Jan 5 (IANS/EFE) The Brazilian government has said 220 firms in the country have been found to be exploiting their workers and treating them as slaves.

The labour ministry included 88 new firms on the list published earlier this week.
Since authorities began keeping figures in 2003, the list is updated every six months.
… Original article on : Over 200 Brazil firms found treating workers as slaves.

US stocks mixed, rally slightly on Fed minutes

NEW YORK – US stocks posted mixed results Tuesday, rallying later in the trading session after fresh signs that the Federal Reserve is still backing monetary stimulus.

Minutes of the central bank’s Dec 14 meeting showed that members believed the US economy had not picked up enough to halt a 600-billion-dollar purchase of Treasury securities … Read this article on Gaea Times at : US stocks mixed, rally slightly on Fed minutes.

Starbucks New Logo Makes Headlines

SEATTLE (GaeaTimes.com)- Starbucks known as the worlds’ biggest coffee shop chain has altered its well known logo, a nymph surrounded by its name in an attempt which suggests expansion of products. The wordless new logo is a sign that the company will make foray into hitherto untapped segments to enter new markets and strengthen … Read the original article on Gaea Times at : Starbucks New Logo Makes Headlines.

Congress puts off decision on Chhattisgarh coal mines

RAIPUR – South Eastern Coalfields Limited (SECL), India’s largest coal-producing company, was relieved Thursday as the opposition Congress put off its decision to forcibly shut down production at its major mines in Chhattisgarh’s Korba district.

The shutdown decision was deferred after SECL agreed to implement the key demands related to works to be done under …. Source  : Gaea News Network.

Air, rail, road traffic hit in Punjab, Haryana

CHANDIGARH – Thick fog hit hard air, train and road traffic across Punjab, Haryana and Chandigarh Thursday, with the Chandigarh airport shut due to poor visibility and trains running behind schedule.

The fog also caused traffic jams, particularly on highways, disrupting inter-state road traffic.
Officials said visibility at the airport was less than 1,000 meters, …. Source article on Gaea Times at  : Air, rail, road traffic hit in Punjab, Haryana.

Lao travel operators wary of rail link to China

VIENTIANE – Lao bus and airline operators have expressed concerns about competition from a planned Laos-China high-speed rail link, state media reports said Thursday.

The $7-billion joint venture agreed by the two governments last year is to connect the capital Vientiane to Luang Namtha on the border with China, running 421 km through several provinces. [..] Read the original article: here.

Sensex subdued in afternoon trade

MUMBAI – A benchmark index of the Indian equities market Thursday was ruling 94 points down in afternoon trade amid mixed cues from Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,395.5 points, was ruling at 20,207.51 points, down 93.59 points or 0.46 percent from its previous … Original article on : Sensex subdued in afternoon trade.

India seeks clean coal technologies from South Africa

JOHANNESBURG – Coal Minister Sriprakash Jaiswal has sought help from South Africa in the field of clean technologies like conversion of the mineral into oil, gasification and underground mining using modern techniques.

“South Africa being the owner of oldest and largest coal-to-Oil plant could assist India to transfer the technology in the other mining projects … Original article on : India seeks clean coal technologies from South Africa.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.31 and the Reference Rate for Euro is ` 59.56 on January 6, 2011. The corresponding rates for the previous day (January 5, 2011) were ` 45.20 and ` 59.99 respectively. Based on the Reference Rate for US …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

RBI releases Draft Guidelines on Advanced Measurement Approach (AMA) for Calculating Operational Risk Capital Charge

The Reserve Bank of India today released on its website, draft guidelines (www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2305) on advanced measurement approach (AMA) for calculating operational risk capital charge. Comments/feedback on the draft guidelines may please be emailed before February 7, 2011 email (mailto:cgmicdbodco@rbi.org, monicadsoni@rbi.org.in) to the Chief General Manager-in-Charge, Department of Banking … Read more : RBI releases Draft Guidelines on Advanced Measurement Approach (AMA) for Calculating Operational Risk Capital Charge.

Japanese shares rise on weaker yen, US employment data

TOKYO – Japanese stocks jumped in Thursday morning trading, surpassing the 10,500 level for the first time in eight months, with exporters bolstered by a weaker yen and better-than-expected US employment data boosting investor sentiment.

The benchmark Nikkei 225 Stock Average gained 121.29 points, or 1.17 percent, to trade 10,502.06 while the broader Topix …. Original article on Gaea Times at  : Japanese shares rise on weaker yen, US employment data.

Onion prices may soar as Pakistan bans export via border

AMRITSAR – Onion woes are likely to continue in India with Pakistan deciding to stop sending the commodity through the Attari-Wagah border check-post and also cutting down on the quantity due to a shortage in that country, an official said.

According to a communication received from Pakistan’s commerce ministry, onions will not come through the …. Read the original article  : Onion prices may soar as Pakistan bans export via border.

Top-level visits from Canada to India begin this month

TORONTO – After 2010, which saw almost a dozen Canadian ministers visit India, top-level visits in the new year begin with Clement Gignac, minister of economic development for French-speaking Quebec province, leading a big team to India later this month.

Gignac will head a 60-member business delegation to New Delhi and Mumbai from Jan 30.
…. Source article  : Top-level visits from Canada to India begin this month.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 6, 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 : Liquidity Adjustment Facility : Auction Results.

23 countries to participate in machine tool expo

BANGALORE – Exhibitors from 23 countries, including the US for the first time, will participate in the Jan 20-26 Indian metal-cutting machine tool exhibition (Imtex 2011) here, the largest trade fair in South Asia.

The fair will showcase the range of innovations and technological refinements in the product segment from the world over.
Organized by …. Source article  : 23 countries to participate in machine tool expo.

Salary not important for New Zealand workers

AUCKLAND – Work environment, company culture and workplace morale are the most important factors for New Zealand officegoers, while salary is one of the least significant of all, a study has found.

A survey of 4,000 people by jobs website seek.co.nz found that among workers who consider themselves “happy” in their jobs, work environment topped … Read : Salary not important for New Zealand workers.

Money Market Operations as on January 05, 2011

… Read more >>.

Wall Street gains on positive US data from services sector

NEW YORK – US stocks gained ground Wednesday amid some better-than-expected reports on unemployment and the services industry in the US that gave hopes to investors of a more robust recovery in the new year.

Private group ADP Employer Services said the economy added 297,000 jobs in December, an upbeat prediction ahead of the Labour … Read : Wall Street gains on positive US data from services sector.

Global electronics sales approach trillion-dollar mark

SAN FRANCISCO/LAS VEGAS – Global electronic retail sales will approach $1 trillion for the first time in 2011, the US trade group the Consumer Electronics Association said in a study released Wednesday.

The study forecast 2011 sales of $964 billion, up 10 percent from 2010’s level of $873 billion. That will mark the second year …. Original source  : Global electronics sales approach trillion-dollar mark.

Sewage lines to be repaired in east Delhi

NEW DELHI – The Delhi Jal Board (DJB) has decided to repair all sewer lines in east Delhi after leaking sewers were found to be a key factor behind a building collapse in the area that killed 70 people in November last year.

A Delhi government statement said Wednesday that in view of similar problems …. Read the original article  : Sewage lines to be repaired in east Delhi.

Dikshit for early completion of work in illegal colonies

NEW DELHI – Delhi Chief Minister Sheila Dikshit Wednesday reviewed the regularisation process in unauthorised colonies of the capital and stressed the need for early completion of developmental work, an official spokesperson said.

According to the spokesperson, Dikshit stated that her government was keen to complete the process of regularisation to enable the residents of … Original source on Gaea Times at : Dikshit for early completion of work in illegal colonies.

MCD joins Facebook

NEW DELHI – Following in the footsteps of Delhi Traffic Police, the Municipal Corporation of Delhi (MCD) Wednesday launched its official page on Facebook.

The online inauguration took place with Delhi Mayor Prithviraj Sawhney signing in as a member on the page.
The civic body promises to bring in more transparency, accountability and citizen-participation …. Original article  : MCD joins Facebook.

Shivering in Delhi? Head to sunny Himachal hills

SHIMLA – If the chill in the north Indian plains is sending shivers down your spine, then head to the hills of Himachal Pradesh. Hill stations like Shimla, Kasauli and Manali are bright, sunny and perfect for a break from the dismal winter weather of the plains.

“Shimla is warmer and pleasant these days. … Original article on : Shivering in Delhi? Head to sunny Himachal hills.

BlackBerry partners Sprint as tablet market soars

TORONTO – With 2011 set to become the year of the tablet with 55 million units expected to be sold, BlackBerry maker Research In Motion (RIM) has joined hands with Sprint Nextel Corp. to make a mark with its PlayBook in the fast crowding tablet market.

RIM is launching the WiFi-only version of its PlayBook …. Original article on Gaea Times at  : BlackBerry partners Sprint as tablet market soars.

Sun shines over Chandigarh, flights may resume

CHANDIGARH – After days of harsh cold, the sun finally shown on Chandigarh and its neighbouring towns Friday afternoon, bringing much respite to the people. The airport authorities hoped to start operations as no flights had operated since Wednesday due to fog.

We are hoping that weather would become clear in the next …. Original source  : Sun shines over Chandigarh, flights may resume.

Nepali airline starts India flights

KATHMANDU – Nepal’s campaign to bring one million tourists this year receives a boost this week with a Nepali private airline beginning flights to India.

Domestic airline Buddha Air, which went international last year with flights to Bhutan, Friday launches its inaugural flight to Lucknow, the main city in Uttar Pradesh.
“We are starting with …. Source  : Nepali airline starts India flights.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.37 and the Reference Rate for Euro is ` 58.93 on January 7, 2011. The corresponding rates for the previous day (January 6, 2011) were ` 45.31 and ` 59.56 respectively. Based on the Reference Rate for …. Source  : Gaea News Network.

Sensex down 173 points in noon trade

MUMBAI – A benchmark index of Indian equities Friday continued to be in consolidation mode, ruling 173 points lower around noon amid subdued cues from Asian bourses.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,163.85 points, was ruling at 20,011.69 points, down 173.05 points or 0.86 percent from … Read the original article on Gaea Times at : Sensex down 173 points in noon trade.

PM unveils new Power Reactor Reprocessing Plant

THANE – Prime Minister Manmohan Singh Friday dedicated the second Power Reactor Reprocessing Plant at Tarapur here, calling it a significant milestone in India’s three-stage indigenous nuclear programme.

I am delighted to be present at the historic occasion of the commissioning, Manmohan Singh said at a function in Tarapur, around 100 km north of Mumbai.
…. Source article on Gaea Times at  : PM unveils new Power Reactor Reprocessing Plant.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 7, 2011 are:

Amount  (face value in ` crore)                          

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction
[..] Read the original article: here.

Bhutan to sign deal to access Bangladesh’s Mongla port

DHAKA – Bangladesh and Bhutan will sign a fresh agreement that allows South Asia’s Himalayan landlocked neighbour to use this country’s Mongla port.

A commerce ministry official said the deal may be inked during the visit of Bhutanese Prime Minister Lyonchen Jigmi Yoser Thinley next Monday, or anytime this year.
Bangladesh is now finalising the …. Original source  : Bhutan to sign deal to access Bangladesh’s Mongla port.

L&T gets hydropower project in Himachal

SHIMLA – Corporate giant Larsen and Toubro (L&T) has been allotted a hydropower project that was earlier granted to Moserbaer Projects Ltd in Lahaul and Spiti district of Himachal Pradesh, an official said here Friday.

“The cabinet yesterday (Thursday) decided to re-allot the 420 MW Reoli Dugli hydropower project to L&T as Moserbaer had failed … Read the original article on Gaea Times at : L&T gets hydropower project in Himachal.

‘Dhaka getting closer to Delhi, Beijing’

DHAKA – The first two years of Prime Minister Sheikh Hasina’s government have seen Bangladesh focusing its foreign policy on regional connectivity and boosting ties, especially with the two Asian giants India and China, a daily said Friday.

Hasina’s official visit to India in January last year “helped clear the clouds that overshadowed the relations” [..] Read the original article: here.

Money Market Operations as on January 06, 2011

…. Source article on Gaea Times at  : Money Market Operations as on January 06, 2011.

Japanese shares inch lower on profit-taking

TOKYO – Japanese stocks edged down in Friday morning trading as investors sold shares to lock in quick profits after the previous day’s surge.

The benchmark Nikkei 225 Stock Average lost 15.39 points, or 0.15 percent, to trade at 10,514.37 while the broader Topix index was down 0.15 points, or 0.02 percent, at 924.36. … Read more »».

Skoda Auto reports record sales in 2010

PRAGUE – Skoda Auto, the Volkswagen-owned Czech carmaker, said Thursday that its sales rose 11.5 percent in 2010 year-on-year, in what amounted to the firm’s new record.

The firm said in a statement that it sold 762,600 cars last year compared to 684,200 cars in 2009.
“In almost all markets, we have had significant growth …. Source  : Gaea News Network.

Energy Awareness Yatra, East starts Jan 12

KOLKATA – In a bid to raise awareness for an orange revolution, Vivekananda Vijnana Mission and West Bengal Green Energy Development Corporation Limited (WBGEDCL) will organise the 15-day Energy Awareness Yatra (East) this month from here to Nagpur.

“It will be one of the four rallies originating from four different parts of the country following … Original article on : Energy Awareness Yatra, East starts Jan 12.

LinkedIn eyes public stock offering in first quarter

NEW YORK – LinkedIn Corp, said to be the largest networking site for professionals who work online, is considering going public with a stock offering, media reports said Thursday.

Morgan Stanley, JPMorgan Chase & Co and Bank of America Corp have been engaged by LinkedIn to prepare an initial public offering (IPO) prospectus by the … Read the original article on Gaea Times at : LinkedIn eyes public stock offering in first quarter.

India to design advanced ultra super critical boilers

CHENNAI – In order to secure energy security through efficient firing of coal, three Indian giants have joined hands to design, develop and build advanced super ultra critical boilers.

Speaking at the 98th Indian Science Congress held at SRM University in Kattankulathur near hear, O.P. Bhutani, director (Engineering and Research and Development), Bharat Heavy Electricals …. Original source  : India to design advanced ultra super critical boilers.

Employment guarantee scheme wage hiked

NEW DELHI – Wages under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) have been linked to the Consumer Price Index for Agricultural Labourers (CPI-AL) which will lead to enhancement of wages of beneficiaries by between 17 to 30 percent, Rural Development Minister C.P. Joshi announced Thursday.

The indexing to CPI-AL will be applicable … Read : Employment guarantee scheme wage hiked.

Flydubai announces new service to Bangladesh

Dubai, Jan 6 (IANS/WAM) Flydubai, one of the United Arab Emirates’ low-cost airlines, has announced the start of flights to Bangladesh from this month.

The announcement means passengers will be able to select direct low-cost flights from Dubai to two of Bangladesh’s most important cities – Dhaka and Chittagong.
Ghaith Al Ghaith, Flydubai’s chief …. Original article on Gaea Times at  : Flydubai announces new service to Bangladesh.

Onion prices may soar as Pakistan bans export via road, rail

AMRITSAR – Onion woes are likely to continue in India with Pakistan deciding to stop sending the commodity through both land and rail routes due to a shortage in that country, an official said. The sea route is open, but it will not make up for the shortfall, he added.

India has received around 50 … Original article on : Onion prices may soar as Pakistan bans export via road, rail.

NASL bags euro 20 mn order from Nalco

MUMBAI – NTPC ALSTOM Power Services Pvt Ltd (NASL) Saturday said it has bagged an order worth euro 20 million from the National Aluminium Company (Nalco).

“NASL, a joint venture company of Alstom Group and NTPC, has been awarded a contract worth approximately euro 20 million from Nalco to retrofit the electrostatic precipitators (ESPs) at …. Original article on Gaea Times at  : NASL bags euro 20 mn order from Nalco.

Indraprastha Gas third quarter net up 14 percent

MUMBAI – State-run gas utility company Indraprastha Gas Ltd Saturday reported a 14 percent increase in its net profit for the third quarter of the current fiscal, which stood at Rs.671.916 million as against Rs.589.322 million in the like period of 2009.

“Company has posted a net profit after tax of Rs.671.916 million for the … Read more »»».

Rao takes charge of Paradip Port

BHUBANESWAR – G.J. Rao, former chairman of the Tuticorin Port Trust in Tamil Nadu, has taken charge as chairman of Orissas Paradip Port Trust.

Rao, 58, assumed charge Friday, the port said Saturday.
Rao joined Paradip Port Trust in 1981 and became deputy chairman of the new Mangalore Port Trust, deputy chairman of the Chennai … Read more >>.

Fog hits air traffic in Chandigarh

CHANDIGARH – The Chandigarh airport remained shut for the fourth straight day Saturday in the wake of thick fog that hit air traffic in the region, officials said.

No flights have operated from here since Wednesday.
“We are facing bad weather not only in Chandigarh but in the whole region including Delhi. Visibility is too …. Read the original article  : Fog hits air traffic in Chandigarh.

Thick fog hits flights, railways in Delhi

NEW DELHI – A thick blanket of flog that reduced visibility in the Indian capital Saturday seriously disrupted flights and trains, leaving thousands stranded, officials said.

About a dozen domestic and four international flights were delayed, officials at the Indira Gandhi International Airport said.
One official said the airport was expected to return to normalcy … Original article on : Thick fog hits flights, railways in Delhi.

Britons did free work worth 11 bn pounds in 2010

LONDON – British officegoers failed to utilise a combined total of 111 million holidays in 2010 and did free work worth 11 billion pounds, a study has found.

The average worker in Britain failed to take 3.8 days of annual leave, as a result of which firms benefited by 10,870,356,000 pounds, the Daily Express reported …. Original article on Gaea Times at  : Britons did free work worth 11 bn pounds in 2010.

Malaysians miss Indian onions, Chinese garlic

KUALA LUMPUR – Shortage of onions in India has hit Malaysia too. Red onions imported from India are preferred by people in this country due to its spicier taste, a media report said.

The import of red onions from India and garlic from China has been affected due to a shortage in supply in these … Original article on : Malaysians miss Indian onions, Chinese garlic.

NRIs on electoral rolls soon, single card for diaspora: PM

NEW DELHI – India will merge the two visa facilitation cards that are issued to people of Indian origin and soon register non-resident Indians in the electoral rolls to help them exercise their franchise, Prime Minister Manmohan Singh said Saturday.

“We recently reviewed the Overseas Citizenship of India Card and Person of Indian Origin Card. … Read more >>.

NRIs will be on India’s electoral rolls soon: PM

NEW DELHI – India has decided to merge the two visa facilitation cards that are issued to people of Indian origin and register non-resident Indians in the electoral rolls to let them exercise their franchise, Prime Minister Manmohan Singh said Saturday.

“We recently reviewed the Overseas Citizenship of India Card and Person of Indian Origin … Read the original article on Gaea Times at : NRIs will be on India’s electoral rolls soon: PM.

Wall Street stocks fall slightly on mixed jobs report

NEW YORK – US stocks fell slightly Friday, after the US unemployment rate dropped to its lowest level in 19 months, but the number of jobs added in December still fell below expectations.

The Labour Department said the jobless rate dropped to 9.4 percent from 9.8 percent in November, partly caused by people who stopped …. Source article  : Wall Street stocks fall slightly on mixed jobs report.

Mercedes-Benz sales race ahead on China, US demand

STUTTGART – Luxury German carmaker Mercedes-Benz said Friday its sales last year jumped by 15.3 percent on the back of strong demand from China and the US.

The year-on-year increase to 1.16 million cars in 2010 helped Mercedes’ parent company Daimler AG to beat its forecast of a 10-percent rise.
“Last year was a complete … Original article on : Mercedes-Benz sales race ahead on China, US demand.

Telcos given 6 months to get monitoring solution for 3G video calls

NEW DELHI – The government is likely to send notices to telecom service providers in one week directing them to install interception solutions within six months for monitoring of services, including video calls, using the third generation (3G) spectrum.

“The department of telecom (DoT) will be communicating with the telcos formally and sending them …. Source  : Telcos given 6 months to get monitoring solution for 3G video calls.

Panasonic India plans to enter business solutions venture by next year

KOLKATA – Consumer durables firm Panasonic India plans a foray into business solutions venture in the country by the next year, a top company official said here Friday.

The company, which is a market leader in the sector in countries like Japan and Malaysia, was looking into all aspects to firm up its plans.
“We … Original source on Gaea Times at : Panasonic India plans to enter business solutions venture by next year.

Punjab traders stop sending tomatoes, vegetables to Pakistan

AMRITSAR – Indian traders here Friday stopped sending trucks laden with tomatoes and other vegetables to Pakistan.

Virtually showing discontent over Pakistan’s decision to stop sending onions to India via land and rail route, nearly 70 trucks of tomatoes, potatoes, chili and ginger were stopped by the traders near the Attari-Wagah border.
Around 30 Amritsar-based … Read more >>>.

Chhattisgarh to set up SEZs

RAIPUR – Chhattisgarh’s Bharatiya Janata Party government Friday approved setting up special economic zones (SEZs) in the state, a minister said.

“The government has approved to set up SEZs in Naya Raipur and Rajnandgaon district in which government expects an investment of about Rs.5,000 crore from industrialists,” Industry Minister Dayaldas Baghel told reporters.
He said …. Source article  : Chhattisgarh to set up SEZs.

‘Government needs to incentivise health insurance’

NEW DELHI – The government should incentivise health insurance, especially for low-income people, to ensure good health for all, a senior industry official said here Friday.

Everyone should have access to good medical care. It is not possible without insurance cover, Director of Star Health and Allied Insurance Company D.R. Kaarthikeyan told reporters.
… Original source on Gaea Times at : ‘Government needs to incentivise health insurance’.

Coordination needed to bring down food inflation: Congress

NEW DELHI – With the government under opposition’s attack over rising food inflation, the Congress Friday said both central and state governments have to work in coordination to bring prices under control.

Congress spokesman Shakeel Ahmed said Finance Minister Pranab Mukherjee has written to state chief ministers asking them to take steps against hoarders and …. Original source  : Coordination needed to bring down food inflation: Congress.

Government lacks instruments to tackle food inflation: Pronab Sen

KOLKATA – The government doesnt have enough instruments to tackle high food inflation in the short term, principal advisor to the Planning Commission of India Pronab Sen said here Friday.

“We have very little instruments to handle it. Using monetary policy would mean hurting growth and it would be a high price to be paid,” … Read more »».

India, Sri Lanka to resume ferry services after 25 years

COLOMBO – Sri Lanka and India Friday reached agreement on resuming passenger ferry services between the two countries that were disrupted 25 years ago by Sri Lanka’s civil war, officials said.

The Indian high commissioner in Colombo, Ashok Kantha, signed the agreement with Sri Lankan Ports Ministry Secretary Sujatha Cooray in the Sri Lankan capital.
…. Source article  : India, Sri Lanka to resume ferry services after 25 years.

Reddys into illegal mining, cancel license: court panel

BANGALORE/NEW DELHI – A Supreme Court appointed panel has recommended axing mining license to the Reddy brothers, mining barons and ministers in Karnataka’s Bharatiya Janata Party (BJP) government, as they have been found to be into illegal mining.

“Exemplary compensation” should be paid by them for their illegal mining besides having their licenses cancelled, the …. Source article on Gaea Times at  : Reddys into illegal mining, cancel license: court panel.

Not reaching out to NRIs for money: Ahluwalia

NEW DELHI – The Indian government is not reaching out to NRIs for their money but wants them to take more interest in this country, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Sunday, adding that overseas Indians should send their children on holidays to discover the land of their origin.

The government is …. Source  : Not reaching out to NRIs for money: Ahluwalia.

Gujarat has 11 percent GDP growth rate: Modi

NEW DELHI – Gujarat Chief Minister Narendra Modi said Sunday his state’s gross domestic product (GDP) growth rate was 11 percent, which was more than of China, while the agriculture growth rate stood at a high 9.6 percent.

Addressing an interactive session on the concluding day of the three-day Pravasi Bharatiya Divas, Modi said while …. Source  : Gaea News Network.

India’s growth helping global economy: World Bank chief

NEW DELHI – India’s fast-paced growth is helping the global economy come out of the crisis and its status as a rising financial power is closely connected with its own internal dynamics, World Bank President Robert B. Zoellick has said.

“Indias return to high levels of growth is helping the global economy recover from the … Read this article on Gaea Times at : India’s growth helping global economy: World Bank chief.

Late Indian-origin godman to boost Nepal’s tourism

KATHMANDU – Four years after he died, controversial Indian-origin godman Chinmoy Kumar Ghose – called Sri Chinmoy by disciples – will have his memory resurrected with followers unveiling his statue at a prime holiday destination in Nepal, a move that coincides with the celebration of Tourism Year 2011 in the Himalayan republic.

After Norway, Indonesia, … Read : Late Indian-origin godman to boost Nepal’s tourism.

Rising food prices a matter of deep concern: Pranab

BHUBANESWAR – The rising food prices are a matter of deep concern and the central government has taken measures to improve the situation, Finance Minister Pranab Mukherjee said here Sunday.

It is a matter of deep concern, he said after delivering a lecture at the foundation day function of state-owned National Aluminium Company (Nalco).
I …. Source  : Rising food prices a matter of deep concern: Pranab.

Hyundai Equus Races Ahead Of Rivals

SAN FRANCISCO (GaeaTimes.com)- South Korea based Hyundai motors which was known as a maker of affordable compact cars in Europe and U.S. car market, is desperate to re-brand itself as a company that also makes luxury sedans. The company is now rolling out high end models in the U.S. market which are meant for … Read the original article on Gaea Times at : Hyundai Equus Races Ahead Of Rivals.

Icy winds in Delhi, fog delays flights

NEW DELHI – Chilly winds added to Delhi’s bitter cold Sunday with the maximum temperature not likely to exceed 12 degrees Celsius. At least a dozen flights were delayed at the airport here due to light fog.

“The minimum temperature was two notches below the average at 5 degrees Celsius. A chilly wind blowing over … Read more : Icy winds in Delhi, fog delays flights.

Sue Patkar for Lavasa work stoppage: NCCL chief

GANDHINAGAR – The Lavasa Corporation should file a criminal case against Medha Patkar and others for bringing disrepute and financial losses to their project, a leading civil liberties activist said Saturday.

The loss incurred to the project because of the stoppage of work must also be recovered from Patkar and her allies, National Council for …. Read the original article  : Sue Patkar for Lavasa work stoppage: NCCL chief.

Export grows 36.4 per cent in December 2010: Commerce Secretary

NEW DELHI – India’s exports have registered a growth of 36.4 per cent during December 2010, at 22.5 billion dollars.

Stating this at a press interaction here on Saturday, Commerce Secretary Rahul Khullar said that during the period April-December 2010, exports reached a … Original article on : Export grows 36.4 per cent in December 2010: Commerce Secretary.

Yechury faults Sibal’s zero loss claim in 2G spectrum row

BANGALORE – Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury Saturday said Communications Minister Kapil Sibal appeared to be in a “cover-up” exercise over the 2G spectrum scandal.

Yechury termed as “bizzare” Sibal’s argument that there was zero-loss in 2G spectrum allocation, the row over which resulted in the resignation of A. Raja as communications … Read : Yechury faults Sibal’s zero loss claim in 2G spectrum row.

Dubai to host six international expos in January

Dubai, Jan 8 (IANS/WAM) Dubai will host six major international expos in the sectors ranging from Petrochemicals to healthcare in January.

The expos represent the petrochemicals, security, education, human resources, production services and healthcare and biotechnology sectors. The events will be organised at the Dubai World Trade Centre (DWTC).
January’s programme will set the …. Source article on Gaea Times at  : Dubai to host six international expos in January.

Indian economy remains attractive place for investments: Pranab Mukherjee

NEW DELHI – Union Finance Minister Pranab Mukherjee on Saturday noted that India still remained a favoured destination for international players to invest.

Mukherjee said this while addressing delegates of the Global Advisory Council of People of …. Source article on Gaea Times at  : Indian economy remains attractive place for investments: Pranab Mukherjee.

Delhi underground metro will be bigger than London’s by 2017

NEW DELHI – The length of the underground metro in Delhi will be increased to 416 km by 2017, making it the largest in the world, Road Transport Minister Kamal Nath said Saturday.

“By 2017 Delhi underground metro will be larger than London’s metro. We will have 416 km underground metro by the end of … Original article on : Delhi underground metro will be bigger than London’s by 2017.

Snow closes British airport

LONDON – The Edinburgh airport in Britain was Saturday forced to close due to heavy snow, affecting thousands of passengers, a media report said.

The airport, one of the busiest in Scotland, was closed for hours after nearly three inches of snow settled overnight, the Daily Telegraph reported.
More heavy snow is expected …. Read the original article  : Snow closes British airport.

Ex-judge, bureaucrat to probe Adarsh scam

MUMBAI – The Maharashtra government Saturday appointed a two-member committee, comprising a retired high court judge and a retired chief secretary, to probe into various aspects of the controversial Adarsh Co-Operative Housing Society in south Mumbai. The panel will submit its report within three months.

“The committee will be headed by former Bombay High Court …. Read the original article  : Ex-judge, bureaucrat to probe Adarsh scam.

Target Logo Change Makes News

SAN FRANCISCO (GaeaTimes.com)- Target Corporation the US based retail giant is going for a change in its logo. The changing economy as well as volatile market could be the driving force behind the logo alteration. The move comes on the heels of the Starbucks logo change. A Target spokesperson named Barry Finkelstein said on …. Source  : Target Logo Change Makes News.

One flight diverted from Delhi airport due to fog (Second Lead)

NEW DELHI – Despite heavy fog cover over Delhi, the Indira Gandhi International Airport here did not see flight cancellations or delays, an official said Saturday, adding that only one cargo flight was diverted.

“Low Visibility Procedure (LVP) was implemented at IGIA on Jan 7 at 2320 hrs and terminated today (Saturday) at 1148 hrs, … Read the original article on Gaea Times at : One flight diverted from Delhi airport due to fog (Second Lead).

Indian diaspora invited to invest in northeast

NEW DELHI – The Indian diaspora was Saturday invited by chief ministers of northeastern states to invest in the region’s infrastructure, especially the healthcare and education sectors.

“You are the people who can help… There is a lot of scope in education and healthcare sectors for investment. Please help us with money and expertise,” Assam …. Source  : Gaea News Network.

NRIs on electoral rolls soon, single card for diaspora: PM (Roundup)

NEW DELHI – India will merge the two visa facilitation cards that are issued to people of Indian origin and soon register non-resident Indians in the electoral rolls to help them exercise their franchise, Prime Minister Manmohan Singh said Saturday.

He also announced setting up of India cultural centres in five more countries to project …. Source article on Gaea Times at  : NRIs on electoral rolls soon, single card for diaspora: PM (Roundup).

One flight diverted from Delhi airport due to fog (Lead, superseding earlier)

NEW DELHI – Despite heavy fog cover over the national capital, the Indira Gandhi International Airport did not see flight cancellations or delays, an official here said Saturday, adding that only one cargo flight was diverted.

“Low Visibility Procedure (LVP) was implemented at IGIA on Jan 7 at 2320 hrs and terminated today (Saturday) at … Original source on Gaea Times at : One flight diverted from Delhi airport due to fog (Lead, superseding earlier).

Temple town with doorless homes gets a bank with no lock

AHMEDNAGAR – Shani Shingnapur, the world famous temple town in Maharashtra where houses have neither doors or locks, now befittingly has its first commercial bank branch – with no locks on its front door!

The public sector UCO Bank is the first to throw open the doors of commercial banking to this …. Source  : Temple town with doorless homes gets a bank with no lock.

iGate acquires majority stake in Patni Computers

MUMBAI/BANGALORE – US software company iGate along with private equity firm Apax Partners has agreed to acquire a majority stake in Indian software services major Patni Computer Systems Monday for about $920 million.

The Indian software company in a regulatory filing said that iGate would buy out the promoter stake of Narendra Patni, Gajendra Patni …. Source  : iGate acquires majority stake in Patni Computers.

Stalled Mizoram power project to be completed in 3 months

AIZAWL – The state-owned North Eastern Electric Power Corp (NEEPCO) would soon restart work at Mizoram’s Tuirial hydroelectric project that was suspended June 2004 due to law and order problems, an official said here Monday.

“After the intervention of Prime Minister Manmohan Singh and Union Power Minister Sushil Kumar Shinde, the Public Investment Board (PIB) … Read more >>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.44 and the Reference Rate for Euro is ` 58.63 on January 10, 2011. The corresponding rates for the previous day (January 7, 2011) were ` 45.37 and ` 58.93 respectively. Based on the Reference Rate for US [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 10, 2011 are:

Amount (face value in ` crore)                           

Item

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

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

Metro services hit on Gurgaon, Dwarka route

NEW DELHI – Travellers on Delhi Metro’s Jahangirpuri-Gurgaon and Anand Vihar-Dwarka lines had a tough time Monday morning as train services were affected due to technical snags.

The trains between Jahangirpuri and Gurgaon Metro stations were running at a very slow speed while services on Anand Vihar and Dwarka line with passengers waiting for up … Original source on Gaea Times at : Metro services hit on Gurgaon, Dwarka route.

Britain’s ‘most-networked’ man sets eyes on India

NEW DELHI – Pi Capital, the Britain-based private equity firm for top-notch industrialists and high net-worth individuals, is finally opening a unit in India where it has an indirect presence through its Fitness First gym chain, the largest globally.

“I love to do business in this country,” Pi Capital’s chief executive David Giampaolo, once called …. Read the original article  : here.

Sensex down 204 points, Asian cues negative

MUMBAI – A benchmark index of the Indian equities market Monday was ruling weak amid negative cues from other major Asian markets.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,714.42 points, was ruling at 19,487.06 points, down 204.75 points or 1.04 percent from its previous close at 19,691.81 …. Original source  : Sensex down 204 points, Asian cues negative.

Haryana to reserve 10 percent industrial plots for NRIs

CHANDIGARH – There’s good news for NRIs wanting to invest in Haryana. The state has decided to reserve up to 10 percent of industrial plots or sheds for NRIs and persons of Indian origin (PIO).

Industrial units with 33 percent or more foreign direct investment (FDI) can also avail the benefit of reservation of industrial …. Source  : Gaea News Network.

Himachal records 16 percent increase in tourists

SHIMLA – As many as 13 million tourists visited the hills of Himachal Pradesh last year as compared to 11 million in 2009, registering an increase of over 16 percent in a year, said a state tourism survey.

The 2010 arrival number was 16.38 percent higher than 2009 and 25 percent up from 2008.
Similarly, …. Source  : Himachal records 16 percent increase in tourists.

Hundreds of flights cancelled as ice storms hit US

WASHINGTON – A snow and ice storm swept across the US South Sunday, spreading power outages and prompting more than 1,400 flight cancellations by Delta, whose hub is Atlanta, Georgia.

The flight cancellations extend through Monday, as rare sub-zero temperatures ranging below minus 14 Celsius settled across the region from Ohio south to northern Alabama.
… Read more »».

Kashmir interlocutors submit report to Chidambaram

JAMMU – The three interlocutors on Jammu and Kashmir have submitted a report to union Home Minister P. Chidambaram, stressing on the right to protest and outlining a basic framework to bring peace in the state, an official source said Monday.

Journalist Dileep Padgaonkar, academician Radha Kumar and economist M.M. Ansari in their report have …. Read the original article  : here.

Money Market Operations as on January 07, 2011

… Original source on Gaea Times at : Money Market Operations as on January 07, 2011.

UAE’s Masdar named city of the future

Abu Dhabi, Jan 9 (IANS/WAM) Masdar, a planned city currently being built outside Abu Dhabi, has been termed the “city of the future” by one of Germany’s largest television news networks.

Designed by British architectural firm Foster+Partners, the city will rely entirely on solar energy and other renewable energy sources, with a sustainable, zero-carbon, … Read the original article on Gaea Times at : UAE’s Masdar named city of the future.

Corporate-business tie-ups to generate million jobs in Gujarat

GANDHINAGAR – Gujarat Livelihood Promotion Company Limited (GLPC) has initiated corporate-business partnerships that will generate more than a million jobs in the next five years in the rural areas of the state, a company release said Sunday.

The company aims to organise the poor into self-help groups, link them with banks to build … Read the original article on Gaea Times at : Corporate-business tie-ups to generate million jobs in Gujarat.

Bangladesh to claim 400 nautical miles in Bay of Bengal

DHAKA – Bangladesh will fight to establish its claim to 400 nautical miles of territorial waters in the Bay of Bengal disputed by neighbouring India and Myanmar, officials said Sunday.

“We will submit our claim to the UN over our maritime boundary in the Bay of Bengal sometime next month,” Foreign Minister Dipu Moni told …. Source  : Gaea News Network.

Electricity for everyone in Bihar in 5 years: Sushil Modi

NEW DELHI – Every individual in Bihar will have access to electricity in five years as the state government has undertaken several projects to boost generation capacity to 20,000 MW, Deputy Chief Minister Sushil Kumar Modi said Sunday.

“In five years, we target to become self-dependent in power sector. There will be electricity in …. Original article  : Electricity for everyone in Bihar in 5 years: Sushil Modi.

IIT conclave as part of Vibrant Gujarat summit

AHMEDABAD – To give a thrust to the technological development of Gujarat, the state government, along with the 500-strong Pan-IIT Gujarat Alumni Association will be organising a conclave on technology and development here Monday.

‘The IIT Conclave: Technology and Development in Gujarat’ will present and discuss various issues such as addressing educational challenges for innovation …. Read the original article  : IIT conclave as part of Vibrant Gujarat summit.

Delhi Metro trains Bangalore Metro personnel

NEW DELHI – The Delhi Metro Rail Corporation (DMRC) has trained more than 150 personnel of the Bangalore Metro, which is to soon start its operations.

According to a DMRC statement Sunday, 153 young professionals of the Bangalore Metro – including station controllers, train operators, section engineers, junior engineers and maintainers – underwent training at … Original source on Gaea Times at : Delhi Metro trains Bangalore Metro personnel.

Finnair achieves 2.5 percent growth in 2010

NEW DELHI – Nordic carrier Finnair’s passenger traffic grew by 2.5 percent in 2010 helped by a boost on its Asian routes, the airline said Sunday.

Traffic on the Asian route grew by 8 percent in 2010.
The airline carried a total of 6.2 million passengers in 2010, with over 1.2 million on its …. Source article on Gaea Times at  : Finnair achieves 2.5 percent growth in 2010.

Insurance regulator to meet, brief life insurers on flaws

CHENNAI – The Indian insurance regulator is planning to start the new year with a path-breaking initiative of calling promoters of private life insurers and having a frank discussion with them on the issues facing their companies.

Speaking to IANS on the condition of anonymity, a senior Insurance Regulatory and Development Authority (IRDA) official said: … Read more : Insurance regulator to meet, brief life insurers on flaws.

Gujarat tourism achieving new milestones: Narendra Modi

AHMEDABAD – Gujarat is witnessing a rise in tourism thanks to its effective campaigns to promote the state’s culture and tradition, Chief Minister Narendra Modi said Tuesday.

“Gujarat is achieving new milestones in tourism. And considering the progress we have made so far, there is no looking back,” Modi said while inaugurating the 21st International …. Source  : Gaea News Network.

PM-led meet on price rise ends inconclusively (Second Lead)

NEW DELHI – A meeting Prime Minister Manmohan Singh held with senior cabinet ministers and officials Tuesday, to discuss measures to check rising food prices, ended inconclusively.

According to a senior official, the high-level meeting will take place again Wednesday or Thursday.
The meeting began around 10.30 a.m. at the prime minister’s 7, Race Course … Read more »»».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.32 and the Reference Rate for Euro is ` 58.70 on January 11, 2011. The corresponding rates for the previous day (January 10, 2011) were ` 45.44 and ` 58.63 respectively. Based on the Reference Rate for US … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Malaysia to sweeten sugarless drink prices

KUALA LUMPUR – The Malaysian government is considering to cut prices of sugarless beverages, as part of the campaign that it unleashed two years ago when sugar imports from India were hit.

“This will encourage consumers to order sugarless drinks. It will be good for their health and it will also be good for their … Read more >>.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 11, 2011 are:

Amount (face value in ` crore)                           

Item

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

1 day Repo Auction  …. Read the original article  : Liquidity Adjustment Facility : Auction Results.

India to set energy efficiency targets for industries

NEW DELHI – India will for the first time release energy efficiency targets for eight industrial sectors in April in a move that is expected to save 10 million tonnes of energy by 2013-14.

The Bureau of Energy Efficiency (BEE) has prepared energy efficiency targets for 580 industrial units in the eight sectors – … Original source on Gaea Times at : India to set energy efficiency targets for industries.

ArcelorMittal again extends bid for Canadian ore company

TORONTO – Global steel giant ArcelorMittal and rival bidder Nunavat Iron Core extended their competing bid deadlines for Toronto-based Baffinland Iron Mines Tuesday.

While Nunavut extended its offer from Jan 10 to Jan 25, ArcelorMittal – whose deadline expired midnight of Monday – pushed it Jan 21.
The two companies have been involved in a …. Read the original article  : ArcelorMittal again extends bid for Canadian ore company.

BlackBerry tablet will be a winner: Market analysts

TORONTO – With its monopoly in the business handset market under onslaught from Google’s Android devices and Apple’s iPhone, BlackBerry maker Research In Motion (RIM) is now shifted its focus entirely to its tablet Playbook.

In the projected 55-million tablet market this year with iPad in the clear lead, RIM is trying “everything right first …. Original article  : BlackBerry tablet will be a winner: Market analysts.

China’s BYD Auto seeks 2012 US launch

DETROIT – Chinese carmaker BYD Auto has set a new target of selling hybrid and electric cars to the US public in early 2012, but stressed that it would not make the mistake of rushing to break into the world’s most competitive market.

BYD, a top battery manufacturer that shifted into producing hybrid-electric cars in [..] Read the original article: here.

PM begins meet over price rise

NEW DELHI – Prime Minister Manmohan Singh Tuesday met with senior cabinet colleagues and officials on steps taken to curb inflation and to discuss future measures to arrest the sudden spurt in the prices of essential items.

The meeting began at about 10.30 a.m. at the prime minister’s 7, Race Course Road residence. Finance … Read the original article on Gaea Times at : PM begins meet over price rise.

Sensex gives up opening gains

MUMBAI – A key Indian equities index started weak Tuesday, giving up its opening gains.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 19,279.77 points and was ruling at 19,262.13 points, up 38 points or 0.2 percent from its previous close at 19,224.12 points.
It had …. Read the original article  : Sensex gives up opening gains.

PM to preside over meet on inflation

NEW DELHI – Prime Minister Manmohan Singh will Tuesday preside over a meeting with senior cabinet colleagues and officials on steps required to arrest the sudden spurt in inflation, especially due to the spike in prices of essential goods.

High prices of food items, especially onions, led to a sharp hike in India’s annual food …. Original article  : PM to preside over meet on inflation.

Japanese stocks mixed on European debt woes

TOKYO – Japanese shares were mixed in Tuesday morning trading on concerns that the eurozone’s debt crisis might worsen while investors were still optimistic about a global economic recovery, traders said.

The benchmark Nikkei 225 Stock Average lost 24.07 points, or 0.23 percent, to trade at 10,526.97 while the broader Topix index was up 0.36 …. Original source  : Japanese stocks mixed on European debt woes.

Money Market Operations as on January 10, 2011

…. Source article  : Money Market Operations as on January 10, 2011.

Pakistan reaffirms ban on onion exports to India

ISLAMABAD – Citing shortages, Pakistan Monday reaffirmed a ban on the export of onions to India, officials said.

Pakistan had imposed the ban last week and reaffirmed this Monday after a meeting of the agriculture and commerce ministries, the official said.
“The decision will affect the agreements inked after January 5 this year. However, the …. Original article on Gaea Times at  : Pakistan reaffirms ban on onion exports to India.

Britain, China sign deals on energy, cars

LONDON – Britain and China Monday signed trade deals worth an estimated 2.6 million pounds ($4 million), ranging from the supply of green technology to the delivery of luxury Jaguar Land Rover cars.

Among the trade deals is a commitment by Jaguar Land Rover, the luxury carmaker owned by India’s Tata Group, to sell 40,000 …. Source  : Britain, China sign deals on energy, cars.

Delhi Metro’s airport line gets safety clearance, to begin soon

NEW DELHI – The Delhi Metro’s much-awaited Airport Express Line is likely to start soon after it got a safety clearance from the Commissioner of Metro Rail Safety, officials said Monday.

A Delhi Metro official told IANS that the 23-km link high-speed Airport Express Line got a safety clearance after undergoing a two-day safety check. …. Original article  : Delhi Metro’s airport line gets safety clearance, to begin soon.

PM calls emergency meeting on inflation Tuesday

NEW DELHI – Prime Minister Manmohan Singh has called an emergency meeting Tuesday morning to review the spiralling inflation and the rise in prices of essential goods, an official in the Prime Minister’s Office (PMO) said Monday.

“The meeting will be held at 10.30 a.m. Tuesday,” the official told IANS.
Finance Minister Pranab Mukherjee, Agricultural …. Source  : PM calls emergency meeting on inflation Tuesday.

Vibrant Gujarat now international platform for investments: Modi

GANDHINAGAR – The Global Investors summit in Gujarat has now metamorphosed into an international platform to facilitate investment alliances for participating countries, states and investors and has catapulted Gujarat into a global business hub, Chief Minister Narendra Modi said Monday.

Speaking at the inauguration of the mega exhibition put up as part of …. Read the original article  : here.

91 day Treasury Bills : Auction Result

Date of Auction : January 12, 2011

I.

Notified Amount

` 4000.00 crore

II.

Underwriting notified amount

N.A.

III.

Competitive Bids received

(i)

Number

86

(ii)

Amount

` 10940.38 crore

IV.

Cut-off price

` 98.25 (YTM is 7.1443%)

V.

Competitive bids accepted

(i)

Number

36

(ii)

Amount

` 4000.00 crore

VI.

Partial Allotment Percentage of Comp. Bids

76.95 (17 Bids)

VII.

Weighted Average Price

` 98.26

VIII.

Non-competitive bids received

(i)

Number

1

(ii)

Amount

` 500.00 crore

IX.

Non-competitive bids accepted

(i)

Number

1

(ii)

Amount

` 500.00 crore

(iii)

Partial … Original source on Gaea Times at : 91 day Treasury Bills : Auction Result.

Shriram group to divest 20 percent in Shriram Capital to Sanlam

CHENNAI – The city-based Shriram group plans to divest around 20 percent in its financial services business holding company, Shriram Capital, for around Rs.900 crore ($200 million) in favour of South African insurance group Sanlam.

Confirming the development, S.P. Raghunathan, a director in the Shriram group, told IANS: “Talks are on with the Sanlam … Read more »».

Bangladesh accord pushes 14 irrigation schemes in Tripura

AGARTALA – The India-Bangladesh secretary-level talks of the Joint River Commission (JRC), removed four years long deadlock over the construction of 14 irrigation projects along the border in Tripura, officials said here Wednesday.

During the one-day JRC meeting held in Dhaka Monday, the two countries have agreed to sign a 15-year interim water-sharing treaty on …. Read the original article  : here.

Shriram Life to tap clients of group companies

CHENNAI – The Rs.611 crore ($135 million) premium income Shriram Life Insurance Company Ltd will tap the client base of its sister companies this year and also beef up equity capital by Rs.25 crore in two months, said a top company official.

“We will soon promote our Shriram Credit Guard policy to the clients …. Source article on Gaea Times at  : Shriram Life to tap clients of group companies.

Indian Navy commandos to be armed with Israeli rifles

NEW DELHI – The Indian Navy’s elite marine commandos will this month be armed with Israeli assault and rifles that will enhance their operational capability as a force trained for special operations.

A consignment of over 500 TAR-21 Tavor assault rifles and another 30 Galil sniper rifles worth over Rs.15 crore ($3.3 million) and
Rs.2 … Read more »».

IndiGo to buy 180 Airbus aircrafts

NEW DELHI – Leading low cost carrier (LCC) IndiGo Wednesday signed a deal with European aircraft manufacturer Airbus for buying 180 A320 aircrafts.

“IndiGo has signed a memorandum of understanding for 180 eco-efficient Airbus A320 aircrafts of which 150 will be the neo option and 30 will be standard A320s,” a company statement said.
The … Read this article on Gaea Times at : IndiGo to buy 180 Airbus aircrafts.

Correct steps will be taken to push up factory output: Mukherjee

NEW DELHI – Union Finance Minister Pranab Mukherjee on Wednesday promised to take corrective steps to push up factory output.

He said the decline in industrial growth to 2.7 per cent in November and rising inflation could have an adverse impact on the economy.
“If index of industrial production (IIP) goes …. Original source  : Correct steps will be taken to push up factory output: Mukherjee.

With 8.5 percent growth, new Rwanda woos global investors

GANDHINAGAR – With robust 8.5 percent growth since 2006, the east African nation of Rwanda is seeking to put behind the ugly civil war of 1994 that claimed a million lives, calling upon global investors to invest and benefit from its progress.

Prime Minister Bernard Mazuka led the country’s sales pitch at the two-day Vibrant …. Original article on Gaea Times at  : With 8.5 percent growth, new Rwanda woos global investors.

Rajan Anandan Joins Google Inc India

NEW DELHI, INDIA (GaeaTimes.com)- Rajan Anandan, the Managing Director of Microsoft India’s Sales Marketing and Services business has been appointed as the Vice President of Google Inc, India. This can be called as the headhunting victory of Google against its rival company. The President of search giant in Japan, Daniel Alegre, at the press … Read this article on Gaea Times at : Rajan Anandan Joins Google Inc India.

Crop insurance must reach farmers, Chouhan says after suicides

BHOPAL – Chief Minister Shivraj Singh Chouhan Wednesday termed as unfortunate the six farmer suicides in a month in Madhya Pradesh, and said he would make sure the benefits of crop insurance schemes reached cultivators.

“It is unfortunate that farmers have to commit suicide. Whatever be the reason, this should not happen,” Chouhan said after [..] Read the original article: here.

Economic woes worsen, industrial growth dips to 2.7 percent

NEW DELHI – India’s industrial growth plunged to 2.7 percent in November from 11.3 percent in October, worsening the economic woes for the government struggling to find ways to control the soaring prices of essential commodities.

The index of industrial production (IIP) fell to 2.7 percent in November, the slowest growth since May 2009, …. Source  : Economic woes worsen, industrial growth dips to 2.7 percent.

Committed customers don’t like logo redesigns: Study

WASHINGTON – A new research has found that loyal customers who are strongly committed to a brand react more negatively toward logo redesigning, while more casual customers typically view the redesigns as a positive development.

Brands like Starbucks gain much of their strength from consumers who feel a personal connection to the brand. However, it’s these …. Read the original article  : here.

RBI Bulletin for January 2011

The Reserve Bank of India today released its January 2011 Bulletin (www.rbi.org.in/scripts/BS_ViewBulletin.aspx) . The Bulletin carries four special articles: (i) Investment Portfolio of Scheduled Commercial Banks: March 2009; (ii) Composition and Ownership Pattern of Deposits with Scheduled Commercial Banks:  March 2009, (iii) International Banking Statistics of India: March 2010 and … Original article on : RBI Bulletin for January 2011.

Modi kicks off conclave that fetches Gujarat mega-billions

GANDHINAGAR – Gujarat Chief Minister Narendra Modi kicked off the state’s 5th biennial global summit Wednesday, confident of pulling investment commitments larger than the $243 billion attracted by the previous edition.

With the who’s who of India’s corporate world in attendance here, the chief minister told the Vibrant Gujarat Summit that the 21st century …. Source article  : Modi kicks off conclave that fetches Gujarat mega-billions.

BlackBerry to filter porn content for the first time

TORONTO – For the first time, BlackBerry maker Research In Motion (RIM) has agreed to filter pornographic content on its smart phones bowing to pressure from Indonesia.

The decision follows after the world’s biggest Muslim nation of 237 million people warned RIM that it shut down BlackBerry services and revoke its licence. Representatives from RIM … Read more »»».

Polish vodka takes a shot at Indian market

WARSAW – One of Poland’s best-known vodka brands is about to make a spirited entry in India. Sobieski will be on Indian shelves this April.

The French owner of Sobieski, the Belvedere Group, has announced it will cooperate with Delhi-based NV Distilleries to distill and distribute the spirit in Delhi and eight other Indian states.
… Read more >>>.

Business jets make a dash for Vibrant Gujarat (Diary)

GANDHINAGAR – Some 35 business jets and choppers ferrying the country’s top industrialists and political leaders have descended at Ahmedabad for the Vibrant Gujarat two-day biennial conclave that started here Wednesday.

Such was the rush at the roads leading from the airport to the city that a run that takes some 15-20 minutes to mid-town …. Read the original article  : Business jets make a dash for Vibrant Gujarat (Diary).

Sensex recovers after intra-day sell-off

MUMBAI – A benchmark index of Indian stocks market rebounded after government figures showed Wednesday that industrial output had fallen to an 18-month low.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,353.34 points, was ruling at 19,359.78 points – up 163.44 points or 0.85 percent from its … Read : Sensex recovers after intra-day sell-off.

Peeved at raids, Delhi onion traders continue strike

NEW DELHI – Wholesale onion traders in Delhi are peeved at being held responsible for the rising price of the commodity and have gone on indefinite strike, saying raids by the authorities to counter hoarding are only adding insult to injury.

Raids were carried out across Delhi, including the wholesale vegetable market at Azadpur …. Original source  : Peeved at raids, Delhi onion traders continue strike.

After all clear, Qantas to resume A380 flights to US

SYDNEY – Australian carrier Qantas Airways will resume its Airbus A380 flights on the US route from Jan 16, after receiving the all-clear from safety regulators, the airline has said.

Qantas said Tuesday that after “extensive engineering analysis and close consultation” with Rolls-Royce, Airbus and European and Australian safety regulators, the parties were “now satisfied …. Read the original article  : After all clear, Qantas to resume A380 flights to US.

Read, sketch, buy, sell at India’s first Comic Con

NEW DELHI – Remember pacing through your favourite comic book with a torch tucked inside a blanket? Indian comic book aficionados can now relive those moments at the country’s First Annual Indian Comic Convention here next month.

An excellent combination of fun and serious business, the event will be a landmark for the industry in … Original article on : Read, sketch, buy, sell at India’s first Comic Con.

L&T delivers first nuclear equipment lot to US firm

MUMBAI – Engineering and construction major Larsen and Toubro (L&T) Thursday said that it has delivered its first four dry shielded canisters for Transnuclear Inc as part of orders for three American nuclear power plant operators.

“Larsen and Toubro delivered the first four dry shielded canisters for Transnuclear Inc, US,” the company said in …. Original article  : L&T delivers first nuclear equipment lot to US firm.

Northeast hopes to draw much business from Mumbai summit

AGARTALA – With the sixth ‘North East Business Summit’ set to begin in Mumbai next week, the industry starved and resource crammed northeastern region is making all-out efforts to attract investment.

The union ministry of development of north eastern region (DoNER) in association with the Indian Chamber of Commerce is organising the two-day summit Jan …. Original article  : Northeast hopes to draw much business from Mumbai summit.

In severe winter, Jharkhand imposes VAT on blankets

RANCHI – Jharkhand’s people may be shivering away in the severe cold wave, but the state government has chosen to cash in on their winter blues by imposing a value added tax (VAT) on blankets.

The Jharkhand cabinet late Wednesday decided to impose a VAT of four percent on blankets, towels, napkins and [..] Read the original article: here.

Indo-Israel vegetable centre set up in Haryana

NEW DELHI – Continuing the cooperation between India and Israel in the field of agriculture, the first Indo-Israel Centre of Excellence for vegetables will be inaugurated in Haryana’s Gharaunda town next week.

The vegetables centre project, under which both the countries will share technology and undertake protected cultivation of various vegetables, including tomatoes, cucumbers and …. Original article on Gaea Times at  : Indo-Israel vegetable centre set up in Haryana.

Ghana wants duty free access to Indian market

ACCRA – The west African nation of Ghana is concerned about the imbalance in its trade with India and is hoping to gain duty-free access to the Indian market to improve the situation, say trade officials here.

“We are aware that the two countries have similar climatic conditions and apart from cocoa, almost all we … Read more »».

Infosys loses more techies than it hired in Q3

BANGALORE – The attrition rate at India’s IT bellwether Infosys Technologies Ltd shot up during the October-December third quarter of fiscal 2010-11 on annualised basis, with more employees leaving than it hired.

Though the global software major hired 11,067 employees during the quarter, the net addition was 5,311 techies, as 5,756 left the company for … Read more : Infosys loses more techies than it hired in Q3.

Government may announce measures to bring down prices

NEW DELHI – The government may announce some measures that could bring down food inflation further, official sources indicated Thursday, a day after Finance Minister Pranab Mukherjee met Agriculture Minister Sharad Pawar and other senior government officials to finalise action on the issue.

Wednesday’s discussions were a follow-up to the meeting chaired by Prime … Read : Government may announce measures to bring down prices.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.13 and the Reference Rate for Euro is ` 59.10 on January 13, 2011. The corresponding rates for the previous day (January 12, 2011) were ` 45.16 and ` 58.68 respectively. Based on the Reference Rate for …. Read the original article  : RBI Reference Rate for US $ and Euro.

Onions at Rs.5 per kg soon? Traders say so

NEW DELHI – Onions may sell for as low as Rs.5 per kg fom next week with the market set to be flooded with a new harvest, the Azadpur wholesale vegetable traders association here said Thursday.

“The new harvest begins after Lohri, so the wholesale market will be flooded with a huge amount of onions, …. Source  : Onions at Rs.5 per kg soon? Traders say so.

Infosys again ups fiscal guidance on double digit growth (Second Lead)

BANGALORE – Infosys Technologies Ltd Thursday once again revised its revenue guidance upwards for fiscal 2010-11 on strong double-digit growth of 24 percent year-on-year during the October-December third quarter.

Consolidated revenue for the fiscal is expected to be Rs.27,445 crore (Rs.274.45 billion/$6.05 billion), projecting 21 percent year-on-year growth, according to the Indian accounting system.
The … Read more >>.

India’s food inflation slips, breather for government

NEW DELHI – India’s annual food inflation for the week ended Jan 1 fell to 16.91 percent, compared to 18.32 percent in the previous week. The will come as a breather to the government, whose senior ministers have been conducting hectic meetings to curb the rise in food prices.

After five straight weeks of …. Original article on Gaea Times at  : India’s food inflation slips, breather for government.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 13, 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.

Amid rising prices, cheerless harvest festival in Karnataka (Letter from Bangalore)

BANGALORE – The lowest priced vegetable, sweet pumpkin, costs Rs.12 a kg, the humble drumstick a whopping Rs.134 a kg, watermelon at Rs.15 a piece is the cheapest fruit while the exotic kiwi fruit comes at a cool Rs.225 a kg.

The prices may go up by another 25 percent in the next two … Original article on : Amid rising prices, cheerless harvest festival in Karnataka (Letter from Bangalore).

Bullet train rides in China pinch travellers

BEIJING – As China rolls out its prized 350-plus/kmph bullet trains for the public, many travellers have complained that the expensive service has burnt a hole in their pocket.

China has the world’s longest high-speed rail network with over 8,350 km., according to the railways ministry. But the opening of more fast train services has …. Original article on Gaea Times at  : Bullet train rides in China pinch travellers.

South Korean central bank announces surprise rate hike

SEOUL – South Korea’s central bank Thursday unexpectedly hiked its key interest rate to 2.75 percent to counter inflationary pressure driven by strong growth and rising commodity prices.

The Bank of Korea’s increase of the seven-day repurchase rate by 0.25 percentage points came as a surprise because most analysts had expected rates to remain …. Read the original article  : South Korean central bank announces surprise rate hike.

Argentina facing scarcity of paper money

Buenos Aires, Jan 13 (IANS/EFE) Argentina is facing a huge scarcity of paper money as a result of which the country has outsourced a printing order for five billion pesos ($1.25 billion) worth of currency to neighbouring Brazil.

The central bank set up a special operation to distribute 100-peso bills on a priority basis to … Read more >>>.

Infosys annual guidance up again on double digit growth (Lead, Reissuing correcting figure in para one)

BANGALORE – Infosys Technologies Ltd has revised its revenue guidance upwards for the fiscal 2010-11 for the third consecutive time on a healthy double digit growth of 24 percent year-on-year during the third quarter (Oct-Dec).

In a regulatory filing Thursday, the IT bellwether said its consolidated revenue for the fiscal under review would be Rs.27,445 … Read : Infosys annual guidance up again on double digit growth (Lead, Reissuing correcting figure in para one).

Infosys ups annual guidance again on double digit growth

BANGALORE – Infosys Technologies Ltd has revised its revenue guidance upwards for this fiscal (2010-11) for the second consecutive time on a healthy double digit growth of 24 percent year-on-year during the third quarter (Oct-Dec).

In a regulatory filing Thursday, the IT bellwether said its consolidated revenue for the fiscal under review would be Rs.27,445 …. Source article  : Infosys ups annual guidance again on double digit growth.

India, developing nations driving global growth, but risks remain

WASHINGTON – Led by India and other developing countries, the world economy is moving on from a post-crisis bounce-back phase of recovery to slower but still solid growth this year and the next, according to the World Bank.

Global GDP, which expanded by 3.9 percent in 2010, is expected to slow to 3.3 percent in … Original article on : India, developing nations driving global growth, but risks remain.

Maharashtra can learn lessons from Narendra Modi: Shiv Sena

MUMBAI – The Shiv Sena Friday lauded Gujarat Chief Minister Narendra Modi for his state’s industrial growth and for attracting massive investments through the Vibrant Gujarat summit. It also urged the Maharashtra government to learn from the turnaround.

In an editorial in the party mouthpiece Saamna, the Sena praised Modi for saving his “doomed” state … Read more >>.

Sensex fluctuates wildly, now down 251 points (Second Lead)

MUMBAI – A benchmark index of Indian equities market Friday was trading in a see-saw like manner, shedding its intra-day gains to drop 251 points lower than its previous close, about 40 minutes before end of trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling … Read this article on Gaea Times at : Sensex fluctuates wildly, now down 251 points (Second Lead).

Nepal launches tourism gala to exorcise civil war, IA hijack ghosts

KATHMANDU – Twelve years after the hijack of an Indian Airlines aircraft, followed by a decade of civil war, devastated Nepal’s economy, the Himalayan republic Friday kicked off its Tourism Year 2011 campaign to draw 1 million visitors and make tourism earnings account for 4 percent of the GDP.

Ram Baran Yadav, the first president …. Source  : Nepal launches tourism gala to exorcise civil war, IA hijack ghosts.

World’s most advanced Dreamliner jet to roll out soon

LOS ANGELES – The Boeing 787 Dreamliner, the world’s most advanced and fuel-efficient passenger jet whose delivery has been delayed six times since the 2008 deadline, is likely to enter service soon.

The next-generation passenger aircraft is “expected on the runway by fall,” according to the Los Angeles Times.
Boeing already has orders for 847 …. Source article on Gaea Times at  : World’s most advanced Dreamliner jet to roll out soon.

Sensex pares early losses, rises 213 points

MUMBAI – A benchmark index of Indian equities market Friday moved up from a weak start and was ruling 213 points higher in afternoon trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling at 19,396.16 points — up 213.34 points or 1.11 percent from its …. Source article  : Sensex pares early losses, rises 213 points.

Dense fog disrupts flights, trains in Kolkata

KOLKATA – Heavy fog threw air services out of gear at the international airport here Friday as 40 flights failed to take off while train schedules were also disrupted, officials said.

The visibility at the Netaji Subhash Chandra Bose International Airport was very low at less than 50 metres in the morning, an airport …. Original article  : Dense fog disrupts flights, trains in Kolkata.

6,000 quintals of foodgrain rot in Jharkhand

RANCHI – At a time when prices of essential commodities are spiralling, a whopping 6,000 quintals of foodgrain have been found rotting in a State Food Corporation (SFC) warehouse in Ranchi since 2006. The government Friday said strict action will be taken against those found guilty.

“Around 5,000 quintals of wheat and 1,000 quintals …. Source article on Gaea Times at  : 6,000 quintals of foodgrain rot in Jharkhand.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.30 and the Reference Rate for Euro is ` 60.40 on January 14, 2011. The corresponding rates for the previous day (January 13, 2011) were ` 45.13 and ` 59.10 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Delhi Metro’s Sarita Vihar-Badarpur line opens

NEW DELHI – The Delhi Metro Friday added five more kilometres to its network as its Sarita Vihar-Badarpur section became operational Friday morning.

According to a Delhi Metro statement, the stretch – with stations at Mohan Estate, Tughlakabad and Badarpur – will mainly benefit commuters in southeast Delhi and the satellite town of Faridabad … Read : Delhi Metro’s Sarita Vihar-Badarpur line opens.

US Treasury extends sanctions to 26 Iran-related firms

WASHINGTON – The US Treasury Department slapped sanctions on 26 companies affiliated with Iran’s state-run shipping line and aerospace industries that are believed to be involved in the Islamic Republic’s ballistic missile programme.

The treasury Thursday designated 24 shipping companies allegedly operating as fronts for the Islamic Republic of Iran Shipping Lines (IRISL) and …. Original article  : US Treasury extends sanctions to 26 Iran-related firms.

For small farmers, it’s tea time in Assam!

GUWAHATI – They were once the domain of hard-nosed British sahibs on horseback. But today, the lush green tea plantations in Assam have come full circle with thousands of small farmers taking to growing the crop.

The profession has now shifted from the rich to the common man, especially unemployed youths who have taken up …. Source article  : For small farmers, it’s tea time in Assam!.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 14, 2011 are:

Amount  (face value in ` crore)                           

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

$170 mn World Bank loans for Rajasthan, Uttarakhand

WASHINGTON – The World Bank has approved an International Development Association (IDA) credit of $162.7 million to help improve livelihood opportunities for some 400,000 village households in 17 districts of Rajasthan.

The Bank has also approved a credit of $7.98 million additional finance for an ongoing watershed development project in Uttarakhand that is helping rural [..] Read the original article: here.

Sensex weak in morning trade

MUMBAI – A benchmark index for Indian equities markets Friday was ruling 102 points lower in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, was ruling at 19,080.6 points — down 102.22 points or 0.53 percent from its previous close at 19,182.82 points.
The 50-scrip … Read : Sensex weak in morning trade.

Higher wages in India, China help US workers too

WASHINGTON – The United States has been advocating for higher wages in emerging market economies as better pay in countries like India and China helps prevent a drop in US wages, according to a senior US official.

“When wages rise in China, India, Brazil and elsewhere, it helps relieve downward pressure on American wages,” US … Original article on : Higher wages in India, China help US workers too.

New rules for overseas Chinese contractors

BEIJING – China will soon issue a set of guidelines for its contractors working abroad as part of an effort to help improve the brand value of its companies.

The rules will help strengthen the efforts in improving and regulating the performance of China’s overseas project contractors, said Vice Minister of Commerce Chen Jian Wednesday.
…. Source  : New rules for overseas Chinese contractors.

Money Market Operations as on January 13, 2011

… Read this article on Gaea Times at : Money Market Operations as on January 13, 2011.

Japanese stocks down on stronger yen, profit-taking

TOKYO – Japanese shares declined in Friday morning trading as exporters were dragged down by the yen’s rise against the dollar and investors sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 30.83 points, or 0.29 percent, to trade at 10,558.93 after it hit an eight-month high … Read : Japanese stocks down on stronger yen, profit-taking.

Intel earnings jump 48 percent

SAN FRANCISCO – Intel posted a 48-percent rise in fourth-quarter earnings Thursday and reported record earnings for 2010 as the world’s largest chipmaker enjoyed a resurgence in the market for computers that had been hard hit by the global recession.

Intel said it was its best fourth quarter on record, with revenue rising eight percent … Original article on : Intel earnings jump 48 percent.

US stocks fall on rising jobless claims, dollar weakens

NEW YORK – US stocks fell slightly Thursday as the government figures showed weekly claims for jobless benefits by out-of-work Americans rose more than expected.

New jobless claims climbed to a three-month high of 445,000, according to the Labour Department.
The blue-chip Dow Jones Industrial Average fell 23.54 points, or 0.2 percent, to 11,731.9. The …. Original article on Gaea Times at  : US stocks fall on rising jobless claims, dollar weakens.

Now ArcelorMittal joins rival in joint bid for Canadian ore co.

TORONTO – In a strange twist to its fierce battle to acquire Toronto-based Baffinland Iron Mines Corporation, ArcelorMittal Friday joined hands with rival Nunavut Iron Ore Acquisition Inc. to make a joint bid for the Canadian iron ore company.

Burying their rivalry which started in September, ArcelorMittal and Nunavat Friday made peace with a joint … Read more : Now ArcelorMittal joins rival in joint bid for Canadian ore co..

Obama’s ‘embrace’ of India led to leap in economic ties : US

WASHINGTON – Describing US President Barack Obama’s November trip to India as a full “embrace” of India as a great power and partner, US officials say the trip resulted in a great leap in their economic ties.

It “…was an extraordinary trip, to India, where we fully embraced India’s rise as a great power and …. Source  : Gaea News Network.

China to raise bank reserve ratio again

BEIJING – The People’s Bank of China has said that it will raise the banks’ reserve requirement ratio by 50 basis points from Jan 20.

After this hike, the major banks will have to set aside 19 percent of their reserves and small and medium banks will have to keep 15.5 percent of their deposits … Original article on : China to raise bank reserve ratio again.

Russia’s Rosneft, BP seal huge deal on Arctic push

LONDON – Russian oil giant Rosneft and BP Plc have agreed to a stock swap as part of a deal to push joint exploration and drilling on the Russian Arctic continental shelf, the companies said Friday in London.

Under the deal valued at $7.8 billion by BP, Rosneft will receive a 5-percent stake in the … Read more : Russia’s Rosneft, BP seal huge deal on Arctic push.

Tibet expects 15 mn tourists by 2015

BEIJING – Tibet plans to upgrade facilities for visitors and develop more tourist destinations to attract 15 million tourists by 2015, generating some 16 billion yuan ($2.4 billion), the local tourism bureau has said.

Between 2001 and 2005, the Chinese government earmarked 350 million yuan to Tibet, in China’s southwest, to improve its tourism sector, …. Read the original article  : Tibet expects 15 mn tourists by 2015.

Qatar ready to increase LNG supplies to India

NEW DELHI – Qatar has expressed its readiness to increase the supply of Liquified Natural Gas (LNG) to India.

This was conveyed during the two-day meeting of the India-Qatar high level monitoring mechanism (HLMM) held here Jan 13-14.
The meeting was co-chaired by T.K.A. Nair, principal secretary to the prime minister, and Khalid bin Mohamed …. Original article  : Qatar ready to increase LNG supplies to India.

Top US firms embark on sales mission to India

WASHINGTON – Top US companies like Boeing, Lockheed Martin, GE-Hitachi and Westinghouse are among 24 businesses embarking on a mission to India next month to pitch their high-tech ware from civil nuclear to defence and civil aviation fields.

Leading the Feb 6-11 business development mission to India will be US Commerce Secretary Gary Locke, who … Read more >>>.

And now, milk price set to increase in Karnataka

BANGALORE – After onions and vegetables, the retail milk price across Karnataka is set to go up by Rs.2-3 per litre next month if the state-run Karnataka Milk Federation (KMF) has its way.

“We have apprised the state government on the need to increase the milk procurement price to compensate producers from rising costs and …. Original article  : And now, milk price set to increase in Karnataka.

TRAI to start registration of telemarketers from Jan 15

NEW DELHI – In the first step towards ending the menace of pesky calls, the telecom watchdog Friday said it will start online registration of telemarketing companies from Jan 15.

“The new telemarketers will have to pay a registration fee of Rs.1,000 and customer education fee of Rs.9,000 while the existing telemarketers will have to …. Read the original article  : TRAI to start registration of telemarketers from Jan 15.

Kemrock to invest $2 bn in Gujarat for speciality polymers

MUMBAI – Vadodara-based Kemrock Industries and Exports, a leading manufacturer of reinforced polymer has signed an agreement with the Gujarat government to invest $2 billion to set Greenfield projects in the state.

These projects include defence and aerospace parks, a carbon fibre plant, a glass fibre unit and another facility for speciality polymers, said … Read the original article on Gaea Times at : Kemrock to invest $2 bn in Gujarat for speciality polymers.

182-day Treasury Bills auction: Rs.1,500 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.1,500 crore. The auction will be conducted on January 19, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the … Read more : 182-day Treasury Bills auction: Rs.1,500 crore under regular auction.

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 19, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the … Read the original article on Gaea Times at : 91-day Treasury Bills auction : Rs.4,000 crore under regular auction.

SEBI alerts investors about risky market

AGARTALA – Capital market regulator Securities and Exchange Board of India (SEBI) Friday asked investors to remain alert about the risky market.

“The SEBI has toughened its actions and is intensifying surveillance over the capital market to check fraudulent and illegal acts,” SEBI chairman C.B. Bhave said while addressing a national seminar on investors protection.
… Read : SEBI alerts investors about risky market.

British business minister on way, infrastructure deals on cards

NEW DELHI – Britain is set to make a renewed pitch for making greater investment in India’s infrastructure sector which requires $1-2 trillion over the next few years when British Business Minister Vince Cable comes here on a three-day visit next week.

Accompanied by a large business delegation that will include top corporate honchos representing …. Original article  : British business minister on way, infrastructure deals on cards.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 27, 2010 to December 31, 2010.

All Figures are in USD Millions     

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward … Original article on : Foreign Exchange Turnover Data.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 14, 2011 are:

Amount (face value in ` crore)                        

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
…. Source article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.

World Bank to provide $1.5 bn for rural roads in India

NEW DELHI – The World Bank will provide $1.5 billion to help build 24,000 km of roads in economically backward and hilly areas across seven states of India.

These roads will not only connect people to markets and services but also create jobs in rural areas, World Bank president Robert B. Zoellick, who is …. Source article on Gaea Times at  : World Bank to provide $1.5 bn for rural roads in India.

Sensex loses 322 points amid dull global cues (Roundup)

MUMBAI – A benchmark index of Indian equities market Friday closed 322 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets. Dull cues from other bourses did not help either.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, closed …. Original source  : Sensex loses 322 points amid dull global cues (Roundup).

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2010

2011

Variation

Jan. 8

Dec. 31

Jan. 7#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

3

—

—

—

-3

2. Foreign Exchange Reserves

Variation over

Item

As on Jan. 7, 2011

Week

End-March 2010

End-December 2010

Year

`
Crore

US$
… Read more >>.

With 7,936 pacts, $462 bn investment, Modi makes Gujarat shine

GANDHINAGAR – If it is rare for 60 of India’s top industrialists, representing companies that command the bulk of market capitalisation, to share the dais at a single event, it is even rarer when they commit investments worth hundreds of billions of dollars to one state — in a matter of a few hours.

The …. Original article  : With 7,936 pacts, $462 bn investment, Modi makes Gujarat shine.

Railways get long-delayed fog shields, but partially

NEW DELHI – Five years after the plan was first mooted, Indian Railways is finally set to instal fog shields on some lines in north India, but only at the end of January.

The move follows Railway Minister Mamata Banerjee’s directive late last year. Though fog continues to disrupt train movement across northern and eastern [..] Read the original article: here.

Demolish Adarsh society building: environment ministry

NEW DELHI – The environment ministry Sunday ordered that the scam-hit Adarsh housing society building in Mumbai be demolished within three months for violating green norms.

The ministry in its order said the unauthorised 31-storey structure built at Block 6, Backbay Reclamation Area in Mumbai’s upscale Colaba area should be removed in its entirety and [..] Read the original article: here.

Staffing companies value add services for higher rating

CHENNAI – With staffing services fast turning into big business, major players in the field have started going up in the value chain, offering trained people or even guaranteeing performance so as to get a better billing.

Staffing companies provide temporary employees to firms. The service is also called “temping” or “flexi staffing.”
“Staffing is … Original source on Gaea Times at : Staffing companies value add services for higher rating.

Stringent visa norms hurting Goa’s tourism prospects

PANAJI – Even as the central government has refused to review its stringent visa rules which force tourists to take a two- month gap before re-entering India, tourism officials and tourism industry stakeholders say that the norms were damaging the tourism prospects of Goa that has seen a seven-percent drop in tourist arrivals.

While the … Original article on : Stringent visa norms hurting Goa’s tourism prospects.

Snow cheers apple growers in Himachal

SHIMLA – Widespread snowfall in the apple-growing areas of Himachal Pradesh has brightened the prospects of a bumper apple production this year too.

High hills in Shimla, Kullu, Mandi and Kinnaur districts have been experiencing moderate spell of snow since Friday and the Met office has predicted more snow later this month.
“These spells of …. Original source  : Snow cheers apple growers in Himachal.

Finland’s Turku inaugurated as European capital of culture

HELSINKI – Finnish city Turku has inaugurated its year-long stint as European Capital of Culture for 2011.

Turku shares the title with the Estonian capital Tallinn, less than 200 km away on the other side of the Gulf of Finland, where the opening kicked off at the New Year.
In addition to a fireworks display, …. Source  : Finland’s Turku inaugurated as European capital of culture.

Nalco signs pact for Rs.400 crore titanium project

BHUBANESWAR – Two public sector companies, the National Aluminium Company Ltd (Nalco) and Indian Rare Earths Ltd (IREL), have signed a pact to set up a titanium plant at an estimated cost of Rs.400 crore in Orissa’s Ganjam district, a senior Nalco official said Saturday.

Nalcos director (finance) B.L. Bagra said Nalco and IREL … Read this article on Gaea Times at : Nalco signs pact for Rs.400 crore titanium project.

Petrol price hike a cruel blow: CPI-M

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Saturday termed the decision to increase the price of petrol as a cruel blow and said the United Progressive Alliance (UPA) government was riding roughshod over the interests of the people.

In a statement, the party politburo said the decision to hike prices was …. Source  : Gaea News Network.

Jaypee Group to invest Rs.33,000 crore in Gujarat

NEW DELHI – Infrastructure conglomerate Jaiprakash Associates Ltd Saturday said it has committed Rs.30,000 crore for investment in the western state of Gujarat over the next 3 to 5 years.

According to the company, the mega investment in the state comes as it signed six MoUs (memorandum of understanding) at the recently held ‘Vibrant Gujarat’ …. Read the original article  : Jaypee Group to invest Rs.33,000 crore in Gujarat.

Kolkata Metro station to be named after Mother Teresa

KOLKATA – Railway Minister Mamata Banerjee Saturday announced that a proposed Metro railway station in New Barrackpore municipality of West Bengal’s North 24 Parganas district will be named after Nobel laureate Mother Teresa.

“We will name the proposed Metro station at New Barrackpore after Mother Teresa. We will also name the proposed Metro stations at …. Original article on Gaea Times at  : Kolkata Metro station to be named after Mother Teresa.

Chhattisgarh to build seven barrages on Mahanadi

RAIPUR – The Chhattisgarh government will construct a chain of seven barrages on Mahanadi river at an investment of about Rs.1,467 crore to provide water to dozens of industries, mainly the power plants, coming up in Raigarh and Janjgir-Champa districts, official sources said Saturday.

“Four barrages are to be constructed in Janjgir-Champa, while two in … Original article on : Chhattisgarh to build seven barrages on Mahanadi.

Sterling Agro buys wind energy equipment from Suzlon

NEW DELHI – Sterling Agro Industries has placed an order with Suzlon to buy wind energy equipment that will raise its renewable energy production capacity to 18.55 mega watt (MW).

Encouraged by the experience of our recently commissioned wind power project, we have again trusted the expertise of Suzlon for the new project, Kuldeep …. Read the original article  : Sterling Agro buys wind energy equipment from Suzlon.

Farmers in Bihar demand higher compensation for land

PATNA – Hundreds of farmers clashed with the police in Bihar’s Aurangabad district Saturday afternoon, demanding higher compensation for the land acquired by state-owned firm NTPC in Nabinagar, police said.

The clashes left nearly a dozen farmers injured. A farmer was also reported to have died in the protests, but district authorities have … Read more »»».

India’s forex reserves dip $3.32 bn

MUMBAI – India’s foreign exchange (forex) reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, fell by $3.25 billion to $264.56 billion during the week … Original source on Gaea Times at : India’s forex reserves dip $3.32 bn.

Mizoram launches new policy, shifts to permanent farming

AIZAWL – The Mizoram government has launched an ambitious Rs.2,873 crore new land use policy to solve food scarcity by moving away from shifting cultivation to permanent farming.

Mizoram Chief Minister Lal Thanhawla launched the programme late Friday by distributing Rs.20,000 each to 400 farmers at a function in Aizawl.
Simultaneously, the new farm policy [..] Read the original article: here.

Panel to review advanced internet protocol implementation

NEW DELHI – The Department of Telecom (DoT) will set up a panel to review the progress of implementation of a next version of internet protocol, IPv6, in the government sector and to prepare a national IPv6 address policy.

IPv6 will increase the capacity for internet domains. Domains listed under the current protocol IPv4 are …. Source article on Gaea Times at  : Panel to review advanced internet protocol implementation.

‘Vibrant Gujarat’ an inspiration, development role mode: Gadkari

NEW DELHI – Hailing the ‘Vibrant Gujarat’ investors’ summit as a phenomenal achievement, Bharatiya Janata Party (BJP) president Nitin Gadkari said it would encourage other party-led governments and inspire party rank and file.

In a letter to Gujarat Chief Minister Narendra Modi, Gadkari said the party takes pride that one of the states being ruled … Read : ‘Vibrant Gujarat’ an inspiration, development role mode: Gadkari.

Modi no longer bats just for Gujarat to attract investment (News Analysis)

GANDHINAGAR – The two-day Vibrant Gujarat Summit that concluded with much fanfare here Thursday presented three striking facets that catapult both the state and its Chief Minister Narendra Modi to another league.

If it is rare for 60 of India’s top industrialists, representing companies that command the bulk of market capitalisation, to share the …. Source  : Modi no longer bats just for Gujarat to attract investment (News Analysis).

Government Stock – Auction Results

The results of the auctions of 7.17% Government Stock, 2015 (Re-issue), 8.13% Government Stock, 2022 (Re-issue) and 8.30% Government Stock, 2040 (Re-issue) held on January 14, 2011 are :

Auction Results

7.17% Government Stock, 2015

8.13% Government Stock, 2022

8.30% Government
Stock, 2040

I.

Notified Amount …. Source article  : Government Stock – Auction Results.

Sensex closes 339 points lower (Third Lead)

MUMBAI – A benchmark index of Indian equities market Friday closed 339 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,198.04 points, closed at 18,842.94 points (provisional) — down 339.88 points or …. Source  : Sensex closes 339 points lower (Third Lead).

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.

ICICI Bank’s net profit jumps 30.5 percent in third quarter

NEW DELHI – One of India’s largest private lenders ICICI Bank Monday reported an increase of 30.5 percent in its net profit for the quarter ended Dec 31, 2010, which stood at Rs.1,437 crore.

“Bank has posted a net profit of Rs.14,370.20 million for the quarter ended Dec 31, 2010 as compared to Rs.11,010.60 million …. Source article  : ICICI Bank’s net profit jumps 30.5 percent in third quarter.

Bengal Peerless Project Started

KOLKATA, INDIA (GaeaTimes.com)- Bengal Peerless is all set to execute its much awaited housing-cum-commercial project at EM Bypass, worth Rs 400 crores. The authorities of this high profile project has declared that the candidates who are interested to book their properties can now start with the procedures.

The West Bengal government acquired these lands as this …. Source  : Gaea News Network.

Sensex holds on to gains

MUMBAI – A benchmark index for an Indian equities market Monday held on to its gains, about an hour before the closing bell, as bank stocks rose as a result of robust earnings reported by private lender ICICI Bank and other public sector banks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), …. Source  : Gaea News Network.

Bharti Airtel launches 3G services in Karnataka

NEW DELHI – Telecom giant Bharti Airtel Monday launched its third generation (3G) services in Karnataka – its largest circle by revenue – and said that it will launch 3G services in its other circles by March this year.

3G enables customers to access high speed internet, watch videos and live TV, make video … Read more : Bharti Airtel launches 3G services in Karnataka.

Corrupt babus making life miserable for SMUs: Survey

NEW DELHI – Corruption is making live miserable for small and medium units that are often left to fight their own battles in getting clearances and conducting day-to-day operations, according to a survey.

“Almost all Small and medium enterprises have been victims to corrupt babus at least once,” revealed the survey conducted by tradeindia.com, a …. Original source  : Corrupt babus making life miserable for SMUs: Survey.

Man strips in China after failing to get train ticket

SHANGHAI – A man took off his clothes and confronted a senior railway official in China’s Zhejiang province after he failed to buy a train ticket to go home even after standing in a queue for 14 hours.

A photograph circulated online showed Chen Weiwei, a migrant worker from Central China’s Henan province, clad only [..] 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 ` 45.58 and the Reference Rate for Euro is ` 62.01 on January 24, 2011. The corresponding rates for the previous day (January 21, 2011) were ` 45.70 and ` 61.65 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 24, 2011 are:

Amount  (face value in ` crore)                           

Item

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

1 day Repo Auction 
[..] Read the original article: here.

Sensex builds on early gains

MUMBAI – A benchmark index for an Indian equities market Monday moved further up from its opening levels 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 19,095.69 points, was ruling at 19,172.23 points – 164.70 points or … Read : Sensex builds on early gains.

Money Market Operations as on January 21, 2011

…. Original article  : Money Market Operations as on January 21, 2011.

Japanese shares rise on US gains, bargain hunting

TOKYO – Japanese stocks climbed in Monday morning trading as investors snapped up blue-chip issues at lower prices after recent losses.

The benchmark Nikkei 225 Stock Average gained 38.64 points, or 0.38 percent, to trade at 10,313.16 while the broader Topix index was up 2.2 points, or 0.24 percent, at 913.05.
The Nikkei also … Read the original article on Gaea Times at : Japanese shares rise on US gains, bargain hunting.

Abu Dhabi seeks economic ties with Bangladesh, Portugal

Abu Dhabi, Jan 23 (IANS/WAM) The Abu Dhabi Chamber of Commerce and Industry (ADCCI) held separate talks with Bangladeshi Prime Minister Sheikh Hasina and Portugal premier Jose Socrates to explore prospects of economic cooperation with the two countries.

Fatima Al Jaber, member of the ADCCI, expressed readiness to establish joint ventures with Bangladeshi firms and …. Read the original article  : Abu Dhabi seeks economic ties with Bangladesh, Portugal.

Sreedharan happy with cleanliness at Metro stations

NEW DELHI – Delhi Metro chief E. Sreedharan says he is happy over the state of discipline and cleanliness at stations.

In an interview to IANS, Sreedharan underlined that it takes a lot of efforts to achieve the desired results.
This has not come naturally. A lot of effort is put in educating the public … Read more >>.

Karat slams laxity in seizing black money in foreign banks

AGARTALA – The United Progressive Alliance (UPA) government is not taking any steps to bring back black money stashed away by Indians in foreign banks, Communist Party of India-Marxist (CPI-M) general secretary Prakash Karat said here Sunday.

“The Supreme Court is also not satisfied with the central governments inaction over the black money issue, Karat … Read : Karat slams laxity in seizing black money in foreign banks.

Honeywell posts $550 million sales in India in 2010

HYDERABAD – Honeywell International, a Fortune 100 globally diversified technology and manufacturing leader, recorded sales of $550 million in India last year and expects a growth of 15 percent this year, a top company official said Sunday.

Sales grew by 15 percent in 2010 and are expected to grow on the same trajectory during the … Read the original article on Gaea Times at : Honeywell posts $550 million sales in India in 2010.

Bangladesh, India open border land ports to boost trade

DHAKA – Bangladesh and India have opened two land ports along the international border to boost bilateral trade and facilitate trading activity of neighbours Nepal and Bhutan.

The simultaneous openings of the two land ports Saturday followed an understanding reached last year between the neighbours. India said it would also facilitate goods movement through Bangladesh’s …. Original article on Gaea Times at  : Bangladesh, India open border land ports to boost trade.

Metro services to be affected by Republic Day rehearsal

NEW DELHI – Delhi Metro services will be partly curtailed Sunday as the dress rehearsals for the Republic Day parade take place with the Central Secretariat and Udyog Bhawan Metro stations remaining out of bounds for commuters till 12.30 p.m.

Delhi Metro Rail Corporation has announced that Metro services will be affected on the Huda … Read the original article on Gaea Times at : Metro services to be affected by Republic Day rehearsal.

Orissa holds up permission to operate 23 mines

BHUBANESWAR – Orissa has held up permission to operate 23 iron ore mines in its mineral rich Keonjhar district as the operators are yet to submit documents to show that their mining activities were legal, an official said Saturday.

“We have held up permissions and asked the operators to supply documents like forest clearance, mining … Read more : Orissa holds up permission to operate 23 mines.

India’s forex reserves rise $3.4 billion

MUMBAI – India’s foreign exchange (forex) reserves increased by $3.4 billion to $297.41 billion for the week ended Jan 14 on the back of rise in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, rose by $3.30 billion to $267.86 billion during the week … Read the original article on Gaea Times at : India’s forex reserves rise $3.4 billion.

Now, pre-paid cards for fresh vegetables

LUCKNOW – Pre-paid cards are soon to cover packed, garden fresh vegetables. Kaushlendra, an alumnus of Indian Institute of Management-Ahmedabad (IIM-A), is getting set to launch it in Lucknow.

Kaushlendra, whose project of selling vegetables through ice-cooled push-carts became a hit in Bihar, told IANS that his new ORVEM (Organised Vegetable Marketing) project will be … Read more : Now, pre-paid cards for fresh vegetables.

Jaypee Infratech quarterly net profit falls 2.58 percent

NEW DELHI – Infrastructure major Jaypee Infratech Limited (JIL) has posted a decrease of 2.58 percent in net profit at Rs.378.51 crore during the quarter ended December 2010 as against Rs.388.53 crore for the like period last fiscal.

The total revenue of the company stood at Rs.755.38 crore during the quarter as compared to [..] Read the original article: here.

India set to grow at 8.4 percent in 2011: IMF

WASHINGTON – Essentially predicting no change in its previous estimate of 8.4 percent growth for India in 2011 dipping to eight percent in 2012, the International Monetary Fund (IMF) says the two-speed global recovery will continue.

In advanced economies, activity has moderated less than expected, but growth remains subdued, unemployment is still high, and …. Source  : India set to grow at 8.4 percent in 2011: IMF.

IMF sees some ‘hot spots’ in Indian equities markets

WASHINGTON – Suggesting that some “hot spots” appear to be emerging in the equities markets in some countries including India, the International Monetary Fund (IMF) Tuesday said global financial stability is still not assured.

“Nearly four years after the onset of the largest financial crisis since the Great Depression, global financial stability is still not … Read this article on Gaea Times at : IMF sees some ‘hot spots’ in Indian equities markets.

Thai airline recruits transsexuals as flight attendants

BANGKOK – A newly launched Thai airline has adopted a policy of recruiting transsexuals as flight attendants in an effort to offer equal opportunities to the “third sex,” company sources said Tuesday.

PC Air hired three transsexuals, 17 women, and 10 men in its initial recruitment drive Monday.
“Our initial quota was set at three … Read this article on Gaea Times at : Thai airline recruits transsexuals as flight attendants.

Reliance, Tata eyeing hydro projects in Himachal

SHIMLA – Corporate giants like Reliance Power, Tata Power-SN Power joint venture, Larsen and Toubro (L&T), Essar Power, ABG Shipyard and GMR Infrastructure have shown keen interest in hydropower projects in Himachal Pradesh, official sources said here Tuesday.

Reliance Power alone has evinced interest in most of the hydro projects located mainly in Lahaul and … Read more >>>.

PTC India’s mega deal to buy Nepal power grounded

KATHMANDU – An initial power purchase agreement signed almost seven years ago between PTC India Ltd, a leading provider of power trading solutions in India, and Nepal’s biggest hydropower project in the private sector has been grounded, due to the protracted turmoil in the country.

The 750 MW West Seti hydropower project, being developed by …. Original article on Gaea Times at  : PTC India’s mega deal to buy Nepal power grounded.

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 ` 62.14 on January 25, 2011. The corresponding rates for the previous day (January 24, 2011) were ` 45.58 and ` 62.01 respectively. Based on the Reference Rate for … Read this article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Black money estimated at $462 billion to $1.4 trillion: Pranab

NEW DELHI – Finance Minister Pranab Mukherjee Tuesday said the estimate of black money stashed abroad by Indians and Indian entities was estimated at between $462 billion and $1.4 trillion and every step within means was being taken to bring it back.

He also made it clear that unless there are legal provisions in other … Read more : Black money estimated at $462 billion to $1.4 trillion: Pranab.

Sensex slips on profit booking

MUMBAI – A benchmark index for an Indian equities market Tuesday slipped from its intra-day highs as stocks first rose after only a 25 basis points hike in interest rates by the Reserve Bank of India, but later slipped sharply on profit booking.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao hiked the repurchase or … Read more »».

Highlights of third quarter review of monetary policy

NEW DELHI – The Reserve Bank of India Tuesday hiked its short-term lending and borrowing rates by 25 basis points in its third quarter review of monetary policy 2010-11. Following are the highlights of the document:

— Repo rate raised by 25 basis points to 6.5 percent
— Reverse repo rate hiked by 25 …. Original article on Gaea Times at  : Highlights of third quarter review of monetary policy.

RBI ups inflation projection to 7 percent, positive on growth

MUMBAI – With food prices continuing to rule high, the Reserve Bank of India Tuesday revised its current fiscal year-end projections for inflation, raising it to 7 percent from the earlier 5.5 percent, but said it was hopeful of the economy growing at a robust 8.5 percent.

“While the impact of transitory factors is expected … Read : RBI ups inflation projection to 7 percent, positive on growth.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 25, 2011 are:

Amount (face value in ` crore)                           

Item

2 days Reverse Repo Auction
(Sale of securities by RBI)

2 days Repo Auction 
…. Source  : Gaea News Network.

Myanmar to launch new private airline

YANGON – Asian Wings, a new private airline in Myanmar will be launched Thursday that will provide domestic and chartered services.

Two 70-seat TR 72-500 aircraft have arrived in Yangon for use in domestic flight services that would to cover 11 destinations, Xinhua reported citing the local Weekly Eleven News.
The Asian Wings airline is … Read more >>.

India’s Reserve Bank hikes key rates to tame inflation

MUMBAI – In a bid to tame prices that has seen annual food inflation soar to double digits, India’s central bank Tuesday hiked its short-term lending and borrowing rates by 25 basis points that could make commercial, housing and auto loans dearer.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao hiked the repurchase or repo …. Original source  : India’s Reserve Bank hikes key rates to tame inflation.

Mobile phone firms go all out to woo other’s customers

NEW DELHI – Telcom firms have launched a major advertising, marketing and promotional blitz to attract new and existing customers after the government launched a pan-India scheme that allows them to switch operators while retaining the numbers.

Although mobile number portability may not be a big game changer for the industry, it is certainly proving …. Original source  : Mobile phone firms go all out to woo other’s customers.

India’s central bank hikes key interest rates

MUMBAI – India’s central bank hiked the short-term lending and borrowing rates by 25 basis points each to tame inflation. The repurchase rate now stands at 6.5 percent, while the reverse repurchase rate has been raised to 5.5 percent.
… Read more >>>.

Tourist arrivals in Spain rises in 2010

Madrid, Jan 25 (IANS/EFE) Last year Spain welcomed 52.6 million foreign tourists, 1 percent more than in 2009, authorities said.

The figures released previously by the Industry, Tourism and Trade Ministry indicated a growth of 1.4 percent, or some 53 million tourists.
However, the figures from the Frontur border entry survey, released Monday, continue to … Read the original article on Gaea Times at : Tourist arrivals in Spain rises in 2010.

Sensex rises, monetary policy awaited

MUMBAI – A benchmark index for Indian equities markets Tuesday rose in early trade ahead of the monetary policy review by the Reserve Bank of India which is expected to result in a hike of key interest rates.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,227.42 points, was [..] Read the original article: here.

Japanese shares rise on US, European gains

TOKYO – Japanese stocks rose in Tuesday morning trading as investor sentiment were boosted by overnight gains on the US and European markets.

The benchmark Nikkei 225 Stock Average gained 97.5 points, or 0.94 percent, to trade at 10,442.61 while the broader Topix index was up 11.34 points, or 1.24 percent, at 928.52.
Despite the …. Original article on Gaea Times at  : Japanese shares rise on US, European gains.

US lifts 12-year export controls on Indian space, defence cos.

WASHINGTON – The United States Monday lifted a 12-year-old export control ban on nine Indian space and defence-related companies, removing them from the so-called Entity List in a move expected to drive hi-tech trade and forge closer strategic ties with India.

The companies removed from the export control list for sensitive items – mandatingput …. Source  : US lifts 12-year export controls on Indian space, defence cos..

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.

Dominant CEOs can either build or destroy a company: Study

WASHINGTON – A new study has revealed that dominant CEOs, who are powerful figures in an organization as compared to other members of the top management team, can evoke extreme results for the company.

It found that the performance of a firm under a powerful CEO could either be much better than other companies or …. Original article on Gaea Times at  : Dominant CEOs can either build or destroy a company: Study.

Mayor of Canada\’s \’Indian city\’ leads business trip to India

TORONTO – Canada\’s \’Indian city\’ of Surrey is sending a big delegation to India next month in search of business and investment opportunities.

Mayor Dianne Watts will lead the delegation comprising about 40 business and political leaders on an 11-day trip to India from February 10.
Surrey on the suburbs of Vancouver is the fastest growing … Read more »».

CII-India Business Forum welcomes Obama’s job creation agenda

NEW DELHI – The CII-India Business Forum (CII-IBF), a grouping of leading Indian companies with operations in the US welcomes and supports US President Barack Obama’s State of the Union address and the specific job-creation objectives outlined therein. CII believes in the US’s …. Source  : Gaea News Network.

LG eyeing to clock 30 percent revenue growth in 2011

KOLKATA – Consumer electronics major LG Electronics is eyeing to clock an annual revenue growth of 30 percent in India this year over the last year, a top executive of the company said Thursday.

“The company has targeted to achieve a growth of 30 percent in its total revenue in the consumer electronics segment in … Original source on Gaea Times at : LG eyeing to clock 30 percent revenue growth in 2011.

Sensex slips in afternoon trade

MUMBAI – A benchmark index for Indian equities markets slipped Thursday afternoon with selling spreading across the market-breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,086.69 points, was ruling at 18,816.57 points, down 152.88 points or 0.81 percent from its previous close at 18,969.45 points.
The 50-scrip S&P …. Source article  : Sensex slips in afternoon trade.

Food inflation continues to reign high

NEW DELHI – India’s annual food inflation inched up to 15.57 percent for the week ended Jan 15, because of a sharp rise in fuel prices and with vegetables and other essential food items continuing to cost dear, as per official data released Thursday.

Food inflation for the previous week was 15.52 percent. The data … Read more »».

ITC safeguards Nepal operations with new plant

KATHMANDU – As Nepal’s southern plains, where the factories of most major Indian joint ventures are located, continue to be racked by violence and strikes, Indian tobacco major ITC Ltd is seeking to safeguard the operations of its subsidiary by building a second manufacturing plant in the hilly west.

Surya Nepal Pvt Ltd — in …. Original article on Gaea Times at  : ITC safeguards Nepal operations with new plant.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.57 and the Reference Rate for Euro is ` 62.46 on January 27, 2011. The corresponding rates for the previous day (January 25, 2011) were ` 45.53 and ` 62.14 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Trinidad and Tobago hails India’s economic achievements

Port-of-SPAIN – Trinidad and Tobago’s Minister for Foreign Affairs Surujattan Rambachan admired “India’s fine democratic traditions and economic achievements” during India’s 62nd Republic Day celebration held here.

Rambachan hailed India’s human rights record and said during the celebrations at the high commissioner’s residence Wednesday that Trinidad and Tobago and India’s have shared commitment to human … Read : Trinidad and Tobago hails India’s economic achievements.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 27, 2011 are:

Amount  (face value in ` crore)                

Item

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

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

Venezuela’s Chavez threatens to seize bank

Caracas, Jan 27 (IANS/EFE) President Hugo Chavez threatened to expropriate the Venezuelan subsidiary of Spanish banking giant BBVA in a tense telephone conversation Wednesday with the bank’s CEO that was broadcast live on radio and television.

“This is very serious. Either you obey the law or hand the bank over to me. Tell me how … Read more : Venezuela’s Chavez threatens to seize bank.

Brazil’s Petrobras announces deep-water oil find

Sao Paulo, Jan 27 (IANS/EFE) Brazilian state-controlled energy company Petrobras said it struck oil at a pre-salt block located in “ultra-deep” waters of the Santos Basin, located off the country’s southeastern coast.

The find was made after drilling the Carioca Nordeste well, which has a water depth of 2,151 meters and is located 275 km …. Source article  : Brazil’s Petrobras announces deep-water oil find.

Sensex dull in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was ruling quiet in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,086.69 points, was ruling at 18,998.56 points, up 29.11 points or 0.14 percent from its previous close at 18,969.45 points.
The 50-scrip S&P CNX Nifty … Read more »»».

Money Market Operations as on January 25, 2011

… Read : Money Market Operations as on January 25, 2011.

Japanese shares climb on US, European gains

TOKYO – Japanese stocks rose in Thursday morning trading, supported by overnight gains on the US and European markets amid hopes for the global economic recovery.

The benchmark Nikkei 225 Stock Average gained 27.52 points, or 0.26 percent, to trade at 10,429.42 while the broader Topix index was up 1.45 points, or 0.16 percent, at …. Original article  : Japanese shares climb on US, European gains.

Dow flirts with 12,000-mark as US stocks edge up

NEW YORK – The Dow Jones Industrial Average rose above 12,000 points for the first time in more than two years Wednesday before falling back under the symbolic mark.

US stocks closed the day up only slightly after the Federal Reserve kept in place a monetary stimulus programme that involves buying up $600 billion in … Read more >>>.

Toyota announces global recall of nearly 1.7 million vehicles following fuel leakage problems

LONDON – Toyota has announced the recall of nearly 1.7 million vehicles from across the world following complaints of fuel leakage and other problems.

The Japanese company said it was recalling several models, including the IS and GS Lexus luxury models in North America and [..] Read the original article: here.

Munda focuses on governance, power on R-Day

RANCHI – Jharkhand Chief Minister Arjun Munda, in his Republic Day speech Wednesday, said his government’s top priority would be providing transparent governance in the state and electricity to all villages in the coming four years.

Our government is dedicated to provide transparent governance in the state. In a move to provide transparent governance, we …. Original article on Gaea Times at  : Munda focuses on governance, power on R-Day.

Pakistan allows import of used cars

ISLAMABAD – Pakistan’s federal cabinet Wednesday decided to allow import of used cars in a bid to clamp down on escalating prices by local vehicle manufacturers.

A cabinet meeting, held to approve the recommendations of the Economic Coordination Committee (ECC), was chaired by Prime Minister Yousuf Raza Gilani, Aaj TV reported.
The cabinet had Dec …. Original article on Gaea Times at  : Pakistan allows import of used cars.

Human chain to make Kozhikode plastic free

KOZHIKODE – More than three lakh people Wednesday came out on the streets to form a 82-km long human chain to make Kozhikode district free from avoidable plastic.

Leading from the front was district Collector P.B. Salim, who told IANS that the human chain touched every nook and corner of the district.
We are told …. Source article  : Human chain to make Kozhikode plastic free.

Bharti Airtel is not a price point player in 3G service (Repeating for all needing)

CHENNAI – Integrated mobile telephony major Bharti Airtel Ltd said Thursday that it is not a price point player though there may be price play in the company’s strategy to gain market share in the 3G service segment.

“There are market segments that have different needs. Pricing plans to have to meet that. But we …. Read the original article  : here.

After Antarctica, Kerala travel agency eyes space

THIRUVANANTHAPURAM – Kerala Travels has many firsts to its credit. Billed as the first travel agency in Kerala, it was the first to come out with a tourism brochure, offer Antarctica-Arctic packages and now is working on an ambitious plan to send children to space.

“This is the first stage of space tourism where 30 … Read : After Antarctica, Kerala travel agency eyes space.

Goa scraps controversial number plate contract to Delhi firm

PANAJI – After dilly-dallying for nearly a year, the Goa government Friday scrapped a controversial agreement signed with a Delhi-based firm for providing high security number plate (HSNP) for motor vehicles in Goa.

The decision was taken after a high-level committee admitted that there were major discrepancies in awarding of the contract. The opposition had … Read more >>>.

Reliance Infrastructure in $900 mn Nepal highway project race

KATHMANDU – Reliance Infrastructure, a part of the Anil Dhirubhai Ambani Group, remains in the race for the prestigious $900-million highway project in Nepal, expected to boost development in the southern Terai plains, top officials said.

Expression of interest for the four-lane, 76-km highway was invited in 2009 to connect the capital city with the … Read the original article on Gaea Times at : Reliance Infrastructure in $900 mn Nepal highway project race.

India targets $1 trillion infrastructure investment: Ahluwalia

DAVOS – India will double its investments in infrastructure to $1 trillion during the 11th Five Year Plan that begins 2012, with half of that expected from the private sector, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said.

Speaking at the annual meeting of the World Economic Forum at this Swiss ski resort, the …. Original article  : India targets $1 trillion infrastructure investment: Ahluwalia.

Suzlon signs wind power deal worth $1.28 bn

MUMBAI – The country’s largest wind power turbine manufacturer Suzlon Energy Ltd Friday said it had signed a $1.28 billion deal for building 1,000 MW of wind power projects to be developed in India with Caparo Energy.

The project’s first 500 MW will be completed by March of 2012 and the remainder by March …. Original source  : Suzlon signs wind power deal worth $1.28 bn.

General Motors India launches Smartech petrol engine

NEW DELHI – Making a slew of sales and products announcements, General Motors (GM) India has launched its made in India new petrol engine in New Delhi which would be fitted into its hatchback beat from next month onwards.

The newly launched engine is called as “Smartech Engine.”

Addressing mediapersons, Karl Slym, President and Managing Director of … Read the original article on Gaea Times at : General Motors India launches Smartech petrol engine.

Pakistanis increasingly going hungry: Pakistani daily

ISLAMABAD – Pakistanis are “increasingly going hungry”, a leading Pakistani daily Friday said adding that it was shocking that the malnutrition levels in Sindh province have been “likened to those prevailing in sub-Saharan Africa”.

An editorial in the Dawn Friday said: “It is shocking that the levels of malnutrition in Sindh have been likened to …. Source article on Gaea Times at  : Pakistanis increasingly going hungry: Pakistani daily.

Scheduled Banks’ Statement of Position in India as on Friday, January 14, 2011

(Amount in Rupees crore)

Scheduled Commercial Banks (SCBs) (including RRBs)

All Scheduled Banks

15.01.2010

31.12.2010

*

14.01.2011

*

15.01.2010

31.12.2010

*

14.01.2011

*

I

Liabilities to the Banking System (A)

a) Demand & time deposits from banks

53915.56

69499.66

66428.59

56708.81

72209.02

69137.95

**

b) Borrowings from banks

19052.83

26638.13

23220.03

19059.21

26836.16

23358.44

c) Other demand & time liabilities

5527.07

9120.92

7161.96

5545.32

9126.57

7167.61

II

Liabilities to Others              (A)

a) Deposits (other than from banks)

4247501.73

4971390.23

4945648.08

4386690.27

5116397.08

5090858.13

 i) Demand

539893.52

636525.13

572901.01

553597.58

652563.34

587944.98

ii) Time

3707608.21

4334865.10

4372747.07

3833092.69

4463833.74

4502913.15

b) Borrowings @

101767.31

116737.93

124180.74

103505.05

119355.09

126761.26

c) Other demand …. Original article  : Scheduled Banks’ Statement of Position in India as on Friday, January 14, 2011.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.74 and the Reference Rate for Euro is ` 62.73 on January 28, 2011. The corresponding rates for the previous day (January 27, 2011) were ` 45.57 and ` 62.46 respectively. Based on the Reference Rate for …. Source article on Gaea Times at  : RBI Reference Rate for US $ and Euro.

Revised cost for Tripura power project gets nod

AGARTALA – The revised cost estimate of Rs.623.44 crore for Tripura’s 100 MW thermal power project has got the green signal from the union Cabinet Committee on Economic Affairs (CCEA), officials said here Friday.

“The CCEA headed by Prime Minister Manmohan Singh in its meeting held in New Delhi Thursday approved the revised cost estimate …. Source article on Gaea Times at  : Revised cost for Tripura power project gets nod.

Agartala-Kolkata bus service via Bangladesh likely: Minister

AGARTALA – New Delhi and Dhaka may soon introduce a direct bus service from this capital of Tripura to Kolkata via Bangladesh, a minister said here Friday.

A five-member team of the Bangladesh Road Transport Corporation (BRTC) Friday held a meeting with Tripura Transport Minister Manik Dey and other Indian officials to discuss the issue. … Read : Agartala-Kolkata bus service via Bangladesh likely: Minister.

Sensex sheds further, selling intensifies across markets

MUMBAI – Selling intensified at noon in Indian equities markets after trading had begun Friday on a weak note.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,708.62 points, was ruling at 18,469.96 points, down 214.47 points or 1.15 percent from its previous close at 18,684.43 points.
The 50-scrip … Read this article on Gaea Times at : Sensex sheds further, selling intensifies across markets.

RBI invites Comments on Malegam Committee Report on MFIs

The Reserve Bank of India has invited views/comments of all stakeholders and the public at large on the Malegam Committee report on microfinance institutions (MFIs). Comments/suggestions/views may be forwarded to the Chief General Manager-in-Charge, Rural Planning and Credit Department, Reserve Bank of India, Central Office Building, 10th floor, S.B.S. Road, … Read this article on Gaea Times at : RBI invites Comments on Malegam Committee Report on MFIs.

Luxury dinner could make even the richest think twice before ordering

BEIJING – A luxury hotel in China is offering a special dinner package for the upcoming Chinese lunar new year that may cause even the most well-off to think twice before ordering it. It’s priced at 388,888 yuan (about $59,000).

The high price of the dinner package has made it one of the most expensive …. Source  : Gaea News Network.

Mahindra Genio Launched In India

MUMBAI, INDIA (GaeaTimes.com)- Mahindra & Mahindra which is one of the leading commercial car manufacturers of India has launched Genio its new commercial vehicle. The new 1.2 tonne pick-up trick is targeted at the small to mid sized business segment. The BS3 version of the model is priced at INR 499000 and a BS4 [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 28, 2011 are:

Amount  (face value in ` crore)                          

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

From a Punjab kitchen, these sweets, snacks have travelled far

CHANDIGARH – A business formula that originated three decades ago in the kitchen of a homemaker is creating a buzz in international markets. What is more, it counts chains like McDonalds, Pizza Hut, Barista and Cafe Coffee Day as clients.

Brainchild of 62-year-old Rajni Bector, Cremica products started with ice-creams made from a hand churner …. Original source  : From a Punjab kitchen, these sweets, snacks have travelled far.

Bangladesh hopes for $400 mn Indian investment

DHAKA – Bangladesh hopes to attract Indian investments worth Taka 30 billion ($422 million) at the second Indo-Bangla trade fair to be held here in May, reducing its bilateral trade deficit.

India-Bangladesh Chamber of Commerce and Industry president Matlub Ahmed said he based his optimism on the success of the first Indo-Bangla trade fair … Read the original article on Gaea Times at : Bangladesh hopes for $400 mn Indian investment.

World’s fertilizer leader doubles profits on rising food prices

TORONTO – Rising global food prices have spelt bonanza for the world’s biggest fertilizer company, Potash Corporation, which Thursday reported more than a two-fold increase in its profits during the fourth quarter.

The Canadian company’s stock also jumped about three percent to $172.26 on the Toronto Stock Exchange Thursday on record profits. At the opening … Original article on : World’s fertilizer leader doubles profits on rising food prices.

Further rate hike fears allow bears control of Indian equities (Weekly market review)

MUMBAI – Bears had the Indian equities markets in their firm grasp as stocks got battered in the wake of rising inflation and the Reserve Bank of India raising key interest rates and hinting at more such tightening in the short-term.

In a truncated trading week, the 30-scrip sensitive index (Sensex) of the Bombay Stock … Read more >>>.

Chandigarh gets Rs.5 crore to light up Rock Garden

CHANDIGARH – Chandigarh’s famed Rock Garden will now be illuminated. The union tourism ministry has given a Rs.5 crore grant to illuminate the garden, a major tourist attraction, and promote night tourism in the city, an official said Saturday.

Rock Garden, which showcases art objects in various forms and designs, made from industrial and urban … Read more »».

Chlorine gas leak detected on time, says Chemfab Alkalis

CHENNAI – Three days after a chlorine gas leak from its factory left 300 people affected, Chemfab Alkalis Ltd Saturday said the leakage had been detected on time and turned off but a strong wind carried the gas outside the premises.

The factory also said it is extending full cooperation to Puducherry authorities in investigating …. Read the original article  : Chlorine gas leak detected on time, says Chemfab Alkalis.

India’s new telecom policy to make licensing norms tougher

NEW DELHI – India Saturday said its new telecom policy to be unveiled soon will tighten the norms for grant of licences and airwaves to service providers in a bid to induce transparency and provide a level-playing field to new and existing players.

Announcing this at a hurriedly convened press conference here, Communications Minister Kapil … Read this article on Gaea Times at : India’s new telecom policy to make licensing norms tougher.

Chandigarh: City for 500,000 now has 800,000 vehicles

CHANDIGARH – When French architect Le Corbusier designed the modern city of Chandigarh in the 1950s, it

was supposed to cater to a maximum population of 500,000 residents. Six decades on, this twin capital is still the ‘City Beautiful’, but houses almost 1.2 million people with 800,000 registered vehicles and an estimated 100,000 driving …. Source article  : Chandigarh: City for 500,000 now has 800,000 vehicles.

BlackBerry knocked out of Top-5 sellers by China’ ZTE

TORONTO – China’s ZTE Corp. has replaced BlackBerry maker Research In Motion (RIM) among the world’s top five mobile phone sellers.

According to a report released Friday by tech research company IDC, the low-priced cellphone maker ZTE also pushed Apple to the last spot on the Top-5 list on the back its surging sales.
… Original source on Gaea Times at : BlackBerry knocked out of Top-5 sellers by China’ ZTE.

Waste-pickers’ views will be reflected in policy: Ramesh

AHMEDABAD – Waste-pickers’ views will be taken while drafting policy on waste disposal, union Environment and Forests Minister Jairam Ramesh said Friday.

Inaugurating the first-ever national conference of waste pickers, organised under the aegis of Alliance of Indian Waste-Pickers (AIW), at Self-Employed Women’s Association (SEWA), Ramesh said his department will take into consideration the … Read more »»».

MindTree co-founder chairman quits

BANGALORE – Leading IT consultancy and product engineering services firm MindTree Ltd co-founder Ashok Soota Friday resigned as the chairman and the member of the board here.

In a regulatory filing, the city-based company said Soota had requested the board to release him as an employee and executive chairman from March 31, 2011.
“The decision … Read more >>>.

Coast Guard plane chases pirates away off Lakshadweep

NEW DELHI – Pirates closing in on a merchant vessel off the Lakshadweep were thwarted by the Indian Coast Guard Friday with its patrol aircraft chasing the sea brigands away through a timely intervention.

The Bahamas-flagged container carrier, MV CMA CGM Berd, was sailing west of the Lakshadweep Islands when the Coast Guard’s Dornier …. Read the original article  : here.

Indian tourism industry targets gay, lesbian travellers

NEW DELHI – Gay and lesbian tourists are big spenders and vacation savvy and are being increasingly targeted by travel operators in India, said travel experts at the 18th South Asia Travel and Tour Expo (SATTE) Friday.

“Gays or lesbians are the biggest spender on lifestyle products. They have maximum disposable incomes as they come … Read more : Indian tourism industry targets gay, lesbian travellers.

SPAR to open 24 more hypermarkets in next two years

NEW DELHI – Reality major Landmark Group’s retail subsidiary SPAR Friday said that it plans to add another 24 hypermarkets to its chain in the next two years, with an investment of Rs.550 crore.

“We plan to add another 24 hypermarkets in the metros and tier-I, II cities in the next two years, with a …. Source article  : SPAR to open 24 more hypermarkets in next two years.

Tata Beverages, Kerala Ayurveda to form joint venture

BANGALORE – Tata Global Beverages Ltd Friday signed an agreement with Kerala Ayurveda Ltd to form a joint venture (JV) for developing a range of beverages and food products based on native recipes for the global market.

“The proposed joint venture will focus on developing beverage and food products based on Ayurvedic recipes, actives and …. Source article  : Tata Beverages, Kerala Ayurveda to form joint venture.

Chennai Metro to begin service in two years: Stalin

CHENNAI – The 45-km Chennai Metro Rail project will be completed ahead of the original schedule and the train service would begin in two years time, Tamil Nadu Deputy Chief Minister M.K. Stalin said here Friday.

Speaking to reporters after reviewing the project’s progress, he said the first phase between Koyambedu and St. Thomas Mount …. Source article on Gaea Times at  : Chennai Metro to begin service in two years: Stalin.

Tourism minister calls for higher regional cooperation

NEW DELHI – Tourism Minister Subodh Kant Sahay Friday called for higher cooperation among South Asian countries in promoting tourism and offered India’s training facilities to other countries in the region.

More trained and skilled tourism professionals are required for the fast developing tourism industry. India can offer its training facilities to the people from …. Original article on Gaea Times at  : Tourism minister calls for higher regional cooperation.

UCO Bank’s net up 22.35 percent in Q3

KOLKATA – Public sector UCO Bank Friday declared a 22.35 percent year-on-year (YoY) growth in its net profit to Rs.301 crore in the third quarter of the current fiscal compared to Rs.246 crore in the corresponding period the previous year.

Declaring the third quarter results, UCO Bank chairman and managing director Arun Kaul … Read the original article on Gaea Times at : UCO Bank’s net up 22.35 percent in Q3.

HCL Infosystems Q3 net profit dips marginally

NEW DELHI – HCL Infosystems Ltd Friday reported a marginal decline of 0.19 percent in its net profit during the quarter ended December 2010 at Rs.55.98 crore as against Rs.56.09 crore in the same period last fiscal.

However, the net income from operations of the company increased by 2.75 percent at Rs.3,115.14 crore for the …. Source article  : HCL Infosystems Q3 net profit dips marginally.

Air India announces sops for international travellers

MUMBAI – National carrier Air India has introduced several schemes including ‘Buy One Get One Free’ for those using it to travel to London, Frankfurt, Paris and Toronto, an official said.

“Only fuel surcharge and non-airline taxes will be payable on the companion ticket. The passenger and the companion would have to travel together in … Read more : Air India announces sops for international travellers.

Ennore Port’s three new terminals go on stream

CHENNAI – Three new terminals – for coal, iron ore and cars – went on stream at Ennore Port here Friday.

Speaking at the function, union Shipping Minister G.K. Vasan, stressed the need for further expansion of the Indian port sector to keep in line with the economic growth.
He said: “The coal and …. Source article on Gaea Times at  : Ennore Port’s three new terminals go on stream.

Lilliput Kidswear’s new apparel line with Nick’s cartoons

NEW DELHI – Leading kids entertainment channel Nick India Friday said that it has signed a licensing agreement with children clothing retailer Lilliput Kidswear for an apparel line based on popular cartoon characters.

“As part of the deal, Lilliput Kidswear will launch a full array of apparel lines around Nicks most popular characters – …. Original source  : Lilliput Kidswear’s new apparel line with Nick’s cartoons.

Mahindra to target captive segment for Genio pickup

CHENNAI – Automobile major Mahindra and Mahindra Ltd (M&M) will first target the captive segment for its newly-launched Genio pickup truck and look at exports along the way, an official of the Rs.31,172 crore company said here Friday.

“We are looking at exports is all I can say as I do not handle that portfolio. …. Original source  : Mahindra to target captive segment for Genio pickup.

Joint action plan with states against inflation: Consumer Affairs Minister (Interview)

NEW DELHI – The central government will soon formulate an action plan with state governments on how to rein in the prices of essential items that have taken the annual food inflation to double-digits now, Minister of State for Consumer Affairs K.V. Thomas has said.

The minister also indicated that some ministries were studying the …. Source article  : Joint action plan with states against inflation: Consumer Affairs Minister (Interview).

Dalda owner Bunge to double trade finance business in India

NEW DELHI – The US-based agro-business major Bunge, which bought the popular Dalda brand of vegetable oils in 2003, has targeted to double its trade finance business in India to $8 billion to capitalise on high lending rates and volatile food prices.

Trade finance helps fund cross-border imports and exports by providing credit against contracts. …. Source article  : Dalda owner Bunge to double trade finance business in India.

Turkish firm investing over $100 mn on Mumbai, Delhi airports

ISTANBUL – With India’s air cargo and passenger traffic growing at a frantic pace and efficiency and security becoming a major concern, a Turkish firm is investing $100 million by 2015 in ground handling and equipment at Delhi and Mumbai airports.

Celebi Holdings has already spent $35 million on construction and $12 million towards purchase …. Read the original article  : Turkish firm investing over $100 mn on Mumbai, Delhi airports.

Condom firm cashes on Prince William, Middleton’s charm

LONDON – A condom firm here is cashing on the popularity of the soon to be married couple, Prince William and Kate Middleton, by using their photo on its product pack.

The souvenir sheaths are being sold in royal purple packs of three with a picture of Prince William and his financee.
Blurb … Read more »»».

Maruti Suzuki Kizashi To Launch

MUMBAI, INDIA (GaeaTimes.com)- Maruti Suzuki is all set to launch yet another cool and luxurious sedan in the Indian Market, called Maruti Suzuki Kizashi. This car would be manufactured by the Japanese parent company itself. Although this car has a good command on the roads of the other countries, this is for the first … Original source on Gaea Times at : Maruti Suzuki Kizashi To Launch.

Vegetables parks to come up in several cities: Pawar

KANPUR – Vegetable parks will be set up in all Indian cities with a minimum population of one million to ensure availability of quality produce at reasonable rates, Agriculture Minister Sharad Pawar announced Saturday.

“We propose to shortly start the process of acquiring land for the purpose and would therefore urge all state governments to … Read more : Vegetables parks to come up in several cities: Pawar.

‘Remove infrastructure bottlenecks for travel industry’s growth’

NEW DELHI – Growth in India’s travel industry can be achieved only if the required infrastructure is developed, experts said Saturday at the 18th South Asia Travel and Tour Expo (SATTE) here.

“We need infrastructure to support the growth in all streams related to the travel industry especially the aviation segment. We need better airport, …. Source article on Gaea Times at  : ‘Remove infrastructure bottlenecks for travel industry’s growth’.

Pirate ship sunk by navy, Coast Guard in Arabian Sea

NEW DELHI – In a major anti-piracy operation by the Indian Navy and Coast Guard in the Arabian Sea, a Somali pirate ship was sunk in a gun battle off Lakshadweep Islands and 15 brigands apprehended Friday, an official said.

The two maritime forces also rescued 20 Thai and Myanmarese fishermen, the original crew of …. Source  : Gaea News Network.

Tube Investments posts higher turnover, profits

CHENNAI – Backed by all-round growth, Tube Investments of India Ltd closed the third quarter of the current fiscal with a turnover of Rs.749 crore and a net profit of Rs.51.89 crore as against Rs.583 crore and Rs.20.60 crore respectively in the same period last fiscal

Managing director L. Ramkumar said all the business segments …. Read the original article  : Tube Investments posts higher turnover, profits.

Millions of travellers give a thumbs down to eight Indian hotels

New Delhi, Jan.29 (ANI-Business Wire India): Millions of travellers give a thumbs down to eight Indian hotels, and New Delhi’s Centaur Hotel located near the Indira Gandhi International Airport …. Source  : Gaea News Network.

Food Security Bill is ready: K.V. Thomas

THIRUVANANTHAPURAM – Tipped as the flagship programme of the second United Progressive Alliance (UPA) government, the proposed Food Security Bill is ready, union minister K.V. Thomas said Saturday.

Thomas, who recently was given independent charge of the consumer affairs, food and public distribution ministry, told reporters here that his department was ready with the path-breaking …. Read the original article  : here.

Professional course on competition policy launched

NEW DELHI – With the enactment of the Competition Act and the flurry of cases the regulator is handling, a Delhi-based research institution has launched two courses in the areas of competition policy and law.

The courses – a foundation level and an advanced diploma – will solve practical problems concerning the control of anti-competitive …. Original article  : Professional course on competition policy launched.

Licensing norms tougher in India’s new telecom policy

NEW DELHI – India Saturday said its new telecom policy to be unveiled soon will tighten the norms for grant of licences and airwaves to service providers in a bid to induce transparency and provide a level-playing field to new and existing players.

Announcing this at a hurriedly convened press conference here, Communications Minister Kapil …. Read the original article  : Licensing norms tougher in India’s new telecom policy.

Helicopter taxi service launched in Himachal

SHIMLA – Himachal Pradesh Chief Minister Prem Kumar Dhumal Saturday launched the helicopter taxi service in the state to attract high-end tourists, an official said.

The government has signed an agreement with three private operators – Sim Sam Airlines, Mesco Airlines and Shiva Airlines – and allowed them to operate heli-taxis on identified routes.
“Dhumal …. Original article  : Helicopter taxi service launched in Himachal.

Maruti Suzuki quarterly net profit drops 17.7 percent

NEW DELHI – Rising cost of inputs and higher royalty paid to parent firm Suzuki hit the margins of India’s largest car maker Maruti Suzuki, which reported a 17.7 percent drop in net profit at Rs.565.2 crore for the quarter ended Dec 31.

The company had posted a net profit of Rs.687.5 crore in the …. Original article  : Maruti Suzuki quarterly net profit drops 17.7 percent.

Six State Governments announce Auction of State Development Loans 2021 for `4000.000 on February 1, 2011

The following Six State Governments have announced the sale of their 10-year State Development Loans (SDLs) for an aggregate amount of `4000.000 crore through yield based auction using multiple price auction method.

Sr. No.

State

Notified Amount
… Read : Six State Governments announce Auction of State Development Loans 2021 for `4000.000 on February 1, 2011.

ONGC Q3 net profit doubles to Rs.7,083 crore

MUMBAI – State-owned Oil and Natural Gas Corporation (ONGC) Friday reported a 5.87 percent rise in net profit for the third quarter ended Dec 31 at Rs.7,083 crore as against Rs.3,054 crore earned during the same period of last fiscal.

The exponential rise in profit was due to higher crude oil prices in the … Read the original article on Gaea Times at : ONGC Q3 net profit doubles to Rs.7,083 crore.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on January 28, 2011 are :

Amount  (face value in ` crore)                     

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
… Read this article on Gaea Times at : Second Liquidity Adjustment Facility : Auction Results.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2010

     2011

Variation

Jan. 22

Jan. 14

Jan. 21#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

148

458

853

394

705

2. Foreign Exchange Reserves

Variation over

Item

As on Jan. 21, 2011

Week

End-March 2010

End-December 2010

Year

`
…. Original source  : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

182-day Treasury Bills auction: Rs.1,500 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.1,500 crore. The auction will be conducted on February 2, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the … Read more >>>.

Money Market Operations as on January 29, 2011

…. Source  : Money Market Operations as on January 29, 2011.

Flights hit as fog engulfs Delhi airport again (Second Lead)

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.

Metro stations to have digital pods for information

NEW DELHI – The Delhi Metro will install interactive digital pods at 28 stations to provide detailed information to commuters about its network, stations, train timings, fare structure and major tourist destinations in the capital.

Initially, 60 pods will be installed at selected stations on Dilshad Garden-Rithala, Jahangirpuri-HUDA City Centre and Dwarka Sector 21-NOIDA …. Original source  : Metro stations to have digital pods for information.

Bina refinery’s two units go on-stream

NEW DELHI – Naftogaz India said Sunday it has completed work on two projects of Bharat Oman Refineries Limited, a joint venture of the state-run Bharat Petroleum Corporation Ltd (BPCL) and Oman Oil, at Bina in Madhya Pradesh.

“Naftogaz India successfully commissioned a Rs.576 crore hydrogen generation unit and Rs.256 crore coke drum system …. Read the original article  : Bina refinery’s two units go on-stream.

Pakistan’s central bank warns government of economic debacle

ISLAMABAD – Pakistan’s central bank has warned the government that its borrowing has touched an alarming level while its reluctance to pursue tough economic reforms could hinder efforts to achieve stability.

State Bank of Pakistan’s governor Shahid Hafeez Kardar said that the “government needed to take immediate steps to arrest fiscal deficit”.
“I agree …. Original article  : Pakistan’s central bank warns government of economic debacle.