Business News – Newsletter for February 1, 2011

RBI seeks comments on Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds

The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds (Chairman:  Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February … Original article on : RBI seeks comments on Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds.

China’s government insurance firms commit $455 mn fraud

BEIJING – China’s two leading state-owned insurance companies have been found guilty of defrauding more than three billion yuan ($455 milllion) in 2009, the country’s national auditor has revealed.

The financial misconducts were found during the audit of the two largest insurers – China Life Insurance (Group) Company (China Life) and People’s Insurance Company …. Original source  : China’s government insurance firms commit $455 mn fraud.

A third of Goa’s population dependent on tourism: Minister

PANAJI – The livelihood of nearly a third of Goa’s population of 13 lakh is linked to the tourism industry, the state’s Tourism Minister Nilkanth Halarnkar said Tuesday.

In reply to a question during the winter session of the Goa legislative assembly, Halarnkar also said that the state earned $912 million in financial year 2009-10 … Read this article on Gaea Times at : A third of Goa’s population dependent on tourism: Minister.

Sensex slumps on selling pressure

MUMBAI – Indian equities markets benchmark indices slumped further Tuesday on selling pressure in FMCG and technology stocks as high inflation raised concerns over earnings and the unrest in Egypt dampened sentiments.

A benchmark index for Indian equities markets slumped over 200 points in the morning session.
The 30-scrip sensitive index (Sensex) of … Read more »»».

Ford India’s January sales zoom over four times

CHENNAI – Driven by its compact car model Figo, the Indian subsidiary of auto major Ford began the new year by selling 10,026 units in January, as against 2,453 units sold in the corresponding month of 2010, a statement said Tuesday.

Last month, the company sold over 8,600 Figos and the balance is accounted by …. Original article  : Ford India’s January sales zoom over four times.

DLF quarterly profit dips marginally

MUMBAI – India’s real estate firm DLF Tuesday reported a marginal decline in the net profit at Rs.465.67 crore for the quarter ended December 2010 as against Rs.467.89 crore during the same period last fiscal.

The total income increased by 20.5 percent at Rs.2,594.23 crore for the quarter under review as against Rs.2,151.81 crore … Original source on Gaea Times at : DLF quarterly profit dips marginally.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.81 and the Reference Rate for Euro is ` 62.84 on February 1, 2011. The corresponding rates for the previous day (January 31, 2011) were ` 45.95 and ` 62.54 respectively. Based on the Reference Rate for …. Source  : Gaea News Network.

Super successful Sikh is Toronto’s biggest Indian car man

TORONTO – As the global meltdown grounded the auto industry, Toronto’s biggest Indian car man, Nav Bhatia, only thrived. The multimillionaire Sikh has also been helping change stereotypes about Indians in Canada after being mistaken for a cab driver once.

“We have continued to post better results thanks to our clients,” beams Bhatia who landed … Read the original article on Gaea Times at : Super successful Sikh is Toronto’s biggest Indian car man.

TV will stay top ad earner globally, says expert

TORONTO – Despite the mushrooming of social media, the television industry will continue to remain the first choice of advertisers for a long time, says a top Canadian researcher.

“TV is not only not dead, but it’s actually growing,” Duncan Stewart, director of Deloitte Canada Research, was quoted as saying by the Vancouver Sun Monday.
[..] Read the original article: here.

TVS Motor logs 30 percent sales growth in January

CHENNAI – Two and three wheeler maker TVS Motor Company Ltd closed January with an overall sales growth of 30 percent.

The company sold 165,152 units (two wheelers 161,725 units, three wheelers 3,427 units) last month, up from 127,288 units (two wheelers 125,578 units, three wheelers 1,710 units) sold during January 2010.
The cumulative …. Original article on Gaea Times at  : TVS Motor logs 30 percent sales growth in January.

From hotels to industries, Haryana goes for energy audit

CHANDIGARH – Hotels, hospitals and several industries in Haryana have taken to a new fad – getting an ‘energy audit’ done. The exercise is aimed at plugging wastage in energy consumption, thereby reducing cost.

With energy saving initiatives suggesting that up to 30 percent of energy costs in high-utilisation sectors could be reduced, the new …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 1, 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.

No fish will be left to catch, expert warns Bangladesh

DHAKA – No hilsa, not even fish will be left to catch in the Bay of Bengal, an expert has warned as the Bangladesh government prepared to issue 30 fresh licences for fishing, a media report said Tuesday.

The government will award the licences without any survey of the already dwindling reserve. Bangladesh shares the …. Read the original article  : here.

Delays, overcrowding as technical problems hit Delhi Metro

NEW DELHI – A technical problem hit metro services on the Noida-Dwarka Delhi metro route early Tuesday, causing inordinate delays and harassment to hundreds of commuters. As a result of the delay, there was overcrowding in many stations.

“There was a signalling problem in Rajouri Garden near Dwarka Tuesday morning which may have …. Original source  : Delays, overcrowding as technical problems hit Delhi Metro.

BlackBerry stock slips on India report

TORONTO – Shares of BlackBerry maker Research In Motion (RIM) slipped about two percent Monday after India rejected its offer for partial access to its encrypted corporate emails.

Since August last year, India has been seeking access to BlackBerry encrypted emails to counter threats to its national security. Since BlackBerry encrypted emails travel between smart … Read this article on Gaea Times at : BlackBerry stock slips on India report.

ExxonMobil pushes up US stocks despite Egyptian turmoil

NEW YORK – US stocks climbed Monday as better-than-expected profits from oil giant ExxonMobil overshadowed the ongoing protests in Egypt.

The world’s largest oil company ExxonMobil posted its biggest quarterly profits in more than two years, up 53 percent from the year-earlier period. Net income for the fourth quarter climbed to $9.25 billion and totalled … Read more : ExxonMobil pushes up US stocks despite Egyptian turmoil.

What’s bothering Bihar’s entrepreneurs? Ask ‘MBA Sabziwalla’

PATNA – He is called the “MBA sabziwalla” and wants to make Bihar India’s vegetable hub. Kaushlendra, an alumnus of the Indian Institute of Management-Ahmedabad (IIM-A), is now working towards pre-paid cards for buying vegetables but complains of irritating hurdles that discourage budding entrepreneurs.

Kaushlendra, who refused to join a multinational company like his …. Source article  : What’s bothering Bihar’s entrepreneurs? Ask ‘MBA Sabziwalla’.

World Bank opens public voting on ‘Apps for Development’

WASHINGTON – The World Bank has opened public voting on the applications submitted to the Apps for Development Competition that challenged software developers to get new perspectives in identifying solutions to development problems.

The Popular Choice Award will be determined by public vote and the winner will receive a cash award and a feature on …. Read the original article  : World Bank opens public voting on ‘Apps for Development’.

Metro woes: Slow trains, crowded stations in Delhi

NEW DELHI – Hundreds of Metro commuters in Delhi faced problems reaching their destinations Tuesday morning with delays, slow-running trains and overcrowding.

On the Noida-Dwarka line, one of the trains got stuck near the Mayur Vihar station for over 30 minutes.
Commuters had to wait long which led to overcrowding in the trains …. Original article  : Metro woes: Slow trains, crowded stations in Delhi.

280 more stranded Indians in Egypt return home

MUMBAI – Another 280 Indians stranded in strife-torn Egypt reached here early Tuesday on a special flight.

The Air India flight – AI-800 – carrying the Indians landed here at 2.30 a.m., an official said.
This is the second flight to Mumbai in Air India’s efforts to bring back the Indians stuck in different Egyptian … Read : 280 more stranded Indians in Egypt return home.