Business News – Newsletter for February 2, 2011

CBI arrests Raja, two aides

NEW DELHI – The Central Bureau of Investigation (CBI) Wednesday arrested former communications minister A. Raja and two of his aides R.K. Chandolia and Siddharth Behuria in connection with the 2G spectrum allocation scam, according to sources.
… Read more »»».

Govt. monitoring crude oil prices: Mukherjee

NEW DELHI – Expressing concern over the rise in crude oil prices in international markets due to turmoil in the Middle East, Union Finance Minister Pranab Mukherjee on Wednesday said the government is monitoring the situation and will manage it.

“Unfortunately, because of developments in the Middle …. Source  : Govt. monitoring crude oil prices: Mukherjee.

Will manage fluctuating oil prices: Pranab

NEW DELHI – With political turmoil in Egypt pushing up global oil prices, Finance Minister Pranab Mukherjee Tuesday hinted at keeping a status quo on the prices of petrol and diesel, saying the government will “manage” the current volatility in crude prices.

“Unfortunately, developments in the Middle East and its impact on the Arab world …. Source  : Will manage fluctuating oil prices: Pranab.

China to sell bullet train technology

BEIJING – China is ready to sell its high-speed bullet train technology to other countries, authorities said.

“China is willing to export the high-speed rails technology to any country that wants to buy,” Wang Yongping, spokesperson of the ministry of railways, told the Global Times. “We own the most advanced technology of high-speed rails.”
The …. Source article on Gaea Times at  : China to sell bullet train technology.

Grameen Bank challenges government ownership claim

DHAKA – The Bangladesh government has told foreign donors that Nobel Laureate Muhammad Yunus-led Grameen Bank “is an organ of the state”, a claim hotly denied by the rural credit pioneer.

Foreign Minister Dipu Moni at a meeting with ambassadors and senior diplomats here justified the government’s decision to investigate the Grameen Bank, New Age …. Source  : Gaea News Network.

36 foreigners deported from Goa in 2010

PANAJI – A total of 36 foreigners, including 13 Nigerians, were arrested in Goa last year for illegally overstaying in India, the state’s Home Minister Ravi Naik said Wednesday.

Naik told the winter session of the Goa legislative assembly that the guilty foreigners were either deported or ordered to leave the country.
During …. Read the original article  : 36 foreigners deported from Goa in 2010.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.63 and the Reference Rate for Euro is ` 63.16 on February 2, 2011. The corresponding rates for the previous day (February 1, 2011) were ` 45.81 and ` 62.84 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex holding up in noon trade

MUMBAI – A benchmark index for Indian equities markets Wednesday was holding on to its early gains as traders bought into stocks, which had been battered over the past few days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,216.91 points, was ruling at 18,195.72 points, up 173.5 points … Read more : Sensex holding up in noon trade.

Bharti Airtel Launches ‘Airtel Money’ Service

MUMBAI, INDIA (GaeaTimes.com)- Bharti Airtel the leading GSM mobile service operator in India launched its innovative ‘Airtel money’ service on Monday that is going to change the way people pay their bills. With this service the Airtel service users would be able to make payments of various bills using their cellphones. There will be … Read the original article on Gaea Times at : Bharti Airtel Launches ‘Airtel Money’ Service.

PM announces rural wage hike, Sonia wants new direction

NEW DELHI – Prime Minister Manmohan Singh Wednesday said wages would be hiked under the rural employment guarantee plan to offset inflation while UPA chairperson Sonia Gandhi said it was time to introspect on the shortcomings of the rural jobs scheme.

“We have decided to hike the wages as per the rise in … Original article on : PM announces rural wage hike, Sonia wants new direction.

Bharti Airtel quarterly net down 41 percent

NEW DELHI – Telecom giant Bharti Airtel Tuesday reported a 41 percent decline in its net income for the quarter ended December 2010, which stood at Rs.1,303.3 crore as against Rs.2,194.9 crore during the same period last fiscal.

The company cited weaker margins from its Africa operations and currency fluctuations as the reason behind … Read more »».

Underwriting Auctions for Government securities

The Government of India have announced the sale (reissue) of “7.17 per cent Government Stock 2015” for a notified amount of `3,000 crore (nominal), "8.13 per cent Government Stock 2022" for a notified amount of `4,000 crore (nominal) and "8.30 per cent Government Stock 2040” for a notified amount of `3,000 crore …. Original source  : Underwriting Auctions for Government securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 2, 2011 are:

Amount  (face value in ` crore)                       

Item

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

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

Pakistan’s public debt stands at Rs.9.47 trillion

ISLAMABAD – Pakistan’s public debt stands at a whopping Rs.9.47 trillion (about $110 million), said an official statement.

Dawn reported Wednesday that due to the massive public debt, the government has violated the limits on borrowing imposed in the Fiscal Responsibility and Debt Limitation Act. The act requires the federal government to take measures to …. Original article  : Pakistan’s public debt stands at Rs.9.47 trillion.

Ethiopia offers India farmland for investment

NEW DELHI – In what could give a big boost to India’s efforts at food security, Ethiopia has offered 1.8 million hectares of its farmland to Indian investors that equals nearly 40 percent of the total area of the principal grain-growing state of Punjab.

“So far we have transferred 307,000 hectares of land to foreign … Read : Ethiopia offers India farmland for investment.

ArcelorMittal, partner buy more Baffinland stock

TORONTO – ArcelorMittal and Nunavut Iron Ore Acquisition Inc., which are now the joint owners of Canada’s iron ore-rich Baffinland Iron Mines Corporation, Tuesday announced taking up an additional 4,773,400 common shares of Baffinland at their outstanding offer of $1.50 per share.

Abandoning their rivalry to take over Baffinland, ArcelorMittal and Nunavut made a joint …. Original article on Gaea Times at  : ArcelorMittal, partner buy more Baffinland stock.

Remittances to Mexico up marginally in 2010

Mexico City, Feb 2 (IANS/EFE) Mexico received a total of $21.27 billion in remittances in 2010, which signifies a small increase of 0.12 percent over the year before, the country’s central bank said.

“This indicates that remittances barely managed to halt the decline that occurred in 2009 and their recovery has been slow. Remittances depend [..] Read the original article: here.

Japanese shares surge on US gains, easing concerns over Egypt

TOKYO – Japanese stocks soared in Wednesday morning, bolstered by an overnight rally on Wall Street and by signs of a possible resolution of the tensions in Egypt.

The benchmark Nikkei 225 Stock Average added 196 points, or 1.91 percent, to trade at 10,470.5 while the broader Topix index was up 17.26 points, or 1.89 …. Original article on Gaea Times at  : Japanese shares surge on US gains, easing concerns over Egypt.

Money Market Operations as on February 01, 2011

…. Source  : Money Market Operations as on February 01, 2011.

Mercedes relaunches premium car Maybach

NEW DELHI – Mercedes Benz India, the German luxury car manufacturer’s Indian subsidiary Tuesday relaunched its super-luxury sedan Maybach’s two variants — the 57 S and 62 — with a price tag of Rs.4.85 crore and Rs.5.10 crore (ex-showroom Delhi).

“This car is only for luxury segment. Designed with meticulous attention to detail and knitted …. Read the original article  : Mercedes relaunches premium car Maybach.