Business News – Newsletter for February 4, 2011

Boy, 7, almost buys fighter jet via internet

SYDNEY – A seven-year-old British boy nearly bought a real-life Harrier fighter jet for $113,515 via online shopping.

The boy hit the “buy it now” button to purchase the fighter jet, which was put on sale at the online store eBay.
But his father quickly apologised to the sellers, saying his son was not … Read more : Boy, 7, almost buys fighter jet via internet.

Dominican president for deepening ties with India

NEW DELHI – India and the Dominican Republic have so much in common that ties have to be strengthened and deepened, President Leonel Fernandez said here Friday.

The Dominican Republic looks forward to strengthening and deepening relations with India, with which we have too much in common, from the struggle for independence, including the fight …. Source  : Dominican president for deepening ties with India.

British PM hosts India-UK business forum

LONDON – The UK-India forum was “fantastically important”, said British Prime Minister David Cameron, who hosted the first meeting of the CEOs grouping at Downing Street and discussed ways to improve trade between the two countries.

The UK-India CEO Forum was established during Cameron’s visit to India last year. It has leading British and Indian …. Source article  : British PM hosts India-UK business forum.

Waive octroi, local taxes to curb inflation: PM

NEW DELHI – Prime Minister Manmohan Singh Friday said rising prices presented a strong case for waiving octroi and other local taxes as inflation was posing a “serious threat” to the growth momentum of India and disproportionately affecting the poor.

Addressing a conference of top bureaucrats from states, Manmohan Singh said that India’s economy had … Read this article on Gaea Times at : Waive octroi, local taxes to curb inflation: PM.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.64 and the Reference Rate for Euro is ` 62.24 on February 4, 2011. The corresponding rates for the previous day (February 3, 2011) were ` 45.63 and ` 62.96 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Sensex slips over Egypt turmoil

MUMBAI – A benchmark index for Indian equities markets Friday fell sharply to rule 181 points lower around noon as fears related to the Egyptian turmoil and global oil prices gripped traders.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,450.07 points, was ruling at 18,267.42 points – down …. Original article  : Sensex slips over Egypt turmoil.

IAF may get ‘Star Wars’ helmet from European consortium

NEW DELHI – A hi-tech helmet, reminiscent of movies like “Star Wars” and “Firefox” as it helps fighter pilots operate aircraft through a seemingly fictional vision-and-voice command, has been offered to India by European consortium EADS.

The helmet also enables pilots to view enemy planes by just turning their heads and picking targets for the …. Original article on Gaea Times at  : IAF may get ‘Star Wars’ helmet from European consortium.

Liquidity Adjustment Facility : Auction Results

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

Amount  (face value in ` crore)                          

Item

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

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

US eyes sale of fighter jets, high tech items to India

WASHINGTON – With the easing of export controls for India, the United States will press New Delhi to buy US fighter jets and other advanced technology products on a trade mission to India starting Sunday.

“That export control announcement has really opened the door for increased high-technology trade and cooperation between the United States and … Original article on : US eyes sale of fighter jets, high tech items to India.

US commerce secretary to take lessons from Mumbai’s Dabbawalas

BY ARUN KUMAR
WASHINGTON – Besides meetings with India’s top space and nuclear energy administrators and corporate honchos, US Commerce Secretary Gary Locke also has a date with Mumbai’s famed Dabbawalas.

Locke, who is leading 24 US businesses on a high tech trade mission Feb 6-11 “will also visit the Tiffianwalahs to learn about the …. Source article  : US commerce secretary to take lessons from Mumbai’s Dabbawalas.

Sensex quiet in morning trade

MUMBAI – A benchmark index for Indian equities markets Friday was ruling weak in early trade, although broader markets saw some buying.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,450.07 points, was ruling at 18,408.33 points – down 40.98 points or 0.22 percent from its previous close at …. Source  : Gaea News Network.

Japanese shares rise on merger plan

TOKYO – Japanese stocks jumped more than 1 percent in Friday morning trading, bolstered by a merger plan by top Japanese steelmakers and expectations for the US economic recovery.

The benchmark Nikkei 225 Stock Average added 118.66 points, or 1.14 percent, to trade at 10,550.02 while the broader Topix index was up 9.25 points, or …. Original article  : Japanese shares rise on merger plan.

US stocks rise ahead of monthly unemployment report

NEW YORK – US stocks posted modest gains Thursday on the eve of the government’s release of its highly anticipated monthly jobs report.

Investors were buoyed by profit gains from some retailers and falling weekly claims for jobless benefits in the US ahead of the government release Friday of unemployment figures for January.
US Federal … Read : US stocks rise ahead of monthly unemployment report.

Money Market Operations as on February 03, 2011

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

GE Aviation signs technical solutions agreement with Air India

NEW DELHI – American engineering major GE’s aviation arm GE Aviation Thursday signed a 20 year technical solutions agreement with the national carrier Air India (AI).

The agreement to expand AI’s maintenance, repair and overhaul (MRO) facility in Mumbai, to include GE90 engine overhauls value was not disclosed.
“As part of the solution agreement, GE … Original source on Gaea Times at : GE Aviation signs technical solutions agreement with Air India.

Imagination Technologies in talks with two Indian firms

HYDERABAD – British chipmaker Imagination Technologies is in talks with two Indian technology companies to develop applications and provide services for its products, said a company official here Thursday.

Chief executive officer Hossein Yassaie told reporters that talks were on with two early stage technology companies for development of products for smartphones, computers, mobiles … Original article on : Imagination Technologies in talks with two Indian firms.

US sends high tech trade mission to India

WASHINGTON – With the controls on export of high tech items to India eased, US Commerce Secretary Gary Locke is leading a trade mission to India next week to pitch high-tech ware from civil nuclear to defence and civil aviation fields.

Top US companies like Boeing, Lockheed Martin, GE-Hitachi and Westinghouse are among 24 businesses … Read this article on Gaea Times at : US sends high tech trade mission to India.

Kashmir imposes usage charges on hydro projects

JAMMU – The Jammu and Kashmir government Thursday announced it would impose water usage charges on all major and medium hydro-electric projects in the state, a measure it described as the “first step towards its economic self-reliance”.

The state will earn a revenue of Rs.900 crore per year, Public Health Engineering and Irrigation Minister … Original source on Gaea Times at : Kashmir imposes usage charges on hydro projects.

British aerospace firms eye partnerships at air show

BANGALORE – About 40 leading British aerospace firms will participate in the Aero India 2011 trade expo from Feb 9-13 in this tech hub to forge partnerships and joint ventures with Indian companies, the UK Trade and Investment (UKTI) office said Thursday.

British Minister for Defence Equipment Support and Technology Peter Luff will lead a … Read more : British aerospace firms eye partnerships at air show.

Delhi residents prefer independent houses to flats

NEW DELHI – The capital has more people living in independent houses than flats, according to a report ‘Housing Conditions in Delhi’ released Thursday.

Prepared by Delhi’s directorate of economics and statistics (DES) on the basis of a survey conducted under 65th National Sample Survey during July 2008-June 2009, the report says 51 percent … Read more >>.