Business News – Newsletter for February 6, 2011

Introduce Indian Regulatory Service, PM told

HYDERABAD – Chief Justice of India S.H. Kapadia Sunday urged Prime Minister Manmohan Singh to consider introducing an Indian Regulatory Service (IRS) on the lines of IAS and IPS.

“This is very important step because we need experts,” Justice Kapadia at the 17th Commonwealth Law Conference here after Manmohan Singh formally inaugurated it.
“You can’t …. Source  : Gaea News Network.

Nissan’s ‘too quiet’ electric cars fitted with speakers

WASHINGTON – Multinational automaker, Nissan, have fitted 29,000-pound Nissan Leaf with a speaker so that it makes a noise as it approaches.

Nissan are the makers of the first mass production electric car.

The engine of the Nissan Leaf, which will be launched in the UK next month, runs almost silently.

This wasn’t seen as a problem …. Read the original article  : here.

India must not rest on BPO achievements: Indian-origin deputy mayor

FRANKLIN – India “cannot rest on its past accomplishments” in the BPO industry since China and the Philippines are “threatening India’s leadership position”, says Rajiv Prasad who has been appointed deputy mayor at a US town.

He adds: “Many jobs are created in the US due to Indian companies investing in America.”
Sixty-year-old Prasad, an … Read the original article on Gaea Times at : India must not rest on BPO achievements: Indian-origin deputy mayor.

IOB eyes Rs.2.5 lakh crore business

RAGHUNATHGANJ – The Indian Overseas Bank hopes to increase its business volume to Rs.2.50 lakh crore by March 2011.

“We are targeting Rs.2.50 lakh crore business by March. Now, it stands at Rs.2.25 lakh crore,” bank chairman and managing director N. Narendra said here in Murshidabad district Saturday evening.
“The bank’s business in West Bengal …. Original article  : IOB eyes Rs.2.5 lakh crore business.

PM to open container terminal in Kerala

KOCHI – Prime Minister Manmohan Singh will Feb 11 inaugurate a Rs.3,250 crore International Container Transshipment Terminal (ICTT) at Vallarpadam, off Kochi coast. It is billed as the largest single-operator container terminal in the country.

Manmohan Singh laid the foundation stone for the project in February 2005.
The terminal has been developed on a …. Source article  : PM to open container terminal in Kerala.

Pakistani traders want to boost trade with India

ISLAMABAD – Even as their foreign secretaries meet at Thimphu, Pakistani traders have urged the governments of Indian and Pakistan to boost economic activities to fight poverty and unemployment across the border.

While celebrating Kashmir solidarity day Saturday, Pakistani traders expressed concern that differences between the two neighbours are pulling them backwards, Aaj TV reported.
…. Original source  : Pakistani traders want to boost trade with India.

Internal probe yet to find any wrongdoing: LIC

RAGHUNATHGANJ – The Life Insurance Corporation (LIC) Saturday said an internal probe body has so far found no wrong-doing in its housing arm.

Speaking to reporters on the sidelines of a programme here in Murshidabad district, LIC chairman T.S. Vijayan refused to comment on whether the committee has already submitted its report.
“I cannot comment …. Source article  : Internal probe yet to find any wrongdoing: LIC.

Pranab calls for private-public partnership in insurance

RAGUNATHGANJ – Union Finance Minister Pranab Mukherjee Saturday advocated public-private partnership in the insurance sector to bring more people under its cover.

“In our country, the total number of people under insurance coverage is very low. In life insurance segment, however, the number of people under insurance coverage is now increasing. But in general insurance …. Source  : Gaea News Network.

Chhattisgarh mulls aluminium plant in Surguja

RAIPUR – Chhattisgarh Chief Minister Raman Singh Saturday said his government would examine options to set up an aluminium plant in the state’s poverty-hit northern region that has large stocks of bauxite.

“Government will soon examine all options to have an aluminium plant in Surguja district that has massive stocks of bauxite. Government will even …. Source article on Gaea Times at  : Chhattisgarh mulls aluminium plant in Surguja.

Tamil Nadu expects 10 percent growth in 2010-11

CHENNAI – The Tamil Nadu government is expecting the state’s economy to log 10 percent growth this fiscal, up from 8.96 percent in 2009-10, state Finance Minister K. Anbazhagan said Saturday.

Presenting the interim budget for 2011-12 in the assembly here, he said: “During 2006-2007, the growth rates at constant prices in agricultural, industrial and … Read the original article on Gaea Times at : Tamil Nadu expects 10 percent growth in 2010-11.

Oil India’s Q3 net profit up 26.58 percent

MUMBAI – State-run Oil India Saturday reported an increase of 26.58 percent in its net profit, which stood at Rs.907.98 crore in the third quarter of the current fiscal as compared to Rs.717.28 crore in the same period last fiscal.

“The company has posted a net profit after tax of Rs.9,079.80 million for the quarter … Original source on Gaea Times at : Oil India’s Q3 net profit up 26.58 percent.

Haryana favours one rank, one pension scheme for ex-servicemen

BHIWANI – Haryana Chief Minister Bhupinder Singh Hooda Saturday said that his government was in favour of one rank, one pension scheme for the ex-army personnel.

“I had also advocated this issue in parliament when I was an MP. The union government has taken a number of steps in this direction,” said Hooda, while talking …. Read the original article  : Haryana favours one rank, one pension scheme for ex-servicemen.

Technologists honoured for innovative solutions

NEW DELHI – Technologists from leading IT companies including Infosys, Tata Consultancy Services (TCS) and Nokia Siemens Networks were Saturday feted for bringing out innovative solution to address the challenges that India faces.

The solutions included an advisory application for farmers for crop protection, internet-based education delivery system for schools, smart power management, rural healthcare, …. Source  : Gaea News Network.

Pakistani traders want more trade with India

ISLAMABAD – Pakistani traders Saturday urged the governments of India and Pakistan to shun differences and boost economic activities.

Pakistani traders participated Saturday in celebrating Kashmir solidarity day and expressed concern that differences between the two neighbours are pulling them backwards, Aaj TV reported.
“It is the only instance in the world where trade is [..] Read the original article: here.

Jayalalithaa blames government on closed dyeing units

CHENNAI – Former Tamil Nadu chief minister J. Jayalalithaa Saturday blamed the DMK government for the closure of around 750 dyeing units in Tirupur.

The units were closed following Madras High Court orders on charges of polluting the Noyyal river.
“Had the Tamil Nadu Pollution Control Board (TNPCB) brought together the farmers along the Noyyal … Read this article on Gaea Times at : Jayalalithaa blames government on closed dyeing units.

Samsung targets $100 mn revenue from B2B segment

NEW DELHI – Samsung Electronics targets increasing its revenue from the sale of technology products in business-to-business (B2B) segment in India to $100 million this year with the introduction of new products, senior officials said.

“We are targeting $100 million revenue this year from B2B sales of IT and mobile products. Over 25 percent …. Source  : Samsung targets $100 mn revenue from B2B segment.

Egypt’s credit rating downgraded

CAIRO – Egypt’s credit rating and economic outlook have been downgraded by rating agencies due to the ongoing political unrest.

Credit Agricole bank revised downward its growth forecast for Egypt this year from 5.3 percent to 3.7 percent, DPA reported.
On Saturday, Egyptian President Hosny Mubarak met ministers holding economic portfolios and the head …. Source article on Gaea Times at  : Egypt’s credit rating downgraded.

India may keep growth target at 8.5 percent

NEW DELHI – The Indian government is likely to keep its economic expansion target unchanged at 8.5 percent for the fiscal 2010-11 in the advance estimates to be released Monday.

The ministry of statistics is scheduled to announce the advance estimate of economic growth for the current fiscal Monday. Informed sources say it is …. Original article  : India may keep growth target at 8.5 percent.

Revenue surplus interim budget for Tamil Nadu

CHENNAI – Tamil Nadu Finance Minister K. Anbazhagan presented a revenue surplus interim budget Saturday for fiscal 2011-12, wiping out the revenue deficit of Rs.3,129 crore expected for the current year. As the state is set to go to polls, no new schemes or levy of taxes were announced.

“The total revenue receipts have been …. Original article  : Revenue surplus interim budget for Tamil Nadu.

India should provide leadership, says UN climate chief

NEW DELHI – India should play a leadership role to ensure rich nations do more to combat global warming, UN climate chief Christiana Figueres said Saturday.

“I hope India takes leadership in ensuring enhanced (emission reduction) commitments” from developed countries, said Figueres, executive secretary to the UN Framework Convention on Climate Change (UNFCCC).
During the …. Source article on Gaea Times at  : India should provide leadership, says UN climate chief.