Business News – Weekly Newsletter for February 1-7, 2011

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.

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.

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.

Food inflation shoots up again

NEW DELHI – India’s annual food inflation shot up to 17.05 percent for the week ended Jan 22, as onions and other items kept prices of food items at a high, as per official data released Thursday.

Food inflation for the previous week was 15.57 percent.
The high food prices will act as a dampener … Read more : Food inflation shoots up again.

Nepal parliament orders casinos to quit Kathmandu

KATHMANDU – The chips piled up against Nepal’s beleaguered casino industry, the oldest in South Asia, have mounted still more with lawmakers ordering it to quit the capital even as it faces an unequivocal closure this month.

The eight casinos in Kathmandu, which operate from the premises of the capital’s eight five-star hotels, will have … Read more >>>.

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 ` 62.96 on February 3, 2011. The corresponding rates for the previous day (February 2, 2011) were ` 45.63 and ` 63.16 respectively. Based on the Reference Rate for …. Read the 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 February 3, 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 on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Maruti Kizashi Unveiled In India

DELHI, INDIA (GaeaTimes.com)- Maruti Suzuki which is the undisputed leader in the compact car segment in India is leaving no stones unturned for grabbing a larger pie of the luxury sedan sedan market. While its compact cars like Alto, WagonR, Alto and Ritz sell like hot cakes in the entry level the company has …. Source article  : Maruti Kizashi Unveiled In India.

Sensex soars, broader markets gain

MUMBAI – A benchmark index for Indian equities markets Thursday shot up after a tepid start and was ruling more than 300 points higher before noon as traders bought 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 18,113.73 points, … Read more >>.

India’s ICT exports rise by 244 percent in 2009

UNITED NATIONS – India’s exports and imports of information and communications technology (ICT) experienced a rapid rise in 2009 as Asia accounted for two third of global ICT exports, according to a UN agency.

While India’s ICT exports increased by a dramatic 244 percent, a rapid increase in imports too moved it from 28th to …. Original source  : India’s ICT exports rise by 244 percent in 2009.

Google opens online store for Android users

WASHINGTON – In an effort to compete with the rival Apple in the wireless sector, search engine giant Google has launched a new online store of advanced software applications that run on mobile phones powered by Android software.

Google’s new online store, Market.Android.com, will allow Android users find new applications more easily from their computers, …. Source article on Gaea Times at  : Google opens online store for Android users.

Global aviation traffic up 8.2 percent: IATA

TORONTO – Shaking off a bad previous year, the global airline industry posted an impressive 8.2 percent growth in passenger traffic in 2010.

At 20.6 percent, the growth in freight traffic was even more impressive, said Montreal-headquartered International Air Transport Association (IATA) in its annual report Wednesday. “The world is moving again. After the biggest … Read more >>.

Italian businesses eye deals worth 640 bn euros in India

Rome, Feb 3 (IANS/AKI) Companies from Italy’s main business association Confindustria will visit the Indian capital New Delhi in October in a bid to clinch deals on infrastructure projects worth 640 billion euros.

Confindustria’s head, Emma Marcegaglia, will lead the delegation to India – one of Asia’s economic powerhouses.
“Our objective is to further strengthen …. Source  : Gaea News Network.

212 more Indians return from Egypt

MUMBAI – A third batch of 212 Indians stranded in Egypt, which is in the midst of a political upheaval, arrived here early Thursday in a special flight.

Air India flight AI-160 landed with the Indians at 5.30 a.m., an official said.
This is the third flight to Mumbai in Air India’s efforts to bring … Read more : 212 more Indians return from Egypt.

Sensex weak in early trade

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

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,113.73 points, was ruling at 18,121.68 points, up 31.06 points or 0.17 percent from its previous close at 18,090.62 points.
The 50-scrip S&P CNX Nifty …. Original article on Gaea Times at  : Sensex weak in early trade.

Money Market Operations as on February 02, 2011

…. Source  : Gaea News Network.

Hitachi eyes 10 pc market share in AC segment in 2011

KOLKATA – Air-conditioner maker Hitachi Home and Life Solutions (India) Ltd (HHLI) is eyeing 10 percent market share in volume in the country this year, a top company executive said here Wednesday.

“We are aiming to capture 10 percent market share in air-conditioner segment in India in volume terms this year. That will translate into … Original article on : Hitachi eyes 10 pc market share in AC segment in 2011.

Allegations of forcible land acquisition false: Railways

KOLKATA – The allegations of forcible land acquisition for several railway projects are “distorted and devoid of truth”, the railway ministry Wednesday said in a release.

“The factual positions on the ground are in total variance from the allegations. Land acquisition is a process where there are significant overtones of resentment and alienation among land … Read more : Allegations of forcible land acquisition false: Railways.

barricades are up again at Posco site

BHUBANESWAR – The activists of an anti-displacement group Wednesday re-erected wooden gates and barricades in Orissa to prevent officials from entering into the proposed site of South Korean steel-maker Posco, a protest leader said.

The members of Posco Pratirodh Sangram Samiti (PPSS), which has been spearheading the movement against Posco project in the coastal district …. Source article on Gaea Times at  : barricades are up again at Posco site.

Delhi government to build 35,000 flats for poor

NEW DELHI – The Delhi government Wednesday said around 35,000 flats would be built for the economically weaker sections in the city, adding that they would be ready in two years.

In a high-level meeting with officials of the Delhi Urban Shelter Improvement Board (DUSIB) and Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), Urban … Read more »».

Dominican Republic assured of Indian investment

NEW DELHI – India has assured the Dominican Republic that it will encourage Indian businessmen to invest in the Caribbean nation’s hospitality, tourism, renewable energy sources, film industry and IT sectors.

We would like to encourage Indian businessmen to invest in the Dominican Republic in potential areas for mutually beneficial partnership. There is enormous scope … Read more >>>.

LIC expects to better budgeted growth target

KOLKATA – State-run Life Insurance Corporation of India (LIC) is expecting to better its budgeted growth target of 25 percent for the first premium business from eastern India, an official said here Wednesday.

We hope to surpass out budgeted target of growing 25 percent over the last fiscal. We feel we can touch 30 percent … Original article on : LIC expects to better budgeted growth target.

Punjab seeks PM intervention on procurement

CHANDIGARH – Punjab Chief Minister Parkash Singh Badal Wednesday called for direct and immediate intervention of Prime Minister Manmohan Singh for putting in place an effective institutional mechanism for smooth procurement of food grain by the central government.

“Badal brought up the issue when he called on the prime minister in New Delhi …. Read the original article  : Punjab seeks PM intervention on procurement.

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 >>.

Mubarak meets economic ministers, central banker: Report

CAIRO – Egyptian President Hosni Mubarak Saturday met with ministers holding economic portfolios and the head of the central bank at the presidential palace in Cairo, state media reported.

Newly appointed Finance Minister Samir Radwan and central bank Governor Farouq al-Oqda joined the ministers of oil, trade and social security for a meeting with the … Read : Mubarak meets economic ministers, central banker: Report.

Coffee Mate Freebies On Facebook

SAN FRANCISCO (GaeaTimes.com)- Nestle’s Coffee Mate is surely very popular among the caffeine addicts as is evident from the overwhelming response given to an online freebie campaign offered by the company. The company had announced an exclusive “Free Flavor Friday” which was meant for offering 100000 coupons for a bottle of Coffee Mate for … Read the original article on Gaea Times at : Coffee Mate Freebies On Facebook.

Delhi Metro airport line to open by March

NEW DELHI – The Delhi Metro’s airport express line, the first public-private partnership project, will be operational in a month’s time, Delhi Chief Minister Sheila Dikshit said Saturday.

Dikshit took a ride on the 23-km link Saturday.
At a speed of 120 km per hour, it will take only 18 minutes to reach Indira Gandhi … Read : Delhi Metro airport line to open by March.

We expect leadership from India: UN climate chief

NEW DELHI – India played an exceedingly helpful role in the last climate summit and we expect the same this year and beyond, UN climate chief Christiana Figueres said here Saturday.

India represented its own interests and stood firm with other developing countries, and then was incredibly helpful in showing that its mostly in the …. Original source  : We expect leadership from India: UN climate chief.

US unemployment rate falls to nine percent

Washington, Feb 5 (IANS/EFE) The US unemployment rate dropped to nine percent last month, the Labour Department said in a report that surprised most analysts expecting joblessness to remain at or above December’s level of 9.4 percent.

The January unemployment rate was the lowest since April 2009 and coincides with other indicators that the economic … Read this article on Gaea Times at : US unemployment rate falls to nine percent.

Egypt unrest might cause economic collapse: Boutros Ghali

Cairo, Feb 5 (IANS/AKI) The current revolt against President Hosni Mubarak in Egypt could cause a collapse of the economy, former United Nations secretary general Boutros Boutros Ghali has said.

“A country like Egypt which is facing a population explosion cannot withstand the current situation,” said Boutros Ghali told Adnkronos International (AKI) in an … Original source on Gaea Times at : Egypt unrest might cause economic collapse: Boutros Ghali.

Force10 to expand India development centre

CHENNAI – With the global market for computer networking products and solutions on the rebound, the $175 million revenue Force10 Networks Inc. plans to expand its Indian development centre by adding headcount, investing $10 million and also deepening its presence in the domestic market.

“We plan to add around 100 high calibre engineers in the … Original source on Gaea Times at : Force10 to expand India development centre.

US restaurtant chain Quiznos expands into India

WASHINGTON – US restaurant chain Quiznos plans to expand into India with five Quiznos outlets in southern Indian cities by the end of the year, the first of which is set open in May 2011.

The privately held Denver-based company said Friday it has awarded master franchising rights for southern India, including Bangalore, Kochi, Chennai … Original article on : US restaurtant chain Quiznos expands into India.

US stocks edge higher amid mixed jobs report

NEW YORK – US stocks closed higher Friday as investors digested a mixed unemployment report and watched ongoing protests against Egyptian President Hosni Mubarak.

The US unemployment rate unexpectedly dropped to nine percent in January, its lowest rate since April 2009, but employers added only 36,000 jobs during the month as snow storms hit much …. Original source  : US stocks edge higher amid mixed jobs report.

Sagardighi thermal plant to come up by 2015

KOLKATA – The construction work for the 1,000-MW thermal power plant at Sagardighi in West Bengal’s Murshidabad district will be completed within 2015, an official said Friday.

“The construction work for the 1,000-MW power plant at Sagardighi will commence after two months and it will be over after four years,” state’s Principal Secretary (Power) … Read more >>.

Deep sea port to come up on reclaimed land in Bengal

HALDIA – A new deep sea port will come up at Sagar in West Bengal by reclaiming 2,000 acres of land through dredging, Railways Minister Mamata Banerjee announced here Friday.

Banerjee said not a single plot of land will have to be acquired for the project to be built by the shipping ministry.
“The … Read more : Deep sea port to come up on reclaimed land in Bengal.

Railways to recruit around 3 lakh people: Mamata Banerjee

HALDIA – The Indian Railways will recruit 2.5 lakh to 3 lakh people in the next six months across the country, union Railway Minister Mamata Banerjee said here Friday.

We will take 2.5 lakh – 3 lakh people all over the country. But I am sure we will get over three crore job applications,” Banerjee … Read : Railways to recruit around 3 lakh people: Mamata Banerjee.

Etihad to expand services in India

Abu Dhabi, Feb 4 (IANS/WAM) Etihad Airways, the national airline of the United Arab Emirates, has decided to expand its services in India to tap the huge opportunity offered by the Indian aviation sector.

A delegation led by Etihad Chief Executive James Hogan Thursday arrived in New Delhi to meet key civil aviation officials … Read more »»».

Post-Adarsh scam, Chavan reassures builders

MUMBAI – With the builders in Maharashtra running scared in the aftermath of the Adarsh Housing Society scam, Chief Minister Prithviraj Chavan Friday sought to assure that those who came up with “genuine projects” would get approval by the government.

Addressing a meeting of the Maharashtra Chamber of Housing Industry here, Chavan took pains to … Original article on : Post-Adarsh scam, Chavan reassures builders.

Ban non-coal activity in coal belts: Minister

LUCKNOW – Union Coal Minister Sriprakash Jaiswal Friday sought a complete ban on all projects being undertaken in any of the coal belts across India.

The demand for coal is on the rise because of the increasing number of thermal power plants that are being built. Therefore it is important to ensure that no non-coal … Read more : Ban non-coal activity in coal belts: Minister.

Montek bats for FDI in agriculture

KOLKATA – Planning Commission Deputy Chairman Montek Singh Ahluwalia Friday batted for foreign direct investment (FDI) in the farm sector in India, saying “modernisation of agricultural marketing is very important”.

“Farmers are getting very low prices for their products and consumers are paying higher prices. So modernisation of agricultural marketing is very important. To modernise …. Read the original article  : Montek bats for FDI in agriculture.

Global crude prices to come down shortly: Montek

KOLKATA – The ongoing Egyptian crisis is a temporary phenomenon and global crude oil prices, which are hovering around a two-year high due to the violent unrest in the African country, will come down shortly, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Friday.

“The Egyptian crisis is a temporary phenomenon and I hope that …. Original source  : Global crude prices to come down shortly: Montek.

Facebook, Twitter to be used for Census 2011

BHOPAL – Social networking websites like Facebook and Twitter will also used to make people aware of the importance of Census 2011, an official said Friday.

The Madhya Pradesh government and the UN Children’s Fund (Unicef) held a day-long workshop on the role of media in Census 2011.
It was announced that two pages on … Read : Facebook, Twitter to be used for Census 2011.

Audi’s January sales zoom 57 percent

NEW DELHI – German luxury car manufacturer Audi’s Indian subsidiary Friday reported a 57 percent growth in sales in January, which stood at 480 units as compared to 306 units in the like period of 2010.

Audi has continued this successful performance in January 2011. Based on this achievement and the current market conditions, we …. Source  : Gaea News Network.

Dominican Republic wants to deepen ties with India

NEW DELHI – The Caribbean nation of Dominican Republic Friday said it looked forward to deepening and strengthening ties with India, saying both had lots in common.

President Leonel Fernandez said in a lecture at Sapru House here: “The Dominican Republic looks forward to strengthening and deepening relations with India, with which we have too … Original article on : Dominican Republic wants to deepen ties with India.

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.