Business News – Newsletter for February 8, 2011

Sugar policy must create export surplus, not induce imports (Comment)

There is a huge opportunity this year for the sugar industry to sustain a high output. But meaningless controls will only convert the opportunities to threats and create hurdles for stake-holders, including cane farmers at the end of the line.

The industry estimates the production to be around 25 million tonnes during the current …. Original source  : Sugar policy must create export surplus, not induce imports (Comment).

Valentine’s Day Offer From T Mobile

SAN FRANCISCO (GaeaTimes.com)- The T Mobile fans have reasons to get excited about. This Friday all Mobile phones sold from the outlets of the company will be offered for free. The offer will remain valid for three days starting from Feb 11th 2011 as it has been reported. To woo the young buyers the … Original article on : Valentine’s Day Offer From T Mobile.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.39 and the Reference Rate for Euro is ` 61.84 on February 8, 2011. The corresponding rates for the previous day (February 7, 2011) were ` 45.59 and ` 62.04 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

Sensex slips below 18,000 points

MUMBAI – A benchmark index for Indian equities markets Tuesday slipped in noon trade below the 18,000 points mark – for the first time in over five months – as selling intensified across the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at … Read : Sensex slips below 18,000 points.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 8, 2011 are:

Amount  (face value in ` crore)                            

Item

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

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

ArcelorMittal, partner nearing absolute control of Baffinland

TORONTO – ArcelorMittal and Nunavut Iron Ore Acquisition Inc., which jointly acquired Canada’s iron ore-rich Baffinland Iron Mines Corporation last month, Monday announced further consolidation of their stake in the Toronto-based company.

Holding about 60 percent of Baffinland stock at the time of their takeover, the two partners said Monday that they have acquired an …. Source article  : ArcelorMittal, partner nearing absolute control of Baffinland.

Air Canada ties up with Jet to protect its India traffic

TORONTO – After Ottawa’s refusal to grant additional flights to Emirates Airline last year to protect traffic on the India-Canada corridor for its national carrier, Air Canada has entered into a sharing agreement with Jet Airways till it gets long-haul Boeing 787 Dreamliner to resume India operations.

Under a three-year agreement starting February 21, … Read : Air Canada ties up with Jet to protect its India traffic.

Mexican revolutionary’s finger for sale

El Paso (US), Feb 8 (IANS/EFE) A pawn shop in this Texas border city is selling the right index finger of Pancho Villa, one of the leading figures of the 1910-17 Mexican Revolution, for more than $9,000.

“Years ago someone offered us this finger, and though we don’t know if it’s the real thing or … Original article on : Mexican revolutionary’s finger for sale.

Obama asks US business to take on India, China

WASHINGTON – Once again citing growing competition from nations like India and China, US President Barack has made a case for ramping up spending on education and infrastructure to put the US economy back on track.

“We need to out-innovate, out-educate and out-build our competitors,” Obama told the US Chamber of Commerce Monday noting that …. Source article  : Obama asks US business to take on India, China.

Fog, chill back in Delhi, flights affected

NEW DELHI – A day after heavy rains lashed the Indian capital, the chill and dense fog were back Tuesday. Flight operations were affected at the Indira Gandhi International (IGI) Airport due to poor visibility.

Low visibility procedure was implemented early Tuesday and over a dozen flights — both international and domestic — were delayed …. Original article on Gaea Times at  : Fog, chill back in Delhi, flights affected.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Tuesday was flat in early trade. Broader markets were sluggish too.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at 18,050.1 points — up 12.91 points or 0.07 percent from its previous close at 18,037.19 points.
… Read more : Sensex flat in early trade.

Money Market Operations as on February 07, 2011

…. Original article  : Money Market Operations as on February 07, 2011.

AOL to buy Huffington Post for $315 mn

NEW YORK – Former internet media giant AOL is buying the online newspaper The Huffington Post for $315 million in a bid to regain its position as a leading producer of web content, the companies announced Monday.

The move marks the second major development in the online news world in less than a week. On … Read : AOL to buy Huffington Post for $315 mn.

Reviewing ISRO agreement, decision soon: Government

NEW DELHI – The government said Monday that the agreement between the commercial wing of the Indian Space Research Organisation (ISRO) and a private company in 2005 on the allocation of S-band spectrum was being reviewed and a decision will be taken soon.

In a press statement posted on ISRO’s website Monday, the government said … Read more >>.

Delhi plans institute to manage CWG infrastructure

NEW DELHI – The Delhi government is planning to set up a project management institute to ensure proper maintenance and upkeep of the infrastructure developed during the 2010 Commonwealth Games (CWG), Chief Minister Sheila Dikshit said Monday.

“The institute will provide inputs on means and measures to ensure proper maintenance and upkeep of the …. Source  : Gaea News Network.

Bilateral trade with US would grow beyond 50 billion dollars in 2011: Anand Sharma

NEW DELHI – Union Commerce and Industry Minister Anand Sharma on Monday said he is hopeful that India’s bilateral trade with the United States of America would grow beyond 50 billion dollars in 2011.

Sharma said that investments between the two nations would also witness an … Read more >>>.

IIFCL expects credit enhancement scheme decision soon

KOLKATA – The state-run Indian Infrastructure Finance Corporation Limited (IIFCL) Monday hoped that a decision on its credit enhancement scheme would be finalised by March this year.

“We expect a decision on these scheme by the end of this fiscal,” IIFCL chairman and managing director S.K. Goel told reporters here.
He said his company has … Read : IIFCL expects credit enhancement scheme decision soon.

Two Kolkata Metro stations to be named after journalists

KOLKATA – Railway Minister Mamata Banerjee Monday announced that two stations of the proposed new Kolkata Metro Railway line will be named after journalists Barun Sengupta and Gour Kishore Ghosh.

“The metro stations at Science City and Chingrighata of the new metro railway line between Kavi Subhas in South 24 Parganas and Dum Dum airport … Read the original article on Gaea Times at : Two Kolkata Metro stations to be named after journalists.

Schwing Stetter to launch high capacity concrete pumps

CHENNAI – With real estate developers planning to build skyscrapers in major cities, ready mix concrete equipment maker Schwing Stetter (India) Pvt Ltd Monday said it will launch two high capacity concrete pumps to cash in on the trend.

“We will be launching two new concrete pumps – one that can pump concrete vertically upto … Original article on : Schwing Stetter to launch high capacity concrete pumps.

Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 2011

The Government of India have announced the sale (re-issue) of (i) “7.49 percent Government Stock 2017” for a notified amount of Rs.3,000 crore (nominal), (ii) “8.08 percent Government Stock 2022” for a notified amount of Rs.4,000 crore (nominal),and (iii) “8.26 percent Government Stock 2027” for a notified amount of Rs.3,000 crore … Read more : Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 2011.