Business News – Newsletter for February 9, 2011

Technopark IT firm enters Indian transportation market

THIRUVANANTHAPURAM – The Technopark-based ARS Software Engineering Wednesday announced it will enter the Indian transportation and logistics industry with its intelligent transport systems solutions.

The company is a subsidiary of ARS Traffic and Transport Technology BV based in the Netherlands.
Intelligent transport systems (ITS) refer to the information and communications technology to support transport infrastructure …. Source  : Technopark IT firm enters Indian transportation market.

Sharma is new secretary, department of financial services

NEW DELHI – Shashi Kant Sharma, a 1976 batch Indian Administrative Service official, has been appointed new secretary of department of financial services.

Sharma has succeeded R. Gopalan, who was recently appointed secretary, department of economic affairs, the finance ministry said in a statement Wednesday.
Prior to this appointment, Sharma was secretary, department … Original article on : Sharma is new secretary, department of financial services.

Census head count begins in northeast India

AGARTALA/GUWAHATI – The second and final phase of census 2011 began Wednesday across the northeastern states.

The family members of governors, chief ministers and other important personalities were among those enumerated on the first day of the final phase.
The final phase of the India-wide census will conclude Feb 28.
“Census officials and enumerators were … Read : Census head count begins in northeast India.

India invites aerospace majors for partnerships, outsourcing

BANGALORE – India Wednesday invited leading international aerospace firms to partner with its strong defence organisations, state-run enterprises and the emerging private sector for the all-round development of its aerospace industry.

“We are open to joint ventures, long-term partnerships and licence production under transfer of technology with leading international aerospace companies to make our aerospace …. Original article on Gaea Times at  : India invites aerospace majors for partnerships, outsourcing.

Not everyone falling for ‘Everyone’s Bengal’

KOLKATA – A well-known consulting firm engaged by the West Bengal government to woo investors has come up with the catchline “Everyone’s Bengal”. But experts are wondering whether a mere slogan can dispel the state’s negative image among businesspersons and potential investors.

Wally Olins, the brand guru of premier consulting firm Saffron Brand Consultants, was …. Original article  : Not everyone falling for ‘Everyone’s Bengal’.

Rs.3 bn for luxury suites for Pakistani MPs

ISLAMABAD – A parliamentary panel has decided to begin construction of luxury suites for Pakistani MPs at a whopping cost of Rs.3 billion, despite an opposition leader objecting to the project as the country was facing a financial crunch.

The Joint parliamentary committee for Housing and Library Tuesday directed that construction should start on the …. Source article  : Rs.3 bn for luxury suites for Pakistani MPs.

Islamabad jewellers see decline in Valentine’s Day sales

ISLAMABAD – Jewellery seems to have lost its sheen as a Valentine’s Day gift of love as jewellers here are seeing a decline in sales.

Youngsters rushing to find the perfect present for their loved one are making a beeline for gift shops and high-end accessories retailers, leading to a boom in their sales.
For …. Source  : Islamabad jewellers see decline in Valentine’s Day sales.

Aero India-2011 creates history as largest ever

BANGALORE – The Aero India show that began here Wednesday has smashed all records in terms of its size and content, entering history books as the largest edition of the biennial event so far.

The present-day version of Aero India, deemed the biggest air show in Asia, had begun as a modest display of a …. Original source  : Aero India-2011 creates history as largest ever.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.33 and the Reference Rate for Euro is ` 61.86 on February 9, 2011. The corresponding rates for the previous day (February 8, 2011) were ` 45.39 and ` 61.84 respectively. Based on the Reference Rate for …. Source article  : RBI Reference Rate for US $ and Euro.

Sensex pares early losses

MUMBAI – A benchmark index for Indian equities markets Wednesday pared early losses, but broader markets were still in the red.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,723.99 points, was ruling at 17,786.2 points, up 10.5 points or 0.06 percent from its previous close at 17,775.7 points.
…. Source article on Gaea Times at  : Sensex pares early losses.

Second phase of 2011 census kick starts in Orissa

BHUBANESWAR – The second phase of the 2011 Census for the population enumeration began Wednesday in Orissa with authorities making all necessary arrangements to make the findings accurate, an official said.

The head count in the state started with the enumeration of Chief Minister Naveen Patnaik, the state’s director of the census operations … Read the original article on Gaea Times at : Second phase of 2011 census kick starts in Orissa.

Saab plans venture with HAL for weapons suite production

BANGALORE – Swedish defence firm Saab Wednesday said it was planning to set up a joint venture with Indian defence public sector undertaking Hindustan Aeronautics Limited (HAL) to manufacture electronic weapons suite for choppers and fighter aircraft.

Saab India country head Inderjit Sial said the tie-up with HAL for the weapons suite would initially be [..] Read the original article: here.

India’s biggest air show takes off on flying note

BANGALORE – India’s biggest air show Aero India 2011 began on a bright sunny Wednesday in this aerospace hub with a spectacular fly-past and breathtaking aerobatic formations by the Indian Air Force (IAF) fleet of aircraft and helicopters.

Defence Minister A.K. Antony declared open the eighth edition of the biennial aerospace and aviation trade expo … Read : India’s biggest air show takes off on flying note.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.49 per cent Government Stock 2017” for a notified amount of `3,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 4,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount of …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 9, 2011 are:

Amount  (face value in ` crore)                           

Item

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

1 day Repo Auction 
…. Source  : Liquidity Adjustment Facility : Auction Results.

Cadbury’s: an epic chocolate saga of struggle and success

NEW DELHI – Ever wondered what went on behind that sinful brown bar of Cadbury’s chocolate to make it a gastronomic legion and a cult in itself for millions of chocolate lovers in India and the world?

The story of Cadbury’s chocolate is a family soap flavoured with high business drama, strict moral ethics, …. Original article on Gaea Times at  : Cadbury’s: an epic chocolate saga of struggle and success.

Trinidad seeks India’s investment in energy search

Port-of-SPAIN – Trinidad and Tobago wants Indian, Chinese and Brazilian investment in its on-shore and off-shore energy development.

Finance Minister Winston Dookeran told an international energy conference here that Trinidad and Tobago’s promotional effort for new investment in the on-shore and off-shore development must now expand our global reach to include Indian,Chinese and Brazilian investment …. Source article  : Trinidad seeks India’s investment in energy search.

White House wants to spend $53 bn on high-speed rail

Washington, Feb 9 (IANS/EFE) US Vice President Joe Biden Tuesday announced a six-year, $53 billion plan to create a national high-speed and intercity passenger rail network.

“As a long time Amtrak rider and advocate, I understand the need to invest in a modern rail system that will help connect communities, reduce congestion and create quality, … Read the original article on Gaea Times at : White House wants to spend $53 bn on high-speed rail.

Sensex slips in morning trade

MUMBAI – A benchmark index for Indian equities markets Wednesday fell in morning trade as traders continued to sell across the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,723.99 points, was ruling at 17,642.25 points, down 133.45 points or 0.75 percent from its previous close at … Read this article on Gaea Times at : Sensex slips in morning trade.

Toronto, London stock exchanges to merge to form new global giant

TORONTO – The Toronto Stock Exchange, the third largest in North America, is set to merge with the London Stock Exchange to create a new global mega bourse.

The TMX Group, which operates the stock exchanges in Toronto and Montreal, said Tuesday that “it is in advanced discussions with London Stock Exchange Group regarding …. Original source  : Toronto, London stock exchanges to merge to form new global giant.