Business News – Newsletter for February 11, 2011

Friday, February 11, 2011

Devas welcomes probe into accord with ISRO

BANGALORE – Devas Multimedia Friday said it welcomed Prime Minister Manmohan Singh initiating a probe into its deal with the Indian space agency on allocation of high frequency airwaves, but cautioned against any “precipitate decision” before the investigation is completed.

The company will cooperate in the fullest with these reviews, which it hopes … Read more : Devas welcomes probe into accord with ISRO.

Reserve Bank study decline in FDI

BHOPAL – Reserve Bank of India (RBI) Governor D. Subbarao has said that RBI will study the factors responsible for the decline in the foreign direct investment (FDI) in the country.

Addressing a press conference here, Subbarao said: “The RBI would conduct an internal study on practices responsible for the decline in the FDI flows into … Read more »».

Kalaignar TV says Cineyug loan not linked to 2G spectrum

CHENNAI – Kalaignar TV Friday denied any link between the Rs.200 crore loan it got from Cineyug Communications and the 2G spectrum allocation.

The Tamil television channel is promoted by Tamil Nadu Chief Minister M. Karunanidhi’s wife and daughter.
However, AIADMK general secretary J. Jayalalithaa Friday insisted the two were linked and Karunanidhi and his …. Read the original article : Kalaignar TV says Cineyug loan not linked to 2G spectrum.

CPI-M seeks independent probe into S-band deal

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Friday demanded “an independent time-bound high-level enquiry” into the S-band spectrum deal involving India’s space agency ISRO and a private company.

The party accused the government of trying to underplay the extent of wrongdoing in the deal exposed by the media between Devas Multimedia and a …. Source : CPI-M seeks independent probe into S-band deal.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.76 and the Reference Rate for Euro is ` 62.02 on February 11, 2011. The corresponding rates for the previous day (February 10, 2011) were ` 45.58 and ` 62.41 respectively. Based on the Reference Rate for …. Read the original article : here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 11, 2011 are:

Amount (face value in ` crore)

Item

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

3 days Repo Auction
[..] Read the original article: here.

Air Canada posts first profit in four years

TORONTO – Air Canada Thursday reported its first profit since 2007, posting a net income of $107 million for 2010 as well as the highest load factor in its history.

The revival comes after the country’s national carrier reported a net loss of $24 million in 2008 and $1 billion in 2008 at the peak … Original article on : Air Canada posts first profit in four years.

New flights to boost Indian tourists flow to Thailand

NEW DELHI – Over 900,000 Indian tourists are likely to visit Thailand this year on the back of increased air connectivity, liberalised visa norms and development of new destinations such as Chiang Mai in the north, senior officials have said.

“Nearly 800,000 Indian tourists visited Thailand in 2010. We expect 15-20 percent increase this [..] Read the original article: here.

Egypt’s vital tourism still dried up amid unrest

GIZA – Forlorn are the caravansaries and bazaars at the Pyramids of Giza.

Dozens of horses, lined up along a wall, munch leisurely on grass and bales of hay. A young camel wallows in the dust, oblivious to its surroundings. In the few shops and cafes that are open, workers wield fly swatters against pesky … Read more »»».

Corruption costs Egypt $6 bn annual loss

WASHINGTON – Crime and corruption cost Egypt approximately $6 billion per year and a total of $57.2 billion from 2000 to 2008, according to a report by Global Financial Integrity (GFI).

Much of this money, the Washington based watch dog group notes, was driven out by personal tax evasion, in addition to corruption and crime.
…. Source article : Corruption costs Egypt $6 bn annual loss.

PM inaugurates mega transhipment terminal in Kerala

KOCHI – Prime Minister Manmohan Singh Friday dedicated to the nation the International Container Transshipment Terminal (ICTT) in Kerala. It’s the largest single-operator container terminal in the country.

Manmohan Singh, launching the Rs.3,250 crore first phase of the project in Vallarpadam off the Kochi coast, said it is a symbol of the government’s commitment to …. Original source : PM inaugurates mega transhipment terminal in Kerala.

Fashion house Prada’s sales soar in 2010

Milan, Feb 11 (IANS/AKI) Prada’s sales last year jumped 31 percent to 2.045 billion euros as demand for the top Italian fashion house’s handbags and other luxury items was bolstered by soaring demand in Asia, the company’s stongest market.

Retail sales performed especially strongly, surging 44 percent in 2010, boosted by rising sales in in … Read the original article on Gaea Times at : Fashion house Prada’s sales soar in 2010.

Money Market Operations as on February 10, 2011

…. Source article : Money Market Operations as on February 10, 2011.

India, Japan to sign economic agreement Feb 16

NEW DELHI – The much awaited India-Japan comprehensive economic partnership agreement (CEPA) will be signed Feb 16 in Tokyo, Commerce Minister Anand Sharma said Thursday.

“On (Feb) 16, we will be in Tokyo to formally sign the agreement,” Sharma said in his address at the inauguration of the two-day International Engineering and Technology Fair being …. Read the original article : India, Japan to sign economic agreement Feb 16.

US commerce secretary scouts for business opportunities

MUMBAI – US Commerce Secretary Gary Locke kept his promise to Mumbai – he returned to the city three months after visiting it along with President Barack Obama last November with the objective of giving a fillip to bilateral trade and business.

In a day packed with high-powered engagements, Locke met the captains of Indian [..] Read the original article: here.

Spencer’s eyeing profit of Rs.20 per sq ft

KOLKATA – Retail arm of the RPG Group, Spencers Retail, Thursday said it was looking at profits of Rs.20 per sq ft from its outlets across the country by the end of this fiscal.

“We are expecting profit of Rs.20 per sq ft on an average in the retail outlets across the country. Our retail …. Original source : Spencer’s eyeing profit of Rs.20 per sq ft.

ISRO, Devas gear for legal battle, PM initiates probe (Roundup)

BANGALORE/NEW DELHI – The Indian government Thursday initiated a probe into reported revenue loss by its space agency’s pact with a private firm on allotting S-band frequency – high value and scarce radio waves – as the agency and the firm seemed set for a legal battle.

“The prime minister (Manmohan Singh) has formed a … Original article on : ISRO, Devas gear for legal battle, PM initiates probe (Roundup).