Business News – Newsletter for February 12, 2011

GM India to launch six new models in two years

HYDERABAD – General Motors (GM) India plans to launch six new models with 14 fuel variants in the next two years, a top company official said here Saturday.

The new models will include diesel-powered Chevrolet Beat, which is set to be launched in June this year, a new Captiva and BS-IV version of the Tavera.
…. Source  : Gaea News Network.

Stamp of khadi for philatelists at exhibition

NEW DELHI – A postage stamp printed on khadi — Gandhi’s preferred fabric and symbol of swadeshi during the freedom movement — and personal “my stamps” are highlights of the world philatelic exhibition that started here Saturday.

For the first time, a special khadi stamp is being released on Mahatama Gandhi and I am honoured … Read : Stamp of khadi for philatelists at exhibition.

India raises export target to $220 billion

NEW DELHI – Buoyed by nearly 30 percent increase in the first 10 months, India has hiked its export target to $220 billion for fiscal 2010-11 from the earlier estimate of $200 billion, Commerce Secretary Rahul Khullar said Saturday.

The country’s exports went up 32.5 percent to $20.6 billion in January, led by a …. Original source  : India raises export target to $220 billion.

Aviation sector sees unprecedented growth: PM

THIRUVANANTHAPURAM – Prime Minister Manmohan Singh Saturday said India’s civil aviation sector has witnessed unprecedented growth in the recent past and will soon have the potential to absorb investment of over $120 billion.

I am told the projected growth of Indias aviation sector has a potential to absorb investment of over $120 billion with attendant … Original source on Gaea Times at : Aviation sector sees unprecedented growth: PM.

Spain posts positive revision of 2010 GDP figure

Madrid, Feb 12 (IANS/EFE) The Spanish economy shrank 0.1 percent in 2010, a better showing than the 0.3 percent contraction forecast by the government, said the National Statistics Institute, or INE.

The INE’s figure coincides with the estimate issued last week by Spain’s central bank and marks a positive revision of the 0.2 percent contraction …. Original source  : Spain posts positive revision of 2010 GDP figure.

Nepal’s casino kingdom faces guillotine

KATHMANDU – The fate of eight of Nepals 10 casinos, once a major tourist attraction, lies in jeopardy with the owners failing to pay the money owed to the government by Friday, the deadline set by a parliamentary body.

Facing a dip in business due to political turmoil and labour unrest, the casinos collectively ran …. Source article  : Nepal’s casino kingdom faces guillotine.

Government to fully compensate States for central sales tax loss

NEW DELHI – The Chairman of Empowered Committee of State Finance Ministers, Asim Dasgupta, has said the government has agreed to fully compensate states for the losses that they have suffered due to a reduction in central sales tax (CST), estimated at Rs 14,000 crore in 2010-11.

State finance ministers met Union Finance Minister Pranab Mukherjee …. Source  : Gaea News Network.

Canada to vet Toronto Exchange merger with London bourse

TORONTO – The proposed merger of the Toronto Stock Exchange (TSE) with the London Stock Exchange (LSE) may not have smooth sailing as the Canadian and Ontario provincial governments say they will closely vet the issue in national interest.

The TMX Group, which operates the stock exchanges in Toronto and Montreal, said Tuesday that …. Read the original article  : Canada to vet Toronto Exchange merger with London bourse.

Pakistan airline employees end strike

ISLAMABAD – Employees of Pakistan International Airlines (PIA) Friday night called off their week-long strike that affected flight services badly in the country after the resignation of the national carrier’s managing director.

The PIA workers ended the strike after a meeting between their leaders and senior ministers.
The leaders of PIA employees’ joint action committee … Read more : Pakistan airline employees end strike.

UAE warns against selling diseased animals

Dubai, Feb 11 (IANS/WAM) The UAE government has warned livestock traders against selling or trading in diseased or feeble animals.

The ministry of environment and water, in a circular, has warned against the practice of mixing animals bred differently or coming from various origins while offering them for sale in the markets.
It has …. Source  : UAE warns against selling diseased animals.

Nestle opens nominations for sustainable development award

NEW DELHI – Global processed food giant Nestle Friday invited entries from individuals, non-government organizations and small enterprises for competing in its international award for innovative solutions on water management, nutrition and rural development.

The global award, which is called the “Nestl Prize in Creating Shared Value” was instituted in 2009. Its main aim, according … Read more : Nestle opens nominations for sustainable development award.

MTNL Q3 loss drops to Rs.671.04 crore

MUMBAI – State-run Mahanagar Telephone Nigam Ltd (MTNL) Friday posted a net loss of Rs.671.04 crore for the third quarter ended December 2010 against a net loss of Rs.919.97 crore for the same period last fiscal on account of increase in dearness relief of pension and high wages.

The total income of the company though …. Source  : Gaea News Network.

Locke terms US trade mission ‘resounding success’

MUMBAI – Describing it as “a resounding success”, US Commerce Secretary Gary Locke concluded here Friday a six-day trade mission that took him to New Delhi, Bangalore and Mumbai.

“This trade mission was a resounding success. For some companies on our trip, ’success was an initial meeting or consultation with Indian government or business leaders …. Original source  : Locke terms US trade mission ‘resounding success’.

Renewable energy next big thing: World Bank

MUMBAI – Renewable energy is set to be the next big technology industry, with the potential to transform the trillion dollar energy industry across the world, World Bank said in a new report Friday.

“Investing in renewable energy would enable India to develop globally competitive industries and technologies that can provide new opportunities for … Read more »»».

Public-private model needed to build houses for the poor

KOLKATA – With growing urbanisation in India, there is a need for public-private partnerships to provide affordable housing to the poor, an official said Friday.

“Along with the public authorities, private players need to come together towards providing affordable housing with basic amenities to the slum dwellers,” union Urban Development Secretary Navin Kumar said Friday … Original source on Gaea Times at : Public-private model needed to build houses for the poor.

PM asks Kerala to make better use of central schemes

THIRUVANANTHAPURAM – Ahead of upcoming assembly elections in Kerala, Prime Minister Manmohan Singh Friday launched an attack on the state’s ruling Left Democratic Front, saying it was not using various central government schemes for the benefit of the people.

Delivering the inaugural address at the Kerala Development Congress, organised by the Congress’ state unit on …. Original source  : PM asks Kerala to make better use of central schemes.

RBI issues FAQs on Core Investment Companies

The Reserve Bank of India has today issued Frequently Asked Questions (FAQs) on Core Investment Companies (CICs) (www.rbi.org.in/scripts/FAQView.aspx?Id=81) clarifying queries relating to the concept of CICs. The FAQs have been issued as the Reserve Bank was receiving many queries regarding CICs. FAQs are available on faqs.rbi.org.in (faqs.rbi.org.in/)

… Read : RBI issues FAQs on Core Investment Companies.

Professor Stanley Fischer, Governor, Bank of Israel delivers the 3rd P. R. Brahmananda Memorial Lecture on ‘Central Bank Lessons from the Global Crisis’

Professor Stanley Fischer, Governor, Bank of Israel delivered the 3rd P. R. Brahmananda Memorial Lecture organised by the Reserve Bank on February 11, 2011 in Mumbai. The topic of his speech was ‘Central Bank Lessons from the Global Crisis’.

Governor Dr. D. Subbarao, in his welcoming address (www.rbi.org.in/scripts/BS_SpeechesView.aspx?Id=548) noted that Prof. …. Original source  : Professor Stanley Fischer, Governor, Bank of Israel delivers the 3rd P. R. Brahmananda Memorial Lecture on ‘Central Bank Lessons from the Global Crisis’.

182-day Treasury Bills auction: ` 2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of `2,000 crore. The auction will be conducted on February 15, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at … Read : 182-day Treasury Bills auction: ` 2,000 crore under regular auction.

Second 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
…. Original article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.