Business News – Newsletter for February 13, 2011

Insecurity dogs ITCs business safeguard plan in Nepal

KATHMANDU – After suffering attacks and disruptive strikes in Nepals lawless plains for years due to diminishing security and protracted political instability, Indian tobacco major ITCs strategy to safeguard its investments has now been dogged by further obstructions in the hilly west.

Surya Nepal, ITCs subsidiary in the Himalayan republic, has received a blow to … Read more >>.

Skill development for 500 million Indians: A mantra for action (Comment)

The number of references to skill development in the government lexicon has soared over the years. With each budget presented by the UPA government, the number of initiatives to skill India has gone up. Starting with allocation of funds for reviving Industrial Training Institutes (ITIs) and polytechnics and upgrading the Regional Engineering Colleges …. Source  : Skill development for 500 million Indians: A mantra for action (Comment).

Devas promises cooperation in review of pact

BANGALORE – Devas Multimedia Saturday welcomed the decision of the Indian Space Commission to await the result of the review of its pact the Indian space agency over allocation of S-band frequency before taking a call on whether to annul the pact.

“We will cooperate with the government in participating in the forthcoming reviews and …. Source  : Gaea News Network.

South Korean team to evaluate development works in UAE

Abu Dhabi, Feb 12 (IANS/WAM) A high-level delegation, representing South Korean major corporations, called on officials of the Western Region Development Council (WRDC) to get a first-hand experience of the development projects in the region.

WRDC plays a key role working closely with the relevant government entities within Abu Dhabi Emirate to improve social development, …. Source article  : South Korean team to evaluate development works in UAE.

UAE companies happy with 19th IETF held in India

Abu Dhabi, Feb 12 (IANS/WAM) The United Arab Emirates’ (UAE) companies and entities, which participated in the 19th edition of the International Engineering and Technology Fair (IETF), have expressed satisfaction at the event which chose the UAE as this year’s focus country.

Organised by the Confederation of Indian Industry (CII) under the theme ‘Green Productivity …. Original article  : UAE companies happy with 19th IETF held in India.

India to finalise scheme for infrastructure funds

CHENNAI – The central government is expected to finalise in the next few months its framework to attract long term funds for the infrastructure sector, with an aim to garner Rs.10 billion in the first two years, an official said Saturday.

The idea is to raise funds from pension and insurance sectors to fund the … Read the original article on Gaea Times at : India to finalise scheme for infrastructure funds.

ISRO’s Antrix Corporation to be restructured

NEW DELHI – India’s Space Commission Saturday decided to restructure Antrix Corporation, the commercial arm of the Indian Space Research Organisation (ISRO), whose deal with a private company related to scarce S-band spectrum has led to a controversy.

Official sources said the Space Commission has decided to have a separate chairman to head Antrix. …. Source article on Gaea Times at  : ISRO’s Antrix Corporation to be restructured.

Reliance Capital net profit up 68 percent

MUMBAI – Reliance Capital Saturday reported a total income of $305 million for the quarter ended Dec 10 and said its consolidated net profit, at $24 million, was up 68 percent over the corresponding period of the previous year.

“Entire profits of Reliance Capital were contributed by the core business. No capital gains were booked in … Read the original article on Gaea Times at : Reliance Capital net profit up 68 percent.

China to build airport in desert

BEIJING – China plans to build an airport in a desert to benefit oil exploration, a media report said.

The Civil Aviation Administration of China plans to build an airport in the Taklimakan desert, which will be the first airport built in the country’s desert region, China Daily quoted Beijing Daily as reporting.
The airport … Original article on : China to build airport in desert.

Driver refuses to run train due to damp seat

LONDON – A train driver in Britain walked off from work – leaving commuters stranded – when he realised that his seat was damp.

Daily Express reported Saturday that when the driver saw that his seat was damp, he walked off, forcing hundreds of commuters to wait half an hour for another Southeastern service from …. Source  : Driver refuses to run train due to damp seat.

Agro SMS service to answer farmers’ queries

LUCKNOW – From basic technical knowhow to information on advanced techniques in agriculture — farmers from various states are registering for an SMS service through which their queries will be answered by scientists, an official said Saturday.

“It’s been just over a month since the SMS service started,” Sanjay Kumar, a scientist with the Central …. Original article  : Agro SMS service to answer farmers’ queries.

Sensex slips 280 points (Weekly Market Review)

MUMBAI – A benchmark index for Indian equities markets slipped 280 points in the weekly trade, taking three weeks’ losses to 1,279 points on high inflation, low manufacturing output and a string of negative news related to scams and unrest in Egypt.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended …. Original article on Gaea Times at  : Sensex slips 280 points (Weekly Market Review).

Nestle calls for entries on sustainable development award

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

The award, called the “Nestle Prize in Creating Shared Value” was instituted in 2009. Its main aim, according to the company, … Read this article on Gaea Times at : Nestle calls for entries on sustainable development award.

Ten State Governments announce Auction of State Development Loans 2021 for of `7,088.000 crore on February 15, 2011.

The following ten State Governments have announced the sale of their 10-year State Development Loans (SDLs) for an aggregate amount of `7,088.000 crore through yield based auction using multiple price auction method.

Sr. No.

State

Notified Amount (`Crore)

1

Andhra Pradesh

1450.000

2

Gujarat

1000.000

3

Haryana

  600.000

4

Himachal Pradesh

  180.000

5

Jammu & Kashmir*

  …. Source article on Gaea Times at  : Ten State Governments announce Auction of State Development Loans 2021 for of `7,088.000 crore on February 15, 2011..

Business shuts down following Gorkha Strike in Siliguri

SILIGURI – Local business was hit badly in Siliguri , West Bengal on Friday , following a shutdown call given by the Gorkha Janamukhti Morcha (GJM).

Ram Yadav, a retailer said: “The business is very badly affected. We are unable to sell a thing. Usually we open our shops at eight in the morning …. Original source  : Business shuts down following Gorkha Strike in Siliguri.

Apollo Tyres mulls plants in east Europe, third quarter net down

CHENNAI – Truck and car tyres major Apollo Tyres is planning to set up car radial tyre plants in Eastern Europe where labour costs are comparatively low, and go in for backward integration buying rubber plantations, a company official said.

“We are looking at geographies like Eastern Europe, Indonesia for new plants. First, we will … Read more »»».

Monthly fluctuations in industrial growth do not reflect correct picture, says Mukherjee

NEW DELHI – Expressing disappointment at the low 1.6 per cent industrial output growth during December, Union Finance Minister Pranab Mukherjee on Friday said the monthly fluctuations do not reflect correct picture of the economy.

“It is unfortunate and it is disappointing but … Read this article on Gaea Times at : Monthly fluctuations in industrial growth do not reflect correct picture, says Mukherjee.

Montek Singh Ahluwalia predicts decline in food inflation by March end

NEW DELHI – Giving a breather to consumers stung by the spiralling prices of essential commodities, Planning Commission Deputy Chairman Montek Singh Ahluwalia, predicted a sharp decline in food inflation by the end of March.

India is currently beset by rising food and fuel …. Original article  : Montek Singh Ahluwalia predicts decline in food inflation by March end.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2010

2011

Variation

Feb. 5

Jan. 28

Feb. 4#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

516

750

1,075

325

559

2. Foreign Exchange Reserves

Variation over

Item

As on Feb. 4, 2011

Week

End- March 2010

End-December 2010

Year

`
…. Source article  : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

Indian deal hot topic at record breaking AeroIndia

BANGALORE – The eighth AeroIndia air show here has broken all records for the number of visitors, with over 1.75 lakh footfalls recorded till Friday.

The focus of attention remained on the biggest tender India has floated to buy 126 medium multi-role combat aircraft (MMRCA).
The contract is expected to be awarded to one …. Source article  : Indian deal hot topic at record breaking AeroIndia.