Business News – Newsletter for February 14, 2011

Monday, February 14, 2011

BEIJING – China has become the world’s second-largest economy after the US, ending Japan’s 42-year reign in the second spot, according to Tokyo’s gross domestic product (GDP) figures released Monday.

Japan’s GDP fell 1.1 percent from a year earlier in the fourth quarter of 2010, the first contraction in five quarters, the Shanghai Daily reported …. Source article : China is now world’s second-largest economy.

Insurance regulator bracing for spat with judiciary

CHENNAI – Tasting success in the turf war with the Securities and Exchange Board of India (SEBI) last year in connection with regulating unit-linked insurance policies (ULIPs), the insurance regulator seems to be gearing up for another bout, but this time with the judiciary, say insurance industry officials.

Citing Insurance Regulatory and Development Authority’s (IRDA) … Original source on Gaea Times at : Insurance regulator bracing for spat with judiciary.

Larsen and Toubro bags Rs.1,100 crore Gujarat deal

MUMBAI – Engineering and construction major Larsen and Toubro Monday said it has bagged a Rs.1,100-crore order from the Gujarat State Electricity Corporation for setting up a 375 MW gas-based power plant in the state.

“The engineering procurement and construction order was bagged by L&T under global competitive bidding against stiff competition from domestic … Read more >>.

Wholesale price inflation eases to 8.23 percent

NEW DELHI – India’s annual inflation based on wholesale prices eased marginally to 8.23 percent in January as against 8.43 percent in the previous month, according to official data released Monday.

Prices of manufactured products, which have nearly 65 percent weight in the wholesale price index, rose 3.75 percent during January.
The … Original article on : Wholesale price inflation eases to 8.23 percent.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.50 and the Reference Rate for Euro is ` 61.63 on February 14, 2011. The corresponding rates for the previous day (February 11, 2011) were ` 45.76 and ` 62.02 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Sensex soars, broader markets join rally

MUMBAI – A benchmark index for Indian equities markets was ruling almost 400 points higher amid buoyant buying sentiments across the market breadth Monday. Other Asian markets too were on the rise.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,940.16 points, rose to 18,122.49 points, up 393.88 points … Read this article on Gaea Times at : Sensex soars, broader markets join rally.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 14, 2011 are:

Amount (face value in ` crore)

Item

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

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

Japanese shares up on weaker yen, US gains

TOKYO – Japanese stocks rose in Monday morning trading following a rally on Wall Street as exporters were buoyed by the yen’s fall against the dollar.

The benchmark Nikkei 225 Stock Average gained 80.78 points, or 0.76 percent, to trade at 10,686.43 while the broader Topix index was up 8.45 points, or 0.89 percent, at … Read the original article on Gaea Times at : Japanese shares up on weaker yen, US gains.

Apple working on smaller, cheaper iPhone

NEW YORK – After the unprecedented sales of its iPhone, Apple is working on a new line of cheaper iPhones which will half the size of the current iPhone 4, according to the Wall Street Journal.

The Journal reported Sunday that Apple was undertaking an overhaul of software services for the devices to accelerate sales … Read more : Apple working on smaller, cheaper iPhone.

Money Market Operations as on February 11, 2011

… Read : Money Market Operations as on February 11, 2011.

Karnataka gets Rs.4.3 bn investments in aerospace sector

Bangalore, Fe 13 (IANS) Nine Indian firms, including IT bellwether Wipro and automotive major Mahindra and Mahindra have submitted investment proposals worth Rs.4.3 billion ($94.2 million)to the Karnataka government to set up manufacturing units in the aerospace-cum-aviation sector, a senior official said Sunday.

The proposals have potential to generate about 2,000 direct skilled jobs and …. Read the original article : here.

Bangladesh’s capital market like a casino: Expert

DHAKA – Bangladesh’s volatile capital market, with the stock exchange registering fluctuations, was Sunday described as a “casino” by a prominent economist.

Rehman Sobhan, director of think tank Centre for Policy Dialogue (CPD), made this observation on a day the Dhaka Stock Exchange (DSE) lost 474 points in a recurring phenomenon, provoking investors to … Read more »»».

Aerobatic stunts, flying thrills mark AeroIndia finale

BANGALORE – Dazzling displays by fighter planes and daredevil acts by aerobatic teams marked the grand finale of South Asia’s biggest air show Sunday in this aerospace hub.

As the curtains came down on the fifth day of the AeroIndia 2011 trade expo, it was a sea of humanity at the Indian Air Force (IAF) …. Original article : Aerobatic stunts, flying thrills mark AeroIndia finale.

No violation on Swan Telecom holding, license: RCOM

MUMBAI – Reliance Communications categorically reiterated Sunday it had violated no norms, as its own and the group’s equity holding in Swan Telecom, now under probe in the 2G spectrum saga, did not exceed 9.9 percent.

The company, which offers mobile telecom under the platforms of both CDMA and GSM, said it got … Read more : No violation on Swan Telecom holding, license: RCOM.

Kiran Karnik joins Attero Recycling board

NEW DELHI – Former Nasscom president Kiran Karnik has joined venture capital funds-backed Attero Recycling, an electronic waste management firm, as its first independent director.

“I am excited to join Attero. This organisation is innovative and has many exciting plans on the anvil. It has grown consistently over the past years and I am looking …. Original source : Kiran Karnik joins Attero Recycling board.

Innovation can make India food basket of world: Scindia

NEW DELHI – A second Green Revolution, involving technical innovation, increased investment in agriculture and proper infrastructure for food processing can make India the food basket of the world, Minister of State for Commerce and Industry Jyotiraditya M. Scindia said Sunday.

Agriculture sector is critical for our economy as 60-70 percent of our population …. Source : Gaea News Network.

2G scam: Shourie to appear before CBI Feb 21

NEW DELHI – The Central Bureau of Investigation (CBI) has called senior Bharatiya Janata Party (BJP) leader Arun Shourie, who was communications minister during the NDA rule, to seek information from him on the 2G spectrum allocation scam, an official said Sunday.

“Shourie will appear before the CBI Feb 21,” the official told IANS, adding …. Original source : 2G scam: Shourie to appear before CBI Feb 21.

African farmland to Indian firms no cause for worry: UN official

NEW DELHI – A top official at UN agencies has sought to allay apprehensions among people of some African countries that propose to lease farmland to investors from countries like India to mutually secure food supplies under South-South cooperation.

UN officials also say the rich countries must play a more meaningful role in addressing concerns …. Source article : African farmland to Indian firms no cause for worry: UN official.

Now insurance on funeral expenses, job losses

CHENNAI – If you fret that your finances may dry up if handed the pink slip or how your funeral will be funded, Bharti Axa Life Insurance Company is coming out with a series of innovative products promising to address at least a part of such anxieties.

The $370-million company, a 76:26 joint venture between … Read more »»».