Business News – Weekly Newsletter for February 7-14, 2011

Monday, February 14, 2011

From Davos to Dakar: Carnival of oppressed begins

DAKAR – Days after the global elite’s jamboree at the Swiss resort of Davos, a week-long carnival of the oppressed and the marginalized, and those speaking for them, has begun in the capital of this western African nation, with thousands of left-leaning activists declaiming against globalization and its discontents.

The 11th edition of the annual …. Source : From Davos to Dakar: Carnival of oppressed begins.

US team in India to discuss nuclear cooperation

NEW DELHI – A high level delegation from the US energy department is on a 10-day visit to India to discuss ways of cooperation and partnership in the nuclear energy sector, the US embassy said Monday.

Representatives from the US department of energy are visiting India to learn more about the country’s nuclear energy [..] Read the original article: here.

AOL buys Huffington Post for 315 million dollars

NEW YORK – New York-based AOL is reportedly buying the Huffington Post for 315 million dollars.

The Huffington Post is a progressive American news website and content aggregating blog founded by Arianna Huffington, Kenneth Lerer, and Jonah Peretti, featuring various news sources and columnists.

The site offers coverage of politics, media, business, entertainment, living, style, the green …. Source article on Gaea Times at : AOL buys Huffington Post for 315 million dollars.

India must look outward to reap demographic dividend (Comment)

Recent reports indicate India may not meet its objective of a stable population base by 2045. Instead, this goal is likely to be met only by 2060 when the country’s population stabilizes at 1.65 billion — 200 million more than the original target. After 10 years of rigorous enforcement, the mark has moved forward 15 … Original article on : India must look outward to reap demographic dividend (Comment).

US high-tech team to promote trade with India

NEW DELHI – A high-end technology trade mission from the US, led by Commerce Secretary Gary Locke, is in India to promote the export of technologies in sectors such as civil nuclear energy, aviation and defence to the largest economy in south Asia.

Locke was part of the team that accompanied President Barack Obama to …. Source : US high-tech team to promote trade with India.

Cathay Pacific opts for Kerala IT firm’s solution

THIRUVANANTHAPURAM – Hong Kong-based Cathay Pacific airline has signed a multi-million dollar contract to implement IBS’ new generation solution iFly Staff to automate and improve the management of employee travel — both leisure and business.

In a press statement issued here Monday, the Technopark-headquartered IT firm IBS said iFly Staff will also be used for … Read : Cathay Pacific opts for Kerala IT firm’s solution.

Bihar proposes increase in plan outlay

PATNA – The Bihar government has decided to raise the state’s plan size by about 20 percent, much above what the Planning Commission had proposed.

It has sent to the Planning Commission a plan outlay proposal of Rs.24,000 crore even though it had last year used only Rs.11,000 crore of the allocated Rs.20,000 crore.
…. Original article : Bihar proposes increase in plan outlay.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.59 and the Reference Rate for Euro is ` 62.04 on February 7, 2011. The corresponding rates for the previous day (February 4, 2011) were ` 45.64 and ` 62.24 respectively. Based on the Reference Rate …. Source article : RBI Reference Rate for US $ and Euro.

Indian Army refloats tenders for heavy guns

NEW DELHI – The Indian Army has once again begun the process of acquiring heavy guns, floating tenders for both the towed and tracked systems that have a range of up to 40 km.

The tender for the towed gun was issued on Jan 28 while that for the tracked version was issued in mid-January.
… Original source on Gaea Times at : Indian Army refloats tenders for heavy guns.

Nepal reels under 14-hour power cuts daily

KATHMANDU – As Nepal’s new communist Prime Minister Jhala Nath Khanal assumed office Monday, Nepal’s power authorities announced a stringent 14-hour daily electricity blackout, citing the drying up of rivers that are the main source of energy.

The Nepal Electricity Authority (NEA), which has already enforced a 12-hour outage daily for over a month, now … Read more : Nepal reels under 14-hour power cuts daily.

‘No glass ceiling for women in India’

WASHINGTON – Succesful Indian women believe there is no glass ceiling for women in India though Indian men still struggle to be supportive of their aspirations and women often need to tune their ambitions accordingly.

Some of these exceptional Indian women who have made a mark in the spheres of business and arts talked about … Original article on : ‘No glass ceiling for women in India’.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 7, 2011 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Source article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Sensex ruling in tight range, broader markets give up gains

MUMBAI – A benchmark index for Indian equities markets around Monday noon was trading in a tight range, even as broader markets gave up their early gains.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,135.02 points, was ruling at 18,085.51 points, up 77.36 points or 0.43 percent from …. Read the original article : Sensex ruling in tight range, broader markets give up gains.

India predicts 8.6 percent growth this fiscal

NEW DELHI – Projecting a noteworthy 5.4 growth in farm output, 8.1 percent in factory production and 10.2 percent in services, India Monday estimated the overall economy to expand 8.6 percent this fiscal against 8 percent the previous year.

As per fresh estimates released by the Central Statistical Organisation (CSO), the gross domestic product (GDP) … Original source on Gaea Times at : India predicts 8.6 percent growth this fiscal.

Money Market Operations as on February 04, 2011

… Read : Money Market Operations as on February 04, 2011.

Amid Egypt crisis, India worries over oil bill

KANDI – India’s oil import bill will be a matter of concern if oil prices shoot up further, Finance Minister Pranab Mukherjee said Sunday.

“At this point of time, the trade balance and the current account deficit are manageable. But going forward, we don’t know how (they) will pan out,” he said on the sidelines … Read more >>.

Haryana to soon have agriculture policy: Hooda

JIND – Haryana Chief Minister Bhupinder Singh Hooda Sunday said that his government has asked the State Farmers Commission to formulate an agriculture policy that will better the lot of farmers.

Addressing a farmers meeting, organised by the Association of Agriculture Development Officers at Jind, 200 km from Chandigarh, Hooda directed the commission to give …. Original article on Gaea Times at : Haryana to soon have agriculture policy: Hooda.

Tata Motors unveils new Manza

MUMBAI – The latest version of Tata Motors’ sedan Manza, equipped with a range of new features, hit the roads Sunday, an official said.

Competitively priced, Tata Manza would cost from Rs.5.14 lakh for the Safire petrol range and from Rs.5.91 lakh for the Quadrajet diesel range (both prices ex-showroom, Delhi). It would be available …. Source article : Tata Motors unveils new Manza.

Illegal colonies in Gurgaon to be regularised

CHANDIGARH – The Haryana government is set to regularise illegal colonies in Gurgaon, a state minister said Sunday.

The decision to regularise the illegal colonies in Gurgaon will soon be taken by the Haryana government and almost all such colonies will be regularised, Haryanas Sports and Youth Affairs Minister Sukhbir Kataria said in Gurgaon.
Kataria …. Read the original article : here.

4,733 Malaysians evacuated from Egypt

KUALA LUMPUR – Malaysia has evacuated 4,733 of its nationals from Egypt, which is facing political turmoil due to mass protests against President Hosni Mubarak.

Malaysians living in several Egyptian towns have been transported to Jeddah, Saudi Arabia.
The official news agency, Bernama, reported that besides the Royal Malaysian Air Force (RMAF), Malaysian Airlines and …. Original article on Gaea Times at : 4,733 Malaysians evacuated from Egypt.

Sugar policy must create export surplus, not induce imports (Comment)

There is a huge opportunity this year for the sugar industry to sustain a high output. But meaningless controls will only convert the opportunities to threats and create hurdles for stake-holders, including cane farmers at the end of the line.

The industry estimates the production to be around 25 million tonnes during the current …. Original source : Sugar policy must create export surplus, not induce imports (Comment).

Valentine’s Day Offer From T Mobile

SAN FRANCISCO (GaeaTimes.com)- The T Mobile fans have reasons to get excited about. This Friday all Mobile phones sold from the outlets of the company will be offered for free. The offer will remain valid for three days starting from Feb 11th 2011 as it has been reported. To woo the young buyers the … Original article on : Valentine’s Day Offer From T Mobile.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.39 and the Reference Rate for Euro is ` 61.84 on February 8, 2011. The corresponding rates for the previous day (February 7, 2011) were ` 45.59 and ` 62.04 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

Sensex slips below 18,000 points

MUMBAI – A benchmark index for Indian equities markets Tuesday slipped in noon trade below the 18,000 points mark – for the first time in over five months – as selling intensified across the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at … Read : Sensex slips below 18,000 points.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 8, 2011 are:

Amount (face value in ` crore)

Item

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

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

ArcelorMittal, partner nearing absolute control of Baffinland

TORONTO – ArcelorMittal and Nunavut Iron Ore Acquisition Inc., which jointly acquired Canada’s iron ore-rich Baffinland Iron Mines Corporation last month, Monday announced further consolidation of their stake in the Toronto-based company.

Holding about 60 percent of Baffinland stock at the time of their takeover, the two partners said Monday that they have acquired an …. Source article : ArcelorMittal, partner nearing absolute control of Baffinland.

Air Canada ties up with Jet to protect its India traffic

TORONTO – After Ottawa’s refusal to grant additional flights to Emirates Airline last year to protect traffic on the India-Canada corridor for its national carrier, Air Canada has entered into a sharing agreement with Jet Airways till it gets long-haul Boeing 787 Dreamliner to resume India operations.

Under a three-year agreement starting February 21, … Read : Air Canada ties up with Jet to protect its India traffic.

Mexican revolutionary’s finger for sale

El Paso (US), Feb 8 (IANS/EFE) A pawn shop in this Texas border city is selling the right index finger of Pancho Villa, one of the leading figures of the 1910-17 Mexican Revolution, for more than $9,000.

“Years ago someone offered us this finger, and though we don’t know if it’s the real thing or … Original article on : Mexican revolutionary’s finger for sale.

Obama asks US business to take on India, China

WASHINGTON – Once again citing growing competition from nations like India and China, US President Barack has made a case for ramping up spending on education and infrastructure to put the US economy back on track.

“We need to out-innovate, out-educate and out-build our competitors,” Obama told the US Chamber of Commerce Monday noting that …. Source article : Obama asks US business to take on India, China.

Fog, chill back in Delhi, flights affected

NEW DELHI – A day after heavy rains lashed the Indian capital, the chill and dense fog were back Tuesday. Flight operations were affected at the Indira Gandhi International (IGI) Airport due to poor visibility.

Low visibility procedure was implemented early Tuesday and over a dozen flights — both international and domestic — were delayed …. Original article on Gaea Times at : Fog, chill back in Delhi, flights affected.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Tuesday was flat in early trade. Broader markets were sluggish too.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at 18,050.1 points — up 12.91 points or 0.07 percent from its previous close at 18,037.19 points.
… Read more : Sensex flat in early trade.

Money Market Operations as on February 07, 2011

…. Original article : Money Market Operations as on February 07, 2011.

AOL to buy Huffington Post for $315 mn

NEW YORK – Former internet media giant AOL is buying the online newspaper The Huffington Post for $315 million in a bid to regain its position as a leading producer of web content, the companies announced Monday.

The move marks the second major development in the online news world in less than a week. On … Read : AOL to buy Huffington Post for $315 mn.

Reviewing ISRO agreement, decision soon: Government

NEW DELHI – The government said Monday that the agreement between the commercial wing of the Indian Space Research Organisation (ISRO) and a private company in 2005 on the allocation of S-band spectrum was being reviewed and a decision will be taken soon.

In a press statement posted on ISRO’s website Monday, the government said … Read more >>.

Delhi plans institute to manage CWG infrastructure

NEW DELHI – The Delhi government is planning to set up a project management institute to ensure proper maintenance and upkeep of the infrastructure developed during the 2010 Commonwealth Games (CWG), Chief Minister Sheila Dikshit said Monday.

“The institute will provide inputs on means and measures to ensure proper maintenance and upkeep of the …. Source : Gaea News Network.

Bilateral trade with US would grow beyond 50 billion dollars in 2011: Anand Sharma

NEW DELHI – Union Commerce and Industry Minister Anand Sharma on Monday said he is hopeful that India’s bilateral trade with the United States of America would grow beyond 50 billion dollars in 2011.

Sharma said that investments between the two nations would also witness an … Read more >>>.

IIFCL expects credit enhancement scheme decision soon

KOLKATA – The state-run Indian Infrastructure Finance Corporation Limited (IIFCL) Monday hoped that a decision on its credit enhancement scheme would be finalised by March this year.

“We expect a decision on these scheme by the end of this fiscal,” IIFCL chairman and managing director S.K. Goel told reporters here.
He said his company has … Read : IIFCL expects credit enhancement scheme decision soon.

Two Kolkata Metro stations to be named after journalists

KOLKATA – Railway Minister Mamata Banerjee Monday announced that two stations of the proposed new Kolkata Metro Railway line will be named after journalists Barun Sengupta and Gour Kishore Ghosh.

“The metro stations at Science City and Chingrighata of the new metro railway line between Kavi Subhas in South 24 Parganas and Dum Dum airport … Read the original article on Gaea Times at : Two Kolkata Metro stations to be named after journalists.

Schwing Stetter to launch high capacity concrete pumps

CHENNAI – With real estate developers planning to build skyscrapers in major cities, ready mix concrete equipment maker Schwing Stetter (India) Pvt Ltd Monday said it will launch two high capacity concrete pumps to cash in on the trend.

“We will be launching two new concrete pumps – one that can pump concrete vertically upto … Original article on : Schwing Stetter to launch high capacity concrete pumps.

Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 2011

The Government of India have announced the sale (re-issue) of (i) “7.49 percent Government Stock 2017” for a notified amount of Rs.3,000 crore (nominal), (ii) “8.08 percent Government Stock 2022” for a notified amount of Rs.4,000 crore (nominal),and (iii) “8.26 percent Government Stock 2027” for a notified amount of Rs.3,000 crore … Read more : Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 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.

Results of Underwriting Auctions

In the auctions of the securities conducted on February 10, 2011 for Additional Competitive Underwriting (ACU), the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(` in crore)

Nomenclature of the Security

Notified Amount

Minimum Underwriting Commitment (MUC) Amount

Additional Competitive Underwriting Amount Accepted

Total Amount … Original article on : Results of Underwriting Auctions.

HAL awaits government nod to go public soon

BANGALORE – Indias defence behemoth Hindustan Aeronautics Ltd (HAL) is awaiting the government’s green signal to go public soon to raise funds and improve its corporate governance, an official said Thursday.

Being a fully owned state-run enterprise, it is for the government to decide when to begin the disinvestment process and the quantum of dilution, …. Source : Gaea News Network.

Devas asserts agreement with ISRO legally binding

BANGALORE – Devas Multimedia, a private company in the eye of a storm over space spectrum allocation, Thursday said its agreement with the Indian Space Research Organisation (ISRO) for S-band spectrum — high value and scarce radio waves — was “legally binding”.

Devas Multimedia has a legally binding agreement dated Jan 28, 2005 with the …. Original article on Gaea Times at : Devas asserts agreement with ISRO legally binding.

India added 22.62 million mobile users in December

NEW DELHI – India added 22.62 million mobile phone subscribers in December, taking the total number of cellular users in the country to 752.19 million till Dec 31, official data said.

According to the Telecom Regulatory Authority of India (TRAI), the wireless phone user base grew 3.10 percent in December 2010, from 729.57 million in … Original article on : India added 22.62 million mobile users in December.

PM sets up panel to probe ISRO-Devas agreement

NEW DELHI/BANGALORE – Prime Minister Manmohan Singh Thursday formed a two-member commission to probe allegations of revenue losses in the allocation of space spectrum using S-band — high value and scarce radio waves — between the Indian Space Research Organisation’s (ISRO) commercial arm and a private company.

“The prime minister has formed a high-level commission, …. Original article : PM sets up panel to probe ISRO-Devas agreement.

Food inflation falls to 13.07 percent

NEW DELHI – India’s annual food inflation dropped by nearly four percentage points to 13.07 percent for the week ended Jan 29 — the lowest level in nearly one-and-a-half months — on decline in the prices of pulses, potatoes and wheat, according to official data released Thursday.

Food inflation has declined after two consecutive … Read the original article on Gaea Times at : Food inflation falls to 13.07 percent.

India deepens trade ties with Burkina Faso

ACCRA – Trade between India and the neighbouring west African country of Burkina Faso has gone up over the past three years following an improvement in the bilateral relations between them, a statement by the Indian High Commission in Accra said.

The Indian high commissioner in Accra is concurrently accredited to Ougadougou, the capital of … Read this article on Gaea Times at : India deepens trade ties with Burkina Faso.

India to face challenge of inclusive growth

BHOPAL – Reserve Bank of India (RBI) Governor D. Subbarao has India would face the challenges of inclusive growth in the coming days as the country would move on a higher growth trajectory.

Inaugurating an exhibition named Newsibition here on Wednesday, Subbarao said: “”In the second decade of the new millennium we are going to face …. Source : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.58 and the Reference Rate for Euro is ` 62.41 on February 10, 2011. The corresponding rates for the previous day (February 9, 2011) were ` 45.33 and ` 61.86 respectively. Based on the …. Source article : RBI Reference Rate for US $ and Euro.

Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG

NEW DELHI – The Reliance Dhirubhai Ambani Group (R-ADAG) Wednesday said an illegal bear cartel had destroyed market capitalisation worth a whopping Rs.3 lakh crore ($66 billion) in recent days and asked for a thorough probe by concerned agencies.

A series of completely baseless rumours have been circulated yesterday by our corporate rivals. An illegal …. Source article on Gaea Times at : Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 10, 2011 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
… Read more »».

Country’s second-largest paper maker pushes growth

CHENNAI – Tamil Nadu Newsprint and Papers that has set up its Rs.1,000-crore third unit last month is confident of reaching 100-percent production of its capacity of 400,000 tonnes this month and enhancing exports by a third to 90,000 tonnes.

“This month onward, we will achieve a full capacity utilisation. The new machine will …. Source : Gaea News Network.

Issac presents sixth consecutive Kerala budget

THIRUVANANTHAPURAM – Economist turned politician and senior Communist Party of India-Marxist (CPI-M) leader Thomas Issac Thursday presented his sixth consecutive state budget with special emphasis on infrastructure development.

He began the presentation with a small poem written by Jnanpith Award Winner O.N.V. Kurup, which says that much has been done but a lot more remained. … Original source on Gaea Times at : Issac presents sixth consecutive Kerala budget.

Brazil trims budget by $30 bn

Brasilia, Feb 10 (IANS/EFE) The Brazilian government has announced that it cut the annual budget by 50 billion reais ($30 billion), a figure that doubles the fiscal adjustment made in 2010.

Finance Minister Guido Mantega confirmed the budget cut and ruled out that the measure could lead the country into a recession, according to state-run …. Read the original article : Brazil trims budget by $30 bn.

Japanese shares mixed on weak machinery orders, profit-taking

TOKYO – Japanese stocks were mixed in Thursday morning trading as machinery orders increased for the first time in four months but came in weaker than expected. Investors also put downward pressure on the market as they sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 4.06 …. Read the original article : Japanese shares mixed on weak machinery orders, profit-taking.

Sensex dull in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was in a slump in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.29 points, was ruling at 17,565.69 points, down 27.08 points or 0.15 percent from its previous close at 17,592.77 points.
The 50-scrip S&P CNX … Read more »».

Most US stocks lower on concerns of US inflation

NEW YORK – Two out of three major US stock indices fell Wednesday as Federal Reserve Chairman Ben Bernanke was forced to assuage concerns that higher inflation around the world could reach US shores.

Bernanke in testimony before the US Congress said there were no signs that inflation was getting too high in the US, … Read more >>>.

Money Market Operations as on February 09, 2011

…. Original article on Gaea Times at : Money Market Operations as on February 09, 2011.

Saudi oil stock exaggerated by 40 percent: WikiLeaks

LONDON – The estimated stock of oil in Saudi Arabia was 40 percent higher than the country’s actual reserve, which according to the US is not enough to check the rising fuel prices across the globe, secret diplomatic cables have revealed.

US diplomat was convinced by a Saudi expert that reserves of the world’s largest …. Source : Gaea News Network.

Madhya Pradesh mobile banking model to be expanded

BHOPAL – Impressed with the mobile banking model in Annupur district which ensures on-the-spot payment of wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the Madhya Pradesh government has decided to extended it to all the districts of the state, an official said.

Annupur’s Collector Kavindra Kiyawat said that wages worth Rs.54 … Original source on Gaea Times at : Madhya Pradesh mobile banking model to be expanded.

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).

UAE keen on hightech cooperation with India

NEW DELHI – Visiting United Arab Emirates (UAE) Foreign Trade Minister Sheikha Lubna Bint Al Qasimi Thursday said her country was looking at co-operation with India in the fields of high-technology and alternate energy sources.

Earlier, our focus in India was for cooperation in energy and services but now we are also looking forward to …. Source : Gaea News Network.

Aqua business opportunities on display at Chennai

CHENNAI – An exhibition on various latest techniques in aquaculture, pisciculture and breeding of ornamental fish was held on Tuesday.

‘Aqua Aquaria India’ was organised by Marine Products Export Development Authority (MPEDA) … Read : Aqua business opportunities on display at Chennai.

Tamil Nadu assembly adjourned sine die

CHENNAI – The Tamil Nadu assembly was adjourned sine die Thursday after Finance Minister K.Anbazhagan presented supplementary demand for grants for Rs.11,772 crore for the 2010-11 fiscal.

Anbazhagan said a sum of Rs.9,144 crore is required on the revenue account and Rs.2,628 crore is needed for capital and loan accounts.
He said the … Original article on : Tamil Nadu assembly adjourned sine die.

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.

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)

Andhra Pradesh

1450.000

Gujarat

1000.000

Haryana

600.000

Himachal Pradesh

180.000

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..

Item

2010

2011

Variation

Feb. 5

Jan. 28

Feb. 4#

Week

Year

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.