Business News – Newsletter for February 15, 2011

UN pension fund proposes higher investment in India

NEW DELHI – In what could give a big push to Indian stock markets, the United Nations and its affiliate agencies want to invest more from their $42-billion corpus of pension funds in this country, especially in infrastructure and realty.

The members of the investment committee of the United Nations Joint Staff Pension Fund (UNJSPF), …. Original source  : UN pension fund proposes higher investment in India.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.45 and the Reference Rate for Euro is ` 61.43 on February 15, 2011. The corresponding rates for the previous day (February 14, 2011) were ` 45.50 and ` 61.63 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Sensex creeps up after early fall, broader markets dull

MUMBAI – A day after galloping over 470 points, a benchmark index for Indian equities markets Tuesday pared its morning losses to rule almost flat around noon. Broader markets too seemed to take a breather after the previous session’s rally.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,260.08 …. Source  : Gaea News Network.

Japan, India to sign free trade agreement

TOKYO – The Japanese government said Tuesday that it would sign a free trade agreement with India that would abolish duties on more than 90 percent of trade for 10 years.

Foreign Minister Seiji Maehara and Indian Commerce and Industry Minister Anand Sharma were to conclude the accord Wednesday, officials said.
The deal would eliminate … Original source on Gaea Times at : Japan, India to sign free trade agreement.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 15, 2011 are:

Amount (face value in ` crore)                            

Item

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

2 days Repo Auction 
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Pakistan to get $3.1 bn in US aid in 2012

WASHINGTON – US President Barack Obama’s 2012 budget proposes $3.1 billion financial assistance to Pakistan as part of $5.3 billion “in core assistance and diplomatic support to Iraq, Afghanistan, and Pakistan”.

Of this $1.9 billion in assistance to Pakistan is earmarked to “promote a secure, stable, democratic and prosperous Pakistan with a focus on energy, …. Source  : Pakistan to get $3.1 bn in US aid in 2012.

We’re making money: Twitter

BARCELONA – Twitter has said it had become profitable, disclosing that its live messaging service is carrying 130 million daily tweets, or short messages, from its members.

The US-based company, which has been one of the fastest-growing social-networking services, said 40 per cent of tweets are transmitted by mobile devices, typically smartphones.
“We’re making money,” …. Read the original article  : We’re making money: Twitter.

Obama sets sights on India, China to revive US economy

WASHINGTON – US President Barack Obama’s budget aimed at rebuilding the country’s economy, emerging from the worst recession in generations, looks at India as one of the most important and promising emerging markets in the world.

Obama’s proposed $3.7 trillion spending plan for 2011 hopes to win the future by out-innovating, out-educating, and out-building our … Read the original article on Gaea Times at : Obama sets sights on India, China to revive US economy.

Japanese shares flat on profit-taking

TOKYO – Japanese stocks were flat in Tuesday morning trading as investors sold shares to lock in quick profits after the previous day’s gains.

The benchmark Nikkei 225 Stock Average added 0.28 points, or 0.003 percent, to 10,725.82 while the broader Topix index was up 1.57 points, or 0.16 percent, at 960.76.
Investors were also …. Read the original article  : here.

Money Market Operations as on February 14, 2011

… Read the original article on Gaea Times at : Money Market Operations as on February 14, 2011.

Merger of London, Toronto exchanges under review

TORONTO – Canada Monday announced that it will review the proposed mega merger of the Toronto Stock Exchange with the London Stock Exchange.

The TMX Group, which operates the stock exchanges in Toronto and Montreal, had announced last Tuesday that “it is in advanced discussions with London Stock Exchange Group regarding a possible merger [..] Read the original article: here.

US stocks mixed, energy shares rise

NEW YORK – US energy shares posted strong increases Monday on an otherwise quiet trading day that left most Wall Street stocks mixed.

Investors reacted little as US President Barack Obama presented his annual budget proposals to Congress, promising spending cuts as the federal deficit was projected to reach a record $1.65 trillion this year.
…. Original article  : US stocks mixed, energy shares rise.

Special stamp issued on OPEC’s 50th anniversary

Abu Dhabi, Feb 14 (IANS/WAM) The Emirates Post Monday issued a special stamp commemorating the 50th anniversary of the Organisation of Petroleum Exporting Countries (OPEC).

An ornamental frame containing the stamp was presented to the UAE governor for OPEC, Ali Obaid Al-Yabhouni, by Ibrahim Ali bin Karam, chief commercial officer of Emirates Post Group, and …. Source  : Gaea News Network.

Lavasa applies afresh for environmental clearance

NEW DELHI – Lavasa Corporation has applied afresh for environmental clearance to the first phase of its Rs.3,000-crore hill city project near Pune, and this is being considered by a high-level committee, Environment Minister Jairam Ramesh said Monday.

“They (Lavasa) have applied for phase-I clearance, which is being considered (by the Expert Appraisal Committee – … Read this article on Gaea Times at : Lavasa applies afresh for environmental clearance.

Asia’s contribution to global economy increasing: ADB

KOLKATA – Underlining that Asia is playing a very important role in global economic restructuring, Asian Development Bank (ADB) managing director general Rajat M. Nag said Monday the continent’s contribution to the global economy is increasing.

“Asias share in global economy was 18 percent in 1980, it became 35 percent in 2009 and in 2050 … Original article on : Asia’s contribution to global economy increasing: ADB.

Delhi to get new gas-based power plant

NEW DELHI – A new 750 MW gas-based power project will come up in Bamnauli in west Delhi at a cost of around Rs.1,600 crore, Delhi Chief Minister Sheila Dikshit said Monday.

“The plant will supply uninterrupted power to Indira Gandhi International (IGI) airport, Dwarka and nearby localities and make Delhi a power surplus state,” … Original article on : Delhi to get new gas-based power plant.

Mahindra Satyam-Tech Mahindra merger put on hold

HYDERABAD – The process of Mahindra Satyam’s merger with parent firm Tech Mahindra has been put on hold in view of the ongoing investigations into Satyam fraud case by various agencies, said a senior official Monday.

Mahindra Satyam chief executive officer C.P. Gurnani told a news conference here that the merger required the approval of … Read more »».

Ravi to meet Air India unions to know grievances

NEW DELHI – While a strike by a section of Air India pilots was averted, Civil Aviation Minister Vayalar Ravi Monday said he will talk to employees’ unions to understand their grievances and to chalk out a new strategy for the beleaguered state-run flag carrier.

“I am going to Mumbai Feb 16-17 and will meet …. Source  : Gaea News Network.

Jaypee announces amalgamation of three group entities

NEW DELHI – The diversified $3.25 billion Jaypee Group Monday announced the amalgamation of two of its group companies into an existing holding company to consolidate the power generation business.

“Jaypee Karcham Hydro Corp and Bina Power Supply Co will be merged with Jaiprakash Power Ventures which is the designated power vehicle …. Source article on Gaea Times at  : Jaypee announces amalgamation of three group entities.

Pay half fare on medical emergencies on Kingfisher

MUMBAI – People travelling on medical emergencies can avail 50 percent discount on fares on Kingfisher Airline’s domestic routes, the company announced here Monday.

The airline is the first one to offer this facility, according to Kingfisher Airlines CEO Sanjay Aggarwal.
In times of difficulty, when guests have to undertake travel for a family … Read more >>>.