Business News – Newsletter for February 16, 2011

Was told telcos sold stake to finance roll-out: PM

NEW DELHI – Prime Minister Manmohan Singh, referring to the 2G scam, Wednesday said he was told some telecom operators sold their stake to other companies to finance their roll-out obligations and therefore, he did not interfere.

“I was told that they (telcom operators) have not sold it (stake) to stakeholders, they have sold … Read more »».

Have a job to do, wrongdoers will not escape: Manmohan Singh (Roundup)

NEW DELHI – Declaring that he had a job to do and was not quitting, Prime Minister Manmohan Singh Wednesday responded to questions on corruption and other issues confronting his 21-month-old United Progressive Alliance (UPA) II government, announced that wrongdoers will not escape and added that the country will witness the next round of economic … Read more >>>.

India, Malaysia to sign economic cooperation pact

KUALA LUMPUR – India and Malaysia will sign a Comprehensive Economic Cooperation Agreement (CECA) Friday, the Indian High Commission to Malaysia said in a statement here Wednesday.

The agreement will be signed by Malaysian International Trade and Industry Minister Mustapa Mohamed and Indian Commerce and Industry minister Anand Sharma, according to Xinhua.
The Indian High … Read : India, Malaysia to sign economic cooperation pact.

Sanmina SCI worker’s strike enters second day

CHENNAI – The sit-in strike by workers of Sanmina SCI India demanding wage hike and health insurance among other things entered the second day with women workers joining the protest Wednesday morning.

Situated at the Special Economic Zone (SEZ) in Oragadam, around 50 km from here, Sanmina SCI India is a subsidiary of US based …. Source article on Gaea Times at  : Sanmina SCI worker’s strike enters second day.

New smartphones give instant access to Facebook

WASHINGTON – Mobile phone giant HTC has launched two handsets – called Salsa and ChaCha – that will provide instant access to Facebook.

By punching in the ‘F’ logo, users will be able to instantly share photos, music and even their exact location on an inbuilt map from their mobile phone.
At the moment, …. Original article on Gaea Times at  : New smartphones give instant access to Facebook.

2G loss calculation depends on methodology: PM

NEW DELHI – With figures from different sources varying widely, Prime Minister Manmohan Singh Wednesday said calculation of the loss to the exchequer from the allocation of second generation (2G) spectrum depends on the methodology adopted.

He also said that in the absence of an auction, determining the actual loss was very difficult.
“The then …. Source  : 2G loss calculation depends on methodology: PM.

Sensex rises 55 points in choppy session

MUMBAI – A benchmark index for Indian equities markets was trading 55 points higher in a lacklustre session Wednesday.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened almost flat at 18,273.06 points, was trading at 18,329.24 points in the afternoon session, up 0.30 percent or 55.44 points from the …. Original article  : Sensex rises 55 points in choppy session.

2G spectrum issue didn’t come to cabinet: PM

NEW DELHI – Prime Minister Manmohan Singh clarified Wednesday that former communication minister A. Raja decided on the allocation of 2G spectrum licences in 2008 and the issue was “never brought to me or the cabinet”.

“In allocation of 2G spectrum, the issue of licences was never brought to me or the cabinet. That was …. Source article on Gaea Times at  : 2G spectrum issue didn’t come to cabinet: PM.

Dip in FDI not a reflection of our policies: PM

NEW DELHI – With foreign direct investment (FDI) in the country slowing, Prime Minister Manmohan Singh Wednesday said the dip in fund inflows was not entirely a reflection of the policies of the government but influenced by the economic actions of developed countries.

“We did not make a mistake. The international environment is such that … Read this article on Gaea Times at : Dip in FDI not a reflection of our policies: PM.

Economy to grow by 8.5 percent, inflation to drop: PM

NEW DELHI – Prime Minister Manmohan Singh Wednesday said the economy will grow by at least 8.5 percent this fiscal and inflation will drop to seven percent by year-end.

The prime minister said with India becoming an increasingly integrated and open economy, international developments have a bearing on matters like inflation and all possible steps …. Read the original article  : Economy to grow by 8.5 percent, inflation to drop: PM.

India offers `win-win’ opportunity, says US chamber

WASHINGTON – The US India Business Council (USIBC) has launched an India awareness campaign among lawmakers, the business community and the general public to drive home the message that India offers a “win-win” opportunity for both nations.

“While the US economy continues to strengthen, our message to Congress and the American people is simple: India …. Original source  : India offers `win-win’ opportunity, says US chamber.

You’ll see reforms in budget: PM

NEW DELHI – The upcoming budget will see reforms, Prime Minister Manmohan Singh said Wednesday stressing that the government has its economic agenda in place.

The economic agenda is there. There is the food security bill, the Right to Education (RTE) Act is now a reality, the Integrated Child Development Services (ICDS) reform is a … Read more : You’ll see reforms in budget: PM.

Inflation should be down to seven percent: PM

NEW DELHI – Prime Minister Manmohan Singh Wednesday conceded that inflation has been a problem for India in recent weeks, but should come down to around seven percent by year-end.

“Inflation and food inflation in particular has been a problem,” Manmohan Singh said at an interaction with editors of the electronic media.
But by …. Read the original article  : Inflation should be down to seven percent: PM.

Heavy downpour signals trouble for potato farmers

AGRA – With the Taj city witnessing a heavy downpour early Wednesday accompanied by thunder lightning, farmers in this potato belt fear damage to their crop. However, the rain seems to be a blessing for the wheat crop.

The city saw a few rounds of intermittent light drizzle Tuesday.
The main cause of worry … Read more »»».

Food prices at ‘dangerous’ highs: World Bank

WASHINGTON – World Bank President Robert Zoellick has warned that food prices had reached “dangerous levels” and could hamper political transitions taking place in Egypt, Tunisia, the wider Middle East and Central Asia.

“The area that obviously bears watching is where you have a combination of political upheaval and food price stress,” Zoellick said in [..] Read the original article: here.

India, Japan sign free trade agreement

TOKYO – Japan and India signed Wednesday a bilateral free trade agreement that would abolish duties on more than 90 percent of trade for 10 years.

Japanese Foreign Minister Seiji Maehara and Indian Commerce and Industry Minister Anand Sharma concluded the pact in a ceremony at the foreign ministry in Tokyo.
The pact will … Original article on : India, Japan sign free trade agreement.

Coca-Cola ’secret recipe’ cracked, claims radio show

NEW YORK – Though Coke denied it, a US radio show Tuesday claimed that it has cracked the more than a hundred years old mystery of Coca-Cola’s ’secret formula.’

Atlanta-based Coca-Cola has kept its ingredient formula a closely guarded secret since 1886. The official copy of the original recipe is said to be kept in …. Source  : Coca-Cola ’secret recipe’ cracked, claims radio show.

Japanese shares rise on weaker yen

TOKYO – Japanese stocks climbed in Wednesday morning trading, briefly hitting the 10,800-point level for the first time since May, as export-oriented shares benefited from a weakened yen.

The benchmark Nikkei 225 Stock Average added 41.46 points, or 0.39 percent, to trade 10,788.13 while the broader Topix index was up 4.81 points, or 0.5 percent, …. Original source  : Japanese shares rise on weaker yen.

US stocks drop on weaker retail sales

NEW YORK – US stocks fell Tuesday as monthly retail sales disappointed investors.

The US Commerce Department reported retail sales rose 0.3 percent in January, the smallest gain since June and lower than the 0.5-percent increase expected by most analysts. The smaller increase was partly the result of major snow storms striking the central and …. Source article  : US stocks drop on weaker retail sales.

Workers of India unit of US-based firm on strike

CHENNAI – Around 500 workers of a US-based firm here Tuesday went on strike demanding pay hike and health insurance.

The agitators at the Indian plant of electronic manufacturing service provider Sanmina SCI Corporation were demanding for their pay revision and healthcare facilities under employees’ state insurance (ESI) scheme.
“Even as the prices are shooting … Read more »».