Business News – Newsletter for February 18, 2011

Friday, February 18, 2011

Akbar Padamsee to lead Sotheby’s Asian art sale

NEW DELHI – British auction house Sotheby’s sale of Indian and Southeast Asian art in New York March 25 will be led by an important art work by artist Akbar Padamsee.

Padamsee’s art work, “Untitled (Reclining Nude)”, is one of the highlights of Sotheby’s Asia Week series of auctions in New York, carrying an estimated …. Original article on Gaea Times at : Akbar Padamsee to lead Sotheby’s Asian art sale.

Decision on JPC soon as budget session begins Monday

NEW DELHI – Ahead of the budget session beginning Monday, Parliamentary Affairs Minister Pawan Kumar Bansal said Friday that a decision on forming a Joint Parliamentary Committee (JPC) to probe the irregularities in 2G spectrum allocation will be taken in a few days.

“A decision on a JPC will be taken in the next … Read more : Decision on JPC soon as budget session begins Monday.

Malaysia and India sign trade agreement

KUALA LUMPUR – Malaysia and India Friday inked a trade agreement expected to boost annual bilateral trade to $15 billion by 2015.

The pact, due to come into force July 1, was signed by Indian Commerce and Industry Minister Anand Sharma and his Malaysian counterpart, Mustapa Mohamed, in Malaysia’s administrative capital, Putrajaya.
The agreement is …. Original article : Malaysia and India sign trade agreement.

‘Charges against Muhammad Yunus politically motivated’

DHAKA – Eminent people from across the world have formed Friends of Grameen, vowing to protect the micro-credit pioneer and Nobel laureate Muhammad Yunus from politically orchestrated attacks.

Over 50 charities and public figures, including former World Bank president James Wolfensohn, former chief justice of India J.S. Verma and French-born American actress Yeardley Smith …. Original article on Gaea Times at : ‘Charges against Muhammad Yunus politically motivated’.

Panel to resolve grievances of Air India employees

NEW DELHI – Civil Aviation Minister Vayalar Ravi Friday said a committee would soon be constituted to resolve the grievances of national carrier Air India’s employees.

“We have formed a mechanism under which we will have a committee which will look into the various issues of the unions, which includes wage parity,” Ravi told reporters …. Original article : Panel to resolve grievances of Air India employees.

Sun TV denies rumours of top level changes

CHENNAI – Even as the media world is agog with rumours of top level changes at Sun TV Network Ltd with its Chief Executive Officer Ajay Vidyasagar putting in his papers, a company official denied any such development.

“Vidyasagar is on leave and the company has not received any resignation letter from him. He is …. Source article on Gaea Times at : Sun TV denies rumours of top level changes.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.18 and the Reference Rate for Euro is ` 61.43 on February 18, 2011. The corresponding rates for the previous day (February 17, 2011) were ` 45.38 and ` 61.60 respectively. Based on the Reference Rate for … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.

Nepal business group plans 30 hotels in Asia

KATHMANDU – One of Nepal’s oldest and best known industrial houses has targeted neighbour India for rapid expansion in the hospitality industry, planning to build and run 30 hotels in Asia in the next five years, of which at least four will be in India.

The Chaudhary Group (CG), a family-run conglomerate with interests as … Read more : Nepal business group plans 30 hotels in Asia.

India announces $500 mn aid for Least Developed Countries

NEW DELHI – Underlining its commitment to South-South cooperation, India Friday announced another $500 million aid for a host of projects in Least Developed Countries (LDCs) and offered to share its developmental experience with them.

“Today, as the world’s largest democracy, which supports fundamental human rights and human freedoms, we are proud of the …. Original article : India announces $500 mn aid for Least Developed Countries.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 18, 2011 are:

Amount (face value in ` crore)

Item

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

3 days Repo Auction
…. Source : Liquidity Adjustment Facility : Auction Results.

US trade chamber seeks India’s retail opening

WASHINGTON – Seeking opening of India’s retail sector, the US India Business Council (USIBC) has set up a sub-committee to focus on leveraging the combined resources of the retail supply chain.

The newly formed sub-committee will promote retail trade focused on the consumer products categories of health & beauty, personal care, household and food products, …. Read the original article : US trade chamber seeks India’s retail opening.

Poor paddy procurement adds to Bihar farmers’ woes

PATNA – Surinder Mahato is a worried man. A small farmer on the outskirts of Bihar’s capital Patna, he laboured throughout last year’s drought to ensure that his farm’s output of rice was not affected. But he now stares in distress at the stacks of paddy lying in his hut.

“I am waiting to sell …. Original article on Gaea Times at : Poor paddy procurement adds to Bihar farmers’ woes.

Bombardier aircraft sales slip 19 percent

TORONTO – Metro and aircraft maker Bombardier Thursday reported an almost one-fifth drop in its aircraft sales in the fiscal year ending Jan 31 as compared to the last year.

The world’s third largest aircraft maker said it delivered 244 aircraft in the fiscal year as compared to 302 during the previous year – down … Read : Bombardier aircraft sales slip 19 percent.

Money Market Operations as on February 17, 2011

… Read the original article on Gaea Times at : Money Market Operations as on February 17, 2011.

Japanese shares mixed on profit-taking

TOKYO – Japanese stocks were mixed in Friday morning trading as investors sold shares to lock in quick profits after recent gains.

The benchmark Nikkei 225 Stock Average added 2.55 points, or 0.02 percent, to trade at 10,839.19, after the Nikkei climbed Thursday to nearly a 10-month closing high.
The broader Topix index was down … Original article on : Japanese shares mixed on profit-taking.

US stocks climb with better economic data

NEW YORK – US stocks gained slightly Thursday as some stronger economic data overshadowed a higher-than-expected rise in the cost of living.

The private Conference Board said its index of economic indicators rose for the seventh straight month, while a gauge of business activity from the US central bank’s Philadelphia division also rose more than …. Read the original article : here.

Chhattisgarh to pump in Rs.17,000 cr in power sector

RAIPUR – Chhattisgarh government-run power companies will pump in Rs.17,000 crore in the state over the next three years to increase power production and also improve the power transmission and distribution infrastructure, Governor Shekhar Dutt told the state assembly Thursday.

“State government-run power companies in Chhattisgarh would invest Rs.17,000 crore over the next three years, …. Source : Gaea News Network.