Business News – Newsletter for February 19, 2011
Saturday, February 19, 2011
Arcelor, partner in virtual takeover of iron-ore giant
TORONTO – With their final offer of buying the remaining common shares expiring Thursday, ArcelorMittal and Nunavut Iron Ore Acquisition have almost acquired total control of Toronto-based Baffinland Iron Mines Corporation.
In a statement Friday, the two joint owners said they now control 93 percent stake of iron-ore rich Baffinland. The over 90 percent stake … Read more : Arcelor, partner in virtual takeover of iron-ore giant.
‘Apple’s future could be uncertain without Steve Jobs’
TORONTO – Reports about the deteriorating health of cancer-stricken Apple boss Steve Jobs have fuelled speculations about the future of the world’s most important technology company.
Reports say 55-year-old Jobs, who has been admitted at the Stanford Cancer Centre in Palo Alto in California since Jan 17, has just six weeks to live.
Though the …. Source article : ‘Apple’s future could be uncertain without Steve Jobs’.
US stocks end week higher
NEW YORK – US markets ended the week higher Friday, led by gains by major companies in the Dow Jones Industrial Average.
The blue-chip Dow is at its highest level in two and a half years. The gains Friday were led by Caterpillar, Travelers and Chevron. Other major stock indices closed with only modest gains … Read this article on Gaea Times at : US stocks end week higher.
Arab stocks plunge on aftershocks from Egyptian uprising
AMMAN – Arab stock markets plummeted this week amid deepening investor concerns over a possible dive when the Egyptian stock market reopens after three weeks’ closure, financial analysts said Friday.
They also attributed the decline to growing “military and security concerns” in the region with tension escalating between Lebanon’s Hezbollah militias and Israel, and demonstrations … Read this article on Gaea Times at : Arab stocks plunge on aftershocks from Egyptian uprising.
600 medals given to 62 countries at Indipex 2011
NEW DELHI – The Department of Post Friday said 600 medals were given to 62 countries in various stamp categories as Indipex 2011, the week-long World Philatelic Exhibition, came to a conclusion.
The event saw over one lakh visitors from across the country.
India Post also organised an awards ceremony where two …. Original article on Gaea Times at : 600 medals given to 62 countries at Indipex 2011.
US doubts over India’s combat jet partner
WASHINGTON – US ambassador to India Tim Roemer has expressed doubts about the ability of Hindustan Aeronautics Limited (HAL) to partner with US companies in delivering a multi-billion dollar jet fighter contract, according to reports.
“The potential for HAL to successfully partner with US firms on a truly advanced aircraft remains untested and suspect,” Roemer … Read more >>>.
Gold consumption up by 66 percent in 2010
NEW DELHI – World Gold Council’s Indian chapter Friday reported that the country consumed 66 percent more of the precious metal in 2010 as compared to the previous year — a total of 963.1 tonnes valued at Rs.1,733.3 billion (about $38.4 billion).
WGC said the growth was primarily driven by increase in gold jewellery consumption …. Original article : Gold consumption up by 66 percent in 2010.
Reliance’s BIG FM to be first Indian radio channel in Bhutan
MUMBAI – Entering into a strategic alliance with Bhutan’s High 92.7 FM radio channel, Reliance Broadcast Network’s radio arm 92.7 BIG FM has become the first-ever Indian radio station to enter Bhutan.
Boasting a 45 city network in India, BIG FM has now extended its reach to Siliguri town of West Bengal and Bhutan, company … Original source on Gaea Times at : Reliance’s BIG FM to be first Indian radio channel in Bhutan.
Government assured us we would not be singled out: RIM
NEW DELHI – BlackBerry maker Research In Motion (RIM) Friday said it has been assured by the Indian government that it would not be singled out on policies related to “lawful access” requirement as other such service providers who use encryption will also be scrutinised.
“RIM has been assured by senior Indian government officials …. Source : Government assured us we would not be singled out: RIM.
Second 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
(Purchase [..] Read the original article: here.
91-day Treasury Bills auction: Rs.5,000 crore under regular auction
The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.5,000 crore. The auction will be conducted on February 23, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the …. Original article on Gaea Times at : 91-day Treasury Bills auction: Rs.5,000 crore under regular auction.
364-day Treasury Bills auction: Rs.3,000 crore under regular auction
The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.3,000 crore. The auction will be conducted on February 23, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the …. Original article on Gaea Times at : 364-day Treasury Bills auction: Rs.3,000 crore under regular auction.
Japanese loan for crop diversification in Himachal
SHIMLA – Japan has committed a multi-billion loan to Himachal Pradesh for crop diversification, Chief Minister Prem Kumar Dhumal said Friday.
“For implementation of the Rs.321 crore Himachal Pradesh Crop Diversification Promotion Project, an accord was signed and exchanged between the ministry of finance and the government of Japan in Delhi Thursday,” Dhumal said in … Read more »».
India-Malaysia trade to reach $15 bn by 2015 (Second Lead)
NEW DELHI/KUALA LUMPUR – India and Malaysia Friday signed an economic partnership agreement that is expected to raise bilateral trade to $15 billion by 2015, just two days after New Delhi inked a similar pact with Tokyo, consolidating India’s burgeoning economic ties with east and southeast Asia.
Indian Commerce and Industry Minister Anand Sharma signed … Read more >>.
Profit taking pulls Sensex 295 points down (Roundup)
MUMBAI – Profit booking pushed down a benchmark index for Indian equities markets 295 points lower Friday. Broader markets too were hit by the selling spree.
The markets had risen sharply Thursday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,564.08 points, closed at 18,211.52 points, down 295.3 …. Original article on Gaea Times at : Profit taking pulls Sensex 295 points down (Roundup).
Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract
1. Reserve Bank of India – Liabilities and Assets
(` crore)
Item
2010
2011
Variation
Feb. 12
Feb. 4
Feb. 11#
Week
Year
1
2
3
4
5
6
Loans and advances
Central Government
—
—
—
—
—
State Governments
806
1,075
1,985
911
1,179
2. Foreign Exchange Reserves
Variation over
Item
As on Feb. 11, 2011
Week
End-March 2010
End-December 2010
Year
`
Crore
US$
…. Original article : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.
India gets more access to Malaysian market in new pact (Lead, changing dateline)
NEW DELHI – India and Malaysia Friday signed a comprehensive economic cooperation agreement (CECA), which opens higher level of foreign direct investment (FDI) for India in key sectors.
The agreement has also set a target to increase bilateral trade to $15 billion by 2015.
Indian Commerce and Industry Minister Anand Sharma and Malaysia’s Minister …. Source : India gets more access to Malaysian market in new pact (Lead, changing dateline).
Central team touring northeast to push for grassroots governance
AIZAWL/AGARTALA – A central government team, sponsored by the union panchayati raj ministry, is touring the northeastern states to gather public opinion on devolution of governance to the grass roots level, an official said Friday.
Most parts of the mountainous northeast, comprising seven states, have been ravaged by militancy for the past several decades. Anguish, … Read more >>>.
Jail launches self-employment training for inmates
SAHARANPUR – In an attempt to make jail inmates self-employed, the prison authorities in this Uttar Oradesh city have tied up with a multi-business conglomerate for training them to manufacture incense sticks, an official said Friday.
The Saharanpur district jail administration has tied up with ITC Limited for imparting the vocational training to the prisoners.
…. Source : Jail launches self-employment training for inmates.
Consumer prices up six percent in January
NEW DELHI – Consumer prices in India rose six percent in January under the new barometer of inflation rolled out Friday to better monitor price movement in different parts of the country.
Under the new series, there are three separate indices – consumer price index (CPI) for rural, urban and combined (rural plus urban). [..] Read the original article: here.