Business News – Weekly Newsletter for February 14-21, 2011
Monday, February 21, 2011
Money Market Operations as on February 12, 2011
… Read more >>.
China is now world’s second-largest economy
BEIJING – China has become the world’s second-largest economy after the US, ending Japan’s 42-year reign in the second spot, according to Tokyo’s gross domestic product (GDP) figures released Monday.
Japan’s GDP fell 1.1 percent from a year earlier in the fourth quarter of 2010, the first contraction in five quarters, the Shanghai Daily reported …. Source article : China is now world’s second-largest economy.
Insurance regulator bracing for spat with judiciary
CHENNAI – Tasting success in the turf war with the Securities and Exchange Board of India (SEBI) last year in connection with regulating unit-linked insurance policies (ULIPs), the insurance regulator seems to be gearing up for another bout, but this time with the judiciary, say insurance industry officials.
Citing Insurance Regulatory and Development Authority’s (IRDA) … Original source on Gaea Times at : Insurance regulator bracing for spat with judiciary.
Larsen and Toubro bags Rs.1,100 crore Gujarat deal
MUMBAI – Engineering and construction major Larsen and Toubro Monday said it has bagged a Rs.1,100-crore order from the Gujarat State Electricity Corporation for setting up a 375 MW gas-based power plant in the state.
“The engineering procurement and construction order was bagged by L&T under global competitive bidding against stiff competition from domestic … Read more >>.
Wholesale price inflation eases to 8.23 percent
NEW DELHI – India’s annual inflation based on wholesale prices eased marginally to 8.23 percent in January as against 8.43 percent in the previous month, according to official data released Monday.
Prices of manufactured products, which have nearly 65 percent weight in the wholesale price index, rose 3.75 percent during January.
The … Original article on : Wholesale price inflation eases to 8.23 percent.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.50 and the Reference Rate for Euro is ` 61.63 on February 14, 2011. The corresponding rates for the previous day (February 11, 2011) were ` 45.76 and ` 62.02 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.
Sensex soars, broader markets join rally
MUMBAI – A benchmark index for Indian equities markets was ruling almost 400 points higher amid buoyant buying sentiments across the market breadth Monday. Other Asian markets too were on the rise.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,940.16 points, rose to 18,122.49 points, up 393.88 points … Read this article on Gaea Times at : Sensex soars, broader markets join rally.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on February 14, 2011 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction
(Sale of securities by RBI)
1 day Repo … Original article on : Liquidity Adjustment Facility : Auction Results.
Japanese shares up on weaker yen, US gains
TOKYO – Japanese stocks rose in Monday morning trading following a rally on Wall Street as exporters were buoyed by the yen’s fall against the dollar.
The benchmark Nikkei 225 Stock Average gained 80.78 points, or 0.76 percent, to trade at 10,686.43 while the broader Topix index was up 8.45 points, or 0.89 percent, at … Read the original article on Gaea Times at : Japanese shares up on weaker yen, US gains.
Apple working on smaller, cheaper iPhone
NEW YORK – After the unprecedented sales of its iPhone, Apple is working on a new line of cheaper iPhones which will half the size of the current iPhone 4, according to the Wall Street Journal.
The Journal reported Sunday that Apple was undertaking an overhaul of software services for the devices to accelerate sales … Read more : Apple working on smaller, cheaper iPhone.
Money Market Operations as on February 11, 2011
… Read : Money Market Operations as on February 11, 2011.
Karnataka gets Rs.4.3 bn investments in aerospace sector
Bangalore, Fe 13 (IANS) Nine Indian firms, including IT bellwether Wipro and automotive major Mahindra and Mahindra have submitted investment proposals worth Rs.4.3 billion ($94.2 million)to the Karnataka government to set up manufacturing units in the aerospace-cum-aviation sector, a senior official said Sunday.
The proposals have potential to generate about 2,000 direct skilled jobs and …. Read the original article : here.
Bangladesh’s capital market like a casino: Expert
DHAKA – Bangladesh’s volatile capital market, with the stock exchange registering fluctuations, was Sunday described as a “casino” by a prominent economist.
Rehman Sobhan, director of think tank Centre for Policy Dialogue (CPD), made this observation on a day the Dhaka Stock Exchange (DSE) lost 474 points in a recurring phenomenon, provoking investors to … Read more »»».
Aerobatic stunts, flying thrills mark AeroIndia finale
BANGALORE – Dazzling displays by fighter planes and daredevil acts by aerobatic teams marked the grand finale of South Asia’s biggest air show Sunday in this aerospace hub.
As the curtains came down on the fifth day of the AeroIndia 2011 trade expo, it was a sea of humanity at the Indian Air Force (IAF) …. Original article : Aerobatic stunts, flying thrills mark AeroIndia finale.
No violation on Swan Telecom holding, license: RCOM
MUMBAI – Reliance Communications categorically reiterated Sunday it had violated no norms, as its own and the group’s equity holding in Swan Telecom, now under probe in the 2G spectrum saga, did not exceed 9.9 percent.
The company, which offers mobile telecom under the platforms of both CDMA and GSM, said it got … Read more : No violation on Swan Telecom holding, license: RCOM.
Kiran Karnik joins Attero Recycling board
NEW DELHI – Former Nasscom president Kiran Karnik has joined venture capital funds-backed Attero Recycling, an electronic waste management firm, as its first independent director.
“I am excited to join Attero. This organisation is innovative and has many exciting plans on the anvil. It has grown consistently over the past years and I am looking …. Original source : Kiran Karnik joins Attero Recycling board.
Innovation can make India food basket of world: Scindia
NEW DELHI – A second Green Revolution, involving technical innovation, increased investment in agriculture and proper infrastructure for food processing can make India the food basket of the world, Minister of State for Commerce and Industry Jyotiraditya M. Scindia said Sunday.
Agriculture sector is critical for our economy as 60-70 percent of our population …. Source : Gaea News Network.
2G scam: Shourie to appear before CBI Feb 21
NEW DELHI – The Central Bureau of Investigation (CBI) has called senior Bharatiya Janata Party (BJP) leader Arun Shourie, who was communications minister during the NDA rule, to seek information from him on the 2G spectrum allocation scam, an official said Sunday.
“Shourie will appear before the CBI Feb 21,” the official told IANS, adding …. Original source : 2G scam: Shourie to appear before CBI Feb 21.
African farmland to Indian firms no cause for worry: UN official
NEW DELHI – A top official at UN agencies has sought to allay apprehensions among people of some African countries that propose to lease farmland to investors from countries like India to mutually secure food supplies under South-South cooperation.
UN officials also say the rich countries must play a more meaningful role in addressing concerns …. Source article : African farmland to Indian firms no cause for worry: UN official.
Now insurance on funeral expenses, job losses
CHENNAI – If you fret that your finances may dry up if handed the pink slip or how your funeral will be funded, Bharti Axa Life Insurance Company is coming out with a series of innovative products promising to address at least a part of such anxieties.
The $370-million company, a 76:26 joint venture between … Read more »»».
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 >>>.
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 »».
Kerala offers freebies for diaspora to promote tourism
THIRUVANANTHAPURAM – The huge Kerala diaspora settled across the globe can get a free holiday to their hometown if they recommend tourists to visit the state.
Titled as “Bring Home a Friend”, the latest offering from Kerala Tourism was launched Wednesday night by Tourism Minister Kodiyeri Balakrishnan.
“Keralites living abroad have to first register with … Read : Kerala offers freebies for diaspora to promote tourism.
Personal computer market grows 26 percent
NEW DELHI – The rise in the commercial demand of desktops and notebooks has led to the personal computers (PC) market in India registering a 26 percent rise in sales during the quarter ended Dec 31. The sales went up to 24.9 lakh units from 19.7 lakh units during the same period of the corresponding … Read the original article on Gaea Times at : Personal computer market grows 26 percent.
Why prevent companies from mining now: CM Raman Singh (Interview)
RAIPUR – Chhattisgarh Chief Minister Raman Singh says setting up steel and coal-based power projects will provide employment to thousands of poor families and there is no point in preventing mining now when companies have already made progress.
“A number of big steel plants are coming up in the poverty-hit Bastar region in the south … Read this article on Gaea Times at : Why prevent companies from mining now: CM Raman Singh (Interview).
Government scraps ISRO’s spectrum deal with Devas (Third Lead)
NEW DELHI – The government Thursday scrapped the controversial deal between Antrix, the commercial arm of Indian space agency ISRO, and private firm Devas on the allocation of space spectrum using S-band, high value and scarce radio waves.
“The agreement for the lease of space segment capacity on Antrix S-Band spacecraft (satellite) by Devas Multimedia … Original article on : Government scraps ISRO’s spectrum deal with Devas (Third Lead).
Honda recalls 57,853 units of ‘City’ sedan
NEW DELHI – Japaneses automobile major Honda’s Indian subsidiary Honda Siel Cars India (HSCI) Thursday said it was recalling 57,853 units of its mid-sized sedan City in the country for replacing a faulty engine part.
According to the company, the preventive replacement measures have only been taken for the newer third-generation City cars manufactured …. Original article : Honda recalls 57,853 units of ‘City’ sedan.
Honda to recall more than half a million cars
TOKYO – Japan’s Honda Motor Co is to recall 525,614 vehicles, including 167,883 in Japan, over concerns about defective engine valves, the government said Thursday.
The recall affects two car models, the Fit and the Freed, it said, which were sold overseas including to the US, China and Thailand.
In Japan, the recall was to …. Original article on Gaea Times at : Honda to recall more than half a million cars.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on February 17, 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.
Government cancels ISRO-Devas deal
NEW DELHI – The government Thursday cancelled the deal between Antrix, the commercial arm of Indian space agency ISRO, and private company Devas on the allocation of S-band spectrum.
The decision was announced by union Law Minister M. Veerappa Moily following a meeting of the cabinet committee on security.
The government is prepared … Read more »»».
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on February 17, 2011 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction
(Sale of securities by RBI)
1 day Repo Auction
… Read : Liquidity Adjustment Facility : Auction Results.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.38 and the Reference Rate for Euro is ` 61.60 on February 17, 2011. The corresponding rates for the previous day (February 15, 2011) were ` 45.45 and ` 61.43 respectively. Based on the Reference Rate for US … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.
Gujarat NRE Coke’s Australian subsidiary raises Rs.320 crore
MUMBAI – Gujarat NRE Coke Ltd Thursday said its Australian subsidiary has raised over Rs.320 crore through an institutional placement done by book building mechanism.
“The placement, which opened on Feb 16, closed on the same day. GNM (Gujarat NRE Coking Coke Ltd) raised (Australian) $72 million through the issue of 100 million fully [..] Read the original article: here.
Britain may go in for China’s high-speed bullet trains
BEIJING – Britain may either rent or buy high-speed bullet trains manufactured by a Chinese firm, an official said.
The high-speed bullet trains are produced by the CSR Corporation, China Daily Thursday quoted the 21st Century Business Herald as reporting.
Gao Hucheng, China’s international trade representative, said British Prime Minister David Cameron has showed willingness …. Source : Gaea News Network.
Food inflation falls to nine-week low
NEW DELHI – India’s annual food inflation dropped to 11.05 percent for the week ended Feb 5 — a nine-week low — as prices of essential items like pulses, and potatoes dropped, according to official data released Thursday.
The food inflation had dropped nearly four percentage points to 13.07 percent in the previous week.
… Read more : Food inflation falls to nine-week low.
Coke has no alcohol in it, says manufacturer
KUALA LUMPUR – Coca-Cola has no alcohol in it, said the firm’s manufacturer in Malaysia as it rubbished reports that the secret of the way it is prepared is out.
Coca-Cola Malaysia’s public affairs and communications director Kadri Taib said alcohol was not an ingredient and no fermentation took place during the manufacture of the …. Original article : Coke has no alcohol in it, says manufacturer.
Sensex up 122 points in noon trade
MUMBAI – A benchmark index for Indian equities markets Thursday was ruling 100 points higher a little after noon, having crept up after a weak morning session.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,345.12 points, rose to 18,423.04 points, up 122.14 points or 0.67 percent from its … Read more >>.
‘Cancer-stricken’ Apple boss Steve Jobs ‘may have just 6 weeks to live’
LONDON – A tabloid has claimed that Apple founder, Steve Jobs, is stricken with pancreatic cancer and may have just six weeks to live.
The National Enquirer has published new pictures of the man behind the iPod, iPhone and iPad suggesting that the things are worse than Apple would have the world believe.
The new photos show …. Source : ‘Cancer-stricken’ Apple boss Steve Jobs ‘may have just 6 weeks to live’.
Fog envelops Delhi, flights disrupted
NEW DELHI – Thick fog enveloped the capital Thursday morning, delaying scores of flights and leading to several being cancelled due to poor visibility conditions at the Indira Gandhi International (IGI) airport.
The minimum temperature recorded at 9.8 degrees Celsius, dipped one degree below the normal for this time of the season.
“About 10 …. Original article on Gaea Times at : Fog envelops Delhi, flights disrupted.
BlackBerry stock shoots up on Citigroup upgradation
TORONTO – Buoyed up by big gains by energy, financial and tech stocks Wednesday, the Toronto Stock Exchange (TSX) surged over 14,000 points for the first time since July 2008.
Among the major gainers was BlackBerry maker Research In Motion (RIM) which jumped 4.2 per cent to close at $67.25. There was a virtual rush …. Original article : BlackBerry stock shoots up on Citigroup upgradation.
Japanese shares up on US, European gains
TOKYO – Japanese stocks rose in Thursday morning trading as investors sentiment was boosted by overnight gains on the US and European markets.
The benchmark Nikkei 225 Stock Average added 41.28 points, or 0.38 percent, to trade at 10,849.57 while the broader Topix index was up 6.11 points, or 0.63 percent, at 973.41. …. Source : Japanese shares up on US, European gains.
Money Market Operations as on February 15, 2011
… Read more »».
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.
IOC expecting Rs.11,000 crore government subsidy
KOLKATA – Indian Oil Corporation Ltd (IOC) is expecting a government subsidy of Rs.11,000 crore to lower its debt burden which might touch Rs.60,000 crore at the end of the financial year, a top company official said Thursday.
The companys current borrowings stood at Rs.55,000 crore, which might go up to Rs.60,000 crore at the …. Original source : IOC expecting Rs.11,000 crore government subsidy.
Karnataka extends Unique ID project to all districts
BANGALORE – The Karnataka government Thursday extended the Unique Identification (UID) number project Aadhaar to the remaining 28 districts of the state following its successful implementation in Tumkur and Mysore districts.
The cabinet has decided to implement Aadhaar in all districts to ensure every citizen residing across the state has a UID number, which will …. Source article on Gaea Times at : Karnataka extends Unique ID project to all districts.
Infosys accounts for 18 percent of Kerala’s IT exports
THIRUVANANTHAPURAM – Infosys operations in the Technopark campus here accounted for exports worth Rs.427.79 crore, contributing to 18 percent of the states IT exports for the fiscal year ended 2010, the IT major said in a statement.
The statement was issued soon after Kerala Chief Minister V.S. Achuthanandan inaugurated the IT giant’s new block at … Original source on Gaea Times at : Infosys accounts for 18 percent of Kerala’s IT exports.
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.
Imported edible oils find growing market in India
NEW DELHI – Increasing health consciousness among Indian consumers, aided by growing purchasing power, has led to a spurt in the use of premium imported edible oils like olive and rapeseed and a number of foreign companies are vying with one another to tap the large market.
“There are two main factors which have led … Read more : Imported edible oils find growing market in India.
Bangladesh registers 40 percent hike in apparel exports
DHAKA – Bangladesh has registered a 40 percent hike in its apparel exports in the last six months, with increased exports to India and new markets wrested from global leader China.
With many importers switching from China, Bangladesh has new destinations such as Japan, South Africa, Canada, Australia, New Zealand and some Latin American countries, … Original article on : Bangladesh registers 40 percent hike in apparel exports.
Bangladesh to import Indian jute seeds
DHAKA – Bangladesh will get about 3,500 tonnes of the tosha variety of jute seeds from India to augment its production and may import more to meet the rising demand of jute products.
Named JRO-524, the seeds will be imported as a private sector initiative with the government processing the applications from 840 seed traders, …. Source : Bangladesh to import Indian jute seeds.
A Kashmir store that pickles your imagination
SRINAGAR – For long, mango pickles have adorned the Indian platter, working as the perfect taste enhancer. But ever tasted peach or strawberry pickle? Or the more exotic fish or mutton varieties? Head to Kashmir’s Sanoo Kashmiri Pickles to savour these interesting assortments.
Lotus stem, knolkhol, mango, citrus fruits, cabbage, carrot, radish, apple, apricot, cherry, …. Original article : A Kashmir store that pickles your imagination.
Housing turns into costly affair in China
BEIJING – Buying a home in China is now becoming a costly affair for people, as prices of houses are rising with each passing year in many Chinese cities.
The cost of new homes rose more than 10 percent year-on-year in 10 of the 70 cities monitored across China, the Shanghai Daily reported citing the …. Read the original article : here.
U.S. Polo Assn opens first outlet in Delhi
NEW DELHI – U.S. Polo Assn, a retail brand owned by the governing body of the sport of polo in the US, opened its first independent outlet in India’s capital, a statement said Saturday.
The brand is looking at expanding its footprint by opening several retail stores across the country, the firm said in a … Read more »».
Event to popularise Khadi to be held in Delhi
NEW DELHI – Around 1,000 participants from across India will join in a three-day programme here, including a mass spinning programme, from Tuesday intended to bring Khadi into public discourse and to save it from possible extinction, officials said Saturday.
The programme of ‘Charkha Yoga’ is being organised by the Gandhi Smriti and Darshan Samiti … Read more : Event to popularise Khadi to be held in Delhi.
Sarkozy hails growth of UAE’s economy
Abu Dhabi, Feb 19 (IANS/WAM) Describing the economy of the United Arab Emirates (UAE) as “dynamic, diversified and liberal”, French President Nicolas Sarkozy has said the ambitious policy adopted by the UAE in recent years has reflected on the growth of its national economy.
Sarkozy said French companies were aware about the strength of the … Read : Sarkozy hails growth of UAE’s economy.
NDMC launches disaster management centre
NEW DELHI – The New Delhi Municipal Council (NDMC) Saturday launched its maiden disaster management centre – the fourth such facility in the city – which would provide emergency help during man-made or natural calamities.
The centre at Humayun Road in central Delhi was inaugurated by Delhi Chief Minister Sheila Dikshit. It will be run …. Original source : NDMC launches disaster management centre.
FICCI ties up with Delhi agency to promote mediation
NEW DELHI – With crores of rupees locked up in commercial disputes, the Federation of Indian Chambers of Commerce and Industry (FICCI) Saturday said that it has teamed up with the Delhi Dispute Resolution Society (DDRS) to popularise mediation.
The tie-up is aimed at creating awareness among corporations so that they opt for mediation …. Source : Gaea News Network.
Tamil Nadu’s three new SEZs eye Rs.3,400 crore investments
CHENNAI – Tamil Nadu Chief Minister M. Karunanidhi Saturday said here that the three information technology special economic zones (IT-SEZs) set up in the state would attract an investment of Rs.3,400 crore (around $750 million) and create 90,000 jobs in the next five years.
Inaugurating two IT-SEZs in Madurai district and one in Tirunelveli district … Read more >>>.
Haryana to regularise over 1,000 colonies
CHANDIGARH – Over 1,000 illegal colonies in urban areas across Haryana will be regularised and all basic amenities would be provided to their residents, a state minister said here Saturday.
Urban Local Bodies Minister Gopal Kanda said that all illegal colonies in and around several towns of the state would soon be regularised.
Many of … Original source on Gaea Times at : Haryana to regularise over 1,000 colonies.
World urged to show commitment to poor countries
NEW DELHI – A day after India announced a $500-million aid package for the Least Developed Countries (LDCs), the global community was Saturday urged to show its political commitment in addressing extreme poverty and other developmental challenges of such nations.
Issuing a joint statement at the end of the two-day India-Least Developed Countries ministerial conference, …. Original source : World urged to show commitment to poor countries.
Sensex snaps 3-week losing streak, gains 483 points (Weekly market review)
MUMBAI – A benchmark index for Indian equities markets rebounded nearly three percent in the weekly trade, snapping three consecutive weeks of losses, as inflation moderates and investors take fresh position ahead of the Union Budget.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 18,211.52 points, up … Read more >>.
Late selling pulls Sensex 267 points down Lead)
MUMBAI – Late selling pushed down a benchmark index for Indian equities markets Friday, which closed 267 points lower than its previous close. Broader markets slipped down too.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,564.08 points, closed at 18,238.97 points (provisional), down 267.85 points or 1.45 … Read more »».