Business News – Newsletter for February 23, 2011

Wednesday, February 23, 2011

Europe-India Gateway telecom system on verge of operation

NEW DELHI – The Europe-India Gateway (EIG), said to be one of the most advanced cable submarine systems in the world, is on the verge of becoming operational with 11,300 km of its 15,000 km delivered to telecom operators.

The 16-members of the consortium responsible for overseeing the building of the cable … Read the original article on Gaea Times at : Europe-India Gateway telecom system on verge of operation.

Modern combat jets by 2020: Antony

NEW DELHI – Modern combat jets, six of which are in contention for an Indian Air Force order for 126 planes, will be inducted by 2020, even as the Soviet-era MiG-21 fleet which is the mainstay of the force will be phased out by 2017, parliament was informed Wednesday.

“Among the proposals (for the modernisation …. Read the original article : Modern combat jets by 2020: Antony.

Tax-free, revenue-surplus budget for Andhra Pradesh

HYDERABAD – Andhra Pradesh Finance Minister Anam Ramnarayan Reddy Wednesday presented a tax-free revenue-surplus budget for 2011-12 with an overall expenditure of over Rs.128,500 crore (Rs.1,285 billion).

He said in his budget speech in the assembly that the overall expenditure in fiscal 2011-12 would include Rs.809.84 billion (Rs.80,984 crore) under the non-plan and Rs.475.58 billion … Read : Tax-free, revenue-surplus budget for Andhra Pradesh.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.20 and the Reference Rate for Euro is ` 61.88 on February 23, 2011. The corresponding rates for the previous day (February 22, 2011) were ` 45.20 and ` 61.41 respectively. Based on the Reference Rate for US …. Source : RBI Reference Rate for US $ and Euro.

Sensex flat, broader markets subdued amid gloomy Asian clues

MUMBAI – A benchmark index for Indian equities markets Wednesday was ruling quiet in noon trade after shedding the modest gains of morning session. Broader markets too were dull amid weak cues from major Asian bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,233.77 points, was ruling at …. Source article on Gaea Times at : Sensex flat, broader markets subdued amid gloomy Asian clues.

RBI places Draft Guidelines on Introduction of CDS for Corporate Bonds for Public Comments

The Reserve Bank of India has, today, placed on its website, ‘draft guidelines (rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2329) on introduction of credit default swaps (CDS) for corporate bonds’ for public comments.

The draft report (www.rbi.org.in/scripts/PublicationDraftReports.aspx?ID=592) of the Internal Working Group on introduction of CDS for corporate bonds was placed on the Reserve Bank’s website … Read more »»».

Trade unions begin march in Delhi against price rise

NEW DELHI – Members of eight major trade unions and national federations of workers Wednesday began their march to Parliament House against price rise.

The protesting central trade unions and independent workers have demanded change in what they called the “indifferent and don’t care attitude” of the United Progressive Alliance (UPA) government towards …. Read the original article : here.

Unions’ protest march causes traffic snarls in Delhi

NEW DELHI – Traffic in some key areas of central Delhi and arterial roads was tied up in huge snarls after members of eight major trade unions and national federations of workers began their protest against price rise here.

“Roads leading to the New Delhi Railway Station, Ajmeri Gate, Ram Lila Maidan, Darya Ganj, …. Original article on Gaea Times at : Unions’ protest march causes traffic snarls in Delhi.

US diplomat case may affect Pakistani stock market

ISLAMABAD – The tone of the stock market in Pakistan for the next few weeks may be adversely affected due to the current sensitivity of ties between Washington and Islamabad, after a US diplomat was arrested in Lahore for shooting two Pakistani nationals, a top economic analyst has said.

Pakistani investors are worried about the [..] Read the original article: here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 23, 2011 are:

Amount (face value in ` crore)

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction
…. Original source : Liquidity Adjustment Facility : Auction Results.

Dhaka offers ten gas drilling sites to Russian firm

DHAKA – Energy-starved Bangladesh has offered a package of ten wells to Russian enterprise Gazprom after a Polish company withdrew from five wells earlier this month.

State-run oil, gas and mineral resources corporation Petrobangla has offered Gazprom the rights to drill at least 10 wells in different gas fields after the sudden withdrawal by Polish … Read this article on Gaea Times at : Dhaka offers ten gas drilling sites to Russian firm.

BlackBerry warns tougher measures would affect India’s business

TORONTO – BlackBerry maker Research In Motion (RIM), which has faced many deadlines from India for providing access to its enterprise service or encrypted emails in view of threats to the country’s national security, Tuesday said that any tough measures by New Delhi won’t help in attracting businesses or its huge outsourcing industry.

RIM, which … Read the original article on Gaea Times at : BlackBerry warns tougher measures would affect India’s business.

Spices for Indian kitchens from distant Comoros

NEW DELHI – Spices such as cloves and pepper used in Indian kitchens will soon have a flavour of Comoros, an Indian Ocean island nation located in the Mozambique Channel between northern Madagascar and Africa. India too is looking forward to exporting medicines to the tiny country of 700,000 people.

Indian businessmen have travelled to … Read more >>>.

Myanmar to privatise many state-owned properties

YANGON – Myanmar is gearing up for a major privatisation process. It has announced the auction of many state-owned properties, including land and buildings, across the country.

The Privatization Commission has set 344 state-owned enterprises and buildings to be sold. These include factories related to textile, consumers goods, electronic and electrical goods, mills, land and …. Original article : Myanmar to privatise many state-owned properties.