Business News – Newsletter for February 24, 2011

Thursday, February 24, 2011

Food inflation rises to 11.49 percent

NEW DELHI – India’s annual food inflation rose to 11.49 percent for the week ended Feb 12, according to official data released Thursday.

The data showed that the food inflation has marginally increased 0.44 percentage points from 11.05 percent recorded in the previous week.
The annual inflation based on wholesale prices was 8.23 percent in … Original source on Gaea Times at : Food inflation rises to 11.49 percent.

Plachimada Tribunal Bill passed in Kerala assembly

THIRUVANANTHAPURAM – A bill seeking compensation from soft drink giant Coca Cola for the losses its Kerala plant caused to the people living nearby was passed in the state assembly Thursday.

The bill became a reality following the recommendation made by the Jayakumar committee to set up a tribunal.
The tribunal will consist of …. Original article : Plachimada Tribunal Bill passed in Kerala assembly.

Businesses cautious over Arab world unrest

NEW DELHI – Businesses are getting cautious across the Middle East and not taking major investment decisions as many believe the political uprisings like in Egypt, Tunisia, Yemen, Libya and Bahrain may alter the strategic balance in the restive region.

What is happening in Bahrain is, of course, affecting the business sentiments in other countries … Read the original article on Gaea Times at : Businesses cautious over Arab world unrest.

Vayalar Ravi issues fresh directives for airport security

NEW DELHI – Fresh directives have been issued to all airport operators in the country to install sophisticated devices to shore up security at domestic and international airports, Civil Aviation Minister Vayalar Ravi has informed the Lok Sabha.

“The Ministry of Civil Aviation (MoCA) has issued the directions to all airport operators to …. Original source : Vayalar Ravi issues fresh directives for airport security.

Scams should not cloud telecom growth: PM

NEW DELHI – Scams should not cloud the tremendous growth in the telecom sphere in the country, Prime Minister Manmohan Singh said Thursday, adding there was nothing wrong in the present telecom policy of not auctioning telephony spectrums.

“People talk of scams. And if there is a scam, it must be dealt with but …. Original article on Gaea Times at : Scams should not cloud telecom growth: PM.

One with opposition on black money issue: PM

NEW DELHI – Prime Minister Manmohan Singh said Thursday his government shared the opposition’s views on getting back the black money stashed by some Indians in foreign banks.

We are one with the opposition that everything should be done to bring back black money stashed abroad, Manmohan Singh told the Lok Sabha while replying to … Original source on Gaea Times at : One with opposition on black money issue: PM.

Government to provide up to 100,000 jobs in Kashmir: PM

NEW DELHI – Prime Minister Manmohan Singh Thursday said his government was working to provide 50,000-100,000 jobs to the youths of troubled Jammu and Kashmir. This, he added, would change their “mental makeup and mindset”.

“We will do everything to strengthen the hands of the state government to provide a fairer deal to the youths …. Original article : Government to provide up to 100,000 jobs in Kashmir: PM.

Srinagar-Jammu highway closed due to landslides

SRINAGAR – The strategic Srinagar-Jammu national highway Thursday was closed for vehicular traffic due to landslides at some places and slippery road conditions.

“We cleared the stranded vehicles on the highway yesterday (Wednesday) evening,” G.M. Wadoo, superintendent of police traffic (Rural), told IANS here.
“The highway has been closed for vehicular traffic today (Thursday) because …. Source : Srinagar-Jammu highway closed due to landslides.

Indian bank clocks 120 percent growth in Trinidad and Tobago

Port-of-SPAIN – India’s Bank of Baroda has recorded a whopping 120 percent growth in credit in Trinidad and Tobago.

The bank also recorded a 75 percent growth in total business in a matter of ten months of the current financial year, Yesh Pal Chhabra, managing director, told IANS.
Chhabra, who took over the reins of … Read the original article on Gaea Times at : Indian bank clocks 120 percent growth in Trinidad and Tobago.

Problems exist, but look at telecom growth: PM

NEW DELHI – Telecom growth should not be overlooked, Prime Minister Manmohan Singh, under attack for alleged irregularities in the 2G spectrum allocation, said Thursday while stressing that “if there is a scam, it must be dealt with”.

“People talk of scams. And if there is a scam, it must be dealt with but … Read more »»».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.37 and the Reference Rate for Euro is ` 62.39 on February 24, 2011. The corresponding rates for the previous day (February 23, 2011) were ` 45.20 and ` 61.88 respectively. Based on the Reference Rate for US …. Source : RBI Reference Rate for US $ and Euro.

Inflation will be controlled by March: PM

NEW DELHI – Prime Minister Manmohan Singh Thursday said the “government stands committed” to curbing the inflation.

“By the end of this fiscal year, inflation will be controlled. I expect the situation to improve,” Manmohan Singh told the Lok Sabha, replying to a debate on the motion of thanks to the president’s address.
… Read more >>>.

Power producer starts first supercritical tech unit

RAIPUR – India’s largest power producer NTPC Ltd has commissioned its first supercritical technology-based unit at Sipat in Chhattisgarh, an official said Thursday.

“The 660 MW coal-fired unit was synchronized with grid Feb 18 at Sipat, it is the first supercritical technology based unit of the NTPC in India,” the company official told IANS.
Sipat … Original article on : Power producer starts first supercritical tech unit.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 24, 2011 are:

Amount (face value in ` crore)

Item

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

1 day Repo Auction
…. Source article : Liquidity Adjustment Facility : Auction Results.

Emerging economies spur global recovery: IMF

WASHINGTON – The global economic recovery is advancing with strong growth in key emerging economies – China, India, Indonesia and Turkey – and growing intra-regional trade, particularly in Asia, offsetting weaker demand from advanced economies, according to the International Monetary Fund (IMF).

The pace of recovery is, however, uneven, the IMF said in a report … Read more »»».

US firm to set nuclear power equipment plant in Andhra

HYDERABAD – The US-based Brighton Equipment Corporation will set up a Rs.2,900 crore nuclear power equipment plant in Andhra Pradesh.

A memorandum of understanding (MoU) for setting up the plant was signed here Wednesday night by the US firm and the state government officials.
The mega plant, which will come up at Nakkapally Village of … Original source on Gaea Times at : US firm to set nuclear power equipment plant in Andhra.