Business News – Newsletter for February 26, 2011

Saturday, February 26, 2011

Sensex slips under rate hike fears, Middle East tensions (Weekly market review)

MUMBAI – It was a bad week for Indian equities markets with investors choosing to offload stocks as another round of monetary tightening by the country’s central bank loomed and oil prices rose as tensions in the Middle East and Libya continued.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended …. Read the original article : here.

Indian companies discuss nuclear MoUs with Canada

OTTAWA – As India and Canada resume nuclear ties after 36 years, Indian companies discussed MoUs with their Canadian counterparts at the Nuclear Industry Conference and Trade Show which ended here Friday.

The annual three-day trade show was organized by the Canadian Nuclear Association, a representative body of Canadian nuclear companies.
An Indian delegation led …. Original article on Gaea Times at : Indian companies discuss nuclear MoUs with Canada.

Showers, hail hit potato crop in Agra

AGRA – Showers accompanied with hail in some areas lashed Agra district early Saturday morning, leaving farmers in this potato belt worried for the crop as it could be affected with diseases and yield poor quality.

The region around Agra produces more than 30 percent of the country’s total potato yield.
“We have had … Original source on Gaea Times at : Showers, hail hit potato crop in Agra.

Canadian dollar at three-year high

TORONTO – The Canadian dollar Friday rose to its highest level against the US greenback in three years as the Toronto Stock Exchange surged with investors returning after oil prices stabilized on Saudi assurance to rase production.

The Canadian currency, which has been above parity against the US dollar, gained 0.47 cents to close at [..] Read the original article: here.

US plans to boost defence, economic ties with India

WASHINGTON – The US plans to boost its ties with India in two key areas of defence and economic partnership as a follow up to President Barack Obama’s November visit to India, according to a senior administration official.

The United States plans to capitalise on the opportunities offered by the “notable results of the President’s … Read the original article on Gaea Times at : US plans to boost defence, economic ties with India.

End-of-week rally for US stocks

NEW YORK – US stocks rallied Friday, curbing some of the losses earlier this week from surging oil prices provoked by the ongoing unrest in Libya.

Friday’s gains on Wall Street were spearheaded by another unexpected rise in US consumer confidence, the backbone of the world’s largest economy.
A gauge of confidence from the University …. Source article on Gaea Times at : End-of-week rally for US stocks.

US announces sanctions on Libya, EU mulls action

WASHINGTON – The US has announced it will impose sanctions against Libya, as part of measures designed to loosen Muammar Gaddafi’s grip on power, while the EU said it was mulling restrictive measures including travel bans and enforcement of a no-fly zone in the north African country.

As the US embassy in Libya suspended its … Read : US announces sanctions on Libya, EU mulls action.

Anti-collision devices to cover 8 rail zones: Mamata

NEW DELHI – Anti-collision devices (ACD) will be implemented in eight of the country’s 17 zonal railways to improve the safety of rail passengers, Railway Minister Mamata Banerjee said Friday.

“In my first tenure, I had approved the introduction of Anti Collision Device (ACD). After ten years I find that it has been implemented only … Original article on : Anti-collision devices to cover 8 rail zones: Mamata.

Rail Budget is pro-people, says Mamata

NEW DELHI – Railway Minister Mamata Banerjee refuting allegations that her budget was populist or West Bengal-oriented, on Friday said she had kept the interest of the country in mind and given projects to every region.

“Their government (in West Bengal) is bankrupt. It has Rs. two-lakh crore … Read the original article on Gaea Times at : Rail Budget is pro-people, says Mamata.

India assures Iran of early payments, keen to sign DTAA, BIPA

NEW DELHI – Union Finance Minister Pranab Mukherjee has assured Iran that India would like to make the payment due to Iran as expeditiously as possible especially on account of oil and oil products.

Speaking at a bilateral meeting with his Iranian counterparts Dr. Seyyed Shamseddin Hooseini here, … Original article on : India assures Iran of early payments, keen to sign DTAA, BIPA.

West Bengal’s industry welcomes railway budget

KOLKATA – Hailing the budget presented by Railway Minister Mamata Banerjee Friday for not increasing freight and passenger fares, West Bengal’s industrialists said it was ideal for helping in overall development of industry.

RPG Group Vice-Chairman Sanjiv Goenka said: The minister certainly deserves our thanks for courageously withstanding the ever-increasing pressure on costs and finding …. Source : West Bengal’s industry welcomes railway budget.

Mamata Banerjee’s largesse for Maharashtra

MUMBAI – Maharashtra and Mumbai have benefited substantially from Railway Minister Mamata Banerjees budget Friday that has proposed new services both in the suburban and long-distance sectors.

On the Central Railway and Western Railway, nine new trains have been announced:
1. Tirupati-Amravati Express (bi-weekly) via Akola, Nizamabad, Gooty, Dharmavaram.
2. Nagpur-Kolhapur Express (bi-weekly) via …. Original article on Gaea Times at : Mamata Banerjee’s largesse for Maharashtra.

West Bengal welcomes Mamata’s rail budget

KOLKATA – The people of West Bengal Friday welcomed Railway Minister Mamata Banerjee’s budget but wondered if the projects would actually take off.

“We are happy with the rail budget. Many trains have been given to Bengal. Many projects have been proposed in this budget just like other budgets, but it was limited to stone …. Source : West Bengal welcomes Mamata’s rail budget.

Become approver, Shourie tells Raja (Second Lead)

NEW DELHI – Former communications minister Arun Shourie Friday asked his disgraced predecessor A. Raja to become an approver in the spectrum allocation scam.

“Raja should become an approver … and spill the beans,” Shourie told reporters after spending some three hours with officials at Central Bureau of Investigation (CBI) office here.
Shourie accused Raja … Original article on : Become approver, Shourie tells Raja (Second Lead).

India expected to become second largest steel producing nation

NEW DELHI – Minister of State for Steel Beni Prasad Verma on Friday said that with a targeted production capacity of 120 million tonnes by 2012, India is expected to become the second largest steel producing nation very soon.

Addressing at the ‘Indian Steel: Moving to the Next Orbit’ …. Original article on Gaea Times at : India expected to become second largest steel producing nation.

Omar wants Jammu-Srinagar road to be four-laned

JAMMU – Jammu and Kashmir Chief Minister Omar Abdullah wants the 294-km Jammu-Srinagar turned into a four-lane road at the earliest.

“I want a time frame for the completion of the project,” an official spokesman quoted the chief minister as saying at a meeting with senior officials Friday.
The highway is the only road …. Original source : Omar wants Jammu-Srinagar road to be four-laned.