Business News – Weekly Newsletter for February 21-28, 2011

RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals

The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to … Read this article on Gaea Times at : RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals.

RBI and 926 branches of Banks to accept Advance Income Tax

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, … Read this article on Gaea Times at : RBI and 926 branches of Banks to accept Advance Income Tax.

Reforms will top government’s agenda, says President

NEW DELHI – Drawing comfort from the high growth of the Indian economy despite the global meltdown, President Pratibha Patil Monday promised to hasten the reforms process with specific emphasis on not just attracting domestic and overseas capital into key areas but also to advance social inclusion.

“The policies we followed to handle the global …. Original article  : Reforms will top government’s agenda, says President.

Infrastructure development to get top priority: Patil

NEW DELHI – India’s economic and social development depends on how fast infrastructure is ramped up, President Pratibha Patil said here Monday.

The government has accorded infrastructure development the highest priority and allocated for it Rs.20 lakh crore in the Eleventh Five Year Plan, which ends March 2012. In the subsequent five-year plan, the government …. Source  : Gaea News Network.

Gandhi family has black money in Swiss banks: Jethmalani

NEW DELHI – Veteran lawyer and Bhartiya Janata Party (BJP) MP Ram Jethmalani Monday said that he believed that the Gandhi family has black money stashed in Swiss bank accounts.

I believe that the Gandhi family has money stashed in Swiss banks, Jethmalani told reporters outside parliament.
Swiss magazines have written, even Kent books …. Source article on Gaea Times at  : Gandhi family has black money in Swiss banks: Jethmalani.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.11 and the Reference Rate for Euro is ` 61.70 on February 21, 2011. The corresponding rates for the previous day (February 18, 2011) were ` 45.18 and ` 61.43 respectively. Based on the Reference Rate for …. Source article  : RBI Reference Rate for US $ and Euro.

Sensex still weak, broader markets in red

MUMBAI – A benchmark index for Indian equities markets Monday continued to rule flat, while broader markets saw greater selling.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.54 points, was ruling at 18,161.07 points, down 50.45 points or 0.28 percent from its previous close at 18,211.52 points.
The … Read more »»».

Black money issue will be tackled: President

NEW DELHI – The central government is concerned about the ill effects of black money and stands committed to tackling the problem, President Pratibha Patil told parliament here Monday.

“The issue of black money has attracted a lot of attention in the recent past, especially that allegedly stashed away in foreign banks. The government …. Original article on Gaea Times at  : Black money issue will be tackled: President.

States being consulted on food security bill: President

NEW DELHI – President Pratibha Patil Monday said states were being consulted on the proposed food security bill as its success critically depends on their commitment to reforms in the public distribution system (PDS).

I had announced earlier my government’s commitment to bring forward a food security law that will entitle statutorily every family, …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 21, 2011 are:

Amount (face value in ` crore)                            

Item

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

1 day Repo Auction 
… Read more : Liquidity Adjustment Facility : Auction Results.

Government deeply concerned about inflation: Patil

NEW DELHI – The United Progressive Alliance government is deeply concerned over the effect of inflation on the common man and the threat it poses to the growth of the economy, President Pratibha Patil said here Monday.

My government is deeply concerned over the adverse impact of inflation on the aam aadmi and the threat …. Source  : Gaea News Network.

Have to maintain momentum on reforms: President

NEW DELHI – India has to maintain momentum on reforms and encourage more investment in the economy, President Pratibha Patil said here Monday.

We have to maintain the momentum for reforms on a wide front, Patil said in her address to the joint session of parliament, marking the start of the budget session.
She patted … Read more : Have to maintain momentum on reforms: President.

Chinese firm offers phone network for London subway commuters

LONDON – A Chinese company has offered to install a phone network estimated to cost 50 million pounds for subway commuters here as a gift before the 2012 Olympics.

According to Daily Mail Sunday, London Mayor Boris Johnson is backing the idea but security chiefs fear the move could increase the risk of terrorism.
“In … Read the original article on Gaea Times at : Chinese firm offers phone network for London subway commuters.

Japanese shares fall on profit-taking, yen’s rise

TOKYO – Japanese stocks declined in Monday morning trading as investors sold shares to lock in quick profits after recent gains and as exporters were hurt by the yen’s rise against the dollar.

The benchmark Nikkei 225 Stock Average lost 38.71 points, or 0.36 percent, to trade at 10,804.09 while the broader Topix index …. Original article  : Japanese shares fall on profit-taking, yen’s rise.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Monday was flat in in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.54 points, was ruling at 18,216.96 points, up 5.44 points or 0.03 percent from its previous close at 18,211.52 points.
The 50-scrip S&P CNX Nifty … Read more : Sensex flat in early trade.

Money Market Operations as on February 18, 2011

… Original article on : Money Market Operations as on February 18, 2011.

Ahmadinejad presents $180 bn budget

TEHRAN – Iranian President Mahmoud Ahmadinejad Sunday presented a 1,769-trillion-rial ($180 billion) budget for the 2011-12 fiscal starting March 21.

He submitted the budget Bill at the opening session of the Majlis, the Iranian parliament, IRNA reported.
The budget for the fiscal encompasses measures that give Ahmadinejad the mandate to promote his major economic … Read the original article on Gaea Times at : Ahmadinejad presents $180 bn budget.

Mumbai gets its first air-conditioned bus stand

MUMBAI – Maharashtra’s first fully air-conditioned bus stand, resembling an airport lounge, was Sunday inaugurated in the Dadar east area here by Chief Minister Prithviraj Chavan.

Chavan, who also holds the transport portfolio, complimented the Maharashtra State Road Transport Corporation (MSRTC) for the project and said that depending on passenger volumes, all bus stands in … Read : Mumbai gets its first air-conditioned bus stand.

IT, BPO complex project in Kerala’s Infopark kicks off

KOCHI – The foundation stone for the first IT/BPO complex, intended to create cost-effective infrastructure for the industry in Kerala’s Infopark Phase-II, was laid Sunday.

Chief Minister V.S.Achuthanandan, who was to take part in the inauguration, read out his speech from the guest house as he was not well and it was transmitted live …. Source  : IT, BPO complex project in Kerala’s Infopark kicks off.

Foreign funds inflow slackens even as markets gain

MUMBAI – Foreign funds were aloof during the trading week at Indian equities markets which ended Friday, even as stocks rose significantly for the first time in three weeks.

Foreign institutional investors (FIIs) were net buyers of equities to the tune of $12.4 million, according to data available with the Securities and Exchange Board …. Original source  : Foreign funds inflow slackens even as markets gain.

SIDBI to launch Rs 1,000 crore venture capital fund

KOLKATA – Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore ($220 million) to provide loans to small and medium enterprises (SME) sector, a top official of the bank said Tuesday.

“We are in the process of launching the venture capital fund to provide loan to the SME …. Source  : Gaea News Network.

Idea Cellular stock falls 4.52 percent

NEW DELHI – Telecom service provider Idea Cellular’s stock fell 4.52 percent in intra-day trade Tuesday following reports that the company’s licenses in six circles could be cancelled as an enquiry by the Department of Telecom (DoT) had found that the company violated merger and acquisition norms.

The reports also said Idea could …. Original article on Gaea Times at  : Idea Cellular stock falls 4.52 percent.

UN ready to remove 19 Indian vendors from blacklist

NEW DELHI – The UN is ready to reinstate the 19 Indian firms suspended from bidding for its multi-billion dollar contracts since 2008, including Satyam Computer and the Tata group, as some of them suit the requirements best, a top official has said.

“I don’t think any Indian company has applied for reinstatement. But we … Read the original article on Gaea Times at : UN ready to remove 19 Indian vendors from blacklist.

India to train Lesotho police

NEW DELHI – India and Lesotho, the small landlocked kingdom surrounded by South Africa, have a “very profitable partnership” that covers a variety of sectors from cooperation in defence and security to capacity building to tech connectivity, says Lesotho’s Foreign Minister Mohlabi Tsekoa. And after training its defence forces, India will soon start training its …. Read the original article  : India to train Lesotho police.

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 ` 61.41 on February 22, 2011. The corresponding rates for the previous day (February 21, 2011) were ` 45.11 and ` 61.70 respectively. Based on the Reference Rate for US …. Source article  : RBI Reference Rate for US $ and Euro.

What happened to Bhopal’s housing scheme, ask NRIs

BHOPAL – A two-decade-old housing scheme in Bhopal for non-resident Indians (NRIs) has got enmeshed in red tape, with the government even giving the allocated land to others, claims a group of Indian expatriates.

Out of 180 NRIs who applied for the scheme – mostly in the Middle East and some in the US – … Read more : What happened to Bhopal’s housing scheme, ask NRIs.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 22, 2011 are:

Amount (face value in ` crore)                            

Item

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

1 day Repo Auction  … Read this article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Markets in dump as crude oil spike jitters global bourses

MUMBAI – Indian equities markets Tuesday were ruling weak as the global prices of crude spiked following protests in Libya and Bahrain, making traders nervous and resulting in a selling spree in some markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,390.72 points, was ruling at 18,405.65 points, … Read more »»».

Rocket failure: Russian, Indian scientists differ on cause

CHENNAI – The mystery over the mid-air crashing of an Indian rocket in December continues with officials of the Indian space agency and experts from Russia, which supplied the cryogenic engine, differing on the possible cause of the rocket’s failure.

The Russians have pointed their fingers at the rocket’s bigger heat shield (4 metre) as [..] Read the original article: here.

Japanese shares plunge on Libya turmoil

TOKYO – Japanese stocks dropped nearly two percent in Tuesday morning trading as investor sentiment was hurt by turmoil in Libya.

The benchmark Nikkei 225 Stock Average lost 213.15 points, or 1.96 percent, to trade at 10,644.38 while the broader Topix index was down 17.46 points, or 1.79 percent, at 957.17.
Intensifying … Read the original article on Gaea Times at : Japanese shares plunge on Libya turmoil.

Money Market Operations as on February 21, 2011

…. Source article  : Money Market Operations as on February 21, 2011.

UAE advocates free trade

Paris, Feb 21 (IANS/WAM) The United Arab Emirates has advocated a free trade policy in the world, saying it can create economic opportunity for millions of people in developing economies, and thus “contribute to global peace and stability”.

UAE Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan said this while commenting on his country’s participation …. Source article on Gaea Times at  : UAE advocates free trade.

Electronics development fund to promote innovation soon: Official

BANGALORE – The central government is in the process of setting up an electronics development fund to promote innovation, research and development (R&D), intellectual property (IP) and manufacturing in the electronics sector, a senior official said Monday.

“The government is in the process of formulating major initiatives, including setting up an electronics development fund (EDF) … Read more »»».

Apollo eyeing investments in Africa

KOLKATA – Asia’s largest chain of hospitals, Apollo Group is looking at business opportunities in Nigeria and Uganda, a senior company official said here Monday.

“The capital we have right now is India focused. We have India as the first priority. But if we get phenomenal opportunities then we would surely invest in the African …. Read the original article  : here.

Government working to create more jobs: Anand Sharma

NEW DELHI – India has sustained economic growth of 8-9 percent and the government is working to further improve economic growth and create more jobs, Commerce and Industry Minister Anand Sharma said Monday.

“We are working on to build India the manufacturing capital of the world so that more and more jobs can be …. Source article on Gaea Times at  : Government working to create more jobs: Anand Sharma.

Liquor to cost more in Haryana

CHANDIGARH – Announcing a marginal increase in the retail price of liquor, the Haryana government Monday said it will grant licences for pubs in Gurgaon, Panchkula and Faridabad cities.

In its new excise policy for 2011-12, the Haryana government has decided not to increase the quota of country liquor and Indian Made Foreign Liquor (IMFL) … Read : Liquor to cost more in Haryana.

VISA Power faces court case for felling trees

RAIPUR – VISA Power Limited (VPL), part of the Rs.5,000 crore VISA Group, is facing a court case in Chhattisgarh for felling trees illegally at a site where it has planned a thermal power project, Environment Minister Rajesh Munat told the state assembly Monday.

“There are a total of seven offences registered against VISA Power … Read : VISA Power faces court case for felling trees.

Indian semicon industry told to invest in nanotechnology

BANGALORE – The fledgling Indian semiconductor (semicon) industry has to invest in the research and development (R&D) of nanotechnology to face the challenge of disruptive technologies and shrinking innovative product cycles, a top expert said Monday.

“Nanotechnology is the future of the electronics industry worldwide. With disruptive technologies and product cycles shrinking, the Indian semicon … Read the original article on Gaea Times at : Indian semicon industry told to invest in nanotechnology.

India to grow 9 percent in 2011-12: PM’s advisor

NEW DELHI – India’s economy is likely to grow by 9 percent in 2011-12 on the back of 10.3 percent growth in services and 9.2 percent expansion in industry sector, the chairman of the prime minister’s economic advisory council said Monday.

“We hope that the economic growth in the next fiscal year will be about …. Source article  : India to grow 9 percent in 2011-12: PM’s advisor.

RIL deal, IT stocks lead late rally, Sensex ends 226 points up (Roundup)

MUMBAI – A benchmark index for Indian equities markets Monday shot up in late trade led by Reliance Industries as news of its $7.2 billion deal with global energy major BP came in.

After the markets closed, Mukesh Ambani-led Reliance Industries (RIL) said that London-based global energy major BP was buying a 30-percent stake …. Original source  : RIL deal, IT stocks lead late rally, Sensex ends 226 points up (Roundup).

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.

Delhi Metro airport line set to commence

NEW DELHI – Delhi Metro will commence its airport line service Wednesday for passenger movement from the New Delhi railway station to the international airport – a journey that will be covered in 20 minutes.

The service, built under Delhi Metro’s first public-private partnership project, will also make available flight information on LCD screens inside … Read more : Delhi Metro airport line set to commence.

Apple to unveil new iPad

WASHINGTON – Tech giant Apple is set to unveil a new version of its hugely successful iPad in March. The iPad 2 will be thinner than its predecessor and feature an improved display.

Analysts expect the new version will have a front-facing camera and Facetime video chat support, the Wall Street Journal reported Wednesday.
It … Read more : Apple to unveil new iPad.

Complete shutdown in Telangana for second day

HYDERABAD – The Telangana region of Andhra Pradesh remained shut for the second day Wednesday over the demand for a bill in parliament for the formation of a separate Telangana state, with a 48-hour shutdown call evoking a total response.

Normal life was at a standstill in Hyderabad and nine other districts of the region … Original source on Gaea Times at : Complete shutdown in Telangana for second day.

Japanese shares down on unrest in Middle East

TOKYO – Japanese stocks declined in Wednesday morning trading as investor sentiment was hurt by turmoil in the Middle East.

The benchmark Nikkei 225 Stock Average lost 20.9 points, or 0.2 percent, to trade at 10,643.8 while the broader Topix index was down 1.39 points, or 0.15 percent, at 955.31.
Investors feared rising …. Source  : Gaea News Network.

Obama to bat for US businesses around the world

WASHINGTON – Citing a recent US trade mission to India, US President Barack Obama has vowed “to bat for America’s businesses around the world” as he outlined his vision for America’s economic recovery.

Attending what he billed as a “listening” event with small-business leaders in Cleveland, Ohio, Tuesday, Obama cited the example of a small … Original source on Gaea Times at : Obama to bat for US businesses around the world.

Money Market Operations as on February 22, 2011

…. Read the original article  : Money Market Operations as on February 22, 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.

Spanish firm files for delisting from New York Stock Exchange

Washington, Feb 24 (IANS/EFE) Spanish energy company Repsol-YPF officially informed the US Securities and Exchange Commission (SEC) of its decision to delist from the New York Stock Exchange, where its shares had been traded for almost 22 years.

In its filing Tuesday with the SEC, the firm formally requested that its American Depositary Shares – … Read more : Spanish firm files for delisting from New York Stock Exchange.

Mexican billionaire Slim invests in Colombian oil industry

Mexico City, Feb 24 (IANs/EFE) Mexican billionaire Carlos Slim’s Grupo Carso is acquiring a 70 percent stake in Tabasco Oil Company, which is involved in oil exploration and production in Colombia, the conglomerate said.

Grupo Carso, which has interests in a number of industrial and other businesses, reached an agreement to buy the stake in … Read : Mexican billionaire Slim invests in Colombian oil industry.

Money Market Operations as on February 23, 2011

… Read this article on Gaea Times at : Money Market Operations as on February 23, 2011.

Japanese shares decline on unrest in Libya, US stock fall

TOKYO – Japanese stocks declined in Thursday morning trading after intensifying turmoil in Libya added to higher oil prices overnight in New York, prompting US stocks to slip further.

The benchmark Nikkei 225 Stock Average lost 44.55 points, or 0.42 percent, to trade at 10,534.55 while the broader Topix index was down 4.62 points, or … Read more : Japanese shares decline on unrest in Libya, US stock fall.

Histrionics, poetry and frayed nerves – Mamata at her best

NEW DELHI – She jousted and shouted, cajoled and smiled, broke into heavily accented Urdu and Hindi and even recited poetry. It was the quintessential Mamata Banerjee Friday as she read out the railway budget with liberal doses of histrionics that had her audience at the Lok Sabha alternately infuriated and amused.

The feisty … Original article on : Histrionics, poetry and frayed nerves – Mamata at her best.

Green growth should not result in slow growth cautions economic survey

NEW DELHI – In The Economic Survey tabled him in Lok Sabha today, by Finance Minister Pranab Mukherjee cautions that “green growth should not result in slow growth.”

The Survey observes that proper balance of the climate and growth will be a challenge for the Government.

According to the survey, careful planning and customized policies are needed …. Read the original article  : Green growth should not result in slow growth cautions economic survey.

No fare or freight hikes, 68 new trains in populist rail budget (Roundup)

NEW DELHI – Sparing the passenger and industry from fare and freight hikes yet again, Railway Minister Mamata Banerjee Friday presented the rail budget for 2011-12 with the highest investment of Rs.57,630 crore ($12.7 billion), 68 new trains and a vow to build a stronger railroad infrastructure based on the Vision 2020 document.

From more … Read : No fare or freight hikes, 68 new trains in populist rail budget (Roundup).

50 percent infrastructure projects delayed: Economic Survey

NEW DELHI – Progress on key infrastructure projects, especially roads, power and railways, has not been satisfactory as more than half the central projects have been delayed, resulting in high costs, says the Economic Survey for fiscal 2010-11 tabled in parliament Friday.

Of the 559 central projects costing Rs.150 crore and above, 293 were delayed …. Source  : Gaea News Network.

UAE is India’s top trading partner

NEW DELHI – The United Arab Emirates (UAE) continues to be India’s top trading partner as demand for Indian goods rises in the Gulf countries. It is followed by China and the US, says the Economic Survey for fiscal 2010-11.

The US, which used to be India’s top trading partner till 2007-08, had … Original article on : UAE is India’s top trading partner.

Building Bihar, one road at a time

RAGHUNATHPUR/PATNA/GAYA – Shahbaz Khan earlier used to take seven to eight hours to travel from Raghunathpur to the state capital, a distance of about 100 km, to market his goods. Now it takes just three, thanks to a metalled road, the most visible and talked about sign of development in a changing Bihar.

“Look …. Original article on Gaea Times at  : Building Bihar, one road at a time.

Highlights of railway budget 2011-12

NEW DELHI – Highlights of the railway budget for 2011-12 presented in the Lok Sabha Friday by Railway Minister Mamata Banerjee:

* No increase in fares.
* Earnings for 2010-11 set to exceed Rs.1 lakh crore.
* Working expenditure during 2011-12 estimated at Rs.87,000 crore.
* Outlay of Rs.57,630 crore for 2011-12, the highest … Original source on Gaea Times at : Highlights of railway budget 2011-12.

It’s common man’s budget, says PM

NEW DELHI – Prime Minister Manmohan Singh Friday praised the rail budget presented by Railway Minister Mamata Banerjee as a “common man’s budget.

It is a common man’s budget with no increase in freight and passenger fares. It will help to weaken the cost crucial element of inflationary expectations, the prime minister told reporters … Read : It’s common man’s budget, says PM.

Economic survey calls for a second green revolution

NEW DELHI – The Economic Survey presented by Finance Minister Pranab Mukherjee today underlined the need for making efforts to achieve a second green revolution in the country.

The Survey recalled that the pioneering efforts of agriculture scientists and farmers were able to achieve a breakthrough in the agriculture sector in the 1960s and … Read : Economic survey calls for a second green revolution.

Tablets set to sweep corporate offices

NEW YORK – Just second year into their existence, tablets are set to sweep corporate offices, according to a survey.

With tablets’ business apps luring them, about half of chief information officers (CIOs) at major companies say they will increase use of tablets in the next two years, according to the survey by Robert Half [..] Read the original article: here.

The Didi-Lalu joust in Lok Sabha

NEW DELHI – It was waiting to happen – Railway Minister Mamata Banerjee and her predecessor Lalu Prasad spewing anger at each other during the presentation of the railway budget Friday.

When Didi, as the railway minister is popular known, announced some projects for the poll-bound West Bengal, her home state, Lalu Prasad was …. Source  : The Didi-Lalu joust in Lok Sabha.

Common man’s budget, says appreciative PM

NEW DELHI – Prime Minister Manmohan Singh Friday appreciated the rail budget presented by Railway Minister Mamata Banerjee and said it was “a common man’s budget”.
… Read this article on Gaea Times at : Common man’s budget, says appreciative PM.

Railway budget highlights – 7

NEW DELHI – More highlights from Railway Minister Mamata Banerjee’s budget presented in the Lok Sabha Friday:

* No increase in fares.
* Age for senior citizen’s concession reduced to 58 from 60.
* Central Organistaion for Project Implemtaiton created; will create accountability for non-performance.
* Rail linkage to Gujarat from Delhi-Mumbai freight corridor.
* …. Read the original article  : Railway budget highlights – 7.

3G, broadband wireless access key frontiers of growth: Economic Survey

NEW DELHI – India’s Economic Survey for 2010-11 Friday termed the introduction of third generation (3G) and broadband wireless access (BWA) technologies as the “key frontiers” of the growth of the telecom industry.

“The last five years have been transformational for Indian telecom industry, the next few years look even more exciting. One of …. Original article on Gaea Times at  : 3G, broadband wireless access key frontiers of growth: Economic Survey.

Survey gung-ho on growth, but predicts higher inflation

NEW DELHI – India’s Economic Survey for 2010-11 has predicted 8.6 percent growth for the current fiscal and gross domestic product (GDP) touching the 9 percent mark in 2011-12. It has also sounded concern over inflation and the fall in factory output in the coming months.

Finance Minister Pranab Mukherjee tabled the annual report on …. Source article  : Survey gung-ho on growth, but predicts higher inflation.

Indian exports up 29.5 percent in April-December 2010

NEW DELHI – India’s exports rose 29.5 percent to $164.7 billion in the first three quarters of the current fiscal and it is likely to remain robust for the next two years, according to the Economic Survey for fiscal 2010-11.

Indias cumulative export growth in April-December 2010 stood at 29.5 percent with cumulative exports … Read more >>.

Domestic air traffic up 19 percent: Economic Survey

NEW DELHI – At 51.53 million, domestic air passenger traffic grew by 19 percent in 2010 compared to 43.3 million in 2009, according to the Economic Survey 2010-11 tabled by Finance Minister Pranab Mukherjee in the Lok Sabha Friday.

“The civil aviation sector witnessed a strong recovery during 2010 from the adverse impact of the … Read more »».

Railway budget highlights – 6

NEW DELHI – More highlights from Railway Minister Mamata Banerjee’s budget presented in the Lok Sabha Friday.

* Earnings for 2010-11 set to exceed Rs.1 lakh crore.
* Integrated suburban network to be set up in Mumbai, Chennai, Ahmedabad and other cities; suburban system of Hyderabad to be strengthened.
* Concession for physically handicapped and … Read this article on Gaea Times at : Railway budget highlights – 6.

Mamata’s rail budget promises growth with human face

NEW DELHI – With highest ever allocation of Rs.57,630 crore ($13 billion), Railway Minister Mamata Banerjee Friday presented the rail budget for 2011-12, promising to move fast to build a stronger railroad infrastructure while addressing the needs of the average person.

From more money for better safety and several industrial parks under the public-private partnership … Read this article on Gaea Times at : Mamata’s rail budget promises growth with human face.

Railway budget highlights – 5

NEW DELHI – More highlights from Railway Minister Mamata Banerjee’s budget presented in the Lok Sabha Friday.

* Working expenditure during 2011-12 estimated at Rs.87,000 crore
* Passing through a difficult phase; 97 percent increase in expenditure due to implementation of Sixth Pay Commission report.
* Loss of Rs.3,500 crore in 2010-11.
* Ten-year … Original article on : Railway budget highlights – 5.

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.

Green policy should not slow growth: Economic Survey

NEW DELHI – The Economic Survey released Friday called for careful planning and customised policies to ensure that green growth strategies do not result in slow growth rate.

The survey, tabled by Finance Minister Pranab Mukherkee in both houses of parliament, said: “The increasing importance of climate-related issues should not shake the foundations of …. Source  : Green policy should not slow growth: Economic Survey.

Two Air India flights to Tripoli to pick up Indians

MUMBAI – Air India will operate two special flights from Mumbai and New Delhi to Tripoli early Saturday morning to pick up Indians stranded in Libya, an airline official said.

The flights are scheduled to depart for the Libyan capital around 1.30 a.m. early Saturday morning.
The flight from Mumbai will be a Boeing 737-400 …. Source  : Gaea News Network.

Over 5.5 mn tourists visited India in 2010

NEW DELHI – Over 5.5 million foreign tourists visited India in 2010, an increase of 8.1 percent over the previous year, parliament was told Friday.

In a written reply in the Lok Sabha, Tourism Minister Subodh Kant Sahay said : “The foreign tourist arrivals (FTAs) in India during 2010 were 5.58 million as compared to …. Source  : Gaea News Network.

India to pay Iran for oil through German central bank

NEW DELHI – India is working out an arrangement through Deutsche Bundesbank (the German Central Bank) to pay Iran for crude oil purchases, an official statement said Friday.

Finance Minister Pranab Mukherjee has assured his Iranian counterpart, Finance and Economic Affairs Minister Seyyed Shamseddin Hooseini that India would like to make the payment due [..] Read the original article: here.

Punjab on a ‘high’, to guzzle over 350 mn liquor bottles

CHANDIGARH – This is one “high” that is going to hit Punjab hard but will leave the state government cash rich.

The Punjab government has announced a 10 percent hike in quota of liquor for the next year that is slated to leave the exchequer richer by Rs.728 crore. The state government is eyeing a …. Read the original article  : here.

Mahindra ups corporate support to Indian theatre

NEW DELHI – Corporate support to Indian theatre has got a fresh shot in the arm with the Mahindra Group hiking from Rs.60,000 to Rs.75,000 its honorarium to troupes nominated for the sixth Mahindra Excellence in Theatre Awards (META) that will host 10 plays in the capital March 2-7.

Every year, we pay the troupes … Read more : Mahindra ups corporate support to Indian theatre.

Golden returns from silver push prices to all-time high

NEW DELHI – Unrest in the Arab world has been rocking Indian stocks, taking the bottom out of key indices, but it has also led to the prices of silver, of which the country is the largest importer, soaring to an all-time high.

“Silver prices have sky rocketed as much as 240 percent in the … Original source on Gaea Times at : Golden returns from silver push prices to all-time high.

Incredible India comes to Washington

WASHINGTON – Incredible India in its myriad wondrous colours is all set to make a splash in this American capital with “Maximum India”, a mega festival celebrating its cultural diversity.

The 20-day cultural extravaganza opening Tuesday at the prestigious John F. Kennedy Centre for the Performing Arts here on the Potomac river also promises …. Source article  : Incredible India comes to Washington.

Indian defence deals worth $42 billion up for grabs

NEW DELHI – India is in the process of signing defence deals worth nearly $42 billion, including a $10.4-billion deal for 126 multi-role combat aircraft, making it one of the most attractive markets for both global and domestic arms industry, an industry study has concluded.

The joint study by industry body Confederation of Indian Industry …. Source  : Indian defence deals worth $42 billion up for grabs.

UN slaps sanctions on Libya

New York, Feb 27 (IANS/RIA Novosti) The UN Security Council Sunday adopted a resolution imposing sanctions on Libya.

The resolution introduces “targeted measures” against the current Libyan leaders.
The sanctions, designed to end violence in the north African country, include a total arms embargo, freeze of certain accounts and travel bans.
The draft resolution was …. Read the original article  : UN slaps sanctions on Libya.

First batch of 291 evacuees from Libya reach Delhi (Second Lead)

NEW DELHI – The first batch of nearly 300 Indians evacuated from strife-torn Libya landed here in a special Air India flight close to midnight Saturday. Minister of State for External Affairs E.Ahamed and Foreign Secretary Nirupama Rao were present at the airport to receive them.

“The first plane, a Boeing 747, carrying 291 passengers …. Original article on Gaea Times at  : First batch of 291 evacuees from Libya reach Delhi (Second Lead).

First batch of evacuees from Libya reach Delhi

NEW DELHI – The first batch of nearly 300 Indians evacuated from the strife-torn north African nation of Libya landed here in a special Air India flight close to midnight Saturday, officials said.

“The first plane, a Boeing 747, carrying 291 passengers from (Libyan capital) Tripoli landed here by 11.55 p.m. It took off … Read more »»».

Northeast ignored in rail budget: Tripura minister

AGARTALA – Railway Minister Mamata Banerjee ignored the northeast in the rail Budget and focussed only on her home state West Bengal, a minister in Tripura’s Left Front government said Saturday.

Like previous years, the infrastructure and industry-starved northeastern region was again ingnored in the railway budget for fiscal 2011-12, state Transport Minister Manik Dey …. Original source  : Northeast ignored in rail budget: Tripura minister.

First batch of evacuees from Libya reaching Delhi midnight

NEW DELHI – The first batch of Indians evacuated from the strife-torn north African nation of Libya will land here in a special Air India flight close to midnight Saturday, officials said.

Meanwhile, three Indian Navy ships have sailed to Libya to help in the evacuation of the 18,000 Indians in the country, while [..] Read the original article: here.

Gaddafi won’t destroy oil wells, says his son

Tripoli, Feb 26 (IANS/AKI) Muammar Gaddafi would never destroy the country’s oil wells — its main source of wealth — to quash the anti-government protests, the Libyan leader’s son Saif al-Islam has said.

As the world’s 12th largest oil exporter, Libya has the potential to unsettle the global economy if its violent anti-government … Read the original article on Gaea Times at : Gaddafi won’t destroy oil wells, says his son.

Let black money remain in Swiss banks: Arvind Kejriwal

NEW DELHI – Eminent social activist and Magsaysay award winner Arvind Kejriwal Saturday said the black money stashed in Swiss bank by Indians should be left there as it will never be properly used if it comes back to the country.

Let the Indian money in Swiss bank remain there, at least it is safe. … Original article on : Let black money remain in Swiss banks: Arvind Kejriwal.

First batch of evacuees from Libya to reach India midnight

NEW DELHI – The first batch of Indians evacuated from the strife-torn north African nation of Libya will land here close to midnight Saturday, an Air India official said.

“The first plane carrying 291 passengers from (Libyan capital) Tripoli will land here by 11.45 p.m. It took off at 4.30 p.m. from there,” a … Read more : First batch of evacuees from Libya to reach India midnight.

Gaddafi won’t destroy oil wells, says his son

Tripoli, Feb 26 (IANS/AKI) Muammar Gaddafi would never destroy the country’s oil wells — its main source of wealth — to quash the anti-government protests, the Libyan leader’s son Saif al-Islam has said.

As the world’s 12th largest oil exporter, Libya has the potential to unsettle the global economy if its violent anti-government … Read this article on Gaea Times at : Gaddafi won’t destroy oil wells, says his son.

Gaddafi won’t destroy oil wells, says his son

Tripoli, Feb 26 (IANS/AKI) Muammar Gaddafi would never destroy the country’s oil wells — its main source of wealth — to quash the anti-government protests, the Libyan leader’s son Saif al-Islam has said.

As the world’s 12th largest oil exporter, Libya has the potential to unsettle the global economy if its violent anti-government … Original article on : Gaddafi won’t destroy oil wells, says his son.

Tamil Nadu gives tax incentives to 10 investors

CHENNAI – Tamil Nadu Deputy Chief Minister M.K. Stalin Saturday handed over government orders and letters of support extending tax incentives to 10 companies including Mahindra and Mahindra (M&M), Indian Oil and Samsung India, who are setting up facilities or expanding their existing ones in the state.

Auto major M&M, which has committed to invest …. Original article on Gaea Times at  : Tamil Nadu gives tax incentives to 10 investors.

Direct tax collection up 20 percent so far: Pranab

NEW DELHI – The country’s direct tax collection has reported an increase of 20 percent in the current fiscal year and stood at Rs.335,000 crore, Finance Minister Pranab Mukherjee said Saturday.

Direct tax collections have registered a growth of 20 percent during the current year so far, and have reached nearly Rs.335,000 crore, Mukherjee said …. Source  : Direct tax collection up 20 percent so far: Pranab.

Tax free Chhattisgarh budget focuses on agriculture, social sectors

RAIPUR – Chhattisgarh Chief Minister Raman Singh Saturday presented a Rs.30,725.96 crore tax-free budget for the 2011-12 fiscal with its main emphasis on agriculture and social sectors.

The total budget amount is about 25 percent higher compared to the 2010-2011 fiscal.
Amidst repeated interruptions by the opposition Congress members in the state assembly, Singh, who …. Original article  : Tax free Chhattisgarh budget focuses on agriculture, social sectors.

India sends planes, ships to evacuate nationals from Libya

NEW DELHI/MUMBAI – India has begun evacuating its citizens early Saturday from violence-stricken Libya, sending two Air India planes to its capital Tripoli while three Indian Navy ships set sail for the north African country.

“Two planes, one from Mumbai and one from Delhi, left for Tripoli around 1:30 a.m., reached Tripoli by afternoon …. Source article  : India sends planes, ships to evacuate nationals from Libya.

Train to Khajuraho and more: Rail budget brings cheer to Agra

AGRA – At last tourists from Agra will now be able to take a train to Khajuraho, the historic heritage city in Madhya Pradesh.

According to the new railway budget, presented Friday by Railway Minister Mamata Banerjee, the daily Udaipur-Gwalior Express is being extended to Khajuraho, bringing cheer to the tourism industry in the … Read : Train to Khajuraho and more: Rail budget brings cheer to Agra.