Business News – Monthly Newsletter March 2011

RBI seeks comments on Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds

The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds (Chairman:  Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February … Original article on : RBI seeks comments on Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber frauds.

China’s government insurance firms commit $455 mn fraud

BEIJING – China’s two leading state-owned insurance companies have been found guilty of defrauding more than three billion yuan ($455 milllion) in 2009, the country’s national auditor has revealed.

The financial misconducts were found during the audit of the two largest insurers – China Life Insurance (Group) Company (China Life) and People’s Insurance Company …. Original source  : China’s government insurance firms commit $455 mn fraud.

A third of Goa’s population dependent on tourism: Minister

PANAJI – The livelihood of nearly a third of Goa’s population of 13 lakh is linked to the tourism industry, the state’s Tourism Minister Nilkanth Halarnkar said Tuesday.

In reply to a question during the winter session of the Goa legislative assembly, Halarnkar also said that the state earned $912 million in financial year 2009-10 … Read this article on Gaea Times at : A third of Goa’s population dependent on tourism: Minister.

Sensex slumps on selling pressure

MUMBAI – Indian equities markets benchmark indices slumped further Tuesday on selling pressure in FMCG and technology stocks as high inflation raised concerns over earnings and the unrest in Egypt dampened sentiments.

A benchmark index for Indian equities markets slumped over 200 points in the morning session.
The 30-scrip sensitive index (Sensex) of … Read more »»».

Ford India’s January sales zoom over four times

CHENNAI – Driven by its compact car model Figo, the Indian subsidiary of auto major Ford began the new year by selling 10,026 units in January, as against 2,453 units sold in the corresponding month of 2010, a statement said Tuesday.

Last month, the company sold over 8,600 Figos and the balance is accounted by …. Original article  : Ford India’s January sales zoom over four times.

DLF quarterly profit dips marginally

MUMBAI – India’s real estate firm DLF Tuesday reported a marginal decline in the net profit at Rs.465.67 crore for the quarter ended December 2010 as against Rs.467.89 crore during the same period last fiscal.

The total income increased by 20.5 percent at Rs.2,594.23 crore for the quarter under review as against Rs.2,151.81 crore … Original source on Gaea Times at : DLF quarterly profit dips marginally.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.81 and the Reference Rate for Euro is ` 62.84 on February 1, 2011. The corresponding rates for the previous day (January 31, 2011) were ` 45.95 and ` 62.54 respectively. Based on the Reference Rate for …. Source  : Gaea News Network.

Super successful Sikh is Toronto’s biggest Indian car man

TORONTO – As the global meltdown grounded the auto industry, Toronto’s biggest Indian car man, Nav Bhatia, only thrived. The multimillionaire Sikh has also been helping change stereotypes about Indians in Canada after being mistaken for a cab driver once.

“We have continued to post better results thanks to our clients,” beams Bhatia who landed … Read the original article on Gaea Times at : Super successful Sikh is Toronto’s biggest Indian car man.

TV will stay top ad earner globally, says expert

TORONTO – Despite the mushrooming of social media, the television industry will continue to remain the first choice of advertisers for a long time, says a top Canadian researcher.

“TV is not only not dead, but it’s actually growing,” Duncan Stewart, director of Deloitte Canada Research, was quoted as saying by the Vancouver Sun Monday.
[..] Read the original article: here.

TVS Motor logs 30 percent sales growth in January

CHENNAI – Two and three wheeler maker TVS Motor Company Ltd closed January with an overall sales growth of 30 percent.

The company sold 165,152 units (two wheelers 161,725 units, three wheelers 3,427 units) last month, up from 127,288 units (two wheelers 125,578 units, three wheelers 1,710 units) sold during January 2010.
The cumulative …. Original article on Gaea Times at  : TVS Motor logs 30 percent sales growth in January.

From hotels to industries, Haryana goes for energy audit

CHANDIGARH – Hotels, hospitals and several industries in Haryana have taken to a new fad – getting an ‘energy audit’ done. The exercise is aimed at plugging wastage in energy consumption, thereby reducing cost.

With energy saving initiatives suggesting that up to 30 percent of energy costs in high-utilisation sectors could be reduced, the new …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 1, 2011 are:

Amount  (face value in ` crore)                         

Item

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

1 day Repo Auction 
[..] Read the original article: here.

No fish will be left to catch, expert warns Bangladesh

DHAKA – No hilsa, not even fish will be left to catch in the Bay of Bengal, an expert has warned as the Bangladesh government prepared to issue 30 fresh licences for fishing, a media report said Tuesday.

The government will award the licences without any survey of the already dwindling reserve. Bangladesh shares the …. Read the original article  : here.

Delays, overcrowding as technical problems hit Delhi Metro

NEW DELHI – A technical problem hit metro services on the Noida-Dwarka Delhi metro route early Tuesday, causing inordinate delays and harassment to hundreds of commuters. As a result of the delay, there was overcrowding in many stations.

“There was a signalling problem in Rajouri Garden near Dwarka Tuesday morning which may have …. Original source  : Delays, overcrowding as technical problems hit Delhi Metro.

BlackBerry stock slips on India report

TORONTO – Shares of BlackBerry maker Research In Motion (RIM) slipped about two percent Monday after India rejected its offer for partial access to its encrypted corporate emails.

Since August last year, India has been seeking access to BlackBerry encrypted emails to counter threats to its national security. Since BlackBerry encrypted emails travel between smart … Read this article on Gaea Times at : BlackBerry stock slips on India report.

ExxonMobil pushes up US stocks despite Egyptian turmoil

NEW YORK – US stocks climbed Monday as better-than-expected profits from oil giant ExxonMobil overshadowed the ongoing protests in Egypt.

The world’s largest oil company ExxonMobil posted its biggest quarterly profits in more than two years, up 53 percent from the year-earlier period. Net income for the fourth quarter climbed to $9.25 billion and totalled … Read more : ExxonMobil pushes up US stocks despite Egyptian turmoil.

What’s bothering Bihar’s entrepreneurs? Ask ‘MBA Sabziwalla’

PATNA – He is called the “MBA sabziwalla” and wants to make Bihar India’s vegetable hub. Kaushlendra, an alumnus of the Indian Institute of Management-Ahmedabad (IIM-A), is now working towards pre-paid cards for buying vegetables but complains of irritating hurdles that discourage budding entrepreneurs.

Kaushlendra, who refused to join a multinational company like his …. Source article  : What’s bothering Bihar’s entrepreneurs? Ask ‘MBA Sabziwalla’.

World Bank opens public voting on ‘Apps for Development’

WASHINGTON – The World Bank has opened public voting on the applications submitted to the Apps for Development Competition that challenged software developers to get new perspectives in identifying solutions to development problems.

The Popular Choice Award will be determined by public vote and the winner will receive a cash award and a feature on …. Read the original article  : World Bank opens public voting on ‘Apps for Development’.

Metro woes: Slow trains, crowded stations in Delhi

NEW DELHI – Hundreds of Metro commuters in Delhi faced problems reaching their destinations Tuesday morning with delays, slow-running trains and overcrowding.

On the Noida-Dwarka line, one of the trains got stuck near the Mayur Vihar station for over 30 minutes.
Commuters had to wait long which led to overcrowding in the trains …. Original article  : Metro woes: Slow trains, crowded stations in Delhi.

280 more stranded Indians in Egypt return home

MUMBAI – Another 280 Indians stranded in strife-torn Egypt reached here early Tuesday on a special flight.

The Air India flight – AI-800 – carrying the Indians landed here at 2.30 a.m., an official said.
This is the second flight to Mumbai in Air India’s efforts to bring back the Indians stuck in different Egyptian … Read : 280 more stranded Indians in Egypt return home.

CBI arrests Raja, two aides

NEW DELHI – The Central Bureau of Investigation (CBI) Wednesday arrested former communications minister A. Raja and two of his aides R.K. Chandolia and Siddharth Behuria in connection with the 2G spectrum allocation scam, according to sources.
… Read more »»».

Govt. monitoring crude oil prices: Mukherjee

NEW DELHI – Expressing concern over the rise in crude oil prices in international markets due to turmoil in the Middle East, Union Finance Minister Pranab Mukherjee on Wednesday said the government is monitoring the situation and will manage it.

“Unfortunately, because of developments in the Middle …. Source  : Govt. monitoring crude oil prices: Mukherjee.

Will manage fluctuating oil prices: Pranab

NEW DELHI – With political turmoil in Egypt pushing up global oil prices, Finance Minister Pranab Mukherjee Tuesday hinted at keeping a status quo on the prices of petrol and diesel, saying the government will “manage” the current volatility in crude prices.

“Unfortunately, developments in the Middle East and its impact on the Arab world …. Source  : Will manage fluctuating oil prices: Pranab.

China to sell bullet train technology

BEIJING – China is ready to sell its high-speed bullet train technology to other countries, authorities said.

“China is willing to export the high-speed rails technology to any country that wants to buy,” Wang Yongping, spokesperson of the ministry of railways, told the Global Times. “We own the most advanced technology of high-speed rails.”
The …. Source article on Gaea Times at  : China to sell bullet train technology.

Grameen Bank challenges government ownership claim

DHAKA – The Bangladesh government has told foreign donors that Nobel Laureate Muhammad Yunus-led Grameen Bank “is an organ of the state”, a claim hotly denied by the rural credit pioneer.

Foreign Minister Dipu Moni at a meeting with ambassadors and senior diplomats here justified the government’s decision to investigate the Grameen Bank, New Age …. Source  : Gaea News Network.

36 foreigners deported from Goa in 2010

PANAJI – A total of 36 foreigners, including 13 Nigerians, were arrested in Goa last year for illegally overstaying in India, the state’s Home Minister Ravi Naik said Wednesday.

Naik told the winter session of the Goa legislative assembly that the guilty foreigners were either deported or ordered to leave the country.
During …. Read the original article  : 36 foreigners deported from Goa in 2010.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.63 and the Reference Rate for Euro is ` 63.16 on February 2, 2011. The corresponding rates for the previous day (February 1, 2011) were ` 45.81 and ` 62.84 respectively. Based on the Reference Rate for … Read the original article on Gaea Times at : RBI Reference Rate for US $ and Euro.

Sensex holding up in noon trade

MUMBAI – A benchmark index for Indian equities markets Wednesday was holding on to its early gains as traders bought into stocks, which had been battered over the past few days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,216.91 points, was ruling at 18,195.72 points, up 173.5 points … Read more : Sensex holding up in noon trade.

Bharti Airtel Launches ‘Airtel Money’ Service

MUMBAI, INDIA (GaeaTimes.com)- Bharti Airtel the leading GSM mobile service operator in India launched its innovative ‘Airtel money’ service on Monday that is going to change the way people pay their bills. With this service the Airtel service users would be able to make payments of various bills using their cellphones. There will be … Read the original article on Gaea Times at : Bharti Airtel Launches ‘Airtel Money’ Service.

PM announces rural wage hike, Sonia wants new direction

NEW DELHI – Prime Minister Manmohan Singh Wednesday said wages would be hiked under the rural employment guarantee plan to offset inflation while UPA chairperson Sonia Gandhi said it was time to introspect on the shortcomings of the rural jobs scheme.

“We have decided to hike the wages as per the rise in … Original article on : PM announces rural wage hike, Sonia wants new direction.

Bharti Airtel quarterly net down 41 percent

NEW DELHI – Telecom giant Bharti Airtel Tuesday reported a 41 percent decline in its net income for the quarter ended December 2010, which stood at Rs.1,303.3 crore as against Rs.2,194.9 crore during the same period last fiscal.

The company cited weaker margins from its Africa operations and currency fluctuations as the reason behind … Read more »».

Underwriting Auctions for Government securities

The Government of India have announced the sale (reissue) of “7.17 per cent Government Stock 2015” for a notified amount of `3,000 crore (nominal), "8.13 per cent Government Stock 2022" for a notified amount of `4,000 crore (nominal) and "8.30 per cent Government Stock 2040” for a notified amount of `3,000 crore …. Original source  : Underwriting Auctions for Government securities.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 2, 2011 are:

Amount  (face value in ` crore)                       

Item

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

1 day Repo … Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.

Pakistan’s public debt stands at Rs.9.47 trillion

ISLAMABAD – Pakistan’s public debt stands at a whopping Rs.9.47 trillion (about $110 million), said an official statement.

Dawn reported Wednesday that due to the massive public debt, the government has violated the limits on borrowing imposed in the Fiscal Responsibility and Debt Limitation Act. The act requires the federal government to take measures to …. Original article  : Pakistan’s public debt stands at Rs.9.47 trillion.

Ethiopia offers India farmland for investment

NEW DELHI – In what could give a big boost to India’s efforts at food security, Ethiopia has offered 1.8 million hectares of its farmland to Indian investors that equals nearly 40 percent of the total area of the principal grain-growing state of Punjab.

“So far we have transferred 307,000 hectares of land to foreign … Read : Ethiopia offers India farmland for investment.

ArcelorMittal, partner buy more Baffinland stock

TORONTO – ArcelorMittal and Nunavut Iron Ore Acquisition Inc., which are now the joint owners of Canada’s iron ore-rich Baffinland Iron Mines Corporation, Tuesday announced taking up an additional 4,773,400 common shares of Baffinland at their outstanding offer of $1.50 per share.

Abandoning their rivalry to take over Baffinland, ArcelorMittal and Nunavut made a joint …. Original article on Gaea Times at  : ArcelorMittal, partner buy more Baffinland stock.

Remittances to Mexico up marginally in 2010

Mexico City, Feb 2 (IANS/EFE) Mexico received a total of $21.27 billion in remittances in 2010, which signifies a small increase of 0.12 percent over the year before, the country’s central bank said.

“This indicates that remittances barely managed to halt the decline that occurred in 2009 and their recovery has been slow. Remittances depend [..] Read the original article: here.

Japanese shares surge on US gains, easing concerns over Egypt

TOKYO – Japanese stocks soared in Wednesday morning, bolstered by an overnight rally on Wall Street and by signs of a possible resolution of the tensions in Egypt.

The benchmark Nikkei 225 Stock Average added 196 points, or 1.91 percent, to trade at 10,470.5 while the broader Topix index was up 17.26 points, or 1.89 …. Original article on Gaea Times at  : Japanese shares surge on US gains, easing concerns over Egypt.

Money Market Operations as on February 01, 2011

…. Source  : Money Market Operations as on February 01, 2011.

Mercedes relaunches premium car Maybach

NEW DELHI – Mercedes Benz India, the German luxury car manufacturer’s Indian subsidiary Tuesday relaunched its super-luxury sedan Maybach’s two variants — the 57 S and 62 — with a price tag of Rs.4.85 crore and Rs.5.10 crore (ex-showroom Delhi).

“This car is only for luxury segment. Designed with meticulous attention to detail and knitted …. Read the original article  : Mercedes relaunches premium car Maybach.

Food inflation shoots up again

NEW DELHI – India’s annual food inflation shot up to 17.05 percent for the week ended Jan 22, as onions and other items kept prices of food items at a high, as per official data released Thursday.

Food inflation for the previous week was 15.57 percent.
The high food prices will act as a dampener … Read more : Food inflation shoots up again.

Nepal parliament orders casinos to quit Kathmandu

KATHMANDU – The chips piled up against Nepal’s beleaguered casino industry, the oldest in South Asia, have mounted still more with lawmakers ordering it to quit the capital even as it faces an unequivocal closure this month.

The eight casinos in Kathmandu, which operate from the premises of the capital’s eight five-star hotels, will have … Read more >>>.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.63 and the Reference Rate for Euro is ` 62.96 on February 3, 2011. The corresponding rates for the previous day (February 2, 2011) were ` 45.63 and ` 63.16 respectively. Based on the Reference Rate for …. Read the original article  : RBI Reference Rate for US $ and Euro.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 3, 2011 are:

Amount  (face value in ` crore)                           

Item

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

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

Maruti Kizashi Unveiled In India

DELHI, INDIA (GaeaTimes.com)- Maruti Suzuki which is the undisputed leader in the compact car segment in India is leaving no stones unturned for grabbing a larger pie of the luxury sedan sedan market. While its compact cars like Alto, WagonR, Alto and Ritz sell like hot cakes in the entry level the company has …. Source article  : Maruti Kizashi Unveiled In India.

Sensex soars, broader markets gain

MUMBAI – A benchmark index for Indian equities markets Thursday shot up after a tepid start and was ruling more than 300 points higher before noon as traders bought stocks which had been battered over the past few days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,113.73 points, … Read more >>.

India’s ICT exports rise by 244 percent in 2009

UNITED NATIONS – India’s exports and imports of information and communications technology (ICT) experienced a rapid rise in 2009 as Asia accounted for two third of global ICT exports, according to a UN agency.

While India’s ICT exports increased by a dramatic 244 percent, a rapid increase in imports too moved it from 28th to …. Original source  : India’s ICT exports rise by 244 percent in 2009.

Google opens online store for Android users

WASHINGTON – In an effort to compete with the rival Apple in the wireless sector, search engine giant Google has launched a new online store of advanced software applications that run on mobile phones powered by Android software.

Google’s new online store, Market.Android.com, will allow Android users find new applications more easily from their computers, …. Source article on Gaea Times at  : Google opens online store for Android users.

Global aviation traffic up 8.2 percent: IATA

TORONTO – Shaking off a bad previous year, the global airline industry posted an impressive 8.2 percent growth in passenger traffic in 2010.

At 20.6 percent, the growth in freight traffic was even more impressive, said Montreal-headquartered International Air Transport Association (IATA) in its annual report Wednesday. “The world is moving again. After the biggest … Read more >>.

Italian businesses eye deals worth 640 bn euros in India

Rome, Feb 3 (IANS/AKI) Companies from Italy’s main business association Confindustria will visit the Indian capital New Delhi in October in a bid to clinch deals on infrastructure projects worth 640 billion euros.

Confindustria’s head, Emma Marcegaglia, will lead the delegation to India – one of Asia’s economic powerhouses.
“Our objective is to further strengthen …. Source  : Gaea News Network.

212 more Indians return from Egypt

MUMBAI – A third batch of 212 Indians stranded in Egypt, which is in the midst of a political upheaval, arrived here early Thursday in a special flight.

Air India flight AI-160 landed with the Indians at 5.30 a.m., an official said.
This is the third flight to Mumbai in Air India’s efforts to bring … Read more : 212 more Indians return from Egypt.

Sensex weak in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was ruling weak in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,113.73 points, was ruling at 18,121.68 points, up 31.06 points or 0.17 percent from its previous close at 18,090.62 points.
The 50-scrip S&P CNX Nifty …. Original article on Gaea Times at  : Sensex weak in early trade.

Money Market Operations as on February 02, 2011

…. Source  : Gaea News Network.

Hitachi eyes 10 pc market share in AC segment in 2011

KOLKATA – Air-conditioner maker Hitachi Home and Life Solutions (India) Ltd (HHLI) is eyeing 10 percent market share in volume in the country this year, a top company executive said here Wednesday.

“We are aiming to capture 10 percent market share in air-conditioner segment in India in volume terms this year. That will translate into … Original article on : Hitachi eyes 10 pc market share in AC segment in 2011.

Allegations of forcible land acquisition false: Railways

KOLKATA – The allegations of forcible land acquisition for several railway projects are “distorted and devoid of truth”, the railway ministry Wednesday said in a release.

“The factual positions on the ground are in total variance from the allegations. Land acquisition is a process where there are significant overtones of resentment and alienation among land … Read more : Allegations of forcible land acquisition false: Railways.

barricades are up again at Posco site

BHUBANESWAR – The activists of an anti-displacement group Wednesday re-erected wooden gates and barricades in Orissa to prevent officials from entering into the proposed site of South Korean steel-maker Posco, a protest leader said.

The members of Posco Pratirodh Sangram Samiti (PPSS), which has been spearheading the movement against Posco project in the coastal district …. Source article on Gaea Times at  : barricades are up again at Posco site.

Delhi government to build 35,000 flats for poor

NEW DELHI – The Delhi government Wednesday said around 35,000 flats would be built for the economically weaker sections in the city, adding that they would be ready in two years.

In a high-level meeting with officials of the Delhi Urban Shelter Improvement Board (DUSIB) and Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), Urban … Read more »».

Dominican Republic assured of Indian investment

NEW DELHI – India has assured the Dominican Republic that it will encourage Indian businessmen to invest in the Caribbean nation’s hospitality, tourism, renewable energy sources, film industry and IT sectors.

We would like to encourage Indian businessmen to invest in the Dominican Republic in potential areas for mutually beneficial partnership. There is enormous scope … Read more >>>.

LIC expects to better budgeted growth target

KOLKATA – State-run Life Insurance Corporation of India (LIC) is expecting to better its budgeted growth target of 25 percent for the first premium business from eastern India, an official said here Wednesday.

We hope to surpass out budgeted target of growing 25 percent over the last fiscal. We feel we can touch 30 percent … Original article on : LIC expects to better budgeted growth target.

Punjab seeks PM intervention on procurement

CHANDIGARH – Punjab Chief Minister Parkash Singh Badal Wednesday called for direct and immediate intervention of Prime Minister Manmohan Singh for putting in place an effective institutional mechanism for smooth procurement of food grain by the central government.

“Badal brought up the issue when he called on the prime minister in New Delhi …. Read the original article  : Punjab seeks PM intervention on procurement.

Boy, 7, almost buys fighter jet via internet

SYDNEY – A seven-year-old British boy nearly bought a real-life Harrier fighter jet for $113,515 via online shopping.

The boy hit the “buy it now” button to purchase the fighter jet, which was put on sale at the online store eBay.
But his father quickly apologised to the sellers, saying his son was not … Read more : Boy, 7, almost buys fighter jet via internet.

Dominican president for deepening ties with India

NEW DELHI – India and the Dominican Republic have so much in common that ties have to be strengthened and deepened, President Leonel Fernandez said here Friday.

The Dominican Republic looks forward to strengthening and deepening relations with India, with which we have too much in common, from the struggle for independence, including the fight …. Source  : Dominican president for deepening ties with India.

British PM hosts India-UK business forum

LONDON – The UK-India forum was “fantastically important”, said British Prime Minister David Cameron, who hosted the first meeting of the CEOs grouping at Downing Street and discussed ways to improve trade between the two countries.

The UK-India CEO Forum was established during Cameron’s visit to India last year. It has leading British and Indian …. Source article  : British PM hosts India-UK business forum.

Waive octroi, local taxes to curb inflation: PM

NEW DELHI – Prime Minister Manmohan Singh Friday said rising prices presented a strong case for waiving octroi and other local taxes as inflation was posing a “serious threat” to the growth momentum of India and disproportionately affecting the poor.

Addressing a conference of top bureaucrats from states, Manmohan Singh said that India’s economy had … Read this article on Gaea Times at : Waive octroi, local taxes to curb inflation: PM.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.64 and the Reference Rate for Euro is ` 62.24 on February 4, 2011. The corresponding rates for the previous day (February 3, 2011) were ` 45.63 and ` 62.96 respectively. Based on the Reference Rate for … Read more : RBI Reference Rate for US $ and Euro.

Sensex slips over Egypt turmoil

MUMBAI – A benchmark index for Indian equities markets Friday fell sharply to rule 181 points lower around noon as fears related to the Egyptian turmoil and global oil prices gripped traders.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,450.07 points, was ruling at 18,267.42 points – down …. Original article  : Sensex slips over Egypt turmoil.

IAF may get ‘Star Wars’ helmet from European consortium

NEW DELHI – A hi-tech helmet, reminiscent of movies like “Star Wars” and “Firefox” as it helps fighter pilots operate aircraft through a seemingly fictional vision-and-voice command, has been offered to India by European consortium EADS.

The helmet also enables pilots to view enemy planes by just turning their heads and picking targets for the …. Original article on Gaea Times at  : IAF may get ‘Star Wars’ helmet from European consortium.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 4, 2011 are:

Amount  (face value in ` crore)                          

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
…. Original article  : Liquidity Adjustment Facility : Auction Results.

US eyes sale of fighter jets, high tech items to India

WASHINGTON – With the easing of export controls for India, the United States will press New Delhi to buy US fighter jets and other advanced technology products on a trade mission to India starting Sunday.

“That export control announcement has really opened the door for increased high-technology trade and cooperation between the United States and … Original article on : US eyes sale of fighter jets, high tech items to India.

US commerce secretary to take lessons from Mumbai’s Dabbawalas

BY ARUN KUMAR
WASHINGTON – Besides meetings with India’s top space and nuclear energy administrators and corporate honchos, US Commerce Secretary Gary Locke also has a date with Mumbai’s famed Dabbawalas.

Locke, who is leading 24 US businesses on a high tech trade mission Feb 6-11 “will also visit the Tiffianwalahs to learn about the …. Source article  : US commerce secretary to take lessons from Mumbai’s Dabbawalas.

Sensex quiet in morning trade

MUMBAI – A benchmark index for Indian equities markets Friday was ruling weak in early trade, although broader markets saw some buying.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,450.07 points, was ruling at 18,408.33 points – down 40.98 points or 0.22 percent from its previous close at …. Source  : Gaea News Network.

Japanese shares rise on merger plan

TOKYO – Japanese stocks jumped more than 1 percent in Friday morning trading, bolstered by a merger plan by top Japanese steelmakers and expectations for the US economic recovery.

The benchmark Nikkei 225 Stock Average added 118.66 points, or 1.14 percent, to trade at 10,550.02 while the broader Topix index was up 9.25 points, or …. Original article  : Japanese shares rise on merger plan.

US stocks rise ahead of monthly unemployment report

NEW YORK – US stocks posted modest gains Thursday on the eve of the government’s release of its highly anticipated monthly jobs report.

Investors were buoyed by profit gains from some retailers and falling weekly claims for jobless benefits in the US ahead of the government release Friday of unemployment figures for January.
US Federal … Read : US stocks rise ahead of monthly unemployment report.

Money Market Operations as on February 03, 2011

… Read : Money Market Operations as on February 03, 2011.

GE Aviation signs technical solutions agreement with Air India

NEW DELHI – American engineering major GE’s aviation arm GE Aviation Thursday signed a 20 year technical solutions agreement with the national carrier Air India (AI).

The agreement to expand AI’s maintenance, repair and overhaul (MRO) facility in Mumbai, to include GE90 engine overhauls value was not disclosed.
“As part of the solution agreement, GE … Original source on Gaea Times at : GE Aviation signs technical solutions agreement with Air India.

Imagination Technologies in talks with two Indian firms

HYDERABAD – British chipmaker Imagination Technologies is in talks with two Indian technology companies to develop applications and provide services for its products, said a company official here Thursday.

Chief executive officer Hossein Yassaie told reporters that talks were on with two early stage technology companies for development of products for smartphones, computers, mobiles … Original article on : Imagination Technologies in talks with two Indian firms.

US sends high tech trade mission to India

WASHINGTON – With the controls on export of high tech items to India eased, US Commerce Secretary Gary Locke is leading a trade mission to India next week to pitch high-tech ware from civil nuclear to defence and civil aviation fields.

Top US companies like Boeing, Lockheed Martin, GE-Hitachi and Westinghouse are among 24 businesses … Read this article on Gaea Times at : US sends high tech trade mission to India.

Kashmir imposes usage charges on hydro projects

JAMMU – The Jammu and Kashmir government Thursday announced it would impose water usage charges on all major and medium hydro-electric projects in the state, a measure it described as the “first step towards its economic self-reliance”.

The state will earn a revenue of Rs.900 crore per year, Public Health Engineering and Irrigation Minister … Original source on Gaea Times at : Kashmir imposes usage charges on hydro projects.

British aerospace firms eye partnerships at air show

BANGALORE – About 40 leading British aerospace firms will participate in the Aero India 2011 trade expo from Feb 9-13 in this tech hub to forge partnerships and joint ventures with Indian companies, the UK Trade and Investment (UKTI) office said Thursday.

British Minister for Defence Equipment Support and Technology Peter Luff will lead a … Read more : British aerospace firms eye partnerships at air show.

Delhi residents prefer independent houses to flats

NEW DELHI – The capital has more people living in independent houses than flats, according to a report ‘Housing Conditions in Delhi’ released Thursday.

Prepared by Delhi’s directorate of economics and statistics (DES) on the basis of a survey conducted under 65th National Sample Survey during July 2008-June 2009, the report says 51 percent … Read more >>.

Mubarak meets economic ministers, central banker: Report

CAIRO – Egyptian President Hosni Mubarak Saturday met with ministers holding economic portfolios and the head of the central bank at the presidential palace in Cairo, state media reported.

Newly appointed Finance Minister Samir Radwan and central bank Governor Farouq al-Oqda joined the ministers of oil, trade and social security for a meeting with the … Read : Mubarak meets economic ministers, central banker: Report.

Coffee Mate Freebies On Facebook

SAN FRANCISCO (GaeaTimes.com)- Nestle’s Coffee Mate is surely very popular among the caffeine addicts as is evident from the overwhelming response given to an online freebie campaign offered by the company. The company had announced an exclusive “Free Flavor Friday” which was meant for offering 100000 coupons for a bottle of Coffee Mate for … Read the original article on Gaea Times at : Coffee Mate Freebies On Facebook.

Delhi Metro airport line to open by March

NEW DELHI – The Delhi Metro’s airport express line, the first public-private partnership project, will be operational in a month’s time, Delhi Chief Minister Sheila Dikshit said Saturday.

Dikshit took a ride on the 23-km link Saturday.
At a speed of 120 km per hour, it will take only 18 minutes to reach Indira Gandhi … Read : Delhi Metro airport line to open by March.

We expect leadership from India: UN climate chief

NEW DELHI – India played an exceedingly helpful role in the last climate summit and we expect the same this year and beyond, UN climate chief Christiana Figueres said here Saturday.

India represented its own interests and stood firm with other developing countries, and then was incredibly helpful in showing that its mostly in the …. Original source  : We expect leadership from India: UN climate chief.

US unemployment rate falls to nine percent

Washington, Feb 5 (IANS/EFE) The US unemployment rate dropped to nine percent last month, the Labour Department said in a report that surprised most analysts expecting joblessness to remain at or above December’s level of 9.4 percent.

The January unemployment rate was the lowest since April 2009 and coincides with other indicators that the economic … Read this article on Gaea Times at : US unemployment rate falls to nine percent.

Egypt unrest might cause economic collapse: Boutros Ghali

Cairo, Feb 5 (IANS/AKI) The current revolt against President Hosni Mubarak in Egypt could cause a collapse of the economy, former United Nations secretary general Boutros Boutros Ghali has said.

“A country like Egypt which is facing a population explosion cannot withstand the current situation,” said Boutros Ghali told Adnkronos International (AKI) in an … Original source on Gaea Times at : Egypt unrest might cause economic collapse: Boutros Ghali.

Force10 to expand India development centre

CHENNAI – With the global market for computer networking products and solutions on the rebound, the $175 million revenue Force10 Networks Inc. plans to expand its Indian development centre by adding headcount, investing $10 million and also deepening its presence in the domestic market.

“We plan to add around 100 high calibre engineers in the … Original source on Gaea Times at : Force10 to expand India development centre.

US restaurtant chain Quiznos expands into India

WASHINGTON – US restaurant chain Quiznos plans to expand into India with five Quiznos outlets in southern Indian cities by the end of the year, the first of which is set open in May 2011.

The privately held Denver-based company said Friday it has awarded master franchising rights for southern India, including Bangalore, Kochi, Chennai … Original article on : US restaurtant chain Quiznos expands into India.

US stocks edge higher amid mixed jobs report

NEW YORK – US stocks closed higher Friday as investors digested a mixed unemployment report and watched ongoing protests against Egyptian President Hosni Mubarak.

The US unemployment rate unexpectedly dropped to nine percent in January, its lowest rate since April 2009, but employers added only 36,000 jobs during the month as snow storms hit much …. Original source  : US stocks edge higher amid mixed jobs report.

Sagardighi thermal plant to come up by 2015

KOLKATA – The construction work for the 1,000-MW thermal power plant at Sagardighi in West Bengal’s Murshidabad district will be completed within 2015, an official said Friday.

“The construction work for the 1,000-MW power plant at Sagardighi will commence after two months and it will be over after four years,” state’s Principal Secretary (Power) … Read more >>.

Deep sea port to come up on reclaimed land in Bengal

HALDIA – A new deep sea port will come up at Sagar in West Bengal by reclaiming 2,000 acres of land through dredging, Railways Minister Mamata Banerjee announced here Friday.

Banerjee said not a single plot of land will have to be acquired for the project to be built by the shipping ministry.
“The … Read more : Deep sea port to come up on reclaimed land in Bengal.

Railways to recruit around 3 lakh people: Mamata Banerjee

HALDIA – The Indian Railways will recruit 2.5 lakh to 3 lakh people in the next six months across the country, union Railway Minister Mamata Banerjee said here Friday.

We will take 2.5 lakh – 3 lakh people all over the country. But I am sure we will get over three crore job applications,” Banerjee … Read : Railways to recruit around 3 lakh people: Mamata Banerjee.

Etihad to expand services in India

Abu Dhabi, Feb 4 (IANS/WAM) Etihad Airways, the national airline of the United Arab Emirates, has decided to expand its services in India to tap the huge opportunity offered by the Indian aviation sector.

A delegation led by Etihad Chief Executive James Hogan Thursday arrived in New Delhi to meet key civil aviation officials … Read more »»».

Post-Adarsh scam, Chavan reassures builders

MUMBAI – With the builders in Maharashtra running scared in the aftermath of the Adarsh Housing Society scam, Chief Minister Prithviraj Chavan Friday sought to assure that those who came up with “genuine projects” would get approval by the government.

Addressing a meeting of the Maharashtra Chamber of Housing Industry here, Chavan took pains to … Original article on : Post-Adarsh scam, Chavan reassures builders.

Ban non-coal activity in coal belts: Minister

LUCKNOW – Union Coal Minister Sriprakash Jaiswal Friday sought a complete ban on all projects being undertaken in any of the coal belts across India.

The demand for coal is on the rise because of the increasing number of thermal power plants that are being built. Therefore it is important to ensure that no non-coal … Read more : Ban non-coal activity in coal belts: Minister.

Montek bats for FDI in agriculture

KOLKATA – Planning Commission Deputy Chairman Montek Singh Ahluwalia Friday batted for foreign direct investment (FDI) in the farm sector in India, saying “modernisation of agricultural marketing is very important”.

“Farmers are getting very low prices for their products and consumers are paying higher prices. So modernisation of agricultural marketing is very important. To modernise …. Read the original article  : Montek bats for FDI in agriculture.

Global crude prices to come down shortly: Montek

KOLKATA – The ongoing Egyptian crisis is a temporary phenomenon and global crude oil prices, which are hovering around a two-year high due to the violent unrest in the African country, will come down shortly, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Friday.

“The Egyptian crisis is a temporary phenomenon and I hope that …. Original source  : Global crude prices to come down shortly: Montek.

Facebook, Twitter to be used for Census 2011

BHOPAL – Social networking websites like Facebook and Twitter will also used to make people aware of the importance of Census 2011, an official said Friday.

The Madhya Pradesh government and the UN Children’s Fund (Unicef) held a day-long workshop on the role of media in Census 2011.
It was announced that two pages on … Read : Facebook, Twitter to be used for Census 2011.

Audi’s January sales zoom 57 percent

NEW DELHI – German luxury car manufacturer Audi’s Indian subsidiary Friday reported a 57 percent growth in sales in January, which stood at 480 units as compared to 306 units in the like period of 2010.

Audi has continued this successful performance in January 2011. Based on this achievement and the current market conditions, we …. Source  : Gaea News Network.

Dominican Republic wants to deepen ties with India

NEW DELHI – The Caribbean nation of Dominican Republic Friday said it looked forward to deepening and strengthening ties with India, saying both had lots in common.

President Leonel Fernandez said in a lecture at Sapru House here: “The Dominican Republic looks forward to strengthening and deepening relations with India, with which we have too … Original article on : Dominican Republic wants to deepen ties with India.

Introduce Indian Regulatory Service, PM told

HYDERABAD – Chief Justice of India S.H. Kapadia Sunday urged Prime Minister Manmohan Singh to consider introducing an Indian Regulatory Service (IRS) on the lines of IAS and IPS.

“This is very important step because we need experts,” Justice Kapadia at the 17th Commonwealth Law Conference here after Manmohan Singh formally inaugurated it.
“You can’t …. Source  : Gaea News Network.

Nissan’s ‘too quiet’ electric cars fitted with speakers

WASHINGTON – Multinational automaker, Nissan, have fitted 29,000-pound Nissan Leaf with a speaker so that it makes a noise as it approaches.

Nissan are the makers of the first mass production electric car.

The engine of the Nissan Leaf, which will be launched in the UK next month, runs almost silently.

This wasn’t seen as a problem …. Read the original article  : here.

India must not rest on BPO achievements: Indian-origin deputy mayor

FRANKLIN – India “cannot rest on its past accomplishments” in the BPO industry since China and the Philippines are “threatening India’s leadership position”, says Rajiv Prasad who has been appointed deputy mayor at a US town.

He adds: “Many jobs are created in the US due to Indian companies investing in America.”
Sixty-year-old Prasad, an … Read the original article on Gaea Times at : India must not rest on BPO achievements: Indian-origin deputy mayor.

IOB eyes Rs.2.5 lakh crore business

RAGHUNATHGANJ – The Indian Overseas Bank hopes to increase its business volume to Rs.2.50 lakh crore by March 2011.

“We are targeting Rs.2.50 lakh crore business by March. Now, it stands at Rs.2.25 lakh crore,” bank chairman and managing director N. Narendra said here in Murshidabad district Saturday evening.
“The bank’s business in West Bengal …. Original article  : IOB eyes Rs.2.5 lakh crore business.

PM to open container terminal in Kerala

KOCHI – Prime Minister Manmohan Singh will Feb 11 inaugurate a Rs.3,250 crore International Container Transshipment Terminal (ICTT) at Vallarpadam, off Kochi coast. It is billed as the largest single-operator container terminal in the country.

Manmohan Singh laid the foundation stone for the project in February 2005.
The terminal has been developed on a …. Source article  : PM to open container terminal in Kerala.

Pakistani traders want to boost trade with India

ISLAMABAD – Even as their foreign secretaries meet at Thimphu, Pakistani traders have urged the governments of Indian and Pakistan to boost economic activities to fight poverty and unemployment across the border.

While celebrating Kashmir solidarity day Saturday, Pakistani traders expressed concern that differences between the two neighbours are pulling them backwards, Aaj TV reported.
…. Original source  : Pakistani traders want to boost trade with India.

Internal probe yet to find any wrongdoing: LIC

RAGHUNATHGANJ – The Life Insurance Corporation (LIC) Saturday said an internal probe body has so far found no wrong-doing in its housing arm.

Speaking to reporters on the sidelines of a programme here in Murshidabad district, LIC chairman T.S. Vijayan refused to comment on whether the committee has already submitted its report.
“I cannot comment …. Source article  : Internal probe yet to find any wrongdoing: LIC.

Pranab calls for private-public partnership in insurance

RAGUNATHGANJ – Union Finance Minister Pranab Mukherjee Saturday advocated public-private partnership in the insurance sector to bring more people under its cover.

“In our country, the total number of people under insurance coverage is very low. In life insurance segment, however, the number of people under insurance coverage is now increasing. But in general insurance …. Source  : Gaea News Network.

Chhattisgarh mulls aluminium plant in Surguja

RAIPUR – Chhattisgarh Chief Minister Raman Singh Saturday said his government would examine options to set up an aluminium plant in the state’s poverty-hit northern region that has large stocks of bauxite.

“Government will soon examine all options to have an aluminium plant in Surguja district that has massive stocks of bauxite. Government will even …. Source article on Gaea Times at  : Chhattisgarh mulls aluminium plant in Surguja.

Tamil Nadu expects 10 percent growth in 2010-11

CHENNAI – The Tamil Nadu government is expecting the state’s economy to log 10 percent growth this fiscal, up from 8.96 percent in 2009-10, state Finance Minister K. Anbazhagan said Saturday.

Presenting the interim budget for 2011-12 in the assembly here, he said: “During 2006-2007, the growth rates at constant prices in agricultural, industrial and … Read the original article on Gaea Times at : Tamil Nadu expects 10 percent growth in 2010-11.

Oil India’s Q3 net profit up 26.58 percent

MUMBAI – State-run Oil India Saturday reported an increase of 26.58 percent in its net profit, which stood at Rs.907.98 crore in the third quarter of the current fiscal as compared to Rs.717.28 crore in the same period last fiscal.

“The company has posted a net profit after tax of Rs.9,079.80 million for the quarter … Original source on Gaea Times at : Oil India’s Q3 net profit up 26.58 percent.

Haryana favours one rank, one pension scheme for ex-servicemen

BHIWANI – Haryana Chief Minister Bhupinder Singh Hooda Saturday said that his government was in favour of one rank, one pension scheme for the ex-army personnel.

“I had also advocated this issue in parliament when I was an MP. The union government has taken a number of steps in this direction,” said Hooda, while talking …. Read the original article  : Haryana favours one rank, one pension scheme for ex-servicemen.

Technologists honoured for innovative solutions

NEW DELHI – Technologists from leading IT companies including Infosys, Tata Consultancy Services (TCS) and Nokia Siemens Networks were Saturday feted for bringing out innovative solution to address the challenges that India faces.

The solutions included an advisory application for farmers for crop protection, internet-based education delivery system for schools, smart power management, rural healthcare, …. Source  : Gaea News Network.

Pakistani traders want more trade with India

ISLAMABAD – Pakistani traders Saturday urged the governments of India and Pakistan to shun differences and boost economic activities.

Pakistani traders participated Saturday in celebrating Kashmir solidarity day and expressed concern that differences between the two neighbours are pulling them backwards, Aaj TV reported.
“It is the only instance in the world where trade is [..] Read the original article: here.

Jayalalithaa blames government on closed dyeing units

CHENNAI – Former Tamil Nadu chief minister J. Jayalalithaa Saturday blamed the DMK government for the closure of around 750 dyeing units in Tirupur.

The units were closed following Madras High Court orders on charges of polluting the Noyyal river.
“Had the Tamil Nadu Pollution Control Board (TNPCB) brought together the farmers along the Noyyal … Read this article on Gaea Times at : Jayalalithaa blames government on closed dyeing units.

Samsung targets $100 mn revenue from B2B segment

NEW DELHI – Samsung Electronics targets increasing its revenue from the sale of technology products in business-to-business (B2B) segment in India to $100 million this year with the introduction of new products, senior officials said.

“We are targeting $100 million revenue this year from B2B sales of IT and mobile products. Over 25 percent …. Source  : Samsung targets $100 mn revenue from B2B segment.

Egypt’s credit rating downgraded

CAIRO – Egypt’s credit rating and economic outlook have been downgraded by rating agencies due to the ongoing political unrest.

Credit Agricole bank revised downward its growth forecast for Egypt this year from 5.3 percent to 3.7 percent, DPA reported.
On Saturday, Egyptian President Hosny Mubarak met ministers holding economic portfolios and the head …. Source article on Gaea Times at  : Egypt’s credit rating downgraded.

India may keep growth target at 8.5 percent

NEW DELHI – The Indian government is likely to keep its economic expansion target unchanged at 8.5 percent for the fiscal 2010-11 in the advance estimates to be released Monday.

The ministry of statistics is scheduled to announce the advance estimate of economic growth for the current fiscal Monday. Informed sources say it is …. Original article  : India may keep growth target at 8.5 percent.

Revenue surplus interim budget for Tamil Nadu

CHENNAI – Tamil Nadu Finance Minister K. Anbazhagan presented a revenue surplus interim budget Saturday for fiscal 2011-12, wiping out the revenue deficit of Rs.3,129 crore expected for the current year. As the state is set to go to polls, no new schemes or levy of taxes were announced.

“The total revenue receipts have been …. Original article  : Revenue surplus interim budget for Tamil Nadu.

India should provide leadership, says UN climate chief

NEW DELHI – India should play a leadership role to ensure rich nations do more to combat global warming, UN climate chief Christiana Figueres said Saturday.

“I hope India takes leadership in ensuring enhanced (emission reduction) commitments” from developed countries, said Figueres, executive secretary to the UN Framework Convention on Climate Change (UNFCCC).
During the …. Source article on Gaea Times at  : India should provide leadership, says UN climate chief.

From Davos to Dakar: Carnival of oppressed begins

DAKAR – Days after the global elite’s jamboree at the Swiss resort of Davos, a week-long carnival of the oppressed and the marginalized, and those speaking for them, has begun in the capital of this western African nation, with thousands of left-leaning activists declaiming against globalization and its discontents.

The 11th edition of the annual …. Source  : From Davos to Dakar: Carnival of oppressed begins.

US team in India to discuss nuclear cooperation

NEW DELHI – A high level delegation from the US energy department is on a 10-day visit to India to discuss ways of cooperation and partnership in the nuclear energy sector, the US embassy said Monday.

Representatives from the US department of energy are visiting India to learn more about the country’s nuclear energy [..] Read the original article: here.

AOL buys Huffington Post for 315 million dollars

NEW YORK – New York-based AOL is reportedly buying the Huffington Post for 315 million dollars.

The Huffington Post is a progressive American news website and content aggregating blog founded by Arianna Huffington, Kenneth Lerer, and Jonah Peretti, featuring various news sources and columnists.

The site offers coverage of politics, media, business, entertainment, living, style, the green …. Source article on Gaea Times at  : AOL buys Huffington Post for 315 million dollars.

India must look outward to reap demographic dividend (Comment)

Recent reports indicate India may not meet its objective of a stable population base by 2045. Instead, this goal is likely to be met only by 2060 when the country’s population stabilizes at 1.65 billion — 200 million more than the original target. After 10 years of rigorous enforcement, the mark has moved forward 15 … Original article on : India must look outward to reap demographic dividend (Comment).

US high-tech team to promote trade with India

NEW DELHI – A high-end technology trade mission from the US, led by Commerce Secretary Gary Locke, is in India to promote the export of technologies in sectors such as civil nuclear energy, aviation and defence to the largest economy in south Asia.

Locke was part of the team that accompanied President Barack Obama to …. Source  : US high-tech team to promote trade with India.

Cathay Pacific opts for Kerala IT firm’s solution

THIRUVANANTHAPURAM – Hong Kong-based Cathay Pacific airline has signed a multi-million dollar contract to implement IBS’ new generation solution iFly Staff to automate and improve the management of employee travel — both leisure and business.

In a press statement issued here Monday, the Technopark-headquartered IT firm IBS said iFly Staff will also be used for … Read : Cathay Pacific opts for Kerala IT firm’s solution.

Bihar proposes increase in plan outlay

PATNA – The Bihar government has decided to raise the state’s plan size by about 20 percent, much above what the Planning Commission had proposed.

It has sent to the Planning Commission a plan outlay proposal of Rs.24,000 crore even though it had last year used only Rs.11,000 crore of the allocated Rs.20,000 crore.
…. Original article  : Bihar proposes increase in plan outlay.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.59 and the Reference Rate for Euro is ` 62.04 on February 7, 2011. The corresponding rates for the previous day (February 4, 2011) were ` 45.64 and ` 62.24 respectively. Based on the Reference Rate …. Source article  : RBI Reference Rate for US $ and Euro.

Indian Army refloats tenders for heavy guns

NEW DELHI – The Indian Army has once again begun the process of acquiring heavy guns, floating tenders for both the towed and tracked systems that have a range of up to 40 km.

The tender for the towed gun was issued on Jan 28 while that for the tracked version was issued in mid-January.
… Original source on Gaea Times at : Indian Army refloats tenders for heavy guns.

Nepal reels under 14-hour power cuts daily

KATHMANDU – As Nepal’s new communist Prime Minister Jhala Nath Khanal assumed office Monday, Nepal’s power authorities announced a stringent 14-hour daily electricity blackout, citing the drying up of rivers that are the main source of energy.

The Nepal Electricity Authority (NEA), which has already enforced a 12-hour outage daily for over a month, now … Read more : Nepal reels under 14-hour power cuts daily.

‘No glass ceiling for women in India’

WASHINGTON – Succesful Indian women believe there is no glass ceiling for women in India though Indian men still struggle to be supportive of their aspirations and women often need to tune their ambitions accordingly.

Some of these exceptional Indian women who have made a mark in the spheres of business and arts talked about … Original article on : ‘No glass ceiling for women in India’.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 7, 2011 are:

Amount  (face value in ` crore)                            

Item

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

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

Sensex ruling in tight range, broader markets give up gains

MUMBAI – A benchmark index for Indian equities markets around Monday noon was trading in a tight range, even as broader markets gave up their early gains.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,135.02 points, was ruling at 18,085.51 points, up 77.36 points or 0.43 percent from …. Read the original article  : Sensex ruling in tight range, broader markets give up gains.

India predicts 8.6 percent growth this fiscal

NEW DELHI – Projecting a noteworthy 5.4 growth in farm output, 8.1 percent in factory production and 10.2 percent in services, India Monday estimated the overall economy to expand 8.6 percent this fiscal against 8 percent the previous year.

As per fresh estimates released by the Central Statistical Organisation (CSO), the gross domestic product (GDP) … Original source on Gaea Times at : India predicts 8.6 percent growth this fiscal.

Money Market Operations as on February 04, 2011

… Read : Money Market Operations as on February 04, 2011.

Amid Egypt crisis, India worries over oil bill

KANDI – India’s oil import bill will be a matter of concern if oil prices shoot up further, Finance Minister Pranab Mukherjee said Sunday.

“At this point of time, the trade balance and the current account deficit are manageable. But going forward, we don’t know how (they) will pan out,” he said on the sidelines … Read more >>.

Haryana to soon have agriculture policy: Hooda

JIND – Haryana Chief Minister Bhupinder Singh Hooda Sunday said that his government has asked the State Farmers Commission to formulate an agriculture policy that will better the lot of farmers.

Addressing a farmers meeting, organised by the Association of Agriculture Development Officers at Jind, 200 km from Chandigarh, Hooda directed the commission to give …. Original article on Gaea Times at  : Haryana to soon have agriculture policy: Hooda.

Tata Motors unveils new Manza

MUMBAI – The latest version of Tata Motors’ sedan Manza, equipped with a range of new features, hit the roads Sunday, an official said.

Competitively priced, Tata Manza would cost from Rs.5.14 lakh for the Safire petrol range and from Rs.5.91 lakh for the Quadrajet diesel range (both prices ex-showroom, Delhi). It would be available …. Source article  : Tata Motors unveils new Manza.

Illegal colonies in Gurgaon to be regularised

CHANDIGARH – The Haryana government is set to regularise illegal colonies in Gurgaon, a state minister said Sunday.

The decision to regularise the illegal colonies in Gurgaon will soon be taken by the Haryana government and almost all such colonies will be regularised, Haryanas Sports and Youth Affairs Minister Sukhbir Kataria said in Gurgaon.
Kataria …. Read the original article  : here.

4,733 Malaysians evacuated from Egypt

KUALA LUMPUR – Malaysia has evacuated 4,733 of its nationals from Egypt, which is facing political turmoil due to mass protests against President Hosni Mubarak.

Malaysians living in several Egyptian towns have been transported to Jeddah, Saudi Arabia.
The official news agency, Bernama, reported that besides the Royal Malaysian Air Force (RMAF), Malaysian Airlines and …. Original article on Gaea Times at  : 4,733 Malaysians evacuated from Egypt.

Sugar policy must create export surplus, not induce imports (Comment)

There is a huge opportunity this year for the sugar industry to sustain a high output. But meaningless controls will only convert the opportunities to threats and create hurdles for stake-holders, including cane farmers at the end of the line.

The industry estimates the production to be around 25 million tonnes during the current …. Original source  : Sugar policy must create export surplus, not induce imports (Comment).

Valentine’s Day Offer From T Mobile

SAN FRANCISCO (GaeaTimes.com)- The T Mobile fans have reasons to get excited about. This Friday all Mobile phones sold from the outlets of the company will be offered for free. The offer will remain valid for three days starting from Feb 11th 2011 as it has been reported. To woo the young buyers the … Original article on : Valentine’s Day Offer From T Mobile.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.39 and the Reference Rate for Euro is ` 61.84 on February 8, 2011. The corresponding rates for the previous day (February 7, 2011) were ` 45.59 and ` 62.04 respectively. Based on the Reference Rate for … Original article on : RBI Reference Rate for US $ and Euro.

Sensex slips below 18,000 points

MUMBAI – A benchmark index for Indian equities markets Tuesday slipped in noon trade below the 18,000 points mark – for the first time in over five months – as selling intensified across the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at … Read : Sensex slips below 18,000 points.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 8, 2011 are:

Amount  (face value in ` crore)                            

Item

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

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

ArcelorMittal, partner nearing absolute control of Baffinland

TORONTO – ArcelorMittal and Nunavut Iron Ore Acquisition Inc., which jointly acquired Canada’s iron ore-rich Baffinland Iron Mines Corporation last month, Monday announced further consolidation of their stake in the Toronto-based company.

Holding about 60 percent of Baffinland stock at the time of their takeover, the two partners said Monday that they have acquired an …. Source article  : ArcelorMittal, partner nearing absolute control of Baffinland.

Air Canada ties up with Jet to protect its India traffic

TORONTO – After Ottawa’s refusal to grant additional flights to Emirates Airline last year to protect traffic on the India-Canada corridor for its national carrier, Air Canada has entered into a sharing agreement with Jet Airways till it gets long-haul Boeing 787 Dreamliner to resume India operations.

Under a three-year agreement starting February 21, … Read : Air Canada ties up with Jet to protect its India traffic.

Mexican revolutionary’s finger for sale

El Paso (US), Feb 8 (IANS/EFE) A pawn shop in this Texas border city is selling the right index finger of Pancho Villa, one of the leading figures of the 1910-17 Mexican Revolution, for more than $9,000.

“Years ago someone offered us this finger, and though we don’t know if it’s the real thing or … Original article on : Mexican revolutionary’s finger for sale.

Obama asks US business to take on India, China

WASHINGTON – Once again citing growing competition from nations like India and China, US President Barack has made a case for ramping up spending on education and infrastructure to put the US economy back on track.

“We need to out-innovate, out-educate and out-build our competitors,” Obama told the US Chamber of Commerce Monday noting that …. Source article  : Obama asks US business to take on India, China.

Fog, chill back in Delhi, flights affected

NEW DELHI – A day after heavy rains lashed the Indian capital, the chill and dense fog were back Tuesday. Flight operations were affected at the Indira Gandhi International (IGI) Airport due to poor visibility.

Low visibility procedure was implemented early Tuesday and over a dozen flights — both international and domestic — were delayed …. Original article on Gaea Times at  : Fog, chill back in Delhi, flights affected.

Sensex flat in early trade

MUMBAI – A benchmark index for Indian equities markets Tuesday was flat in early trade. Broader markets were sluggish too.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,141.51 points, was ruling at 18,050.1 points — up 12.91 points or 0.07 percent from its previous close at 18,037.19 points.
… Read more : Sensex flat in early trade.

Money Market Operations as on February 07, 2011

…. Original article  : Money Market Operations as on February 07, 2011.

AOL to buy Huffington Post for $315 mn

NEW YORK – Former internet media giant AOL is buying the online newspaper The Huffington Post for $315 million in a bid to regain its position as a leading producer of web content, the companies announced Monday.

The move marks the second major development in the online news world in less than a week. On … Read : AOL to buy Huffington Post for $315 mn.

Reviewing ISRO agreement, decision soon: Government

NEW DELHI – The government said Monday that the agreement between the commercial wing of the Indian Space Research Organisation (ISRO) and a private company in 2005 on the allocation of S-band spectrum was being reviewed and a decision will be taken soon.

In a press statement posted on ISRO’s website Monday, the government said … Read more >>.

Delhi plans institute to manage CWG infrastructure

NEW DELHI – The Delhi government is planning to set up a project management institute to ensure proper maintenance and upkeep of the infrastructure developed during the 2010 Commonwealth Games (CWG), Chief Minister Sheila Dikshit said Monday.

“The institute will provide inputs on means and measures to ensure proper maintenance and upkeep of the …. Source  : Gaea News Network.

Bilateral trade with US would grow beyond 50 billion dollars in 2011: Anand Sharma

NEW DELHI – Union Commerce and Industry Minister Anand Sharma on Monday said he is hopeful that India’s bilateral trade with the United States of America would grow beyond 50 billion dollars in 2011.

Sharma said that investments between the two nations would also witness an … Read more >>>.

IIFCL expects credit enhancement scheme decision soon

KOLKATA – The state-run Indian Infrastructure Finance Corporation Limited (IIFCL) Monday hoped that a decision on its credit enhancement scheme would be finalised by March this year.

“We expect a decision on these scheme by the end of this fiscal,” IIFCL chairman and managing director S.K. Goel told reporters here.
He said his company has … Read : IIFCL expects credit enhancement scheme decision soon.

Two Kolkata Metro stations to be named after journalists

KOLKATA – Railway Minister Mamata Banerjee Monday announced that two stations of the proposed new Kolkata Metro Railway line will be named after journalists Barun Sengupta and Gour Kishore Ghosh.

“The metro stations at Science City and Chingrighata of the new metro railway line between Kavi Subhas in South 24 Parganas and Dum Dum airport … Read the original article on Gaea Times at : Two Kolkata Metro stations to be named after journalists.

Schwing Stetter to launch high capacity concrete pumps

CHENNAI – With real estate developers planning to build skyscrapers in major cities, ready mix concrete equipment maker Schwing Stetter (India) Pvt Ltd Monday said it will launch two high capacity concrete pumps to cash in on the trend.

“We will be launching two new concrete pumps – one that can pump concrete vertically upto … Original article on : Schwing Stetter to launch high capacity concrete pumps.

Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 2011

The Government of India have announced the sale (re-issue) of (i) “7.49 percent Government Stock 2017” for a notified amount of Rs.3,000 crore (nominal), (ii) “8.08 percent Government Stock 2022” for a notified amount of Rs.4,000 crore (nominal),and (iii) “8.26 percent Government Stock 2027” for a notified amount of Rs.3,000 crore … Read more : Government of India announce the sale of three dated securities for Rs. 10,000 crore on February 11, 2011.

Technopark IT firm enters Indian transportation market

THIRUVANANTHAPURAM – The Technopark-based ARS Software Engineering Wednesday announced it will enter the Indian transportation and logistics industry with its intelligent transport systems solutions.

The company is a subsidiary of ARS Traffic and Transport Technology BV based in the Netherlands.
Intelligent transport systems (ITS) refer to the information and communications technology to support transport infrastructure …. Source  : Technopark IT firm enters Indian transportation market.

Sharma is new secretary, department of financial services

NEW DELHI – Shashi Kant Sharma, a 1976 batch Indian Administrative Service official, has been appointed new secretary of department of financial services.

Sharma has succeeded R. Gopalan, who was recently appointed secretary, department of economic affairs, the finance ministry said in a statement Wednesday.
Prior to this appointment, Sharma was secretary, department … Original article on : Sharma is new secretary, department of financial services.

Census head count begins in northeast India

AGARTALA/GUWAHATI – The second and final phase of census 2011 began Wednesday across the northeastern states.

The family members of governors, chief ministers and other important personalities were among those enumerated on the first day of the final phase.
The final phase of the India-wide census will conclude Feb 28.
“Census officials and enumerators were … Read : Census head count begins in northeast India.

India invites aerospace majors for partnerships, outsourcing

BANGALORE – India Wednesday invited leading international aerospace firms to partner with its strong defence organisations, state-run enterprises and the emerging private sector for the all-round development of its aerospace industry.

“We are open to joint ventures, long-term partnerships and licence production under transfer of technology with leading international aerospace companies to make our aerospace …. Original article on Gaea Times at  : India invites aerospace majors for partnerships, outsourcing.

Not everyone falling for ‘Everyone’s Bengal’

KOLKATA – A well-known consulting firm engaged by the West Bengal government to woo investors has come up with the catchline “Everyone’s Bengal”. But experts are wondering whether a mere slogan can dispel the state’s negative image among businesspersons and potential investors.

Wally Olins, the brand guru of premier consulting firm Saffron Brand Consultants, was …. Original article  : Not everyone falling for ‘Everyone’s Bengal’.

Rs.3 bn for luxury suites for Pakistani MPs

ISLAMABAD – A parliamentary panel has decided to begin construction of luxury suites for Pakistani MPs at a whopping cost of Rs.3 billion, despite an opposition leader objecting to the project as the country was facing a financial crunch.

The Joint parliamentary committee for Housing and Library Tuesday directed that construction should start on the …. Source article  : Rs.3 bn for luxury suites for Pakistani MPs.

Islamabad jewellers see decline in Valentine’s Day sales

ISLAMABAD – Jewellery seems to have lost its sheen as a Valentine’s Day gift of love as jewellers here are seeing a decline in sales.

Youngsters rushing to find the perfect present for their loved one are making a beeline for gift shops and high-end accessories retailers, leading to a boom in their sales.
For …. Source  : Islamabad jewellers see decline in Valentine’s Day sales.

Aero India-2011 creates history as largest ever

BANGALORE – The Aero India show that began here Wednesday has smashed all records in terms of its size and content, entering history books as the largest edition of the biennial event so far.

The present-day version of Aero India, deemed the biggest air show in Asia, had begun as a modest display of a …. Original source  : Aero India-2011 creates history as largest ever.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.33 and the Reference Rate for Euro is ` 61.86 on February 9, 2011. The corresponding rates for the previous day (February 8, 2011) were ` 45.39 and ` 61.84 respectively. Based on the Reference Rate for …. Source article  : RBI Reference Rate for US $ and Euro.

Sensex pares early losses

MUMBAI – A benchmark index for Indian equities markets Wednesday pared early losses, but broader markets were still in the red.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,723.99 points, was ruling at 17,786.2 points, up 10.5 points or 0.06 percent from its previous close at 17,775.7 points.
…. Source article on Gaea Times at  : Sensex pares early losses.

Second phase of 2011 census kick starts in Orissa

BHUBANESWAR – The second phase of the 2011 Census for the population enumeration began Wednesday in Orissa with authorities making all necessary arrangements to make the findings accurate, an official said.

The head count in the state started with the enumeration of Chief Minister Naveen Patnaik, the state’s director of the census operations … Read the original article on Gaea Times at : Second phase of 2011 census kick starts in Orissa.

Saab plans venture with HAL for weapons suite production

BANGALORE – Swedish defence firm Saab Wednesday said it was planning to set up a joint venture with Indian defence public sector undertaking Hindustan Aeronautics Limited (HAL) to manufacture electronic weapons suite for choppers and fighter aircraft.

Saab India country head Inderjit Sial said the tie-up with HAL for the weapons suite would initially be [..] Read the original article: here.

India’s biggest air show takes off on flying note

BANGALORE – India’s biggest air show Aero India 2011 began on a bright sunny Wednesday in this aerospace hub with a spectacular fly-past and breathtaking aerobatic formations by the Indian Air Force (IAF) fleet of aircraft and helicopters.

Defence Minister A.K. Antony declared open the eighth edition of the biennial aerospace and aviation trade expo … Read : India’s biggest air show takes off on flying note.

Underwriting Auctions for Government Securities

The Government of India have announced the sale (reissue) of “7.49 per cent Government Stock 2017” for a notified amount of `3,000 crore (nominal), "8.08 per cent Government Stock 2022" for a notified amount of ` 4,000 crore (nominal) and "8.26 per cent Government Stock  2027” for a notified amount of …. Source  : Gaea News Network.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 9, 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.

Cadbury’s: an epic chocolate saga of struggle and success

NEW DELHI – Ever wondered what went on behind that sinful brown bar of Cadbury’s chocolate to make it a gastronomic legion and a cult in itself for millions of chocolate lovers in India and the world?

The story of Cadbury’s chocolate is a family soap flavoured with high business drama, strict moral ethics, …. Original article on Gaea Times at  : Cadbury’s: an epic chocolate saga of struggle and success.

Trinidad seeks India’s investment in energy search

Port-of-SPAIN – Trinidad and Tobago wants Indian, Chinese and Brazilian investment in its on-shore and off-shore energy development.

Finance Minister Winston Dookeran told an international energy conference here that Trinidad and Tobago’s promotional effort for new investment in the on-shore and off-shore development must now expand our global reach to include Indian,Chinese and Brazilian investment …. Source article  : Trinidad seeks India’s investment in energy search.

White House wants to spend $53 bn on high-speed rail

Washington, Feb 9 (IANS/EFE) US Vice President Joe Biden Tuesday announced a six-year, $53 billion plan to create a national high-speed and intercity passenger rail network.

“As a long time Amtrak rider and advocate, I understand the need to invest in a modern rail system that will help connect communities, reduce congestion and create quality, … Read the original article on Gaea Times at : White House wants to spend $53 bn on high-speed rail.

Sensex slips in morning trade

MUMBAI – A benchmark index for Indian equities markets Wednesday fell in morning trade as traders continued to sell across the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,723.99 points, was ruling at 17,642.25 points, down 133.45 points or 0.75 percent from its previous close at … Read this article on Gaea Times at : Sensex slips in morning trade.

Toronto, London stock exchanges to merge to form new global giant

TORONTO – The Toronto Stock Exchange, the third largest in North America, is set to merge with the London Stock Exchange to create a new global mega bourse.

The TMX Group, which operates the stock exchanges in Toronto and Montreal, said Tuesday that “it is in advanced discussions with London Stock Exchange Group regarding …. Original source  : Toronto, London stock exchanges to merge to form new global giant.

Results of Underwriting Auctions

In the auctions of the securities conducted on February 10, 2011 for Additional Competitive Underwriting (ACU), the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(` in crore)          

Nomenclature of the Security

Notified Amount

Minimum Underwriting Commitment (MUC) Amount

Additional Competitive Underwriting Amount Accepted

Total Amount … Original article on : Results of Underwriting Auctions.

HAL awaits government nod to go public soon

BANGALORE – Indias defence behemoth Hindustan Aeronautics Ltd (HAL) is awaiting the government’s green signal to go public soon to raise funds and improve its corporate governance, an official said Thursday.

Being a fully owned state-run enterprise, it is for the government to decide when to begin the disinvestment process and the quantum of dilution, …. Source  : Gaea News Network.

Devas asserts agreement with ISRO legally binding

BANGALORE – Devas Multimedia, a private company in the eye of a storm over space spectrum allocation, Thursday said its agreement with the Indian Space Research Organisation (ISRO) for S-band spectrum — high value and scarce radio waves — was “legally binding”.

Devas Multimedia has a legally binding agreement dated Jan 28, 2005 with the …. Original article on Gaea Times at  : Devas asserts agreement with ISRO legally binding.

India added 22.62 million mobile users in December

NEW DELHI – India added 22.62 million mobile phone subscribers in December, taking the total number of cellular users in the country to 752.19 million till Dec 31, official data said.

According to the Telecom Regulatory Authority of India (TRAI), the wireless phone user base grew 3.10 percent in December 2010, from 729.57 million in … Original article on : India added 22.62 million mobile users in December.

PM sets up panel to probe ISRO-Devas agreement

NEW DELHI/BANGALORE – Prime Minister Manmohan Singh Thursday formed a two-member commission to probe allegations of revenue losses in the allocation of space spectrum using S-band — high value and scarce radio waves — between the Indian Space Research Organisation’s (ISRO) commercial arm and a private company.

“The prime minister has formed a high-level commission, …. Original article  : PM sets up panel to probe ISRO-Devas agreement.

Food inflation falls to 13.07 percent

NEW DELHI – India’s annual food inflation dropped by nearly four percentage points to 13.07 percent for the week ended Jan 29 — the lowest level in nearly one-and-a-half months — on decline in the prices of pulses, potatoes and wheat, according to official data released Thursday.

Food inflation has declined after two consecutive … Read the original article on Gaea Times at : Food inflation falls to 13.07 percent.

India deepens trade ties with Burkina Faso

ACCRA – Trade between India and the neighbouring west African country of Burkina Faso has gone up over the past three years following an improvement in the bilateral relations between them, a statement by the Indian High Commission in Accra said.

The Indian high commissioner in Accra is concurrently accredited to Ougadougou, the capital of … Read this article on Gaea Times at : India deepens trade ties with Burkina Faso.

India to face challenge of inclusive growth

BHOPAL – Reserve Bank of India (RBI) Governor D. Subbarao has India would face the challenges of inclusive growth in the coming days as the country would move on a higher growth trajectory.

Inaugurating an exhibition named Newsibition here on Wednesday, Subbarao said: “”In the second decade of the new millennium we are going to face …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.58 and the Reference Rate for Euro is ` 62.41 on February 10, 2011. The corresponding rates for the previous day (February 9, 2011) were ` 45.33 and ` 61.86 respectively. Based on the …. Source article  : RBI Reference Rate for US $ and Euro.

Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG

NEW DELHI – The Reliance Dhirubhai Ambani Group (R-ADAG) Wednesday said an illegal bear cartel had destroyed market capitalisation worth a whopping Rs.3 lakh crore ($66 billion) in recent days and asked for a thorough probe by concerned agencies.

A series of completely baseless rumours have been circulated yesterday by our corporate rivals. An illegal …. Source article on Gaea Times at  : Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 10, 2011 are:

Amount  (face value in ` crore)                            

Item

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

1 day Repo Auction 
… Read more »».

Country’s second-largest paper maker pushes growth

CHENNAI – Tamil Nadu Newsprint and Papers that has set up its Rs.1,000-crore third unit last month is confident of reaching 100-percent production of its capacity of 400,000 tonnes this month and enhancing exports by a third to 90,000 tonnes.

“This month onward, we will achieve a full capacity utilisation. The new machine will …. Source  : Gaea News Network.

Issac presents sixth consecutive Kerala budget

THIRUVANANTHAPURAM – Economist turned politician and senior Communist Party of India-Marxist (CPI-M) leader Thomas Issac Thursday presented his sixth consecutive state budget with special emphasis on infrastructure development.

He began the presentation with a small poem written by Jnanpith Award Winner O.N.V. Kurup, which says that much has been done but a lot more remained. … Original source on Gaea Times at : Issac presents sixth consecutive Kerala budget.

Brazil trims budget by $30 bn

Brasilia, Feb 10 (IANS/EFE) The Brazilian government has announced that it cut the annual budget by 50 billion reais ($30 billion), a figure that doubles the fiscal adjustment made in 2010.

Finance Minister Guido Mantega confirmed the budget cut and ruled out that the measure could lead the country into a recession, according to state-run …. Read the original article  : Brazil trims budget by $30 bn.

Japanese shares mixed on weak machinery orders, profit-taking

TOKYO – Japanese stocks were mixed in Thursday morning trading as machinery orders increased for the first time in four months but came in weaker than expected. Investors also put downward pressure on the market as they sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 4.06 …. Read the original article  : Japanese shares mixed on weak machinery orders, profit-taking.

Sensex dull in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was in a slump in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.29 points, was ruling at 17,565.69 points, down 27.08 points or 0.15 percent from its previous close at 17,592.77 points.
The 50-scrip S&P CNX … Read more »».

Most US stocks lower on concerns of US inflation

NEW YORK – Two out of three major US stock indices fell Wednesday as Federal Reserve Chairman Ben Bernanke was forced to assuage concerns that higher inflation around the world could reach US shores.

Bernanke in testimony before the US Congress said there were no signs that inflation was getting too high in the US, … Read more >>>.

Money Market Operations as on February 09, 2011

…. Original article on Gaea Times at  : Money Market Operations as on February 09, 2011.

Saudi oil stock exaggerated by 40 percent: WikiLeaks

LONDON – The estimated stock of oil in Saudi Arabia was 40 percent higher than the country’s actual reserve, which according to the US is not enough to check the rising fuel prices across the globe, secret diplomatic cables have revealed.

US diplomat was convinced by a Saudi expert that reserves of the world’s largest …. Source  : Gaea News Network.

Madhya Pradesh mobile banking model to be expanded

BHOPAL – Impressed with the mobile banking model in Annupur district which ensures on-the-spot payment of wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the Madhya Pradesh government has decided to extended it to all the districts of the state, an official said.

Annupur’s Collector Kavindra Kiyawat said that wages worth Rs.54 … Original source on Gaea Times at : Madhya Pradesh mobile banking model to be expanded.

Devas welcomes probe into accord with ISRO

BANGALORE – Devas Multimedia Friday said it welcomed Prime Minister Manmohan Singh initiating a probe into its deal with the Indian space agency on allocation of high frequency airwaves, but cautioned against any “precipitate decision” before the investigation is completed.

The company will cooperate in the fullest with these reviews, which it hopes … Read more : Devas welcomes probe into accord with ISRO.

Reserve Bank study decline in FDI

BHOPAL – Reserve Bank of India (RBI) Governor D. Subbarao has said that RBI will study the factors responsible for the decline in the foreign direct investment (FDI) in the country.

Addressing a press conference here, Subbarao said: “The RBI would conduct an internal study on practices responsible for the decline in the FDI flows into … Read more »».

Kalaignar TV says Cineyug loan not linked to 2G spectrum

CHENNAI – Kalaignar TV Friday denied any link between the Rs.200 crore loan it got from Cineyug Communications and the 2G spectrum allocation.

The Tamil television channel is promoted by Tamil Nadu Chief Minister M. Karunanidhi’s wife and daughter.
However, AIADMK general secretary J. Jayalalithaa Friday insisted the two were linked and Karunanidhi and his …. Read the original article  : Kalaignar TV says Cineyug loan not linked to 2G spectrum.

CPI-M seeks independent probe into S-band deal

NEW DELHI – The Communist Party of India-Marxist (CPI-M) Friday demanded “an independent time-bound high-level enquiry” into the S-band spectrum deal involving India’s space agency ISRO and a private company.

The party accused the government of trying to underplay the extent of wrongdoing in the deal exposed by the media between Devas Multimedia and a …. Source  : CPI-M seeks independent probe into S-band deal.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.76 and the Reference Rate for Euro is ` 62.02 on February 11, 2011. The corresponding rates for the previous day (February 10, 2011) were ` 45.58 and ` 62.41 respectively. Based on the Reference Rate for …. Read the original article  : here.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 11, 2011 are:

Amount  (face value in ` crore)                            

Item

3 days Reverse Repo Auction
(Sale of securities by RBI)

3 days Repo Auction 
[..] Read the original article: here.

Air Canada posts first profit in four years

TORONTO – Air Canada Thursday reported its first profit since 2007, posting a net income of $107 million for 2010 as well as the highest load factor in its history.

The revival comes after the country’s national carrier reported a net loss of $24 million in 2008 and $1 billion in 2008 at the peak … Original article on : Air Canada posts first profit in four years.

New flights to boost Indian tourists flow to Thailand

NEW DELHI – Over 900,000 Indian tourists are likely to visit Thailand this year on the back of increased air connectivity, liberalised visa norms and development of new destinations such as Chiang Mai in the north, senior officials have said.

“Nearly 800,000 Indian tourists visited Thailand in 2010. We expect 15-20 percent increase this [..] Read the original article: here.

Egypt’s vital tourism still dried up amid unrest

GIZA – Forlorn are the caravansaries and bazaars at the Pyramids of Giza.

Dozens of horses, lined up along a wall, munch leisurely on grass and bales of hay. A young camel wallows in the dust, oblivious to its surroundings. In the few shops and cafes that are open, workers wield fly swatters against pesky … Read more »»».

Corruption costs Egypt $6 bn annual loss

WASHINGTON – Crime and corruption cost Egypt approximately $6 billion per year and a total of $57.2 billion from 2000 to 2008, according to a report by Global Financial Integrity (GFI).

Much of this money, the Washington based watch dog group notes, was driven out by personal tax evasion, in addition to corruption and crime.
…. Source article  : Corruption costs Egypt $6 bn annual loss.

PM inaugurates mega transhipment terminal in Kerala

KOCHI – Prime Minister Manmohan Singh Friday dedicated to the nation the International Container Transshipment Terminal (ICTT) in Kerala. It’s the largest single-operator container terminal in the country.

Manmohan Singh, launching the Rs.3,250 crore first phase of the project in Vallarpadam off the Kochi coast, said it is a symbol of the government’s commitment to …. Original source  : PM inaugurates mega transhipment terminal in Kerala.

Fashion house Prada’s sales soar in 2010

Milan, Feb 11 (IANS/AKI) Prada’s sales last year jumped 31 percent to 2.045 billion euros as demand for the top Italian fashion house’s handbags and other luxury items was bolstered by soaring demand in Asia, the company’s stongest market.

Retail sales performed especially strongly, surging 44 percent in 2010, boosted by rising sales in in … Read the original article on Gaea Times at : Fashion house Prada’s sales soar in 2010.

Money Market Operations as on February 10, 2011

…. Source article  : Money Market Operations as on February 10, 2011.

India, Japan to sign economic agreement Feb 16

NEW DELHI – The much awaited India-Japan comprehensive economic partnership agreement (CEPA) will be signed Feb 16 in Tokyo, Commerce Minister Anand Sharma said Thursday.

“On (Feb) 16, we will be in Tokyo to formally sign the agreement,” Sharma said in his address at the inauguration of the two-day International Engineering and Technology Fair being …. Read the original article  : India, Japan to sign economic agreement Feb 16.

US commerce secretary scouts for business opportunities

MUMBAI – US Commerce Secretary Gary Locke kept his promise to Mumbai – he returned to the city three months after visiting it along with President Barack Obama last November with the objective of giving a fillip to bilateral trade and business.

In a day packed with high-powered engagements, Locke met the captains of Indian [..] Read the original article: here.

Spencer’s eyeing profit of Rs.20 per sq ft

KOLKATA – Retail arm of the RPG Group, Spencers Retail, Thursday said it was looking at profits of Rs.20 per sq ft from its outlets across the country by the end of this fiscal.

“We are expecting profit of Rs.20 per sq ft on an average in the retail outlets across the country. Our retail …. Original source  : Spencer’s eyeing profit of Rs.20 per sq ft.

ISRO, Devas gear for legal battle, PM initiates probe (Roundup)

BANGALORE/NEW DELHI – The Indian government Thursday initiated a probe into reported revenue loss by its space agency’s pact with a private firm on allotting S-band frequency – high value and scarce radio waves – as the agency and the firm seemed set for a legal battle.

“The prime minister (Manmohan Singh) has formed a … Original article on : ISRO, Devas gear for legal battle, PM initiates probe (Roundup).

UAE keen on hightech cooperation with India

NEW DELHI – Visiting United Arab Emirates (UAE) Foreign Trade Minister Sheikha Lubna Bint Al Qasimi Thursday said her country was looking at co-operation with India in the fields of high-technology and alternate energy sources.

Earlier, our focus in India was for cooperation in energy and services but now we are also looking forward to …. Source  : Gaea News Network.

Aqua business opportunities on display at Chennai

CHENNAI – An exhibition on various latest techniques in aquaculture, pisciculture and breeding of ornamental fish was held on Tuesday.

‘Aqua Aquaria India’ was organised by Marine Products Export Development Authority (MPEDA) … Read : Aqua business opportunities on display at Chennai.

Tamil Nadu assembly adjourned sine die

CHENNAI – The Tamil Nadu assembly was adjourned sine die Thursday after Finance Minister K.Anbazhagan presented supplementary demand for grants for Rs.11,772 crore for the 2010-11 fiscal.

Anbazhagan said a sum of Rs.9,144 crore is required on the revenue account and Rs.2,628 crore is needed for capital and loan accounts.
He said the … Original article on : Tamil Nadu assembly adjourned sine die.

GM India to launch six new models in two years

HYDERABAD – General Motors (GM) India plans to launch six new models with 14 fuel variants in the next two years, a top company official said here Saturday.

The new models will include diesel-powered Chevrolet Beat, which is set to be launched in June this year, a new Captiva and BS-IV version of the Tavera.
…. Source  : Gaea News Network.

Stamp of khadi for philatelists at exhibition

NEW DELHI – A postage stamp printed on khadi — Gandhi’s preferred fabric and symbol of swadeshi during the freedom movement — and personal “my stamps” are highlights of the world philatelic exhibition that started here Saturday.

For the first time, a special khadi stamp is being released on Mahatama Gandhi and I am honoured … Read : Stamp of khadi for philatelists at exhibition.

India raises export target to $220 billion

NEW DELHI – Buoyed by nearly 30 percent increase in the first 10 months, India has hiked its export target to $220 billion for fiscal 2010-11 from the earlier estimate of $200 billion, Commerce Secretary Rahul Khullar said Saturday.

The country’s exports went up 32.5 percent to $20.6 billion in January, led by a …. Original source  : India raises export target to $220 billion.

Aviation sector sees unprecedented growth: PM

THIRUVANANTHAPURAM – Prime Minister Manmohan Singh Saturday said India’s civil aviation sector has witnessed unprecedented growth in the recent past and will soon have the potential to absorb investment of over $120 billion.

I am told the projected growth of Indias aviation sector has a potential to absorb investment of over $120 billion with attendant … Original source on Gaea Times at : Aviation sector sees unprecedented growth: PM.

Spain posts positive revision of 2010 GDP figure

Madrid, Feb 12 (IANS/EFE) The Spanish economy shrank 0.1 percent in 2010, a better showing than the 0.3 percent contraction forecast by the government, said the National Statistics Institute, or INE.

The INE’s figure coincides with the estimate issued last week by Spain’s central bank and marks a positive revision of the 0.2 percent contraction …. Original source  : Spain posts positive revision of 2010 GDP figure.

Nepal’s casino kingdom faces guillotine

KATHMANDU – The fate of eight of Nepals 10 casinos, once a major tourist attraction, lies in jeopardy with the owners failing to pay the money owed to the government by Friday, the deadline set by a parliamentary body.

Facing a dip in business due to political turmoil and labour unrest, the casinos collectively ran …. Source article  : Nepal’s casino kingdom faces guillotine.

Government to fully compensate States for central sales tax loss

NEW DELHI – The Chairman of Empowered Committee of State Finance Ministers, Asim Dasgupta, has said the government has agreed to fully compensate states for the losses that they have suffered due to a reduction in central sales tax (CST), estimated at Rs 14,000 crore in 2010-11.

State finance ministers met Union Finance Minister Pranab Mukherjee …. Source  : Gaea News Network.

Canada to vet Toronto Exchange merger with London bourse

TORONTO – The proposed merger of the Toronto Stock Exchange (TSE) with the London Stock Exchange (LSE) may not have smooth sailing as the Canadian and Ontario provincial governments say they will closely vet the issue in national interest.

The TMX Group, which operates the stock exchanges in Toronto and Montreal, said Tuesday that …. Read the original article  : Canada to vet Toronto Exchange merger with London bourse.

Pakistan airline employees end strike

ISLAMABAD – Employees of Pakistan International Airlines (PIA) Friday night called off their week-long strike that affected flight services badly in the country after the resignation of the national carrier’s managing director.

The PIA workers ended the strike after a meeting between their leaders and senior ministers.
The leaders of PIA employees’ joint action committee … Read more : Pakistan airline employees end strike.

UAE warns against selling diseased animals

Dubai, Feb 11 (IANS/WAM) The UAE government has warned livestock traders against selling or trading in diseased or feeble animals.

The ministry of environment and water, in a circular, has warned against the practice of mixing animals bred differently or coming from various origins while offering them for sale in the markets.
It has …. Source  : UAE warns against selling diseased animals.

Nestle opens nominations for sustainable development award

NEW DELHI – Global processed food giant Nestle Friday invited entries from individuals, non-government organizations and small enterprises for competing in its international award for innovative solutions on water management, nutrition and rural development.

The global award, which is called the “Nestl Prize in Creating Shared Value” was instituted in 2009. Its main aim, according … Read more : Nestle opens nominations for sustainable development award.

MTNL Q3 loss drops to Rs.671.04 crore

MUMBAI – State-run Mahanagar Telephone Nigam Ltd (MTNL) Friday posted a net loss of Rs.671.04 crore for the third quarter ended December 2010 against a net loss of Rs.919.97 crore for the same period last fiscal on account of increase in dearness relief of pension and high wages.

The total income of the company though …. Source  : Gaea News Network.

Locke terms US trade mission ‘resounding success’

MUMBAI – Describing it as “a resounding success”, US Commerce Secretary Gary Locke concluded here Friday a six-day trade mission that took him to New Delhi, Bangalore and Mumbai.

“This trade mission was a resounding success. For some companies on our trip, ’success was an initial meeting or consultation with Indian government or business leaders …. Original source  : Locke terms US trade mission ‘resounding success’.

Renewable energy next big thing: World Bank

MUMBAI – Renewable energy is set to be the next big technology industry, with the potential to transform the trillion dollar energy industry across the world, World Bank said in a new report Friday.

“Investing in renewable energy would enable India to develop globally competitive industries and technologies that can provide new opportunities for … Read more »»».

Public-private model needed to build houses for the poor

KOLKATA – With growing urbanisation in India, there is a need for public-private partnerships to provide affordable housing to the poor, an official said Friday.

“Along with the public authorities, private players need to come together towards providing affordable housing with basic amenities to the slum dwellers,” union Urban Development Secretary Navin Kumar said Friday … Original source on Gaea Times at : Public-private model needed to build houses for the poor.

PM asks Kerala to make better use of central schemes

THIRUVANANTHAPURAM – Ahead of upcoming assembly elections in Kerala, Prime Minister Manmohan Singh Friday launched an attack on the state’s ruling Left Democratic Front, saying it was not using various central government schemes for the benefit of the people.

Delivering the inaugural address at the Kerala Development Congress, organised by the Congress’ state unit on …. Original source  : PM asks Kerala to make better use of central schemes.

RBI issues FAQs on Core Investment Companies

The Reserve Bank of India has today issued Frequently Asked Questions (FAQs) on Core Investment Companies (CICs) (www.rbi.org.in/scripts/FAQView.aspx?Id=81) clarifying queries relating to the concept of CICs. The FAQs have been issued as the Reserve Bank was receiving many queries regarding CICs. FAQs are available on faqs.rbi.org.in (faqs.rbi.org.in/)

… Read : RBI issues FAQs on Core Investment Companies.

Professor Stanley Fischer, Governor, Bank of Israel delivers the 3rd P. R. Brahmananda Memorial Lecture on ‘Central Bank Lessons from the Global Crisis’

Professor Stanley Fischer, Governor, Bank of Israel delivered the 3rd P. R. Brahmananda Memorial Lecture organised by the Reserve Bank on February 11, 2011 in Mumbai. The topic of his speech was ‘Central Bank Lessons from the Global Crisis’.

Governor Dr. D. Subbarao, in his welcoming address (www.rbi.org.in/scripts/BS_SpeechesView.aspx?Id=548) noted that Prof. …. Original source  : Professor Stanley Fischer, Governor, Bank of Israel delivers the 3rd P. R. Brahmananda Memorial Lecture on ‘Central Bank Lessons from the Global Crisis’.

182-day Treasury Bills auction: ` 2,000 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of `2,000 crore. The auction will be conducted on February 15, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at … Read : 182-day Treasury Bills auction: ` 2,000 crore under regular auction.

Second Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 11, 2011 are:

Amount (face value in ` crore)                       

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction
…. Original article on Gaea Times at  : Second Liquidity Adjustment Facility : Auction Results.

Insecurity dogs ITCs business safeguard plan in Nepal

KATHMANDU – After suffering attacks and disruptive strikes in Nepals lawless plains for years due to diminishing security and protracted political instability, Indian tobacco major ITCs strategy to safeguard its investments has now been dogged by further obstructions in the hilly west.

Surya Nepal, ITCs subsidiary in the Himalayan republic, has received a blow to … Read more >>.

Skill development for 500 million Indians: A mantra for action (Comment)

The number of references to skill development in the government lexicon has soared over the years. With each budget presented by the UPA government, the number of initiatives to skill India has gone up. Starting with allocation of funds for reviving Industrial Training Institutes (ITIs) and polytechnics and upgrading the Regional Engineering Colleges …. Source  : Skill development for 500 million Indians: A mantra for action (Comment).

Devas promises cooperation in review of pact

BANGALORE – Devas Multimedia Saturday welcomed the decision of the Indian Space Commission to await the result of the review of its pact the Indian space agency over allocation of S-band frequency before taking a call on whether to annul the pact.

“We will cooperate with the government in participating in the forthcoming reviews and …. Source  : Gaea News Network.

South Korean team to evaluate development works in UAE

Abu Dhabi, Feb 12 (IANS/WAM) A high-level delegation, representing South Korean major corporations, called on officials of the Western Region Development Council (WRDC) to get a first-hand experience of the development projects in the region.

WRDC plays a key role working closely with the relevant government entities within Abu Dhabi Emirate to improve social development, …. Source article  : South Korean team to evaluate development works in UAE.

UAE companies happy with 19th IETF held in India

Abu Dhabi, Feb 12 (IANS/WAM) The United Arab Emirates’ (UAE) companies and entities, which participated in the 19th edition of the International Engineering and Technology Fair (IETF), have expressed satisfaction at the event which chose the UAE as this year’s focus country.

Organised by the Confederation of Indian Industry (CII) under the theme ‘Green Productivity …. Original article  : UAE companies happy with 19th IETF held in India.

India to finalise scheme for infrastructure funds

CHENNAI – The central government is expected to finalise in the next few months its framework to attract long term funds for the infrastructure sector, with an aim to garner Rs.10 billion in the first two years, an official said Saturday.

The idea is to raise funds from pension and insurance sectors to fund the … Read the original article on Gaea Times at : India to finalise scheme for infrastructure funds.

ISRO’s Antrix Corporation to be restructured

NEW DELHI – India’s Space Commission Saturday decided to restructure Antrix Corporation, the commercial arm of the Indian Space Research Organisation (ISRO), whose deal with a private company related to scarce S-band spectrum has led to a controversy.

Official sources said the Space Commission has decided to have a separate chairman to head Antrix. …. Source article on Gaea Times at  : ISRO’s Antrix Corporation to be restructured.

Reliance Capital net profit up 68 percent

MUMBAI – Reliance Capital Saturday reported a total income of $305 million for the quarter ended Dec 10 and said its consolidated net profit, at $24 million, was up 68 percent over the corresponding period of the previous year.

“Entire profits of Reliance Capital were contributed by the core business. No capital gains were booked in … Read the original article on Gaea Times at : Reliance Capital net profit up 68 percent.

China to build airport in desert

BEIJING – China plans to build an airport in a desert to benefit oil exploration, a media report said.

The Civil Aviation Administration of China plans to build an airport in the Taklimakan desert, which will be the first airport built in the country’s desert region, China Daily quoted Beijing Daily as reporting.
The airport … Original article on : China to build airport in desert.

Driver refuses to run train due to damp seat

LONDON – A train driver in Britain walked off from work – leaving commuters stranded – when he realised that his seat was damp.

Daily Express reported Saturday that when the driver saw that his seat was damp, he walked off, forcing hundreds of commuters to wait half an hour for another Southeastern service from …. Source  : Driver refuses to run train due to damp seat.

Agro SMS service to answer farmers’ queries

LUCKNOW – From basic technical knowhow to information on advanced techniques in agriculture — farmers from various states are registering for an SMS service through which their queries will be answered by scientists, an official said Saturday.

“It’s been just over a month since the SMS service started,” Sanjay Kumar, a scientist with the Central …. Original article  : Agro SMS service to answer farmers’ queries.

Sensex slips 280 points (Weekly Market Review)

MUMBAI – A benchmark index for Indian equities markets slipped 280 points in the weekly trade, taking three weeks’ losses to 1,279 points on high inflation, low manufacturing output and a string of negative news related to scams and unrest in Egypt.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended …. Original article on Gaea Times at  : Sensex slips 280 points (Weekly Market Review).

Nestle calls for entries on sustainable development award

NEW DELHI – Global processed food giant Nestle has invited entries from individuals, non-profit and small enterprises for competing in its prestigious global award for innovative solutions on water management, nutrition and rural development.

The award, called the “Nestle Prize in Creating Shared Value” was instituted in 2009. Its main aim, according to the company, … Read this article on Gaea Times at : Nestle calls for entries on sustainable development award.

Ten State Governments announce Auction of State Development Loans 2021 for of `7,088.000 crore on February 15, 2011.

The following ten State Governments have announced the sale of their 10-year State Development Loans (SDLs) for an aggregate amount of `7,088.000 crore through yield based auction using multiple price auction method.

Sr. No.

State

Notified Amount (`Crore)

1

Andhra Pradesh

1450.000

2

Gujarat

1000.000

3

Haryana

  600.000

4

Himachal Pradesh

  180.000

5

Jammu & Kashmir*

  …. Source article on Gaea Times at  : Ten State Governments announce Auction of State Development Loans 2021 for of `7,088.000 crore on February 15, 2011..

Business shuts down following Gorkha Strike in Siliguri

SILIGURI – Local business was hit badly in Siliguri , West Bengal on Friday , following a shutdown call given by the Gorkha Janamukhti Morcha (GJM).

Ram Yadav, a retailer said: “The business is very badly affected. We are unable to sell a thing. Usually we open our shops at eight in the morning …. Original source  : Business shuts down following Gorkha Strike in Siliguri.

Apollo Tyres mulls plants in east Europe, third quarter net down

CHENNAI – Truck and car tyres major Apollo Tyres is planning to set up car radial tyre plants in Eastern Europe where labour costs are comparatively low, and go in for backward integration buying rubber plantations, a company official said.

“We are looking at geographies like Eastern Europe, Indonesia for new plants. First, we will … Read more »»».

Monthly fluctuations in industrial growth do not reflect correct picture, says Mukherjee

NEW DELHI – Expressing disappointment at the low 1.6 per cent industrial output growth during December, Union Finance Minister Pranab Mukherjee on Friday said the monthly fluctuations do not reflect correct picture of the economy.

“It is unfortunate and it is disappointing but … Read this article on Gaea Times at : Monthly fluctuations in industrial growth do not reflect correct picture, says Mukherjee.

Montek Singh Ahluwalia predicts decline in food inflation by March end

NEW DELHI – Giving a breather to consumers stung by the spiralling prices of essential commodities, Planning Commission Deputy Chairman Montek Singh Ahluwalia, predicted a sharp decline in food inflation by the end of March.

India is currently beset by rising food and fuel …. Original article  : Montek Singh Ahluwalia predicts decline in food inflation by March end.

Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract

1. Reserve Bank of India – Liabilities and Assets

(` crore)

Item

2010

2011

Variation

Feb. 5

Jan. 28

Feb. 4#

Week

Year

1

2

3

4

5

6

Loans and advances

Central Government

—

—

—

—

—

State Governments

516

750

1,075

325

559

2. Foreign Exchange Reserves

Variation over

Item

As on Feb. 4, 2011

Week

End- March 2010

End-December 2010

Year

`
…. Source article  : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.

Indian deal hot topic at record breaking AeroIndia

BANGALORE – The eighth AeroIndia air show here has broken all records for the number of visitors, with over 1.75 lakh footfalls recorded till Friday.

The focus of attention remained on the biggest tender India has floated to buy 126 medium multi-role combat aircraft (MMRCA).
The contract is expected to be awarded to one …. Source article  : Indian deal hot topic at record breaking AeroIndia.

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 »».

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.

221 mn Chinese travelled by train during spring festival

BEIJING – A whopping 221 million people travelled by train during China’s spring festival, which is also the largest migration of people anywhere in the world.

The railway ministry Monday said the trains carried a record 221 million passengers during the 40-day Spring Festival travel rush period that ended Sunday.
The figure represents an increase … Read more : 221 mn Chinese travelled by train during spring festival.

Budget leaves IT sector unimpressed

HYDERABAD – The information technology (IT) sector is disappointed at Finance Minister Pranab Mukherjee’s union budget for 2011-12 for not extending tax incentives and hiking the Minimum Alternate Tax (MAT).

The IT sector in Hyderabad, a key IT hub in the country, feels the finance minister failed to meet its expectations, especially on the demand … Read this article on Gaea Times at : Budget leaves IT sector unimpressed.

Budget conveys strong signal for reforms: Pranab

NEW DELHI – The budget for 2011-12 conveys a “strong signal towards reforms”, especially on taxation and fiscal consolidation, Finance Minister Pranab Mukherjee said Monday.

Through this budget I wanted to convey a strong signal towards reforms, and reforms not just in dramatic announcements but addressing those issues where governance and delivery can improve, Mukherjee …. Original source  : Budget conveys strong signal for reforms: Pranab.

RBI releases its IT Vision Document for 2011-17

The Reserve Bank of India has today, placed on its website, the Report of the High Level Committee (HLC) on the IT Vision of Reserve Bank of India 2011-2017 (www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=630) . The HLC report includes the IT Vision document for 2011-17 (www.rbi.org.in/scripts/PublicationVisionDocuments.aspx?ID=629) .

Main recommendations in the IT Vision document 2011-17
Focus for …. Source article  : RBI releases its IT Vision Document for 2011-17.

Budget remembers Tagore, award to be instituted

NEW DELHI – The government will institute a new international award in memory of Nobel laureate Rabindranath Tagore, whose 150th birth anniversary is May 7 this year, Finance Minister Pranab Mukherjee announced Monday.

The award carrying a purse of Rs.1 crore will be awarded for exemplary contribution to promotion of world peace, brotherhood, amity and …. Original article  : Budget remembers Tagore, award to be instituted.

Union Budget eyes upon result oriented economic management system

NEW DELHI – Union Finance Minister Pranab Mukherjee today said that the Union Budget is a transition towards a more transparent and result oriented economic management system in India.

Presenting the budget 2011-12 in the Lok Sabha today, Mukherjee said: “Huge differences between wholesale and retail prices are at the expense of remunerative prices … Read more »»».

RBI launches 23rd Round of Inflation Expectations Survey of Households

The Reserve Bank of India has today launched the 23rd round of Inflation Expectations Survey of Households. January-March 2011 is the reference period for the current survey. M/s Beaumont Consultancy Services, Mumbai has been engaged to conduct this Round of the Survey on behalf of the Reserve Bank of India.

The Reserve …. Source  : RBI launches 23rd Round of Inflation Expectations Survey of Households.

World’s first 660 KV power cable in China

BEIJING – A 660-kilovolt direct current power transmission system, said to be the world’s first, began to supply energy Monday to a province that is located over 1,300 km away.

The transmission system began carrying power from northwest China’s Ningxia Hui Autonomous Region to the eastern Shandong Province.
The 10.4-billion-yuan ($1.58 billion) project is part … Read more : World’s first 660 KV power cable in China.

Disinvestment yield target set at Rs.40,000 crore

NEW DELHI – The government aims at raising Rs.40,000 crore from selling its stakes in public sector undertakings during fiscal 2011-12, Finance Minister Pranab Mukherjee said Monday.

I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs.40,000 crore,” Mukherjee said while presenting the budget for 2011-12 in the Lok … Read more >>.

State-run banks get Rs.6,000 crore

NEW DELHI – To strengthen the banking sector in India, the government Monday said it will allocate Rs.6,000 crore to public sector banks and Rs.500 crore to regional rural banks.

“I propose to provide a sum of Rs.6,000 crore for the year 2011-12 to enable public sector banks to maintain a minimum tier I … Original source on Gaea Times at : State-run banks get Rs.6,000 crore.

China has 1.34 bn people

BEIJING – Wondering how many people does the world’s most populous country have? Well, China has a mind-boggling 1.34 billion people, latest official statistics show.

Neighbour India stands second in the global population tally with an estimated figure of 1.2 billion.
China’s National Bureau of Statistics (NBS) Monday said that preliminary data showed the country … Read : China has 1.34 bn people.

Indian stock markets give thumbs up to budget, Sensex soars (Second Lead)

NEW DELHI – Indian equities markets Monday continued to rise well after Finance Minister Pranab Mukherjee presneted the general budget as investors gave their thumbs-up to decisions like allowing foreign investment in mutual funds, and raising the cap on foreign institutional investment in corporate bonds.

Mukherjee raised the limit for funds to be invested by … Read more : Indian stock markets give thumbs up to budget, Sensex soars (Second Lead).

Pranab’s budget has Rs.8,000 crore for Kashmir’s development

NEW DELHI – Finance Minister Pranab Mukherjee Monday said Rs.8,000 crore would be given as special developmental assistance to the troubled Jammu and Kashmir in the current fiscal. This is in addition to the special support of Rs.28,000 crore already earmarked by the central government.

“The governments special support to Jammu and Kashmir is anchored …. Source  : Gaea News Network.

Highlights of Pranab Mukherjee’s budget for 2011-12

NEW DELHI – Highlights of the budget for 2011-12 presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:

* Expenditure in 2011-12 estimated at Rs.12,57,729 crore, an increase of 13.4 percent.
* Tax receipts in 2010-11 at Rs.932,440 crore, an increase of 24.9 percent; non-tax receipts at Rs.125,435 crore.
* Growth at 8.75 … Original article on : Highlights of Pranab Mukherjee’s budget for 2011-12.

Microsoft launches Microsoft Dynamics AX for retail in India

NEW DELHI – (ANI-Business Wire India): Microsoft India today announced the launch of Microsoft Dynamics AX for Retail, a focused offering for the Indian retail sector.

This solution offers a consolidated, integrated system that promises the capabilities of a stronger profitable retail supply chain and connected retailing to significantly reduce business complexities.

Microsoft Dynamics AX for … Read more »».

11 percent hike in defence budget (Lead, Superseding earlier story)

NEW DELHI – India Monday steeply hiked its defence budget by 11 percent, pegging the 2011-12 allocation at Rs.164,415 crore (nearly $36 billion), to fuel the rapid modernization of the army, navy and the air force.

Finance Minister Pranab Mukherjee, who presented the budget in the Lok Sabha, also increased the capital expenditure to Rs.69,199 …. Source article  : 11 percent hike in defence budget (Lead, Superseding earlier story).

Air travel to become costlier

NEW DELHI – Air travel is to become costlier with Finance Minister Pranab Mukherjee increasing service tax on air travel in the federal budget for 2011-12 Monday.

Mukherjee said service tax levy would go up by Rs.50 on domestic travel while it would be increased by Rs.250 on international travel in economy class.
In July …. Source  : Air travel to become costlier.

Excise duty exemptions from 130 items to be removed

NEW DELHI – The government has decided to withdraw excise duty exemptions from 130 items, mostly consumer goods, with a view to align the taxation system with the proposed goods and services tax (GST), Finance Minister Pranab Mukherjee said Monday.

“I propose certain changes in the central excise structure to prepare ground …. Original source  : Excise duty exemptions from 130 items to be removed.

Mukherjee raises credit flow to farmers by Rs.1 lakh crore

NEW DELHI – In a move to provide better access to affordable loans to the farming community, Finance Minister Pranab Mukherjee in the general budget for 2011-12 Monday said the government was increasing credit flow to farmers by Rs.1 lakh crore.

“For the year 2011-12, I am raising the target of the credit flow …. Read the original article  : Mukherjee raises credit flow to farmers by Rs.1 lakh crore.

Rs.9 lakh disability compensation for defence personnel

NEW DELHI – Defence personnel, who have suffered 100 percent disability during the course of their government service, will henceforth get a one-time compensation of Rs.9 lakh on par with paramilitary personnel fighting Maoists.

Finance Minister Pranab Mukherjee announced this benefit for defence personnel in his budget proposals presented in Lok Sabha Monday.
Defence personnel, …. Source article  : Rs.9 lakh disability compensation for defence personnel.