Business News – Newsletter for March 1, 2011

Tuesday, March 1, 2011

China’s US debt holdings at $1.16 trillion

WASHINGTON – China’s holdings of long-term US Treasury securities totalled $1.16 trillion at the end of December 2010, a media report said Tuesday.

The US Treasury Department has revealed the figure in its annual report released Monday, China Daily reported.
China, the largest holder of US Treasury securities, reduced its holdings by $4 billion …. Source : Gaea News Network.

Ford records growth in February sales

CHENNAI – The Indian subsidiary of American auto major Ford recorded a 188 percent sales growth in February over the corresponding period in 2010, mainly driven by Figo, its compact car model, according to a company official.

Ford India sold 9,293 vehicles in February as compared to 3,223 in 2010.
For the past one year, … Read the original article on Gaea Times at : Ford records growth in February sales.

Tokyo Sky Tree becomes world’s tallest tower

TOKYO – The Tokyo Sky Tree, Japan’s new skyscraper under construction for digital terrestrial broadcasting, became the world’s tallest tower Tuesday, topping the 600-metre mark, the operator said.

The tower in central Tokyo surpassed the height of China’s Canton Tower, a 600-metre TV and sightseeing tower, the Tobu Tower Sky Tree Co said.
…. Source : Tokyo Sky Tree becomes world’s tallest tower.

Budget proposals sharply push up Indian equities

MUMBAI – Indian equities were ruling sharply higher Tuesday, a day after the presentation of the federal budget, as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds, to mutual funds.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,982.28 points, against the previous …. Original article on Gaea Times at : Budget proposals sharply push up Indian equities.

Late night, little security, they counted Delhi’s homeless

NEW DELHI – Walking into dirty lanes at night, waking up sleeping and sometimes hostile people, thousands of enumerators and volunteers, including women, fanned out across the sprawling national capital to ensure the homeless were counted for India’s Census 2011, deemed the world’s biggest headcount.

The government-appointed census workers fanned out to Delhi’s nooks …. Source article : Late night, little security, they counted Delhi’s homeless.

Left government in Tripura unhappy with budget, protests

AGARTALA – Groups affiliated to Tripura’s ruling Communist Party of India-Marxist (CPI-M) Tuesday organised demonstrations across the state to protest the “deprivation of the northeastern region” in the union budget unveiled the day earlier.

Frontal organisations of Left parties, including the Democratic Youth Federation of India (DYFI), organised protest rallies across the Left-ruled … Read more : Left government in Tripura unhappy with budget, protests.

Hyundai’s February sales down 4.8 percent

NEW DELHI – Automobile major Hyundai Motor India Ltd (HMIL) Tuesday reported a decline of 4.8 percent in its sales for February.

HMILs total sales for February 2011 stood at 52,007 units as against 54,610 units in February 2010, registering a decline of 4.8 percent, the company said in a statement.
Domestic sales picked up … Read more »»».

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.12 and the Reference Rate for Euro is ` 62.32 on March 1, 2011. The corresponding rates for the previous day (February 28, 2011) were ` 45.18 and ` 62.15 respectively. Based on the Reference Rate for …. Read the original article : RBI Reference Rate for US $ and Euro.

TVS Motor sales up by 24 percent in February

CHENNAI – Two- and three-wheeler maker TVS Motor Company Ltd closed February with 24 percent sales growth over the corresponding period the previous year.

The company sold 177,412 units (two-wheelers 173,200, three-wheelers 4,212 units) last month as against 142,676 units (two-wheelers 140,544 units, three-wheelers 2,132 units) in February 2010.
Within the two-wheeler segment, TVS Motor … Read more »».

Maruti Suzuki’s February sales up 15.5 percent

NEW DELHI – Indian car market leader Maruti Suzuki Tuesday reported a 15.5 percent increase in its sales for February with 1,11,645 units being sold.

Maruti Suzuki India Limited sold a total of 1,11,645 vehicles in February 2011. This includes 10,102 units of exports. The company had sold a total of 96,650 vehicles in February …. Read the original article : Maruti Suzuki’s February sales up 15.5 percent.

India’s merchandise exports up in January, oil imports down

NEW DELHI – India’s merchandise exports were up over 32 percent in January even as oil imports, over which government has expressed worry because of rising global prices, were actually down nearly 8 percent, latest trade data showed Tuesday.

The merchandise exports, as per commerce ministry data, were valued at $20.605 billion in the month …. Source : India’s merchandise exports up in January, oil imports down.

Telangana supporters disrupt train traffic (Second Lead)

HYDERABAD – Rail transport was paralysed in Hyderabad and nine other districts of Telangana region of Andhra Pradesh Tuesday as protesters demanding separate statehood to the region squatted on railway tracks.

All express trains from Hyderabad to various cities in the state and other destinations in India, and all passenger trains in Telangana and to … Original article on : Telangana supporters disrupt train traffic (Second Lead).

Day after budget, Mukherjee warns of challenges ahead

NEW DELHI – A day after presenting the federal budget for the next fiscal, Finance Minister Pranab Mukherjee said the country continued to face both internal and external challenges, like spiralling oil prices, and must remain ever so vigilant.

“The challenge before the government and the Reserve Bank of India has been to support the …. Original source : Day after budget, Mukherjee warns of challenges ahead.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on March 1, 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.

Malaysia allows entry of 45,000 foreign workers

KUALA LUMPUR – The Malaysian government has allowed recruitment of 45,000 foreign workers in at least 13 business sectors hit by manpower shortage. A large number of the workers in these sectors are ethnic Indians.

Workers are urgently required in restaurants, grocery shops and in the textiles industry, which faced difficulty in recruiting local labour. …. Source : Gaea News Network.

Day after budget, Indian equities still rule strong

MUMBAI – Indian equities continued to rule strong Tuesday a day after the presentation of the federal budget as investor sentiment was boosted by the measures to attract foreign investors, including overseas funds, to mutual funds.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,982.28 points, against the previous day’s … Read this article on Gaea Times at : Day after budget, Indian equities still rule strong.

India budget will spur investment: US chamber

WASHINGTON – A leading US trade association has praised India’s budget, saying it sets forth clear parameters that will spur and sustain greater investment in the country’s infrastructure sector.

“The sheer confidence this budget represents is worthy of our praise,” said Ron Somers, president of the US-India Business Council (USIBC) that represents about 400 US … Read the original article on Gaea Times at : India budget will spur investment: US chamber.