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2011 January Economic Issues


 

Ramky Infrastructure Limited has bagged the “Distinguished Water Company” award for 2010-11 given by Water Digest, a water magazine. The award, which was presented to the company on at New Delhi, is supported by UNESCO and the Ministry of Water Resources with a focus on people, innovation and processes that contribute to sustainability of water resource.





Bilateral trade between India and China exceeded the two countries' $60 billion target last year, driven largely by rising Indian imports of Chinese machinery that have left a record trade imbalance of $20 billion in China's favour.

Figures released for last year showed that bilateral trade in 2010 reached $61.7 billion, with Chinese exports to India touching $40.8 billion.





Artin Dynamics, a Technopark-based company, has bagged the Magnitude 2011 Award for the corporate-level business plan competition for the best start-up at Technopark.





IMF said that Global economy to grow 4.4% in 2011

India to grow at 8.4%





NMDC plans to set up its second steel plant with an investment of Rs.10,000 crore in Chhattisgarh and announce its partner for this joint venture by March.





State Bank of India (SBI) recorded a net profit of Rs.2,828 crore for the third quarter ended December 31, 2010, up 14.08 per cent over Rs.2,479 crore in the corresponding period in the previous year despite increase in provisions by Rs.1,797 crore (84.02 per cent).





IndiGo orders 180 Airbus A320 worth $15.6 billion. Airbus General Director Fabrice Bregier at a press conference in the Airbus lobby on Wednesday in Colomiers, south western France, after Airbus signed a $15.6-billion deal to sell planes to Indian airline IndiGo.






SBI, Airtel join hands for banking services. State Bank of India (SBI) and Bharti Airtel decided to join hands to form a joint venture to make available banking services to the uncovered population of the country.

A new entity will be floated with an investment of Rs.100 crore to add value to the banking and financial services sector.







IDBI Bank signs MoU with UIDAI. IDBI Bank has become a Registrar for Unique Identification Authority of India (UIDAI). 

A memorandum of understanding (MoU) was signed by the bank and UIDAI at a function held at New Delhi on January 

As a Registrar, the bank will enrol residents in the UID Project and assist the Authority in the various stages.







SAFA gets new President A.N. Raman, Council Member of The Institute of Cost and Works Accountants of India has been appointed as the President of South Asian Federation of Accountants (SAFA), an apex body of SAARC, for the year 2011 with effect from January 1, 2011 at its 72nd Assembly meeting held here on January 9.






China launches yuan trading in U.S. Ahead of the state visit of Chinese President Hu Jintao to the U.S., China has launched yuan trading in New York as part of efforts to make its currency ‘fully convertible' and a global competitor to the dollar






Shriram Life Insurance Co. Ltd. (SLIC), a joint venture between Shriram Group 
and Sanlam Group of South Africa, has  a memorandum of understanding(MOU) with Tamil Nadu Co-operative State Agriculture  and  Rural Development Bank Limited.

The objective is to jointly promote, market and distribute life insurance products to all their customers.







Industrial output in November 2010 was slower-than-expected, 2.7 percent from a year earlier, sharply lower than the previous month's revised annual growth of 11.3 percent, according to government data released.
           
       






L&T (Larsen & Toubro) delivered the first four dry shielded canisters for Transnuclear Inc. of the U.S., an Areva company. These canisters form a part of orders of 50 such units for three leading American nuclear power plant operators to be manufactured in accordance with the U.S. code of Federal Regulations and Nuclear Safety Class I standards







Aircel partners Facebook. Aircel introduced an innovative way through the new Facebook Voice Updates on Aircel which lets people connect to its users' family and friends on Facebook in their own voice, even without internet access on their mobile phones, which makes it an easy access for a large audience anytime anywhere, says a release.







MARG joins hands with Ireland firm. MARG has signed a memorandum of understanding with Ireland-based construction major Lagan Construction. Both the companies will collaborate with each other to strengthen the development of construction of roads, airports, water and sewage treatment plants in India.







Amway to invest Rs.400 cr in India. U.S.-based direct selling company Amway said it would make an investment of Rs.400 crore for setting up a greenfield manufacturing unit in India besides upgrading its infrastructure and opening more brand centres.

“The new plant, to be owned and operated by us, will cater to our future needs as we see our sales growing fast in India,” Amway India Managing Director and CEO William Pinckney







SAIL signs MoU with Hindustan Prefab. Steel Authority of India Ltd. (SAIL) signed a memorandum of understanding (MoU) with Hindustan Prefab Ltd. (HPL) for jointly exploring the techno-economic viability of carrying out the business of prefabricated structures in steel and cement.

The MoU was signed in the presence of SAIL Chairman C. S. Verma and HPL Chairman and Managing Director Jaiveer Srivastava and Directors and senior executives of both companies. The MoU is the first step by SAIL and HPL towards jointly participating in projects using prefabricated structures in steel and cement.






World Bank President Robert B.Zoellick signed a $220-million agreement with the Bihar government for “the Kosi Recovery Project to rebuild areas affected by the 2008 floods".






HCL Infosystems to sell HCL Infinet to Tikona. IT hardware maker HCL Infosystems will sell its wholly owned subsidiary HCL Infinet to internet services provider Tikona Digital Networks.

The sale of shares is subject to and shall be effective post necessary regulatory approvals, HCL InfosystemS.






Amrutanjan, Austin Chemicals form joint venture. Amrutanjan and Austin Chemicals of the U.S. have signed a memorandum of understanding to form a joint venture, Amrutanjan Pharmaessense Ltd, for strenthening chemical business. Pharmaessense currently has lab facilities to house 55 scientists.







The gems and jewelry exports posted 39% growth at around $23.5 billion in the first three quarters of this fiscal. These were $14.46 billion in the corresponding period in the previous year, according to data given by the Gem and Jewelry Export Promotion Council (GJEPC)







India-South Korea set $30 billion trade target by 2014. The India-South Korea trade ties to a new level, both countries on Thursday agreed to set a $30 billion bilateral trade turnover target to be achieved by 2014.

The Confederation of Indian Industry (CII), both Union Commerce and Industry Minister Anand Sharma and the visiting South Korean Trade Minister, Kim Jong-Hoon, said that huge business opportunities were available for Indian and Korean companies in each other's region.






Kajaria joins hands with Turkish firm. Ceramic manufacturing company Kajaria Ceramics announced its entry into sanitaryware and bath fittings business and entered into a pact with Turkey-based Eczacibasi for marketing and selling VitrA brand products in India.

“The partnership will help in achieving the desired critical mass by leveraging our strong brand and distribution network across the country,” Kajaria Chairman and Managing Director Ashok Kajaria told reporters here.






Salora ties up with Japanese firm. Consumer electronics products company Salora International announced a tie-up with Zojirushi Corporation of Japan for marketing and distribution of a wide range of thermoware, including flasks, mugs, bottles and lunch boxes, in the domestic market. It also announced its intentions to make foray into IT and telecom segments.






RBI suggests chip-based ATMs to check fraud. Concerned over rising incidents of cyber frauds, the Reserve Bank of India will soon ask banks to shift to chip-based ATM cards from the existing magnetic strips and upgrade the currency vending machines.







Airbus arm to supply mid-air refuelling aircraft to IAF. Airbus Military, the military aircraft-producing wing of Airbus, which is a consortium supported by several governments in Europe, has announced that is in the race to supply six mid-air refuelling transport aircraft to the Indian Air Force (IAF). Didier Vernet, Head, Market Development, Airbus Military, said, “We are in competition with the Russian-made IL-78 to supply the Airbus A330 multi-role tanker transport (MRTT).”






Y H Malegam committee constituted by Reserve Bank of India (RBI) in October 2010 to recommend the practices of Microfinance Institutions (MFIs) submitted its report and proposes the maximum interest rates as 24 percent.





ONGC said it had struck natural gas reserves in its maiden well drilled to tap shale gas in West Bengal. This is the first time gas has been discovered in sedimentary shale gas rocks outside the U.S.and Canada.



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