Reliance Money, FTIL plan to set up their own stock exchanges

Reliance Money, the broking arm of Reliance Capital and Financial Technologies India (FTIL), which operates one of the world`s largest exchange networks are pondering over the idea to setup their own stock exchanges


Reliance Money, the broking arm of Reliance Capital and Financial Technologies India (FTIL), which operates one of the world`s largest exchange networks are pondering over the idea to setup their own stock exchanges

Wipro hunts for acqusitions

Wipro, one of India`s leading IT company is scouting for acquisition in IT firms servicing oil, telecom and healthcare industries, repots Economic Times. The company had recently acquired Citi Technology Services (Citos) from Citi Bank.

Second stimulus package in the next few days: Montek

The government is likely to come out with a second stimulus package for this fiscal in the next few days to spur economic growth, said planning commission deputy chairman Montek Singh Ahluwalia.

Noting that the world economy was going to be worse next year, Ahluwalia said, the task is to prepare a suitable fiscal strategy both for this year and the next year. He said the main thing is to make sure that expenditure that has already been provided, and the new expenditure, gets done.

UK could lose up to 600,000 jobs

As per a report by Chartered Institute of Personnel and Development at least 600,000 jobs could go in the UK in 2009.

The report says that while total unemployment will not hit three million, the time between New Year and Easter will be the worst for job losses since 1991. According to official statistics, there were 1.86 million people out of work in the UK in October.

M&M to sell 14% stake in Swaraj Mazda

Mahindra & Mahindra (M&M) is likely to exit from commercial vehicle maker Swaraj Mazda by selling its stake to Japan`s Sumitomo Corporation.

M&M is preparing to sell its 14.04% stake in Swaraj Mazda, it inherited after the acquisition of Punjab Tractors, according to sources close to the development.

Tantia Constructions bags contract worth Rs 423.3 mn

Tantia Constructions announced that the company has received the prestigious project on Dec. 22, 2008, for upgradation and strengthening of Aizawl Civil Hospital, Mizoram and strengthening of Champhai Civil Hospital, Mizoram, amounting to Rs 423.3 million.

Suzlon Energy hikes stake in REpower

Suzlon Energy announced that it has acquired the first tranche of Martifer Group`s stake in REpower Systems AG, Germany (`REpower`) for a payment of approximately Euro 65 million.

Jain Irrigation bags order worth Rs 270 mn

Jain Irrigation Systems announced on Dec. 30, 2008 that it has won an order worth Rs 270 million to supply dehydrated onions and vegetable to Europe in the calendar year 2009.

Punjab tractors inks MoU to sell stake in Swaraj Mazda

Punjab Tractors announced that it has entered into a Memorandum of Understanding (MoU) dated Dec. 30, 2008 with Sumitomo Corporation, Japan expressing its intention to sell 1,472,000 equity shares in Swaraj Mazda to Sumitomo Corporation, Japan.

Transgene Biotek inks pact with Heber Biotec

Transgene Biotek announced that it has entered into a commercial and development agreement with Heber Biotec S.A, Havana, Cuba for the development and commercialization of three vaccines, Hib conjugate vaccine, DPT+Hib quadrivalent combination vaccine, DPT+Hib+Hepatitis B pentavalent vaccine

KBC to take $1.3 billion hit from CDO downgrades

Belgium's KBC said Monday that write-downs on its collateralized debt obligation investments will knock around 900 million euros ($1.28 billion) off its bottom line in the fourth quarter.

Kuwait scraps massive Dow Chemical joint venture

Dow confirmed reports of the cancellation, saying its partners in the deal verbally informed it of the decision by Kuwait's top energy body, the Supreme Petroleum Council.

The move to scrap the petrochemical venture, which was to be known as "K-Dow," is a severe blow to Dow which had planned to use some of the proceeds to fund its acquisition of Rohm & Haas Co.

Lehman bankruptcy filing wiped out billions

Lehman Brothers Holdings Inc's emergency bankruptcy filing wiped out as much as $75 billion of potential value for creditors, The Wall Street Journal reported on Monday, citing an analysis by the bank's restructuring advisers.

The Journal said it was too early to say how much money Lehman creditors would recover; it said unsecured creditors have asserted they are owed $200 billion.

BGR Energy In Pact With Italian Firm For Tech collaboration

BGR Energy Systems, leading energy equipment supplier, has announced that it has clinched a five-year technical collaboration and licence pact with Italy-based TME SpA Termomeccanica Ecologia (TME).

Under the agreement, TME would transfer and give technical knowledge for condensate polishing plants to BGR.

BHEL bags Rs 2,100-cr contract from NTPC

Bharat Heavy Electricals has revealed that it has secured Rs 2,100-crore order from NTPC.

The order has been bagged to supply and install main plant equipment for NTPC's Mauda Super Thermal Power Project in Nagpur.

Under the pact, the company would construct 2x500 MW steam generator and steam turbine generator packages at Mauda Supar Thermal Power Project.

Fortis Healthcare get nod to raise Rs 1800 crore

Fortis Healthcare Ltd, one of the leading player in the healthcare sector, has informed that company’s board of directors at its meeting on Wednesday has decided to raise Rs 1,800 crore through issue of fresh shares and warrants on rights basis to the existing shareholders.

The move includes Rs 1,000 crore from rights issue of equity shares. However, the company has not decided the ratio of rights issue and its share price.

Dish TV to add 200-250 channels by next year

Essel group company Dish TV is planning to add another 200 channels by next year to its bouquet to maintain its lead in the space.

The company presently carries about 225 plus channels, and it plans to increase it to 400-450 by next year.

Unitech To Merge All Telecom Arms

India-based Unitech, a leading real estate major, announced that it has decided to merge all its eight telecom wings into single entity.

According to sources, the main motive behind merging of all telecom subsidiaries is to handle company’s telecom business more expeditiously.

The proposed eight telecom subsidiaries together cover all 22 telecom circles in the country.

Unitech is searching the options to introduce their telecom services by the middle of coming year.

BHEL wins order worth Rs 5040 crore from Jindal Power

Bharat Heavy Electricals Limited (BHEL), the nation's biggest power- equipment maker, has secured an order worth Rs 5,040 crore from Jindal Power for setting up 2,400 MW power plant in Chhatisgarh.

Simplex Projects bags order worth Rs 75 crore

Delhi-based real estate company Simplex Projects Limited has informed that it has secured a contract worth Rs 75 crore from NDMC.

Under the arrangement, the company will carry out major renovation and improvement work of Talkatora Indoor stadium, which will host the boxing events during the Common Wealth Games 2010.

JPL To Increase Tamnar Plant Capacity To 3,400 MW Over 4 Yrs

indal Power Ltd (JPL) has revealed that it envisage to increase the electricity producing capacity of its Tamnar power plant in the district.

According to sources, the company will enhance electricity producing capacity by 2,400 MegaWatt to 3,400 MegaWatt over the coming four fiscals.

ACC may shut more plants if weak demand continues

ACC which had temporarily shut a plant in Himachal Pradesh this month has said that it has kept all options open for the same kind of temporary close down for its other locations in case, there is no reasonable demand for its products,

Unitech plans two SEZs in Haryana

Unitech, India`s second largest realty company, is planning to set up Special Economic Zones (SEZ) in Haryana one for automobiles industry and another for apparel industry and plans to approach the government for approval

PNB in JV with Bhutanese promoters

Punjab National Bank (PNB) announced that Royal Monetary Authority of Bhutan has accorded an in-principle approval for setting up the `Druk PNB Bank`, a joint venture (JV) bank between PNB and Bhutanese Promoters.

Novopan Ind. board clears merger with GVK Projects

Novopan Industries has announced that the board of directors of the company at its meeting held on Dec. 27, 2008 approved the proposal of amalgamation of GVK Projects with that of Novopan Industries by way of exchange of shares and approved the same based on its merits, with effect from Apr.01, 2008, being the appointed date.

Compucom Software bags order worth Rs 76.7 mn

Compucom Software announced that it has been awarded an order by Secondary Education Department, Rajasthan for supply of various software packages of Microsoft in 2500 government schools of Rajasthan

KEC International bags order worth Rs 63.6 bn

The Rs 30 billion-plus KEC International (KEC), a global leader in the power transmission EPC business and the transmission flagship of the RPG Enterprises, on Dec. 29, 2008 bagged the largest ever international order in the company`s history. The order is valued at Rs 63.6 billion and will be funded by the European Investment Bank and the Egyptian National Bank. This is also the largest ever order given to an Indian transmission company in Egypt.

Lakshmi Mills Company announced the its Coimbatore unit had offered a voluntary retirement scheme (VRS) to its employees thus calling off production from Dec. 18, 2008.

Indian government will now allow navratnas and mini-ratnas to invest 30 % of their surplus funds in equity market through public sector mutual funds. This will bring some cheers in mutual fund Industry which is witnessing a fall in assets under management,

The daily turnover volume at the National Commodity and Derivative Exchange (NCDEX) stood at Rs 13.17 billion (one-way) with 435 members (1,977 users) participating in trading on Dec. 29, 2008

Subhiksha plans to relocate outlets, hold up expansion

Subhiksha has intention to relocate around 5-10% of the company`s existing stores to take benefit of the decreasing rentals, reports Business Standard.

It is learnt that the company is slowing down its growth plan by 10-12% for the remaining part of the current fiscal.

The company had at the beginning of this year announced Rs 12 billion growth plan for the company`s retail and grocery format, besides plans for venturing into the consumer durables retailing business.

Electrolux to cut more than 3,000 jobs

Electrolux said it will cut down more than 3,000 jobs primarily because of falling demand in Europe and North America, reports Business Standard.

The company has also cautioned that there can be more job cuts as it proceeds to move production capacity to low-cost countries.

The firm has about 57,000 employees worldwide. Electrolux noted that decline in demand for appliances in Europe and North America, in the last two weeks of November, has negatively impacted its sales volume and product mix for the fourth quarter.

PTC to tie-up with power generation cos

PTC to tie-up with power generation cos

Areva signs agreement with NPCIL

Areva (French energy firm) has signed a pact with Nuclear Power Corporation (NPCIL) to supply about 300 tons of uranium annually,

Apollo eyes foray into drug manufacturing

Country`s largest hospital chain Apollo Hospitals is eyeing foray into drug manufacturing and early-stage clinical trials

SBI merges two Mauritius units

State Bank of India (SBI) has merged its Mauritius-based subsidiary, Indian Ocean International Bank (IOIB), with SBI International (Mauritius)

L&T bags Rs 13.72 bn orders

India`s largest engineering and construction conglomerate, L&T has secured major orders aggregating to Rs 13.72 billion from various customers like Vedanta Aluminium, Utkal Alumina International and Bhushan Steel.

Eleventh 5-yr plan to create 58 mn jobs: Govt.

The minister of state for labour and employment Oscar Fernandes (Independent Charge) on Monday, December 15 said that 11th five year plan aimed at creating 58 million job opportunities.

Fernandes said that the focus was also on productive employment at a faster pace than before and growth target for agricultural target was set at 4% per annum in order to raise the income of rural masses and to bring about a general improvement in their living conditions.

He said that the government was also implementing various employment generation and poverty alleviation programs. According to him, some of the important ones were Swarna Jayanti Shahari Rozgar Yojana (SJSRY), Prime Minister`s Employment Generation Programme (PMEGP), Swarnajayanti Gram Swarozgar Yojana (SGSY) and National Rural Employment Guarantee Act, 2005 (NREGA).

Colgate Palmolive buys 25% stake in SS Oral Hygiene

Colgate Palmolive India, which is currently holding 75% of the share capital of SS Oral Hygiene Products, Hyderabad has acquired the remaining 25% share capital from the local shareholders at an aggregate price of Rs 7,770,000 on Dec. 16, 2008.

IVRCL bags Rs 7.46 bn orders

Hyderabad-based infrastructure company IVRCL Infrastructures & Projects has announced that the buildings and industrial structures (B & IS) division of the company has bagged the orders of the value of Rs 7.46 billion from various customers.

IDFC Private Equity (PE), India`s leading private equity fund focused on infrastructure had made a private equity investment of Rs 2 billion in Deepak

The Reserve Bank of India (RBI) has permitted ABN AMRO Bank N.V. to undertake primary dealer business in government securities market with effect from today, Dec. 16, 2008.

At the same time, with this move, the authorization given to ABN AMRO Securities (India) as primary dealer stands withdrawn.

The RBI had announced in its annual policy statement for the year 2005-06 that the permitted structure of primary dealership business would be expanded to include banks, which fulfill certain minimum eligibility criteria.

Accordingly, RBI had issued guidelines on Feb. 27, 2006 addressed to all scheduled commercial banks [excluding regional rural banks (RRBs)], on eligibility criteria for banks to undertake primary dealer business departmentally.

IDFC private equity invests Rs 2 bn in Deepak Cables

IDFC Private Equity (PE), India`s leading private equity fund focused on infrastructure had made a private equity investment of Rs 2 billion in Deepak Cables (India), a leading player in the transmission and distribution (T&D).

Thomas Cook inks pact with Indian Ocean Cruises

Thomas cook, a major player in the world`s most active markets for holidays and other leisure travel services will play a key role in marketing of Indian Ocean cruises destinations of Reunion, Rodriguez and Madagascar from Pristine islands through its agents across Mauritius, India and Europe.

Reliance Money debuts in Malaysia

Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, announced its debut in Malaysia, by joining hands with Infinity Financial Solutions, one of Malaysia`s major financial products and services distribution company, as part of plans to expand its global footprint.

HBOS bad debt charges soar to $7.5 billion

Troubled U.K. bank HBOS said Friday that its total bad debt charge has soared over 70% to around 5 billion pounds ($7.5 billion) in the last couple of months as credit quality has deteriorated sharply and asset prices have fallen further.

Reuters reports Goldman Sachs' (GS) energy equity research team, which predicted earlier this year that crude oil could spike as high as $200 a barrel,

Alcatel-Lucent to cut 1,000 managers, 5,000 contractors

UBM sees results in line with expectation, cuts 350 jobs

Media and events group United Business Media said Friday that it expects to deliver 2008 earnings and revenue in line with the market consensus. UBM said its previously announced action to reduce costs will result in a fall of around 350 in its global headcount in the second half of the year

Bank of America to cut up to 35,000 jobs

Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the financial giant adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch & Co.

Boeing schedules 787 Dreamliner delivery for Q1 2010

USA ECONOMIC DATA

October Trade Balance -$57.2 bln vs -$53.5 bln consensus, prior revised to -$56.6 bln from -$56.5 bln

Import Prices m/m -6.7% vs -4.9% consensus; y/y -4.4% vs -2.0% consensus

U.S. Oct. trade gap with China record $28.0 bln

U.S. exports fall more sharply than imports in Oct.

U.S. Oct. gap above consensus of $54.5 bln

U.S. Oct. trade gap widens 1.1% to $57.2 bln

U.S. initial jobless claims rise 58,000 to 573,000

U.S. weekly initial claims highest since Nov. 1982

U.S. continuing jobless claims rise 338,000 to 4.4 million

U.S. continuing claims highest since Dec. 1982

Jump in continuing claims is most since 1974

U.S. Nov. import prices fall record 6.7% vs. 5% expected

U.S. Nov. nonfuel import prices fall record 1.8%

U.S. Nov. imported crude oil prices fall record 25.8%

U.S. Nov. export prices fall record 3.2%

U.S. import prices down 4.4% in past year

U.S. trade gap in October widens to $57.2 bln

S.Africa central bank cuts repo rate by 50 bps to 11.5%

India to unveil 2nd economic stimulus package next week

India's government will unveil a second fiscal stimulus package next week in a bid to boost growth and cushion labor-intensive industries that rely on exports from the slump in global demand, Commerce and Industry Minister Kamal Nath said. The minister's comments come in the wake of weak infrastructure output growth, which slowed to 3.4% in October from a 4.8% expansion in September. Core sector output forms a quarter of industrial output, data for which are due Friday and widely expected to be dismal. "We have announced the first part of the stimulus package. We are now considering another package next week and it will continue. There will be more installments," Nath told reporters. Nath said the new round of fiscal measures will focus on sectors that generate high employment such as textiles, engineering goods and agriculture. "The emphasis will be on providing them credit and incentives for exports," he said, adding that he expects exports to grow between 16% and 20% this fiscal year.

INT RATE CUTS & USA BUDGET

Taiwan's benchmark rate falls to 2% effective Friday

Taiwan central bank cuts key rate by 0.75-percentage point

Swiss National Bank cuts rates by half-point to 0.5%

South Korea slashes interest rate by one point to 3%

Brazil's central bank leaves interest rate steady at 13.75%

U.S. Nov. budget deficit $164.4 bln vs $98.2 bln yr-ago

Goldman Sachs to cut 250 jobs in Europe:

One person familiar with the matter said as many as 220 employees in London would be fired, and the layoffs would amount to about 4% of the bank's 5,500 staff in Europe, the Journal reports. A spokesman for Goldman Sachs said the job cuts were "part of the overall headcount reduction previously announced

Govt. grants Rs 100 bn bonds to 23 fertilizer co`s

The government on December 10, issued special bonds for Rs 100 billion (USD 2 billion) to 23 fertilizer companies as compensation for subsidizing prices in the current financial year.

A finance ministry statement said the government had issued 7%, 2022 special bonds to the fertilizer firms and these bonds would not be eligible as statutory requirements of banks for investment in government securities.

Steel Strips Wheels bags export order from Italian Co

Steel Strips Wheels announced on Thursday it has received an export order for supply of 46,000 wheel rims valued at Rs 24 million p.a. from Italy based Piaggio for their light commercial vehicle - Porter / Quargo model.

ONGC Videsh to raise Rs 50 bn from Indian banks

Oil and Natural Gas Corporation (ONGC`s) overseas investment arm, ONGC Videsh (OVL) would raise around Rs 50 billion through a combination of loans from domestic banks and its parent company

Solar Explosives bags 3 years order from Coal India

Solar Explosives has received 3 years order from Coal India, in the recently concluded tender. As a result of this tender there will be significant increase in the turnover of Solar Explosives.

PNB chooses Infosys` Finacle for rural banking

Infosys Technologies on December 11 announced that Punjab National Bank (PNB), one of the 500 largest public sector banks in India, has chosen Finacle from Infosys to power its rural banking, core banking initiative.

Infosys shall deploy a tailored version of Financle core banking solution across PNB`s six regional rural banks (RRB`s) covering 1,300 branches.

World Bank declares USD 2 bn lending program

The World Bank (WB) has announced the creation of a USD 2 billion fast-track lending program to aid the world`s poorest nations.

The WB`s executive board approved the creation of the lending facility to speed up grants and long term, interest-free loans to seventy-eight poor countries.

The new program, the international development association financial crisis response fast-track facility, allows the WB to provide rapid funding for social safety nets, infrastructure, education and health.

MMTC plans to sell 1,250 tons of RBD palmolein

MMTC plans to sell 1,250 tons of RBD palmolein

The last date for submission of tender is December 16 and the decision on bids would be taken by December 19, the MMTC said. Bidders can quote for the entire quantity, it said.

MMTC is a state-owned international trading company engages in import and export of precious metals, minerals, metals, coal and hydrocarbons, agro products and fertilizers

Toyota may cut production by 1 million vehicles in 2009

Toyota Corp is planning to cut output by more than one million vehicles next year in anticipation of weak global demand, according to Japanese media reports. The automaker, Japan's largest by sales, is planning to sell about 7.5 million vehicles in 2009, or about 10% fewer than this year

Sprint downgraded;

Sprint Nextel Corp. shares fell in late trading Wednesday following a downgrade of the company's debt to junk status

AIG's loss creation $10 billion

AIG may stand to lose another $10 billion on bets it made in its financial products unit, according to a report in Wednesday's Wall Street Journal.

XL shares slump on report insurer is for sale

Bermuda-based giant reportedly hires Goldman to help sell itself

XL Capital Ltd. lost a third of its market value Wednesday, leaving shares at their lowest level in at least a decade after a report the Bermuda-based insurance giant is trying to sell itself.


XL Capital Ltd. lost a third of its market value Wednesday, leaving shares at their lowest level in at least a decade after a report the Bermuda-based insurance giant is trying to sell itself.


The company was undone by a foray into insuring structured products. In 1999, it formed bond insurer XL Capital Assurance, which sold guarantees on debt such as municipal bonds.

USA Deal reached in principle on $15B auto bailout

Weary Democratic congressional leaders and White House officials agreed in principle Tuesday on a $15 billion bailout of U.S. automakers that would give the government extraordinary power to restructure the failing industry.

Japanese mobile parts makers mull new software to cut costs

Japanese cellular phone parts makers are considering using a new system software that could cut the cost for developing technology that controls mobile phone functions by up to 99%, the Nikkei business daily reported Wednesday. The software, called Network on a Terminal Architecture, or NoTA, was developed by Nokia Corp jointly with the Finnish government and Tokyo-based YRP Ubiquitous Networking Laboratory, the report added. Nokia plans to make NoTA an open-source project by making it freely available to the public. The company is calling on parts makers to use NoTA to develop software. NoTA accounts for 80% of a cell phone's development costs,

Reliance Big TV launches multi-dwelling units service

Big TV DTH, a wholly owned subsidiary of the India`s second biggest mobile telephone services provider, Reliance Communications, is offering multi-dwelling unit (MDU) installation service across India. BIG TV reached the magic figure of 1 million subscribers in a short span of 90 days and now plans to drive large group deals in residential clusters, hospitality businesses and business parks through the MDU installations. The company is targeting a market share of 40% in the MDU segment within the first year of operations.

L&T consortium secures Rs 8.10 bn drinking water project

A consortium led by Larsen and Toubro (L&T) has bagged a Rs 8.10 billion drinking water supply project from the Hyderabad Metro Water Supply and Sewerage Board. The other partners include Hyderabad-based Maytas Infra and Kirloskar Brothers (KBL).

Godrej Consumer to acquire remaining stake in SCA Hygiene

Godrej Consumer Products (GPCL) said it would acquire the remaining stake, in its equal joint venture (JV) with Sweden`s SCA Hygiene Products A.B.

GCPL already has a 50% stake in the JV company.

Elecon Engineering`s promoter hike stake in co.

Prayas Engineering, promoter of the Elecon Engineering Company, has purchased total 44,500 equity shares of Rs 2 each of the company on Dec. 08, 2008 from open market.

Jamna Auto inks pact with US based Ridewell

Jamna Auto Industries, engaged in the business of manufacturing, marketing and export of automotive components announced on Wednesday, December 10 that the company had inked a technical assistance pact with US based Ridewell Corporation.

Micro Technologies slashes product prices upto 30%

Micro Technologies, a global provider of security, safety and life-support solutions on Wednesday, December 10, announced that the company had reduced its prices up to 30% across its various range of security products.

Promoter hikes stake in GMR Infrastructure

GMR Infrastructure announced on Wednesday GMR Holdings, the company`s promoter and holding company had purchased 2.37 million equity shares of the company of Rs 2 each on normal segment through open market operations.

These 2.37 million equity shares were purchased in phases of 1,050,000, 355,000 and 965,000 from Dec.3, 2008 to Dec. 5, 2008

ACC reduces cement prices upto Rs 5 a bag

ACC, India`s largest cement maker announced on Wednesday the company had reduced the price of cement upto Rs 5 for each bag.

World trade volume to shrink by 2.1% in 2009: WB

The World Bank (WB), the multilateral institution has forecasted a bleak picture of the global economy in 2009, with the weakening growth and trade volume falling for the first time in 26 years.

The WB projected that the global economy would expand a mere 0.9% next year and world trade volume would contract 2.1% in 2009, the first decline since 1982.

UTV Motion ties with Disney for distribution in India

UTV Motion pictures, a division of U T V Software Communications announced that it would be handling sales and distribution of all of Walt Disney Studios Motion Pictures Hollywood in India from Jan.1, 2009. Meanwhile Disney would continue to handle its own marketing.

Walt Disney Motion Pictures is the international theatrical distribution arm of the Walt Disney Studios. It is headquartered in Burbank, California with 27 offices worldwide.

PM to consider bailout package for textile industry

With the rising input costs of the textile industry due to a sharp hike in the minimum support price (MSP) of cotton in September, the Prime Minister (PM), Manmohan Singh is likely to discuss about the bailout for the industry, said Sharad Pawar, agriculture minister.

The Centre has increased the MSP of standard cotton (long staple) to Rs 3,000 a quintal this year from Rs 2,030 in the previous year.

The MSP of medium staple cotton has been raised to Rs 2,500 from Rs 1,800 a quintal.

Dr. Reddy`s arm receives preliminary results on AOK tender

Dr. Reddy`s Laboratories, one of the leading drug makers in India announced on Wednesday betapharm, its wholly owned subsidiary, had received complete information on the preliminary result of the tender by the Allgemeine Ortskrankenkassen (AOK) for discount agreements for 47 of the 48 products pertaining to betapharm, pursuant to § 130 a SGB V.

Auto industry Nov. sales dip by 18%: SIAM

The Indian automobile industry has witnessed its lowest ever sales in history with overall domestic sales shrinking by 17.98% in the month of November 2008 as commercial and passenger vehicle sales declined.

LIC invests over Rs 140 bn in liquid funds

India`s largest insurer Life Insurance Corporation of India (LIC) has invested over Rs 140 billion in liquid funds of various fund houses,

This is comes as a relief to cash-strapped mutual funds (MF), which are reeling under redemption pressure on liquid and fixed maturity plans (FMP). This investment is almost three times more than around Rs 45 billion in such schemes last year. This investments can yield returns upto 12%.

GMR Infra inaugurates Ambala-Chandigarh highway

GMR Infrastructure announced on Wednesday GMR Group`s Ambala-Chandigarh highway project was inaugurated at Chandigarh on December 10.

This 35 km stretch on the National highway 21 and 22 (NH-21/22) was executed on BOT toll model at an investment of Rs 5 billion. The concession period for this project is 20 years and it took two and half years to complete.

Amtek Auto denies interest in Unitech`s hotel project

Amtek Auto, on Wednesday, December 10 said that neither Arvind Dham, chairman, Amtek Group nor any of the Amtek Group company was in the race to buy the hotel project of Unitech.

The company clarified the news in relation to news item titled, ` Amtek`s Dham leading the race to buy Unitech`s Hotel Project ` which appeared in a leading financial daily.

Amtek Auto manufactures a wide range of components for automotive applications mainly for use in engine, transmission and suspension systems. The major categories of components include connecting rod assemblies, steering knuckles, suspension and steering arms, CV joints, crankshaft assemblies for two-wheelers, torque links, machined aluminum case components precision forgings.

Illinois Gov. Blagojevich charged with corruption

Conspired to sell Senate seat, wanted Tribune writers fired, U.S. alleges

Federal agents arrested Illinois Gov. Rod Blagojevich and his chief of staff Tuesday morning on fraud and bribery charges related to the appointment of a successor for President-elect Barack Obama in the U.S. Senate and a threat to withhold state assistance to the Tribune Co.

NFL to cut 150 jobs, or 14% of staff

The National Football League will cut about 150 league jobs, or about 14% of its staff, over the next 60 days to cut costs in response to the recession, according to media reports Tuesday. The layoffs will not affect individual teams, which are controlled by the clubs, but will affect the NFL's New York City headquarters; NFL Films in Mount Laurel, N.J.; and NFL Network and NFL.com based in Los Angeles

Citigroup to cut 1,000 jobs at Japan's Nikko Cordial

Citigroup Inc will cut 1,000 jobs at its Japanese retail brokerage unit, Nikko Cordial Securities Inc., Bloomberg reported Wednesday. Employees at Nikko Cordial, which has a staff strength of 7,000, have accepted Citigroup's offer to take early retirement. Citigroup, which is eliminating 52,000 jobs worldwide, is offering the early retirement choice to employees over the age of 40. The offer includes about two years of pay

SKF sees much lower demand, to cut jobs

Swedish ball-bearing maker SKF said Wednesday that it expects much lower demand in the fourth quarter and will cut its workforce by around 2,500 jobs. "The automotive segments have continued to rapidly fall and a negative trend is now also seen for the industrial segments," the firm said. Total volume is estimated to fall by around 15% in the fourth quarter

Rio to slash 14,000 jobs, pare debt as priorities shift

Citing the "unprecedented rapidity and severity of the global economic downturn," the Anglo-Australian company said it will slash as many as 14,000 job roles globally, including 8,500 contractors and 5,500 employee roles.

The company also said it will pare net debt by US$10 billion by the end of 2009 and lower "controllable operating costs" by at least $2.5 billion a year in 2010.

The debt reduction will be on top of the $3.2 billion it has already reduced since the end of June. At Oct. 31, net debt stood at $38.9 billion.

Analysts cut profit estimates for Goldman, Morgan

Analysts at Keefe, Bruyette & Woods on Tuesday lowered their earnings estimates for Goldman Sachs Group Inc. and Morgan Stanley, saying they expect bigger charges to the balance sheets since markets have worsened significantly over the past month.

KBW slashed its fourth-quarter estimate on Morgan Stanley to a loss of 19 cents a share, from profit of 33 cents. Meanwhile, it forecast a loss of $3.81 a share for Goldman, compared with an expected loss of $2.10 a share, previously.

USA Worst of recession upon us, forecasters say

"We are in the worst part of the recession now," said Brian Bethune, an economist for Global Insight. Bethune and his colleague Nigel Gault have won their second consecutive Forecaster of the Month award from MarketWatch, based on their predictions on 10 key economic indicators in November.

US Pending Home Sales DATA

U.S. October pending home sales index down 0.7%

October Pending Home Sales m/m -0.7% vs -3.0% consensus, prior -4.3%

US authorities confirm Illinois Governor arrested on corruption charges

Sony to cut 8,000 jobs, close manufacturing sites

In addition to the layoffs, which account for about 5% of its global workforce, Sony said it will slash investments in its electronic business by 30% in the fiscal year ending Mar. 31 2010, withdraw from unprofitable businesses and step up outsourcing.

The moves, which include shuttering 10% of its 57 manufacturing sites worldwide, are intended to save more than 100 billion yen ($1.08 billion) in the next fiscal year.

Govt clears 22 SEZs; most of them from IT sector

The government on Monday approved 22 proposals for establishing special economic zones (SEZ), including those of real estate major Emaar MGF Land in Tamil Nadu and Reddy`s Laboratories in Andhra Pradesh.

The board of approval (BOA) in the commerce ministry gave 19 formal approvals, while three were given in-principle clearances.

The BOA, chaired by commerce secretary G K Pillai considered 38 proposals in all.

While the slump in the real estate market has impacted the SEZ development, the IT (information technology) and IT-enabled services continue to attract maximum investment among the developers.

Of the proposals cleared, nine is related to IT sector. Other applications that received green signal included those relating to the pharmaceutical and paper and paper products.

Emaar MGF Land would be developing an IT-ITeS zone at Coimbatore and Dr Reddy Laboratories SEZ in Andhra Pradesh concerning pharmaceuticals would come up at Srikakulam district.

Hindustan Newsprint is promoting an SEZ for pulp and paper in Kerala. The government has so far notified 270 SEZs with total investment of Rs 834.5 billion.

With the real estate sector coming under a severe impact of credit scarcity, the pace of SEZ development has slackened.

DLF withdraws Delhi IT SEZ plan

DLF, India`s largest real estate developer, has dropped its plans to set up an IT special economic zone (SEZ) in Delhi citing slowdown in the global economy, reports Business Standard.

Instead, the company will utilize about 25 acres for residential projects. Earlier, it received an in-principle approval from the government in order to develop an IT-SEZ, close to Swatantra Bharat Mill. But, now it has applied for a formal withdrawal of the in-principle approval.

Last year, DLF had bought 37 acres close to the proposed IT-SEZ land for Rs 16.75 billion with an objective to develop it as an integrated township as well as an IT hub.

Govt approves PPP projects worth Rs 283.03 bn

To boost infrastructure sector, the government has sanctioned 21 public private partnership (PPP) projects in the highways sector with an outlay of Rs 283.03 billion.

The projects, approved during the 19th meeting of the public private partnership appraisal committee (PPPAC) on November 21, are located in different states. These schemes form part of the phase one and two of the National Highways Development Programme (NHDP).

The committee has so far approved 77 highway projects, six infrastructure projects, two airport projects and one each in tourism infrastructure and railway sectors.

The highway development projects approved by the PPPAC include six laning of Kishangarh-Udaipur section at Rs 30.76 billion, Vijaywada-Eluru-Rajmundray section at Rs 24.26 billion and Chilkaluripet-Nellore section at Rs 21.63 billion

IPGCL, HPGCL inks JV pact to develop coal block

Delhi-based Indraprastha Power Generation Corporation (IPGCL) and Haryana Power Generation Corporation (HPGCL) have inked a pact in order to form a joint venture company (JVC) to develop a coal block at Singrauli in Madhya Pradesh,

Yamuna Coal Company has been proposed as the name of the joint venture company and it has been decided that the first chairman of the JVC, to be based in Faridabad, will be from IPGCL and the CEO would be from HPGCL.

SAIL to ink JV pact with Steel Complex

Steel Authority of India (SAIL) and the state-owned Steel Complex will ink a joint venture pact on December 10,

Both companies will have equal equity participation in the joint venture. However, the management control will rest with SAIL.

SAIL is planning to invest Rs 500 million in the venture in the first phase for setting up a TMT rolling mill at Steel Complex with an annual installed capacity of 65,000 tons. When the joint venture is fully commissioned, it will have the fresh investments to the tune of Rs 2 billion.

Govt assures to support MSME sector

The Prime Minister, Manmohan Singh has assured members of the All India Confederation of Micro, Small and Medium Industries Associations of supporting the sector so that it not only weathers the present global crisis but continues to prosper.

Singh repeated his government`s commitment to inclusive growth and noted the micro, small and medium enterprises (MSME) contribution to employment by providing 42 million jobs and accounting for 45% of manufacturing and 40% of exports.

Singh also directed that the committee of officer`s setup under the chairmanship of the cabinet secretary would consider the issues raised, in consultation with the ministry of MSME and submit its recommendations within a fortnight.

IOC forms JV with Adani Energy for gas distribution

Indian Oil Corporation (IOC) inked pact with Adani Energy, the gas distribution arm of the Gujarat-based Adani group, for setting up 50:50 city gas distribution joint venture,


City gas distribution (CGD) consists supply of compressed natural gas as auto fuel and piped natural gas for domestic, commercial and industrial use.

The joint venture, expected to be integrated this fiscal, will undertake CGD activities on behalf of both the companies in Uttar Pradesh, Haryana, Rajasthan, Punjab and Madhya Pradesh. Development in other States may also be considered on mutually agreed terms and conditions.

Japan`s GDP down 1.8% in July-September

Japan`s gross domestic product (GDP) contracted more than first estimated in the July-September quarter, according to data released by Cabinet Office of Japan.

Japan`s GDP shrank at a 1.8% annual rate in the July-September quarter compared with the initial estimate of a 0.4% contraction.

Japan`s economy slipped into recession in the third quarter of this year with GDP contracting 0.5% from the previous quarter.

Reliance Big TV launches multi-dwelling units service

Big TV DTH, a wholly owned subsidiary of the India`s second biggest mobile telephone services provider, Reliance Communications, is offering multi-dwelling unit (MDU) installation service across India. BIG TV reached the magic figure of 1 million subscribers in a short span of 90 days and now plans to drive large group deals in residential clusters, hospitality businesses and business parks through the MDU installations. The company is targeting a market share of 40% in the MDU segment within the first year of operations.

Sony Corporation, the world`s second biggest consumer electronics maker, on Tuesday, December 09 announced that the company had embarked on a series of measures to strengthen its corporate structure and bolster profitability across the Sony Group.

NMDC plans to set up unit in Karnataka

In order to set up a 5 million ton capacity steel plant in Bellary, National Mineral Development Corporation (NMDC), the country`s largest producer and exporter of iron ore, is seeking permission from the Karnataka government on the submitted application,

Govt. to unveil package for home loan borrowers

In a move to facilitate cheaper credit for borrowers seeking loans of up to Rs 2 million, the government said that public sector banks would soon unveil a package for the same.

Public sector banks will shortly announce a package for borrowers for home loans in two categories - for loans of up to Rs 0.5 million and Rs 0.5-2 million.

The government pointed out that there is a large unmet demand for housing in the country, especially for middle and low income groups.

The demand in residential segment has declined in the last six months on account of high interest rates on housing loans and steep rise in property prices during last two to three years.

The government highlighted the RBI`s decision to provide refinance facility of Rs 40 billion to National Housing Bank.

Apollo Tyres declares lockout at Kochi

Apollo Tyres has announced that the management has declared lock-out at company`s manufacturing facility (taken on lease from PTL Enterprises) at Kalamassery, Kochi.

The lock-out has taken effect from Dec. 06, 2008 on account of labour unrest in the factory.

The company`s main business is the manufacture and sale of automobiles tyres, tubes and flaps. Its product range includes truck and bus bias, light truck bias and radial, passenger car radial, farm bias and radial.

DoT allots 4.4 MHz of spectrum to Unitech

Unitech has announced that the Department of Telecommunications (DoT), ministry of communication & information technology, Government of India has issued the letter to the company`s telecom subsidiaries for allotment of 4.4 MHz of spectrum in 1800 MHz GSM band in respect of Haryana, Himachal Pradesh and Kolkata service areas.

With this, the company have been allotted initial spectrum in 16 service areas out of total 22 service areas.

Kalpataru Power bags contract worth Rs 2.4 bn

Gas Authority of India (GAIL) has awarded Kalpataru Power Transmission (KPTL)-Zangas consortium section-B of the 48`` diameter Vijaypur-Dadri high pressure gas pipeline project at an estimated contract value of Rs 2.4 billion.

KPTL had submitted its bid in consortium with JSC-Zangas for the GAIL project. The section consists of 165.5 km of 48`` pipeline with associated facilities.

J Kumar Infraprojects bags Rs 5.59 bn order

J Kumar Infraprojects, a civil engineering and infrastructure development company has received Rs 5.59 billion order to construct 16 skywalk`s from Mumbai Metropolitan Regulatory Development Authority (MMRDA) & Maharashtra State Road Development Corporation (MSRDC).

Following the above order, the order book position of the company, as on date, stands at about Rs 12.72 billion.

The company engages in projects on contract as well as turnkey basis including electrification work and undertakes piling of foundation work using hydraulic piling rigs for major projects awarded to other contractors.

Dr Reddy`s to set up CSR cells in East

Dr Reddy`s Foundation, the corporate social responsibility (CSR) arm of pharmaceutical major Dr Reddy`s Laboratories, was eyeing at establishing specialized centers in north-eastern states and West Bengal for enhancing its CSR initiatives, reports Business Standard.

Dr Reddy`s Foundation said that setting up development centers in north-eastern states and in West Bengal is among their initiatives, besides their usual programs that they follow.

Deccan Chronicle Holdings board to consider buy-back

Deccan Chronicle Holdings, engaged in printing and publishing newspaper and periodicals, will be held on Dec. 16, 2008 to consider the proposal to buy-back of its equity shares and the declaration of interim dividend for the financial year 2008-2009.

Khaitan Weaving board approves stock split

Khaitan Weaving Mills has announced that the board of directors at its meeting held on Dec.06, 2008, has approved the splitting of the share value from Rs 10 to Re 1 by alternation of clause - V of the memorandum of association.

DoT allots 4.4 MHz of spectrum to Idea Cellular

Idea Cellular has announced that WPC Wing of the Department of Telecommunications (DoT) has on Dec. 05, 2008 allotted 4.4 MHz Spectrum in 1800 MHz band in respect of Kolkata Metro service area.

Idea Cellular is part of the Aditya Birla group which holds a 98.3% share in the company. Kumar Mangalam Birla is the chairman and Sanjeev Aga is the managing director of the company.

Recently, the company tied up with Taiwan-based HTC Corp to offer two touch phone models in India targeted at the premium segment

India rolls out $4 billion stimulus, interest rate cut

The office of Prime Minister Manmohan Singh said in a statement that the funds would be spent before the end of the fiscal year in March and would go toward infrastructure projects, mortgage relief and export incentives.

The announcement of the stimulus spending came as India's central bank cut key interest rates Saturday by 1 percentage point.

The cut will go into effect Monday and brings the benchmark repurchase rate, at which the central bank makes short-term loans to commercial banks.

The repo rate will move to 6.5% from 7.5%, hitting its lowest level since June 2006 and down from an October high of 9%, according to the Associated Press.

The reverse repurchase rate -- the rate at which it borrows from commercial banks -- was also lowered from 6% to 5% to encourage banks to lend more to consumers.

The Reserve Bank of India also announced measures to ease credit to small businesses, exporters and the real-estate sector.

The AP reported quoted Reserve Bank Gov. D. Subbarao as saying the moves were designed to "arrest the downturn and revive the growth momentum."

A major business group welcomed the actions, according to the AP, but said the central bank could have taken additional steps such as lowering the amount of reserves that banks must keep on hand as a way to free up lending.

The measures are "a good start in the correct direction," the Federation of Indian Chambers of Commerce and Industry said in a statement.

Subbarao said inflation has been declining faster than expected, despite high food costs, due to falling commodities prices and waning domestic demand.

The government's decision late Friday to cut fuel costs should further ease consumer prices, he said. Gasoline prices were lowered by 5 rupees a liter to 45.62 rupees, and diesel prices by 2 rupees a liter to 32.86 rupees.

"Economic activity in India will recover sharply, but a period of painful adjustment is inevitable," Subbarao said.

He added that the economic impact of the Mumbai terror attacks is hard to estimate but he remains hopeful the nation will bounce back quickly.

Piramal Group`s healthcare private equity fund is in talks to pick up a sizable stake in Trichy-based Kaveri Medical Centre (KMC), a 400-bed hospital, for around Rs 1 billion,

Tata Motors, which has announced a three-day block closure of its commercial vehicles unit at Pimpri plant, has not taken a final decision on another shutdown from December 23 to December 30,

Ashok Leyland has cut down its production by 59% to 1,491 vehicles in November 2008 from 3,609 in the previous month (October 2008) and 7,041 in November 2007,

State Bank of India, plans to raise at least Rs 20 billion through an issue of upper tier-II subordinated debt this month

Power Finance Corporation (PFC) will raise more than Rs 40 billion from the debt market by March 2009,

Infosys to stop hiring due to slowdown

The global economic slowdown has started hitting Indian IT companies hard, Infosys Technologies, India`s second largest exporter of IT services has decided to freeze its annual hiring cycle following the global economic slowdown, reports Business Line.

The company had planned to hire 25,000 people earlier this year and till date the company has confirmed about 16,000-17,000 jobs, while the rest of 6,000 jobs will also be confirmed said company chief executive Kris Gopalakrishnana.

The company is also unsure whether it will continue to run it`s two-month paid internship summer programme for undergraduate students of various universities worldwide. But the company said it had no plans for downsizing.

The company said that it was looking at somewhere in the region of 15% of growth. The company to survive this tough time is looking at controlling it`s cost and controlling it`s expenses.

Grasim Industries, an Aditya Birla group company are adhering to their plan of adding ready made concrete (RMC) units in the country despite the slowdown in the economy and realty sector,

Zicom Electronic Security Systems said it has signed a deal with Gurgaon police to implement wireless city surveillance project worth Rs 85 million,

State Bank of Mysore, at its meeting held on May 17, 2008, approved splitting of the bank`s shares of face value of Rs 100 a share to Rs 10 a share.


Manipal Education has acquired the entire shareholding of American More Pictures, University of Antigua (AUA) from New York-based Greater Caribbean Learning Resources

Hyundai cuts car prices up to Rs 33,000

Eli Lilly, a US based pharma major has filed cases against Indian drug makers Aurobindo Pharma and Lupin, for the alleged infringement of patent of Cymbalta, an anti-depressant drug discovered by the company,

Colgate Palmolive declares 1st interim dividend of 900%

Colgate Palmolive India, leading manufacturer of tooth paste today announced on Friday the board of directors of the company declared first interim dividend of 900% or Rs 9 for each equity share of Re 1 for the financial year ending Mar. 31, 2009.

MHL announces open offer to buy 20% stake in Vanasthali Textile

Millennium Holdings (MHL) along with Nikhil Poddar, a person acting in concert (PAC) through Chartered Capital & Investment announced on Friday an open offer to acquire up to 20% of equity share capital of Vanasthali Textile Industries (VTIL).

Meltdown: Export orders of Rs 18 bn lost, 65k jobless

The companies have lost export orders worth Rs 17.92 billion during the period of August-October 2008 and were forced to lay off 65,000 workers, as per the data revealed by commerce department from a survey of 125 companies,

SEBI extends validity period for public /rights issue

Securities Exchange Board of India (SEBI) announced that the validity period of public /rights issue has been revised to 1 year from 3 months, subject to filing of updated document with SEBI where there are material changes.

The market regulator along with approving electronic trading of `rights entitlement` in stock exchanges has also approved the introduction of an alternative mode of application that, ASBA mode (application supported by blocked amount), wherein the amount required for application is blocked in the applicant`s bank account till the time of allotment of the shares.

The mode has already started functioning in the case of application for public issues through select SEBI-approved banks.

SEBI also announced that all new close-ended schemes would now have to be listed on the stock exchanges. This according to SEBI, would also apply to schemes, which have been approved earlier but yet not launched.

This would imply that investors could now make an early exit from such schemes only through the secondary market and not through the fund house.

The regulator also decided to adopt a `code` for members of the board to avoid any conflict of interest that may arise. These would be put up in the public domain before Dec. 12, 2008.

Bosch has announced that in order to adjust production to meet the demand for products and to avoid unnecessary inventory buildup, the company is closing down temporarily select production areas/shops at its Nashik plant.

The Cabinet today (December 5) issued guidelines for publication of local editions of foreign magazines by Indian publishers in the news and current affairs arena


General Motors India, a wholly owned subsidiary of General Motors Corporation is looking at a market share of 10% by 2010,


Oil & petroleum minister Murli Deora has cut the price of petrol by Rs 5 per litre and diesel by Rs 2 per litre from Saturday, leaving cooking gas LPG and kerosene unchanged.

If statistics is anything to go by then Indian power sector is growing at an electrifying pace with a total of 168 power projects have been accorded environmental clearance during the last three years.

USA ECONOMIC DATA

U.S. Nov. payrolls drop 533,000 vs. -350,000 expected

U.S. Nov. unemployment rate rises to 6.7% vs. 6.8% expected

U.S. nonfarm payroll losses worst since Dec. 1974

U.S. Oct., Sept payrolls revised down 199,000

U.S. Nov. services jobs fall 370,000, most in 25 years

U.S. Nov. hours worked fall 0.9%

U.S. Nov. average hourly earnings up 0.4% vs. 0.2% expected

U.S. Nov. unemployment rate highest since Oct. 1993

U.S. job losses average 419,000 per month past three months

U.S. Nov. retail jobs down 91,000

Punj Lloyd has entered into a memorandum of understanding (MoU) with Thorium Power, USA to explore and identify the strengths of Thorium Power in the areas of deployment of its nuclear fuel designs in India,


Yashraj Containeurs buys 0.3 mn shares in Vas Infra

Ranbaxy Laboratories announced its marketing pact with US drug firm BioPro Pharmaceuticals, to sell its drug `Gliadel Wafer` used for treating brain tumor.

Reliance Industries (RIL) has made a decision to trim the number of employees in its aviation turbine fuel (ATF) business due to the poor performance of the aviation industry,

Amforge Industries, which employs more than 200 workers, has been shut down for 17 days

MARG, India`s leading diversified infrastructure and real estate development company, has been awarded the contract for the development and operation of the greenfield airport by the government of Karnataka, at Bijapur on BOT basis under the public-private partnership (PPP) model.

Nava Bharat Ventures announced on Thursday that the board of directors of the company will be meeting on Dec. 12, 2008 to consider the proposal for buy back of equity shares of the company.

BHEL bags Rs 20 bn contract from Oman

Maytas Infra, a Hyderabad based construction and infrastructure development company announced that it has bagged the rural electrification work contract worth Rs 2.22 billion from Power Grid Corportaion of India (PGCIL) under Rajeev Gandhi Grameen Vidutikaran Yojana (RGGVY).

Mukand has entered into an exclusive license pact with Kobe Steel of Japan to execute EPC (engineering, procurement and construction) contracts of Kobe`s coal-based iron making technology projects in India,

Mahindra (Uk) Sandstone Capital India Master Fund bought 1,630,000 shares at Rs 104.68 a share of Indiabulls Real Estate at the National Stock Exchange (NSE).

Reliance Life Insurance is set to hire 2,500 managers, besides 90,000 advisers in the next four months

Surya Roshni group company, Surya Global Steel Tubes (SGST) said it will infuse Rs 4 billion to establish a greenfield steel pipe manufacturing plant in Bhuj, Gujarat,


PVR, an operator of chain of multiplex theatres, is set to come up with 15 entertainment centers with bowling alleys and gaming zones by 2012

Nagarjuna Construction Company announced that A V S R Holdings, an investment company belonging to the promoters group, has acquired 191,216 equity shares of Rs 2 each of the company (equivalent to 0.08% of the paid-up capital).

jobless claims

U.S. continuing jobless claims up 89,000 to 4.09 mln

U.S. 4-week avg. jobless claims highest since Dec. '82

.U.S. weekly initial jobless claims up 21,000 to 509,000

U.S. 4-week avg. jobless claims up 6,250 to 524,500

European Central Bank cuts interest rate by 75 bps to 2.50%; analysts expected a 50 bps cut

Bank of England cuts benchmark interest rate by 100 basis points to 2.0%

RATE CUT

	Bank of England cuts benchmark interest rate to 2.0%

British Nov. house prices see 14.9% annual fall

Nomura Holdings Inc.is planning to lay off up to 1,000 of its 4,500 staff in London following its acquisition of the equities and investment banking operations of Lehman Brothers,

USA NEWS

Credit Suisse said Thursday that it will cut roughly 5,300, or 11%, of its jobs after posting a loss of around 3 billion Swiss francs ($2.5 billion) for the first two months of the fourth quarter.


Adobe Systems Inc. issued preliminary results for its fiscal fourth quarter and a sales outlook for the first quarter that fell short of expectations late Wednesday, while announcing that it will cut roughly 600 jobs.

Shares of SanDisk Corp. soared more than 25% Wednesday on speculation that Toshiba Corp. was considering buying the chip maker.

Belden Inc.the St. Louis producer of signal-transmission solutions for automation, data networks and electronics applications, said it will cut 1,800, or 20%, of its jobs

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petrole

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

RNRL files `chamber summons` in Bombay HC

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

GE India may buy Indo Tech transformers

General Electric (GE) India is learnt to be in talks to acquire Chennai-based Indo Tech transformers for an undisclosed amount, reports Economic Times.

This deal will help GE to grow in its important markets as well as strengthen its manufacturing presence in the power sector.

Indo Tech Transformers, a part of the Rs 2.4 billion Indo Tech group, used to get a significant portion of its revenues by supplying distribution and power transformers to the state electricity boards (SEBs), but of late its been focusing more on the industrial and export segments.

Avon Weighing Systems launches new product range

Avon Weighing Systems, engaged in the business of assembling and selling weighing systems in India announced on Wednesday, December 3 that it had launched its own line of digital personal and kitchen scales.

Union Bank of India enters into pact with NCMSL

Public sector lender, Union Bank (Q, N,C,F)* of India has launched a special scheme to extend credit against warehouse receipts with National Collateral Management Services (NCMSL) to provide credit on competitive rates to food and agro-based units,

This is in addition to an existing tie-up with National Bulk Handling Corporation for similar services.

EID Parry to commence shares buy-back from Dec. 15

EID Parry (India) announced on Wednesday a buyback plan of its shares which will be opening from Dec. 15, 2008 to Oct. 28, 2009. The board of directors in its meeting held on Oct. 29, 2008 has accorded their consent on the same

The company has proposed to buy a minimum of 731,875 shares at a price not exceeding Rs 160 a share an aggregate amount not exceeding Rs 468.40 million being 10% of the aggregate of the company`s paid-up equity capital and eligible free reserves as on Mar. 31, 2008.

EID Parry India with its subsidiaries and joint ventures operates in the sugar, bio-products, sanitary ware, chemical fertilizers and nutraceutical sectors.

Unitech fires employees, defers projects

Under heavy pressure to repay its mounting debt obligation, falling stock value and to beat negative investor sentiment, real-estate firm Unitech has resorted to cost-cutting by firing trainees and on-probation employees. "We have around 100 trainees and employees on probation", said a highly-placed official of Unitech requesting anonymity.

"We are asking them to leave as our non-residential projects have been deferred." Unitech is India's second largest publicly traded real-estate company in terms of market value.

It has 1,800 employees on its payroll and a total 3,000, including its subsidiary companies. The firm also has deferred its non-residential projects, especially hospitality.

When contacted, the company spokesperson declined to comment. The debt obligation of Unitech stands at Rs 8,400 crore, of which it has to repay Rs 2,700 crore by March 09.

The present market value of the company has eroded to Rs 3,500 crore from Rs 65,000 crore in January.

Four Soft inks pact with Dutch firm

Four Soft on Monday, December 01 announced that its Netherland based subsidiary, Four Soft Netherlands BV had inked a pact with Mondial Logistics, Netherlands, in order to implement its freight forwarding software, 4S eTrans SME across its multiple locations in Netherlands to streamline its disparate processes and improve the operational efficiency.

Kalindee Rail bags order worth Rs 1 bn

Kalindee Rail Nirman Engineers announced on Tuesday the company has bagged work contract for Delhi Airport Express line project valued Rs 999.9 million.

L&T arm bags contracts worth Rs 14.5 bn in Q3

Larsen & Toubro, India`s leading engineering and construction company, announced on Tuesday that Building & Factories Operating Company, a newly formed part of its construction division, has bagged orders worth Rs 14.5 billion in the third quarter of 2008-09 for the construction of IT and office space buildings including add on orders from ongoing works at its airport projects.

HCL Info introduces Infiniti Challenger Series workstations

HCL Infosystems, an IT hardware and system integration company has launched HCL Infiniti Challenger Series range of workstations based on Intel Core i7 Quad core processor,

Principal promoter hikes stake in Mukta Arts

Mukta Arts, engaged in generation and distribution of content for the entertainment industry on Tuesday December 2, announced that its principal promoter had picked up 10,000 equity shares of the company.

Aban Offshore bags USD 36 mn order

Aban Offshore said on Dec. 02, 2008, that it has bagged a contract worth USD 36 million for deployment of the jack-up rig ``deep driller``.

The contract is for a period of 12 months in two phases starting in the last quarter of 2008.

Aban Offshore provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.

Goldman 4th-period loss may be up to $5-share

Goldman Sachs Group Inc. the New York investment bank, which has registered as a commercial bank, is likely to report a fiscal fourth-quarter loss of as much as $5 a share, five times the current analyst consensus, The Wall Street Journal reported. The expected loss for the quarter ended Nov. 28 would be the firm's first quarterly deficit since it went public in 1999, the Journal reported. The company will write down the value of assets in private equity, commercial real estate and more

Thai court bans prime minister from politics for 5 years

Thailand's Constitutional Court Tuesday ordered Prime Minister Somchai Wongsawat's People Power Party to dissolve and banned the premier from political office for five years, according to a Dow Jones Newswire report. The court took the action after finding the party was involved in electoral fraud in the December 2007 election. The newswires report cited a judge as saying that the decision had been unanimous among the Constitutional Court's nine judges

J.P. Morgan to cut 3,400 WaMu jobs in Seattle

Paulson has allocated $150 billion to buy stakes in 52 banks