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.