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.