USA GDP report

U.S. Q4 GDP falls at 3.8% rate vs. -5.5% expected

U.S. 4Q employment cost index up 0.5% vs. 0.7% expected

U.S. 2008 employment costs rise 2.6%, lowest on record

U.S. GDP up 1.3% in 2008, weakest since 2001

U.S. Q4 business investment subtracts 2.3% from GDP

U.S Q4 consumer spending down 3.5% vs 3.8% fall Q3

U.S. Q4 headline PCE down record 5.5%

U.S. Q4 core PCE index slows to 0.6% gain vs 2.4% in Q3

U.S. Q4 GDP final sales, GDP ex-inventories, down 5.1%

U.S. Q4 GDP weakness offset by inventory buildup

U.S. Q4 GDP contraction biggest since Q1 1982

Edserv Softsystems IPO opens on Feb. 09

Chennai-based Edserv Softsystems (ESL), a web-learning, IT consulting and resource deployment company, is entering the capital market with its initial public offer (IPO) of 39,73,908 equity shares of Rs 10 each for cash at a premium to be decided through the 100% book building process on Feb. 5, 2009. The price band for the issue has been fixed at Rs 55 to Rs 60 for each equity share. The issue for subscription and bids closes on Feb. 09, 2009

Cabinet approves Rs 182.38 bn highway projects

All nine stretches, including Delhi-Agra, Kishangarh-Udaipur, Chandikhol-Jagatpur-Bhubaneshwar and Vijaywada-Elluru-Rajamundri, will be developed by the National Highways Authority of India (NHAI) under public-private-partnership (PPP).

The CCEA approved Rs 5.51 billion project for four-laning of 65 km Vijayawada-Machilipatnam section in Andhra Pradesh under NHDP

`The six-laning of nine sub-projects in Uttar Pradesh, Haryana, Rajasthan, Orissa, Andhra Pradesh, Tamil Nadu, Karnataka and Madhya Pradesh under NHDP phase V was approved by the Cabinet Committee on Economic Affairs (CCEA) yesterday`

Bhushan Steel buys 9.5% in Orissa Sponge Iron & Steel

Bhushan Steel has acquired 9.5% stake of real estate firm Unitech promoter, Chandra family, in Orissa Sponge Iron & Steel for about Rs 230 million

Tata Motors bags Rs 22 bn DTC contract

Tata Motors has bagged Rs 22 billion orders from the Delhi Transport Corporation (DTC) in order to supply 1,625 ultra low-floor buses and their maintenance for 12 years.

The contract comprises Rs 9 billion for the 1,625 buses and about Rs 13 billion for a 12-year maintenance contract for these buses.

India`s largest software exporter, Tata Consultancy Srevices (TCS), is seen as a frontrunner in the race to win an outsourcing deal worth USD 60-100 million from the Japanese electronics, Sony,

TCS likely victor for Sony`s USD 100 mn deal

India`s largest software exporter, Tata Consultancy Srevices (TCS), is seen as a frontrunner in the race to win an outsourcing deal worth USD 60-100 million from the Japanese electronics, Sony,

Suzlon Energy discloses Rs 103.87 bn order details

Suzlon Energy has announced that the company has, as on date, an order book position of Rs 103.87 billion comprising Rs 5.33 billion of domestic orders and Rs 98.54 billion of export orders.

Additionally, the order book position for component business is Rs 10.80 billion.

The above order book positions do not include the orders of Hansen and REpower.

Educomp Solutions bag orders worth Rs 1.2 bn

Educomp Solutions, a technology-driven education company announced that it has received orders woth Rs 1.20 billion from State Government of Uttar Pradesh and Assam for a total of 2,042 schools.

Third stimulus package soon on cards: Minister

Cabinet is likely to unveil a third stimulus package soon to spur the slowing economy said Ashwani Kumar, minister of state for industry.

``There will be sector-specific packages announced very soon to boost consumption. There will be some packages for the infrastructure sector as well as for exporters``, he said.

However, he did not reveal any details about the proposed package. The current year would be a difficult year, but the country would still clock a respectable 6.5%-7% growth

GDP grows at 9% in 2007-08

Government today left its estimate for gross domestic product (GDP) growth during the period 2007/08 at 9% as against the growth rate of 9.7% during the previous year, according to the data released by Central Statistical Organization (CSO), ministry of statistics and programme.

Power Ventures ups Easun Reyrolle stake to 10.10%

Power Ventures Holdings (P) has increased its holding to 10.10% in Easun Reyrolle.

Power Ventures Holdings, which held 8.36%, bought additional of 1.74% on Thursday, January 29.

Easun Reyrolle is engaged in the core businesses of power protection, control, automation, metering and switchgear.

Rio Tinto sells $1.6 billion in assets to Vale do Rio Doce

Rio Tinto Ltd. has restarted its stalled asset sales program, announcing Friday the sale of its potash project in Argentina and its Corumba iron ore operations in Brazil to Companhia Vale do Rio Doce for US$1.6 billion.

The sale will see Rio receive US$850 million for the Potasio Rio Colorado potash project and US$750 million for the Corumba iron ore mine in Brazil and the associated river logistics operations in Paraguay.

Roche lowers Genentech bid, goes hostile

Roche of Switzerland, said it's now offering $86.50 in cash per Genentech share, down from the $89 it had tabled in the summer. Roche already owns 56% of the South San Francisco biotech, making the bid worth about $42.5 billion. A special committee representing Genentech spurned the Roche offer back in August.

NEC to axe 20,000 jobs by end of 2009

Fortis agrees new deal with BNP Paribas

Fortis ,BNP Paribas and the Belgian government have reached a new agreement on the sale of some of the Belgian group's assets to BNP following shareholder opposition to the original deal. Under the new terms, BNP would get 10% of Fortis' insurance business for 550 million euros,

Japan output falls at record pace, unemployment rises

Worse news possible ahead, as industry may shrink to 1980s levels

Japan's industrial output slumped by a record margin in December, indicating companies are likely to idle more production lines and unveil additional lay-offs, setting the stage for what may likely be the harshest recession since the end of World War II.

The Japanese government said production fell a seasonally adjusted 9.6% in December compared to November, breaking the previous month's record decline of 8.5%. Economists had expected a drop of 9%

Hitachi slashes outlook, plans to cut up to 7,000 jobs

Hitachi Ltd. said Friday it would cut up to 7,000 jobs in its struggling auto-equipment and electronics divisions as it forecast a net loss of 700 billion yen ($7.83 billion) for the current year,

Euro-area unemployment hits 8% in December

Euro-area unemployment hit 8% in December, up from 7.9% in November and 7.2% in Dec. 2007, the Eurostat statistics agency said. Unemployment was last at those levels in late 2006.

OPEC will weigh further production cuts

OPEC is ready to make further cuts in oil production in coming months if prices and global demand don't stabilize, the oil cartel's secretary general said at the World Economic Forum annual meeting on Thursday.

It will be clear in coming weeks whether cuts totalling 4.2 million barrels a day instituted in recent months are being met by OPEC members, said Abdalla Salem El Badri, in a panel discussion on the energy outlook for the year ahead.

AOL lays off 10% of workforce in cost-cutting move

ime Warner Inc.'s Internet division AOL LLC is cutting 700 jobs, or about 10% of its workforce as it seeks to narrow its focus on a few core areas while grappling with the down economy.

New Zealand slashes key rate by 11/2 points

New Zealand's central bank cut its main interest rate by a larger-than-expected 1.5 percentage points Thursday, saying the global recession's fallout on the domestic economy will be harsher than its earlier assessment.

The move sent the official cash rate -- once among the highest in the industrialized world -- to 3.5%.

Starbucks to close more stores as profit drops

Starbucks, jolted by the weak economy, said Wednesday it plans to close 300 more coffee shops, further slow expansion, and cut more jobs. Its profit dropped 69% in the latest quarter, missing analysts' expectations.

Starbucks now plans to close a total of 977 stores, including previously announced sites in Australia. The next round of closures will consist of 200 U.S. stores and another 100 overseas. It will result in as many as 6,000 jobs lost at the store level and 700 at the office level, including half at the company's Seattle support center.

Major provisions of stimulus package

The U.S. House of Representatives Wednesday approved an $819 billion economic stimulus package. The bill includes $275 billion in tax cuts, $523 billion in direct spending, and other provisions.

The bill, passed 244-188 on a straight party-line vote, would cut taxes for individuals and businesses, provide billions of dollars for infrastructure projects, help states balance their budgets, and provide relief to millions of people who've lost their jobs or homes

Here are the chief provisions of the bill:

Tax cuts

• Payroll-tax holiday: $99 billion
• Expanded earned-income tax credit: $25 billion
• Tuition tax credit: $10 billion
• Business expensing tax breaks: $90 billion
• Renewable-energy tax credit: $20 billion

Relief

• Expanded unemployment insurance: $42 billion
• Health insurance for unemployed: $40 billion
• Expanded food stamps: $20 billion
• Housing assistance: $11 billion
• Supplemental Security Income payments: $4 billion
• Welfare: $3 billion

Infrastructure

• Highways: $30 billion
• School renovation: $20 billion
• Health information technology: $17 billion
• Transportation projects: $16 billion
• Water projects: $8.4 billion
• Military and V.A. construction: $7 billion
• Accelerated deployment of broadband: $5.6 billion

Help for state and local governments

• Medicaid cost sharing: $87 billion
• State grants: $79 billion
• State and local bond tax credit: $42 billion
• Community development: $5 billion
• Rural development: $4 billion

Energy efficiency

• Federal energy-efficiency projects: $22 billion
• Energy-efficiency grants: $18.5 billion
• Smart electric grid: $11 billion
• Renewable-energy loan guarantees: $8 billion

Human capital

• Education programs: $29 billion
• Pell grants: $18 billion
• Job training: $4.6 billion
• Scientific research: $3 billion

$819B rescue plan approved by SENATE

The bill would cut taxes for individuals and businesses, provide billions of dollars for infrastructure projects, help states balance their budgets, and provide relief to millions of people who've lost their jobs or homes.

Democrats said the rapidly failing economy needs immediate attention.

"Every week we delay is another 100,000 people unemployed," said House Democratic leader Steny Hoyer of Maryland.

Earlier, the House rejected a Republican substitute that would have emphasized tax cuts. Republicans said their version would have created twice as many jobs as the Democrats' bill.

"The American people need a plan that works," said House Republican Leader John Boehner of Ohio.

The bill now heads to the Senate, with a goal of putting the legislation on President Barack Obama's desk by mid-February. Democrats hold a 255-178 majority in the House, and an effective 58-41 majority in the Senate.

Despite Obama's personal efforts to woo Republicans on Tuesday, not one Republican voted in favor of the bill on final passage. Twelve Democrats voted against it along with 176 Republicans.

The Senate isn't waiting for the House to act. Senate committees have been at work, with the tax portions of the bill getting the stamp of approval from the Senate Finance Committee late Tuesday. Senators boosted the cost of the tax cuts in the bill to $342 billion by agreeing to exempt millions of middle-class families from paying the alternative minimum income tax for one year.

Businesses and workers "are looking to Washington for action -- bold and swift," Obama said Wednesday after meeting with corporate chief executives. He said he expected to have a bill to sign within a few weeks.

"When it comes to rebuilding our economy, we don't have a moment to spare," he said. "All we can do, those of us in Washington, is help create a favorable climate in which workers can prosper, businesses can thrive, and our economy can grow."

The House bill includes $275 billion in tax cuts to go with $523 billion in direct spending and other provisions, all intended to boost U.S. economic growth this year and next.

Obama has said his goal is to create or save 3 million to 4 million jobs. The economy lost nearly 2.6 million jobs in 2008.

Home values fall record 18.2% in past year

Home values in 20 major U.S. cities fell a record 18.2% in the 12 months ending in November, Standard & Poor's reported Tuesday.

The Case-Shiller 20-city home price index fell 2.2% in November, with home values in all 20 cities falling at least 1%. Prices in the original 10-city index fell a record 19.1% over the year.

Siemens profit drops 81% after last year's asset sale

German conglomerate Siemens on Tuesday reported an 81% drop in fiscal first-quarter profit after last year's sale of its automotive electronics arm, but by other measures recorded a solid quarter behind strong growth at its energy division.

Gas discovery tempers Israeli recession blues

Good business news is rare these days, even in Israel, where the past half-decade's economic momentum is now officially over. Still, one bit of enchanting news broke here, and in the most unlikely industry, timing and location.

An American-Israeli prospecting consortium's Jan. 18 announcement that its Tamar 1 drilling site proved to contain "meaningful quantities" of natural gas momentarily illuminated an otherwise pitch-dark sky with a corporate, economic and political ray of light.

American Express quarterly net income falls 79%

American Express reported a 79% drop in fourth-quarter net income late Monday as the credit card giant wrote off more bad debts and felt the effects of a drop in consumer spending.

Texas Instruments reports big profit drop

Texas Instruments Inc. on Monday reported a huge drop in quarterly profit and unveiled a plan to eliminate 3,400 jobs as the chip giant warned it expects a "prolonged economic weakness."

IBM cutting over 2,800 jobs, labor group says

IBM Corp. has cut over 2,800 jobs in its software and sales departments, according to an organization seeking recognition as a union at the technology giant.

Home Depot to close Expo, slash jobs

In another sign of the worsening economic downturn, Home Depot Inc. said Monday that it is throwing in the sponge on its Expo design and décor business, closing stores and laying off thousands of employees.

Caterpillar to slash 20,000 jobs

Caterpillar Inc. shares dropped more than 8% Monday after the heavy machinery giant announced 20,000 job cuts and posted a lower fourth-quarter profit that was slammed by higher operating costs and an unfavorable foreign-exchange rate.

Corus to axe 3,500 jobs cut worldwide

Steelmaker Corus has confirmed that it is cutting 3,500 jobs worldwide, including 2,500 in the UK.

The announcement comes after Corus, like all steel firms, has seen a substantial fall in demand.

Philips to axe more than over 6000 job

The electronics giant Philips announced over six thousands of job cuts.

Netherlands-based Philips said 6,000 jobs would be lost worldwide in 2009 following quarterly losses of 1.9 billion dollars, its first quarterly loss since 2003.

The company which employs 121,000 people around the world, said it had not announced where the job cuts would fall, saying they would be decided on a case by case basis.

ING to cut 7,000 jobs worldwide

The Dutch banking and insurance group ING has announced that it will cut 7,000 jobs around the world this year.

Last year the Dutch government injected almost USD 20 billion into the troubled company to help it cope with the fallout from the global financial crisis.

Petron Engineering arm bags order worth Rs 97.8 mn

Petron Engineering Construction, engaged in providing total solutions in engineering construction, said that Petron Mechanical Industries (a division of the company) has received a letter of intent from Vedanta Aluminium for design, engineering, manufacturing, erection, commissioning etc. of 57 numbers of Cranes and Hoists for their expansion aluminium smelter plant at Jharsuguda, Orissa, for a contact value of Rs 97.8 million.

Philips swings to first quarterly loss in five years Group sees little room for optimism, plans to cut 6,000 jobs

Royal Philips Electronics, Europe's largest consumer-electronics firm, on Monday said it swung to a fourth-quarter loss of 1.47 billion euros ($1.9 billion) as it wrote down the value of its stakes in LG Display and NXP and demand for its products continued to deteriorate.

It also unveiled plans to cut 6,000 jobs in 2009.

Sprint to eliminate 8,000 jobs

Sprint Nextel Corp. said Monday it will eliminate 8,000 jobs in the first three months of 2009 as part of an effort to reduce costs in the face of a deepening U.S. recession. The job cuts will occur at every level of the company and result in $1.2 billion in annual savings, Sprint said. The company plans to take a onetime $300 million expense in the first quarter related to the layoffs. It's the latest in a series of steps by Sprint under CEO Dan Hesse to reduce costs and make the company more competitive with bigger rivals AT&T Inc. and Verizon Communications Inc. In related news, Sprint also moved up its fourth-quarter earnings release to Feb. 19

Britain plunges into first recession since '91 Fourth-quarter GDP decline steepest since 1980

Gross domestic product shrank by 1.5% in the final three months of the year, following a 0.6% quarterly contraction in the July-to-September period, the office for national statistics said in its initial estimate. That was the steepest quarterly drop since 1980, and also met the widely-used definition of a recession of two consecutive quarters of declining GDP.

Satyam board appoints Goldman as investment banker

Goldman Sachs has been appointed by Satyam board as the investment banker of the company at its meeting held on January 22,

PowerGrid accomplishes transmission line in Afghanistan

PowerGrid Corporation said that it has completed 202-km long transmission line from Pul-e-Khumri to Kabul in Afghanistan,

JSW`s Vijayanagar plant on track

JSW Steel`s expansion of its Vijayanagar plant in Karnataka to 10 million ton per annum (mtpa) from the present 7 mtpa is moving ahead as per schedule and the company has fully tied up funds for the project

Sadbhav Engg bags Rs 993.10 mn order

Sadbhav Engineering announced that consortium led by the company had bagged an order valuing Rs 993.10 million by government of Andhra Pradesh Irrigation and CAD department in joint venture (JV) with Gokul Krishna Construction in the ratio of 52:48 respectively.

L&T secures orders worth USD 245 mn

Larsen & Toubro (Oman) LLC, one of the leading engineering and construction company, has secured major orders cumulatively valued at Rs 11,980 million (USD 245 million), against stiff international competition. The orders cover construction of a hotel and apartments for the Second Asian Beach Games, a mosque and underground cabling.

Wheels India to invest Rs 450 mn in power plant projects

Wheels India proposes to invest Rs 450 million over a period of next 3 years for manufacture of 50,000 metric ton (MT) of steel structural parts annually for its power plant projects.

The company has taken about 30 acres of land from Maharashtra Industrial Development Corporation (MIDC) in Deoli in Wardha District for setting up a facility to cater the purpose

President Barack Obama's pick for treasury secretary, Timothy Geithner

Google beats estimates with profit, sales gains

Google Inc. said late Thursday its fiscal fourth-quarter net income fell sharply to $382 million, or $1.21 a share, from $1.2 billion, or $3.79 a share in the same period a year earlier. Mountain View, Calif.-based Internet giant Google said net revenue in the period ended in December rose to $4.2 billion. Excluding special items, Google said earnings for the period were $5.10 a share. Analysts on average had been estimating Google would post earnings excluding special items of $4.95 a share on $4.1 billion in net revenue

Russia will allow 10% devaluation of ruble

Russia's central bank said Thursday that it will effectively allow the ruble to fall by about 10% against its dual currency basket, ending its policy of gradual mini-devaluations in a move aimed at deterring speculators and stemming the outflow of foreign exchange reserves.

Since last August, Russia's international reserves have plunged by more than $200 billion.The central bank reported Thursday that reserves tumbled by $30.3 billion to stand at $396.20 billion during the week ended Jan. 16.

Through this move, the bank effectively allowed further 10.6% devaluation of the ruble from the pre-announcement 37.04 level, and a cumulative 40% foreign exchange rate adjustment since the middle of 2008

Microsoft a window into tech sector's crash

Microsoft reported declining profit and slower-than-expected revenue growth Thursday and said it would eliminate as many as 5,000 jobs, about 5.5% of its 90,000-employee workforce. The broad job cuts were the 33-year-old company's first, triggered by slumping demand for the personal computers that run its software.

Pfizer in talks to buy Wyeth in $60 billion deal

Pfizer Inc. is negotiating to acquire rival drug maker Wyeth in a blockbuster deal potentially worth more than $60 billion that could alter the global drug industry

Pfizer, the world's largest drug maker by revenue,

Korea's GDP posts sharpest drop since Asian crisis

Korea's gross domestic product fell 5.6% in the fourth quarter compared with the previous three months, the Bank of Korea reported Thursday in a statement. In the third quarter, Korea's GDP had grown by 0.5% quarter-on-quarter.

China's biggest car maker warns on 2008 profit

Shanghai-headquartered automaker SAIC Motor Corp. warned Friday its profit for 2008 may be more than halved because of slowing sales growth and losses related to its investment in South Korea's Ssangyong Motor Co.

SAIC, China's largest car maker, had a net profit of 4,63 billion yuan ($677 million) in 2007.

Earlier this month Ssangyong Motor suspended production at factories and filed for bankruptcy protect with a South Korean court.SAIC hold a 51% stake in the ailing firm and had provided it with $45 million in financial aid as of Dec. 31,


SAIC is better known a joint venture partner for General Motors and Volkswagen AG's units in China.

Fortis Bank faces $18 billion loss

Fortis Banque, the former Belgian banking arm of Fortis and now controlled by the Belgian government, said late Thursday that it made a net loss of 14.1 billion euros ($18.2 billion) in the first nine months of 2008. The bank also said it will lose between 4 billion euros and 5 billion euros in the final quarter of the year.

France's BNP Paribas had agreed to some Fortis assets and banking operations, but that deal has been put on hold after a court ruled shareholders must be given a say in the plans

Russia's international reserves tumble by $30.3 billion

Russia's international reserves tumbled by $30.3 billion to stand at $396.20 billion during the week ended Jan. 16, the Russian central bank reported Thursday. Analysts at Brown Brothers Harriman & Co. said that the "the drop in reserves, which brought total holdings under $400 billion for the first since 2007, occurred as the Russian central bank aggressively intervened to defend the ruble and amidst ongoing capital outflows

microsoft layoff

co layoff 1400 today,5000 next 2 months

USA economic data

U.S. Dec. housing starts fall 15.5% to 550,000 annual rate

U.S. Dec. building permits fall 10.7% to 549,000 annual rate

U.S. single-family permits fall 12.3% to record-low 363,000

U.S. 2008 housing starts fall 33% to record-low 904,000

U.S. 2008 building permits fall 36% to record-low 892,500

U.S. Dec. housing starts at 550,000 are lowest on record

U.S. Dec. housing starts weaker than 600,000 expected

U.S. Dec. housing completions fall 5.2% to 1.02 million pace

U.S. weekly initial jobless claims rise 62,000 to 589,000

U.S. 4-week average initial claims unchanged at 519,250

U.S. continuing jobless claims rise 97,000 to 4.61 million

U.S. 4-week avg continuing claims up 58,750 to 4.56 million

IBM layoff

IBM layoff 10000

Satyam fiasco like 26/11, difficult to stop: LIC

The Satyam scam was so sudden and severe that even the best brains could not have stopped it, just like the terror attacks in Mumbai, the IT firm's major shareholder LIC said on Thursday.

"It can be equated with terrorists sneaking into Mumbai and killing hundreds of persons and nobody with the best of preparations could have prevented it," LIC Chairman T S Vijayan said.

LIC had 4% stake in SATYAM

L&T inks MoU with Canadian Co for ACR 1000 reactors

Larsen and Toubro (L&T) announced that it has inked an Memorandum of Understanding (MoU) with Canadian based company, Atomic Energy of Canada (AECL) for co-operation on advanced CANDU Reactor ACR 1000.

Inflation rises to 5.60%

ndia`s benchmark wholesale price index (WPI), inflation rose marginally to stand at 5.60% for the week ended Jan. 10, 2009 as against 5.24% a week ago

HCC arm to set up Asia`s first space edutainment centre

India`s first and largest hill station being developed by Hindustan Construction Company (HCC)- Lavasa Corporation has entered into an agreement with Space Investment (SIC), to build and manage SpaceWorld, Asia`s first hi-tech centre for space edutainment with an investment of Rs 4 billion.

The 65-acre SpaceWorld will come up along the backwaters of the Warasgaon dam at Lavasa near Pune. SpaceWorld at Lavasa will be operational by the end of 2010.

Bharti Airtel plans USD 5 bn capex for 2009-10

Bharti Airtel has set aside around USD 5 billion as capital expenditure (capex) for mobile services and infrastructure business for the next financial year,

Maytas Infra`s announcement of Q3 results likely to defer

Maytas Infra announced that the official registrar of companies and serious fraud investigation office, ministry of corporate affairs, are inspecting the books of accounts of the company under section 209A of the Companies Act, 1956.

During the course of inspection of the books of accounts of the company, the inspectors have sought for certain information and documents relating to the last 8 financial years.

Max New York Life, 3i Infotech form strategic alliance

Max New York Life Insurance has announced a strategic partnership with 3i Infotech to market its Max Vijay Insurance Savings box and develop its reach to consumers in remote rural areas, via 12,500 I-SERV stores across nine states of Haryana, Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Goa, Andhra Pradesh, Tamil Nadu and Delhi,

China's economic growth eases sharply

Gross domestic product expanded 6.8% in the October-to-December period, compared to a year ago, easing from a 9% expansion in the preceding three-month period, according to data released by the National Bureau of Statistics Thursday.

Germany economy to shrink by 2.25% in 2009

Germany economy is predicted to contract by 2.25% in the year 2009, which would be its worst performance in the post-World War II era. Germany`s economy accounts for about a third of euro zone output.

USA layoffs

INTEL to layoff 1000

MICROSOFT to layoff 13000 excluding USA

GOOGLE to layoff 10000

BT Group warns again on global services unit

Shares of U.K. telecoms giant BT Group fell as much as 15% on Thursday after it said profit at its global services unit had tumbled in the third quarter and that it would have to take charges of 340 million pounds ($471 million) to sort out the division.

Japan exports decline sharply in December

Japanese exports fell by a larger-than-expected 35% in December, the biggest fall on record, stoking concerns that firms could accelerate layoffs and idle production as the global recession deepens.

Exports totaled 4.833 trillion yen ($54.15 billion), down from 7.434 trillion yen a year earlier, according to provisional figures released Thursday by the Finance Ministry. Imports as shrank 21.5% to 5.153 trillion yen,

Fifth Third reports $2.2 billion loss after goodwill charge

Fifth Third Bancorp on Thursday said it swung to a fourth-quarter net loss of $2.18 billion, or $3.82 a share from a profit of $16 million, or 3 cents a share, a year earlier.

SunTrust swings to loss as charge-offs rise

SunTrust Banks Inc the $189.3-billion-asset Atlanta banking firm, swung to a fourth-quarter loss from a year-earlier profit, as loan charge-offs increased and it added to reserves

AIG kicks off sale of Asia unit, report says

American International Group is kicking off the sale of its Asian life assurance unit in hopes of raising up to $20 billion, the Financial Times reported Wednesday. AIG sent sales memorandum out to bidders including China Life , HSBC Holdings Prudential plc and Prudential Financial . The two Prudentials share the same name but aren't affiliated.

US Builders' confidence hits another low

The home builders' monthly index fell to a record low of 8 in January from 9 in December, the National Association of Home Builders said. At its current level, the index shows that approximately one of every 12 builders believes the market is good.

U.S. home builders became even more pessimistic about the housing market in January, according to a survey conducted by an industry trade group released Wednesday.

U.S. loan losses, write-downs to reach $3.6 trillion

Loan losses plus write-downs of U.S. securitized assets -- including the pooled mortgages that triggered the ongoing financial crisis -- will reach $3.6 trillion, with U.S. banks exposed to about half of that mammoth sum, said Nouriel Roubini's RGE Monitor Wednesday.

microsoft

Microsoft is expected to post a quarterly profit that misses its own target and announce thousands of job cuts(13000) this week as the global economic slump hurts even the technology industry's biggest players

UK economic data

U.K. jobless claims up 77,900 in December

U.K. unemployment in November was 6.1%

U.K. December jobless claims up for 11th month

Petron Engineering bags Rs 87.20 mn order

Mumbai-based Petron Engineering Construction announced that it has bagged an order worth Rs 87.20 million from Lanco Infratech.

The order is for Lanco`s complete package of electrical erection for their 366 mega watt (MW) combined cycle power plant- stage II at Kondapalliida, District Krishna, A.P.

Kilburn Eng. bags Rs 111 mn order from Tata Chem

Kilburn Engineering has secured a contract worth Rs 111 million from Tata Chemical, Mithapur, Gujarat for supply of Calciner.

Further, the company has also received orders from Tea Estates / Rice Mills for supply of Tea / paddy dryers worth Rs 108 million.

Microsoft expected to cut jobs as profit weakens

Microsoft Corp is expected to post a quarterly profit that misses its own target and announce thousands of job cuts this week as the global economic slump hurts even the technology industry's biggest players.

Satyam searching for emergency funding

U.S.-based insurer State Farm Insurance has terminated its contract with the firm and some others are believed to be reviewing their service contracts. Satyam's clients include such giants as Nestle and General Electric.

India's largest-ever corporate scandal has cast a shadow over the country's outsourcing sector, which was already struggling with slowing growth due to global financial turmoil.

The new board of embattled Indian outsourcer Satyam Computer Services is working to secure emergency funding for the firm and will consider appointing a banker for the rescue effort, a board member said.

U.K. banks edge ever closer to nationalization

The U.K. government's latest bank rescue package has done little to stave-off the prospect of further nationalizations, analysts said Tuesday, the day after almost 20 billion pounds ($28.5 billion) was wiped off the value of the country's top four lenders.

L&T has signed a MoU with US-based Westinghouse Electric Company

Larsen & Toubro, India's largest engineering and construction conglomerate has signed a memorandum of understanding (MoU) with US-based Westinghouse Electric Company to build 1,000 MegaWatt nuclear plants in India.

Under the arrangement, L&T will be responsible for construction and fabrication while Westinghouse's will provide design, engineering and procurement of major components.

Lanco Infratech announced that Vamshi Hydro Energies, a subsidiary of the company, successfully commissioned IKU-II (5 MW) small hydro project in Dhar

Tata Communications, a part of Tata Group, has acquired 30% stake in South Africa based Neotel previously held by Eskom and Transnet.

Lanco Infratech arm starts small hydro project in HP

Lanco Infratech announced that Vamshi Hydro Energies, a subsidiary of the company, successfully commissioned IKU-II (5 MW) small hydro project in Dharmshala, Himachal Pradesh (HP), and has commenced commercial operations with effect from Jan. 19, 2009.

Suzlon enters Sri Lankan wind market

Suzlon Energy has entered into Sri Lankan market with an order to supply 10 MW of wind turbine capacity to a project developed by Senok Wind Power.

Zenotech may drag Daiichi to SEBI

Zenotech Laboratories may take Japanese drug maker Daiichi Sankyo to market regulator SEBI for not honoring a commitment to make an open offer at a previously agreed upon price of Rs 160 a share.

Zenotech has rejected the open offer price of Rs 113.62 a share made by Daiichi Sankyo for acquiring 20% additional stake in the company as according to the company the current offer price was way below the earlier agreed price

M&M forays into retail sector with Mom & Me stores

Defying global turmoil, Mahindra & Mahindra (M&M) has entered into the retail sector with the soft launch of its specialty format Mom & Me in order to sell infant care and maternity products

ITC to launch stationery brands abroad

ITC is expected to take some of its education and stationery products overseas, reports DNA.

The company has two umbrella brands --Classmate and Paperkraft. ITC sells notebooks, copier and printer paper, writing instruments and scholastic products under these brands.

TCS inks deal with Ducati Motor

India`s top software exporter, Tata Consultancy Services inked a multi-million dollar, multi-year deal with Ducati Motor Holding to deliver technology-based services to the Italian bikemaker and its subsidiaries in Europe

Tatas to produce 80,000 Nano`s in 2009-10

Nano`s production at Tata`s Pantnagar plant in Uttarakhand would be restricted to 80,000 units during 2009-10 and the first roll out is likely to happen towards the end of February

Tata JV & JSPL win CTL project worth USD 6-8 bn

Tata group`s joint venture (JV) with Sasol of South Africa, and Jindal Steel and Power (JSPL) has been awarded the prestigious USD 6-8 billion pilot project to convert coal into liquid petroleum.

Goldman foresees GDP to slowdown to 5.8% in FY10

The Indian economy will go through a challenging time in 2009. GDP growth is expected to slow down to 5.8% in FY10 due to rapidly falling external demand and slowing investment demand, according to a study by Goldman Sachs.

Satyam Bank Documents at Issue

Satyam Computer Services Ltd., the Indian outsourcer embroiled in a fraud scandal, used forged documents from at least four major banks to claim a cash balance in excess of $1 billion, according to a person close to the investigation.

Investigators have sent Satyam's account-balance statements and letters of confirmation of account balances to officials at HSBC Holdings PLC of the U.K., Citigroup Inc. of the U.S., and HDFC Bank and ICICI Bank Ltd. of India. Based on the banks' reviews, investigators have determined that the documents were forgeries, according to the person close to the investigation. Spokesmen for all four banks declined to comment.

B. Ramalinga Raju

The documents offer a further glimpse into how Satyam founder and former Chairman B. Ramalinga Raju executed a fraud that inflated the company's balance sheet over several years, according to a confession he wrote to Satyam's board earlier this month. Since then, investigators have launched a probe into the company's dealings to determine the full extent of the deception.

Mr. Raju and his brother, B. Rama Raju, Satyam's former managing director, have been arrested in Hyderabad, the capital of the southern state of Andhra Pradesh, on complaints of cheating, forgery and breach of trust. A bail hearing for the two is expected on Jan. 22. The Raju brothers' lawyer, S. Bharat Kumar, declined to comment Monday.

The Raju brothers have financial stakes in two infrastructure companies, Maytas Infra Ltd. and Maytas Properties Ltd. The Indian government said Monday it will seize the books of both Maytas companies as part of the probe into Satyam because of a possible connection.

"We have ordered extension of [the probe by] the Serious Fraud Investigation Office into the two companies as the initial investigation has showed a nexus," P.C. Gupta, minister of corporate affairs, told reporters. "To uncover the facts relating to the events in Satyam, it is necessary to obtain information, records, books and papers from the two companies."

Spokesmen for both Maytas companies had no immediate comment.

Meanwhile, Maytas Infra said Chief Executive P.K. Madhav has resigned, effective Jan. 14, because he needs to spend time addressing legal issues in an unrelated case. A Maytas spokesman said Mr. Madhav was unavailable for comment.

Citigroup to sell Japanese brokerage

Citi apparently had plans to keep Nikko, according to the report. The Japanese brokerage was not included in a deal announced Tuesday to spin off another of Citi's major brokerage units, Smith Barney, in a joint venture with Morgan Stanley

CITI results

Citi loss sharing program covers $301B of assets

Citi to split global bank from brokerage, asset mgmt unit

Citigroup Q4 loss from continuing ops. $12.14B

Citigroup Q4 net loss $8.29B

Bank of America writedowns

Merrill wrote down $1.92B on loans, $1.13B on real estate

Merrill losses include $2.31 goodwill charge

Merrill losses included $3.22B monoline write-down

USA Industrial Production

U.S. Dec. industrial production down 2%, down 11.5% in Q4

U.S. Dec. industrial production down 2.0% vs down 1.2% est.

U.S. Dec. capacity utilization 73.6% vs 75.2% in Nov

U.S. Nov. industrial production down rev 1.3% vs down 0.6% p

U.S. Q4 industrial production down 11.5%

U.S. industrial production down 1.8% in 2008

U.S. Sept. capacity utilization lowest since Dec. '01

global layoffs

Swiss bank UBS AG plans to cut around 5,000 jobs this year, Swiss weekly Sonntag reports Sunday.

Circuit City Stores Inc to layoff 30000 jobs

Rio Tinto Ltd.has cut up to 600 staff from its Perth office in the state of Western Australia

Hertz Global Holdings Inc.will slash 4,000 jobs, or almost 14% of its workforce

Advanced Micro Devices Inc. said Friday that it plans to cut its workforce by 9%, or roughly 1,100 positions

GE Capital could be facing a headcount reduction of 7,500 to 11,000 jobs,

Pfizer Inc. plans to lay off as many as 2,400 salespeople in the U.S

'IT sector growth could go below 20% as meltdown continues'

In the context of the Satyam fraud rattling the Indian software industry, FE's Rupsa Ray talked to Ganesh Natarajan chairman, Nasscom and global CEO, Zensar Technologies, to get the IT apex body's views on the recent events.

Satyam looks for new name to get rid of brand stigma

Satyam Computer Services Ltd is mulling a change of name. The exercise to find a new name has been kicked off in the company as the present name has a serious brand problem, key officials feel.

Ghajini' gross Rs 200 crores at the box office world-wide

Bollywood superstar Aamir Khan-starrer 'Ghajini' has become India's first Hindi flick to gross Rs 200 crores at the box office worldwide.

The flick has broken many past records of Bollywood by achieving this mark in little less than two weeks. 'Ghajini' has done robust business in overseas market as well.

Elecon Engineering won Rs 185 million order

Engineering Company, India's largest manufacturer of mechanical handling equipment has announced that it has secured Rs 185 million order from Chennai-based Techpro Systems.

The contract has been awarded for designing, engineering, manufacturing, testing, supplying, erectioning and commissioning of material handling and other equipments.

IDFC Projects To Set Up Thermal & Solar Plants In Gujarat

Infrastructure Development Finance Co Ltd announced that its unit IDFC Projects Ltd has signed two MoUs with Gujarat State Energy Company (GSECL) and Bharat Heavy Electricals (BHEL) to set up a 1600 Mw thermal power plant at Sarkhadi based on supercritical technology.

Binani Cement to set up new cement plant in Gujarat

Binani Cement would set up a new cement plant worth Rs 825 crore in Gujarat. The green field cement plant would be designed with annual production capacity of
2.5-million tonne.

Ansal Housing launches “Ansal Grace” in Jammu

Ansal Housing & Construction Ltd, a leading real estate developer has launched a new Group Housing Project named "Ansal Grace", at Jammu (J&K).

The newly launched housing project is situated at Jammu Srinagar Kunjuwani Bypass Road, near Sainik Colony at Jammu (J&K).

ONGC inks MoU with Australia’s Arrow Energy

The state-run Oil and Natural Gas Corp (ONGC) has signed a Memorandum of Understanding with Australia's Arrow Energy for corporation in Coal-bed Methane Sector.

Arrow Energy Ltd Group is a leading Australian integrated energy company focused on the development of CBM.

Punj Lloyd JV picks contract worth Rs 131.11 crore

Punj Lloyd Group, a diversified global conglomerate providing Engineering & Construction services in Oil & Gas, Infrastructure and Petrochemicals, in 60:40 joint venture with Public Works Company Tripoli has bagged a new contract worth Rs 131.11 crore for the execution of utilities in Souk Al Juma, Tripoli, Libya.

UCO Bank to raise Rs 1400 crore

State-run UCO Bank, formerly United Commercial Bank, has decided to raise Rs 1,400 crore from debt in the next three months.

The bank plans to raise Rs 700 crore from tier-1 bonds and remaining Rs 700 crore from upper tier-2 bonds by March end.

The bank officials stated that the funds raised will increase the capital adequacy ratio from 11.62 per cent in December to 12 per cent.

MetLife India opens 12 new branch offices in Kerala

Insurance major MetLife India Insurance Company has announced the opening of 12 new branch offices in Kerala, under its countrywide expansion plan.

With latest expansion MetLife, which is one of India's largest growing insurance companies, has increased its presence in 13 of the 14 districts in Kerala. The company has now established a network of 27 branches across 23 cities in Kerala.

Omaxe to launch 10,000 low-cost homes in Indore

Omaxe Limited, India’s leading real estate developers has informed that the company will launch 10,000 low-cost homes in Indore next month, which would be developed at about Rs 1,000 crore.

According to the sources, the company will launch the flats in the range of Rs 4-10 lakh, in February at a 200-acre township.

Plethico Pharma signs accord with Molekule Pvt. Ltd

global pharmaceutical company with a strong emphasis on herbal and neutralceutical segments, Plethico Pharmaceuticals Ltd, has entered into a tie up with Pharmaceutical MNC Molekule (India) Pvt. Ltd., for marketing some of Natrol's brands in India.

Mumbai-based Molekule Pvt. Ltd is a leading pharmaceutical company having aggressive marketing and distribution network across the country.

L&T has signed a MoU with US-based Westinghouse Electric Company

Larsen & Toubro, India's largest engineering and construction conglomerate has signed a memorandum of understanding (MoU) with US-based Westinghouse Electric Company to build 1,000 MegaWatt nuclear plants in India.

BSNL Signs MoU With TN Varsity

Madurai-based BSNL’s unit has signed up a tie-up with the Bharathiar University (BU) in order to provide Higher Education to its staff as well as clients at concessional rate.

SBI to defer further lending to Maytas

State Bank of India, which has an exposure of Rs 5 billion to Raju family-promoted two Maytas firms, has said it has deferred any further lending until there is clarity on the status of the companies, which are under scanner due to Satyam-scam.

Nalco likely to pick majority stake in Indonesia mining firms

Nalco is set to pick up majority stakes in two Indonesian mining firms at an estimated investment of Rs 3 billion.

HCC to invest Rs 400 bn in creating Lavasa like city in Gujarat

India`s leading construction and infrastructure development company Hindustan Construction Company (HCC) has inked two memorandum of understanding (MoUs) with government of Gujarat with a total investment of Rs 415 billion.

Vodafone unveils Blackberry`s touch screen Storm

Telecom operator Vodafone Essar on January 12 launched `Blackberry Storm`, the first touch screen phone developed by the company with Canada-based technology provider Research In Motion (RIM), in the country.

WB awards TCS with Satyam projects

The World Bank (WB) hired Indian IT major Tata Consultancy Services (TCS) to work on the projects done by Satyam, as it has now been disqualified by the bank from doing business with it.

SIEMENS RECEIVES EU80 MILLION ORDER FOR INDIAN POWER PLANT PARTS

India inks MoU with Canada

India and Canada, on January 13, signed a memorandum of understanding (MoU) in the field of agriculture and allied sectors for further cooperation between the two countries.

NTPC unlikely to get KG gas at less than USD 4.20 mmBtu

NTPC will not be permitted to buy KG-D6 gas at less than USD 4.20 per million British thermal units (mmBtu), the union government said to the Bombay High Court,

GAIL to infuse Rs 50 bn in CNG corridor

GAIL India will invest Rs 50 billion over the next 3-4 years to establish a CNG corridor across the country,

Elecon Engineering bags order worth Rs 185 mn

Elecon Engineering Company, India`s largest material handling equipments, industrial gears and transmission products manufacturer has bagged order worth Rs 185 million from Chennai-based Techpro Systems.

Annik India to expand in Europe

Annik India, leading market research support and data management company, a part of Quatrro Group, has appointed Gary Stocks as EMEA vice president and principal consultant as part of a strategic expansion into Europe.

Mundra Port to invest Rs 150 bn in Guj

Mundra Port and Special Economic Zone (MPSEZL) has entered into memorandum of understanding (MoU) with Government of Gujarat represented by Gujarat Maritime Board (GMB) at Vibrant Gujarat, Global Investors` Summit 2009 for expansion and development of new facilities in Gujarat involving investment of approximately Rs 150 billion.

USA economic data

U.S. Dec. hours worked fall 1.1%

U.S. Dec. services-producing jobs fall 273,000

U.S. Dec. goods-producing jobs fall 251,000

U.S. Dec. unemployment rate highest since Jan. 1993

U.S. Q4 job losses total 1.53 million

U.S. Oct., Nov. payrolls revised down 157,000

U.S. 2008 payrolls fall 2.59 million, most since 1945

U.S. Dec. average hourly earnings up 0.3%

U.S. Dec. payrolls fall 524,000 vs. -500,000 expected

Satyam may cut 10,000 jobs next month

Satyam is expected to sack over 10,000 employees next month due to its undisclosed cash position and the minimum outgo on salary estimated at Rs 5 billion a month,

Educomp inks pact with US charitable foundation

Educomp Solutions announced that it has signed a services agreement with Michael & Susan Dell Foundation, a private charitable foundation, based out of United States to create a model to transform learning levels of poor children served by private schools in Hyderabad for an amount of Rs 47.8 million for a term starting Sep. 01, 2008 till Mar. 31, 2012

Axis Bank to replace Satyam at Dow Jones India Index

Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones India Titans 30 Index.

Satyam Computer Services will be deleted from the Dow Jones India Titans 30 Index and replaced by Axis Bank.

NTPC executives to join strike this evening

NTPC executives are prepared to go on strike by this evening, if the government disagrees to their demand of higher wages

BPCL calls off strike; to resume fuel supplies

Bharat Petroleum Corp (BPCL) on Jan. 09, 2009 said it would begin fuel supplies at all locations starting this evening, as more than 70% of the striking employees returned to work,

Elecon Engineering bags Rs 185 mn order

Elecon Engineering Company announced that it has been awarded Rs 185 million order from Chennai based Techpro Systems.

The order is for designing, engineering, manufacturing, testing, supplying, erectioning and commissioning of material handling and other equipments.

Balaji Telefilms puts off plans to foray into broadcasting

Balaji Telefilms` creative head Ekta Kapoor dismisses plans to start her own channel or acquire stakes in an existing Hindi General Entertainment Channel,

U.S. deficit to total $1.2 trillion 2008 year

USA economic data

U.S. Dec. ADP employment index falls 693,000

Through this partnership ICICI Lombard, Airtel and Max New York Life will help 3i Infotech provide a bouquet of retail services in the general insuran

The project, worth Rs6.05bn covers approximately 200 kms between Vaitarna and Utran on the Vasai- Bharuch section in the states of Maharashtra and Gujarat.

3i Infotech partners with ICICI Lombard, Bharti Airtel and Max New York Life

Through this partnership ICICI Lombard, Airtel and Max New York Life will help 3i Infotech provide a bouquet of retail services in the general insurance, telecom and life insurance sectors respectively.

Satyam carries inflated figures in books

For second quarter of the financial year 2008-09, the company reported revenues of Rs 27 billion and an operating margin of 24% as against the actual revenues of Rs 21.12 billion and actual operating profit margin (OPM) of 3%. This resulted in artificial cash and bank balances going up by Rs 58 billion in Q2 alone.

> Inflated (non-existent) cash and bank balance of Rs 50.40 billion (Rs 53.61 billion was reported in books).

> An accrued interest of Rs 3.76 billion which is non-existent.

> An understated liability of Rs 12.30 billion on account of funds arranged by the chairman, Raju.

> An over stated debtors` position of Rs 4.90 billion (as against Rs 26.51 billion reflected in books).

The gap in balance sheet had arisen purely on account of inflated profits over a period of last several years.

3i Infotech announces strategic alliances to empower rural India

3i Infotech, a global Information technology company, on Jan. 07, 2009 announced strategic partnerships with ICICI Lombard, Airtel and Max New York Life to offer a comprehensive range of services to rural consumers under I-SERV brand.

Satyam Computer confirms Chairman and Founder, B Ramalinga Raju, sent letter tendering resignation and detailing financial irregularities

Co confirms that it has received a letter from its Chairman and Founder, B Ramalinga Raju. "We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand united in their commitment to customers, associates, suppliers and all shareholders. We have gathered together at Hyderabad to strategize the way forward in light of this startling revelation." Satyam confirmed that its immediate priorities are to protect the interests of its shareholders, protect the careers and security of its approximately 53,000 associates, and meet all its commitments to its customers and suppliers. "We recognize that our associates have committed a significant part of their careers to build Satyam. We will pursue all avenues to secure their future in the company." Satyam believes that its underlying business model, customer assets and growth prospects remain sound, even in the current challenging financial environment. Satyam leadership expressed confidence that the company will be able to overcome this latest development and continue to provide excellent service to clients, while delivering value to shareholders in the medium to long term. Satyam is committed to uphold the highest levels of corporate transparency and will cooperate with the relevant regulatory authorities to conduct detailed investigations into this matter. Satyam will keep stakeholders informed of the developments on a regular basis.

LIC to decide on Satyam stake soon

Life Insurance Corporation (LIC), which holds 4.34% in the Satyam Computer Services, will soon decide on its holding in the software firm

BHEL to foray into nuclear power equipment production

Bharat Heavy Electricals (BHEL) is embarking on a massive expansion plan to improve its manufacturing capacity to 20,000 mega watt by 2012 and foray into nuclear power equipment production like generators, turbines and nuclear reactors together with its joint venture partners

DSP Merrill terminates advisory services with Satyam

Satyam Computer Services saga, DSP Merrill Lynch announced that it has terminated their advisory engagement with the company for various strategic options on Jan. 6, 2009.

BNP Paribas exits Satyam

The Indian mutual fund venture of BNP Paribas has divested its entire holding in Satyam Computer Services, reports Economic Times.

Satish Ramanathan, head of equities, Sundaram BNP Paribas Asset Management disclosed that though the fund house held tenfold in December to more than 5 million shares, they divested their entire stake last week before the saga enfolded.

Punj Lloyd Group bags 4 new contracts

Punj Lloyd Group, an engineering, procurement and construction (EPC) conglomorate announced that is has bagged four contract including Group`s first infrastructure project in Libya and a prestigious oil and gas contract from Cairn Energy India.

Two of the projects, from Cairn Energy India, and Housing and Infrastructure Board (HIB) of Tripoli, bagged by the group are valued around Rs 11.55 billion.

Sun Pharma gets USFDA nod for 4 generic drugs

Drug Maker, Sun Pharma announced that the company along with its subsidiaries had received final approval from US Food and Drug Administration (USFDA) for several abbreviated new drug applications (ANDA).

Top govt officials meet to discuss Satyam scandal

A meeting of top officials from the ministry of corporate affairs is said to be going on the disclosures made by Ramalinga Raju, founder of Satyam Computer Services. Though the agenda is not clear, it is learnt that they are discussing on what sort of actions could be taken in Satyam scandal.

Satyam Computer downgraded to Sell at Gilford Securities following confession of fraud by former Chairman Ramalinga Raju

Gilford Securities downgrades SAY to Sell from Buy based on the shocking confession of fraud by former Chairman Ramalinga Raju. Firm notes that in a chilling letter to the Satyam board, Mr. Raju disclosed an essentially nonexistent cash balance plus inflated operating results over several years, and admitted that the aborted Maytas deal was a final attempt to exchange fictitious assets with real ones. They say he also revealed that insider shares had been pledged for the purpose of raising funds to sustain operations. No board member had any knowledge of this situation, nor did a vast majority of senior executives (listed by name in the letter). The firm says fallout is likely to be widespread: ~50K employees, 180+ Fortune/Global-500 clients, international investors and peer companies

Crude oil

Crude oil is once again trading above the $50 mark as it puts in fresh highs at $50.43 in eletronic trade; now higher by $1.59 to $50.40

Tata drags Reliance Power to court

Tata Power Company (TPC) has dragged Anil Ambani-led Reliance Power to the Delhi High Court challenging the government`s judgment to allow RPower to divert coal from the captive mines of Sasan Ultra Mega Power Project (UMPP) for use in other projects,

BHEL, KPTC likely to form JV for thermal power project

Bharat Heavy Electricals (BHEL) and Karnataka Power Transmission Corporation (KPTC) will come together to form a joint venture (JV) company for creating a supercritical thermal power project in Raichur district

Aurobindo Pharma gets approval for epilepsy drug

Drug maker Aurobindo Pharma announced that it had received the approval for its abbreviated new drug submission, Gabapentine Capsules from Health Canada.

Punj Lloyd bags contract worth Rs 2.64 bn

Punj Lloyd group, the diversified engineering, procurement and construction (EPC) conglomerate, on Jan. 6, 2009 announced winning the contract to build Sikkim`s first greenfield airport in Pakyong.

Logitech to axe 15% salaried staff

It is learnt that Logitech International is cutting its salaried work force by 15% as a reaction to frail consumer demand which is accompanied with economic downturn

Logitech, which also has offices in Fremont, has about 3,500 salaried employees in a total work force of about 9,000.

L&T`s arm bags Rs 11 bn order

L&T`s building and factories operating company, part of its construction division, has bagged add-on orders aggregating to around Rs 11 billion in the third quarter of 2008-09 from its ongoing development projects like mixed use developments at Chandigarh, Darley Road Tower in Sri Lanka, Airport Hotel at Bangalore and add on works at its airport projects.

Maytas Infra bags Rs 1.10 bn projects from Southern Railways

Maytas Infra, a leading construction and infrastructure development company announced that Southern Railway has entrusted the company with a project of Rs 1.10 billion for doubling the BG (broad gauge) track between Chengalpattu to Villupuram.

Infotech Enterprises sets up a wholly owned subsidiary

Infotech Enterprises announced that it has acquired a 100% stake (amounting to 781,582 equity shares) in Kalyani Net Ventures, Pune

MICROSOFT LAYOFF

microsoft announced to layoff 15000 jobs ,3000 in uk,12000 in overseas exclude USA

Porsche acquires Volkswagen;buys over 50% shares

Porsche, the German luxury sports car maker has taken over Volkswagen (VW), the biggest European car maker, by purchasing more than 50% of its shares.

Airtel rolls out new BlackBerry

Airtel and Research In Motion (RIM) announced the launch of the BlackBerry Pearl Flip 8220 Smartphone in India.

It will be priced at Rs 21,990. The Smartphone is now available at Airtel authorized channels nationally.

Span Diagnostics bags Rs 73.5 mn order from WHO

pan Diagnostics has bagged Rs 73.5 million order from World Health Organisation (WHO) for supplying malaria (rapid) test kits.

HUL transfers licence of Lakme, Lever Ayush to subsidiary

Hindustan Unilever (HUL), a fast moving consumer goods company in India announced that it had decided to license its brands, `Lakme` and `Lever Ayush` to it`s subsidiary, Lakme Lever, for the beauty and wellness services business. The board of directors of the company has accorded their consent in the aforesaid matter.