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.