King Pharmaceuticals to cut 760 jobs or 22% of workforce

King Pharmaceuticals Inc. said Tuesday it is cutting approximately 760 jobs or 22% of its workforce amid new restructuring initiatives to decrease operating expenses and a reduction in headcount arising from King's recent acquisition of Alpharma Inc

Citi details $36.5 bln in TARP lending, most for mortgages

Citigroup details how it's using TARP funds

Citi using $27.5 bln TARP funds for residential mortgages

Citi using $2.5 billion TARP for personal and business loans

Citi using $1 bln TARP funds for student loans

Citi using $5.8 bln TARP for credit card lending

Citi using $1.5 bln TARP for corporate loans

KVK Energy breaks power project JV with Maytas

Hyderabad-based KVK Energy and Infrastructure is not planning to continue joint venture with its partner, Maytas Infra, ( in setting up a 1,050 mw thermal power plant in Orissa under the banner of KVK Nilachal Power,

Satyam bags 15 new contracts in January

The scam-ridden Satyam Computer Services has bagged as many as 15 new outsourcing contracts in the month of January from clients in US, Europe and rest of the world amid concerns being raised over its revival.

BHEL to enter into JV with Kerala Electrical

Bharat Heavy Electrical said that it would establish a joint venture (JV) with Kerala Electrical and Allied Engineering Company for manufacturing products for railways and other industries,

The company said that the JV will cater to core sectors like transportation, renewable energy and some other industries by manufacturing a specific range of products.

Castrol India inks pact with Volkswagen India

Castrol India and Volkswagen Group Sales India have entered into a strategic partnership for supply of high performance lubricants. Under the agreement, as Volkswagen`s co-engineering partners, all Volkswagen cars sold in India will be pre-filled with Castrol lubricants.

Tata Capital to set up PE biz

Tata Capital, financial services arm of Tata Group is mulling to set up its private equity (PE) business by the end of first quarter of the next financial year,

The funds required for the business would be raised by company along with third-party investments. The company is already in talks with domestic and international players for third-party investments, disclosed company`s managing director and CEO Praveen P Kadle.

RIL to commence gas production at KG-D6 block in March

Reliance Industries (RIL) plans to commence natural gas production from its productive eastern offshore KG-D6 fields in the first week of March, reports Business Line. Last week, the company had won the Bombay High Court approval to sell gas from KG-D6.

Google expands its scope to the oceans

Google Inc. on Monday broadened the scope of its mission to organize the world's information to the oceans by releasing an expanded version of its Google Earth map and imaging technology.

Morgan Stanley may cut up to 1,800, or 4% of jobs

Morgan Stanley may announce a cut up to 4% of its workforce this month, The Wall Street Journal reported Monday on its Web site, citing a source close to the investment bank's plans. The Journal said that Morgan Stanley is expected to announce 1,500 to 1,800 job cuts, or about 3% to 4% of its workforce. The cuts would not include brokers that are ready to merge with Citigroup's Smith Barney unit,

Sydney lifted by stimulus pledge, RBA rate decision

Australian shares advanced for the fifth time in six sessions Tuesday, with banks leading the market higher after the Reserve Bank cut interest rates to their lowest level since 1964 and the government said it was planning A$41.5 billion ($26.5 billion) in additional stimulus spending.

Included in the package is A$12.7 billion in cash grants to low-to-middle income earners and families from March, and A$28.8 billion for infrastructure, tax breaks for small businesses, education and jobs creation projects.

BOJ may buy $111.5 billion in shares held by banks

Japanese stocks ended lower Tuesday, in volatile trading highlighted by a midday announcement that the Bank of Japan will resume buying shares held by financial institutions, with plans to spend up to 1 trillion yen ($111.5 billion) through April 2010.

German Retail Sales Declined After Unemployment Rose

Retail sales in Germany, the euro area’s largest economy, unexpectedly dropped for a third month in December after unemployment rose.


Germany is fighting its worst recession since World War II and the government expects the economy to contract 2.25 percent this year. Unemployment rose to a seven-month high in January as companies pared output and investment. Slower inflation may cushion spending by increasing purchasing power.

Crude Oil Rises as OPEC Cuts Output in January to Avoid a Glut

Crude oil rose in New York on speculation that OPEC, led by Saudi Arabia, cut its output in January to avoid a supply glut and bolster prices.

Production from the Organization of Petroleum Exporting Countries averaged 28.565 million barrels a day last month, down 3.5 percent from December, according to a Bloomberg News survey of oil companies, producers and analysts. A government report yesterday showed U.S. consumer spending fell in December for a record sixth consecutive month, raising concern that fuel consumption has dropped.

U.S. Property Owners Lost $3.3 Trillion in Home Value Last Year

The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession

The median estimated home price declined 11.6 percent in 2008 to $192,119 and homeowners lost $1.4 trillion in value in the fourth quarter alone, the Seattle-based real estate data service said in a report today.

SAS to Cut 3,000 Jobs to Shift Focus to Home Region

SAS Group, the owner of Scandinavian Airlines, plans to eliminate 3,000 jobs, scale back its route network and raise 6 billion kronor ($719 million) in a stock sale in an effort to restore profit after more than a year of losses.