Vodafone, Hutch to merge Australian operations

Vodafone, the world's largest wireless carrier, and Hutchison Telecommunications, controlled by Hong Kong billionaire Li Ka-shing, said Monday they will merge their telecommunications businesses in Australia, forging an equal-share wireless operator.

Top Swiss banks reportedly to reveal major losses

Switzerland's two largest banks are set to announce this week that they suffered combined losses last year of 29 billion Swiss francs ($25 billion),

UBS AG will reveal Tuesday an annual net loss of 21 billion Swiss francs and will announce 5000 to 8000 new job cuts

Credit Suisse Group will announce its own loss of 8 billion Swiss francs, but no additional job cuts are expected

France to unveil massive aid package to carmakers

The French government plans to lend 3 billion euros each to Renault SA and PSA Peugeot Citroen SA to help them cope with the sharp drop in demand for their cars, French media reported on Monday.

Nissan swings to Q3 loss

Nissan Motor Co., Japan's third-largest automaker, reported a fiscal third-quarter loss on a "severe downturn in the global economy" and the impact of a strengthened yen, slashed its full-year profit and revenue forecasts, and said it would cut 20,000 jobs, or 8.5% of its global head count.

LIC targets Rs 3,000 bn biz by March 2012

Life Insurance Corporation (LIC) is targeting a business of over Rs 3000 billion by 2011-12.

Warner Bros to outsource jobs to India

In a move that could disturb a few feathers in the Barack Obama administration, American entertainment giant Warner Bros has said it will be outsourcing jobs to India.

It is believed that about 200 positions are to be outsourced to India and Poland by Warner Bros, which will slash as many as 10% of its 8,000-strong workforce in the coming days.

PNB likely to rationalize workforce

Punjab National Bank is likely to rationalize its workforce and trim down its staff strength by 28,000 in the next six years from 58,000 Punjab National Bank is likely to rationalize its workforce and trim down its staff strength by 28,000 in the next six years from 58,000

Bhushan Steel to buy 26% stake in Orissa Sponge

In a bid to acquire a majority stake in Orissa Sponge Iron & Steel, Bhushan Power & Steel on February 7, made an open offer to buy an additional 26% stake in Orissa Sponge Iron & Steel for Rs 300 a share.

The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders.

The price of the share would be Rs 300 per share and the open offer would begin on April 3 and close on April 23.

Nagarjuna Construction bags orders worth Rs 7.12 bn

Nagrajuna Construction Company has secured four new orders aggregating Rs 7.12 billion. The first order valued at Rs 3.60 billion is secured from the Singareni Collieries Company, Khammam, Andhra Pradesh for blast hole drilling, controlled blasting and other works to be completed over a period of 72 months.

Supreme Infra bags 3 orders worth Rs 242 mn

Supreme Infrastructure India, an infrastructure development company, primarily engaged in civil construction India has bagged three prestigious commercial building projects in the East Mumbai area from Kamla Landmark Group valuing at Rs 242 million.

NTPC records highest ever generation in Jan`09

National Thermal Power Corporation (NTPC), the largest power utility of the country, has witnessed highest ever monthly generation of 19.2 billion units in the month of January, 2009.

Subex partners with Swisscom to improve fraud protection

Subex announced that it has partnered with Swisscom, Switzerland`s leading telecommunications provider, to co-operate in the field of fraud management.

The goal of the partnership is to improve the next generation fraud management.

BHEL wins four contracts worth Rs 70 bn

Bharat Heavy Electricals (BHEL) has bagged four major contracts from various customers for the supply and installation of main plant equipment for thermal power projects. The projects, with a cumulative capacity of 3,250 MW, are located in Madhya Pradesh, Uttar Pradesh, Tamil Nadu and Maharashtra.

Cumulatively valued at around Rs 70,000 million

BEML bags Rs 16.72 bn Bangalore metro order

BEML, defence public sector and India`s only company manufacturing Metro cars and Coaches, has bagged a prestigious order from Bangalore Metro Rail Corporation for supply of 150 metro coaches valued at Rs 16.72 billion.

Satyam receives Rs 6 bn loan from IDBI, BOB

Scandal hit Satyam Computer Services has been provided a Rs 3 billion loan each by state-owned IDBI Bank and Bank of Baroda (BOB) respectively,

The said loan which totals to Rs 6 billion would help the IT company to fulfill its immediate fund requirements.

Maytas` promoters pledge entire stake with lenders

Maytas Infra`s three promoters, including Ramalinga Raju and Rama Raju today have pledged their entire holding of 15.14% in the company, to lenders.

Ramalinga Raju has pledged his entire holding, representing 8.25% of the paid up capital of the company.

B Rama Raju has pledged his 2.52% stake in the Hyderabad-based firm.

Further, B Nandini Raju, another promoter of the company, has pledged his 4.37% holding in the troubled infrastructure firm.

India`s auto export surges 63%

Carmakers may have failed to enthuse domestic customers, but the thrust of many global auto majors turning India into an export hub has led to a rise of over 63%, year-on-year (y-o-y), in passenger car sales in the overseas markets during the April-January period of the current financial year, at almost 272,000 units