Weekly News from 18th to 22nd

Ahead of G-20 Summit, India is taking initiative to infuse urgency in concluding long-drawn Doha talks for reaching a multilateral trade deal, which can help sustain global economic recovery.  Commerce and Industry Minister Anand Sharma is leaving for Geneva tomorrow and will hold a series of meetings with WTO officials including Director General Pascal Lamy.

US hopes for more action from China on currency correction

The US administration has delayed its report on Yuan to Congress, holding back possible punitive action against China in recognition of steps to accelerate the Chinese currency appreciation, to the advantage of the American economy.

India to give new push to Doha talks ahead of G-20

WTO chief Pascal Lamy warned just days before a key meeting of G20 finance ministers that economic recovery could be put in "serious jeopardy" by "uncooperative" behavior on foreign exchange markets.

Drug companies pay 17,000 US doctors, report finds

More than 17,000 doctors and other healthcare providers have taken money from seven major drug companies to talk to other doctors about their products, a joint investigation by news organizations and non-profit groups found.

Currency turmoil could jeopardise recovery: WTO chief

China's central bank surprised on Tuesday with its first increase of interest rates in nearly three years, a move that reflects its concern about rising domestic asset prices and stubborn inflation. It said it would raise benchmark one-year deposit and lending rates by 25 basis points each to 2.5 percent and 5.56 percent, respectively.

UTI to launch SIP investments via NSE-MFSS platformUTI Mutual Fund on Tuesday announced the launch of SIP

investments (Systematic Investment Plans) through NSE's-the Mutual Fund Service System (MFSS) platform. 

UTI Mutual Fund was the first fund house to partner with the National Stock Exchange (NSE) for selling mutual fund schemes through the NSE-MFSS platform in the month of November 2009. 

 

China surprises with first rate hike since 2007

Coal India's mega public stake sale was oversubscribed 10.39 times by the end of the third day of the issue today, generating demand worth a whopping Rs 1.60 lakh crore as against the government's estimate of a Rs 15,000 crore mop-up from the IPO. 

Billed as the country's largest initial public offer, the issue attracted bids for over 656 crore shares against 63.1 crore equities on offer, as per data valid up to 1700 hours on the National Stock Exchange.

 CIL is the largest coal producer and coal reserve holder in the world, accounting for 82 per cent of total production in India. 

CIL IPO sees demand worth Rs 1.6 lakh cr by end of Day 3

US pharmaceutical giant Pfizer said Wednesday it has bought 40 percent of Brazilian drug company Teuto for 238 million dollars as part of its strategy to boost its presence in emerging markets.

Britain to cut 500,000 public sector jobs

Nearly half a million public sector workers in Britain are to lose their jobs as the government plans to reduce more than 80 billion pounds in public spending in the next four years, the biggest cut since the World War II.

Pfizer buys into Brazilian drug maker Teuto

Indian mobile handsets company Micromax Wednesday launched a touch screen smartphone , modu T, in partnership with Israel-based modu Limited to tap the "aspirational" segment of the consumers. 

The 3.5G modu T was awarded the Guinness World Record for being the lightest touch phone in the world. 

Priced at Rs.12,000, the 2.2-inch touch screen phone will be available in the market with pre-bundled 2GB memory card from Oct 22. 

Micromax launches world's lightest touch phone

Some of the 24 Indians arrested by Israeli immigration authorities last month in a suspected visa racket have sought refugee status, which will allow them to stay here for some time. During interrogation most of them said that they paid two lakh rupees to the Indian agent who promised them a high paid job in Israel. They entered Israel from Bethlehem, where they had come from Jordan, on tourist visas arranged through an Israeli agency.

Blame it on ASBA, govt to lose Rs 200 crore in interest

The government will lose a notional interest income of over Rs 200 crore on application money as most foreign and domestic institutional investors have chosen to invest in the Coal India public issue through the Application Supported by Blocked Amount (ASBA) route. 

Visa racket: Arrested Indians seek refugee status in Israel

India’s biggest software exporter Tata Consultancy Services (TCS) reported quarterly revenues of $2 billion for the first time, widening its lead over sector rival Infosys and also narrowing the historic margin gap.

Net profit rose 32% to Rs 2,169 crore for the July-September quarter, and operating margins improved to 28% — the best TCS has managed over the past few years. Infosys had reported operating margins of 30.2% during the September quarter, and said that a rising rupee could dent profitability in the coming quarters. 

Obama to press for open doors in retailUS President Barack Obama is expected to raise the

issue of allowing foreign investment in multi-brand retail during his visit next month, after Wal-Mart CEO Mike Duke sets the stage next week with a strong pitch for liberalising the industry.

TCS joins $2-bn revenue club in Q2, net up 32%