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News Headlines
Tight liquidity hits mutual fund assets (BS)
Tight liquidity and continuous outflow of funds hit the average assets under
management of the domestic fund market during the December quarter. AUM has
dipped 5.31 per cent sequentially to Rs 6,75,376.97 crore as on December 31, 2010.
India extends ban on dairy product imports from China (Reuters)
India has further extended a ban on imports of milk and milk products from China by
one year until Dec. 23, a government statement said on Tuesday. India, which first
banned Chinese dairy products in 2008, had been periodically extending it.
Suzlon says reports of Gamesa buying stake "inaccurate" (Reuters)
Suzlon Energy said on Tuesday media reports of Spain's Gamesa picking up a
majority stake in the Indian wind turbine maker were "speculative in nature and
inaccurate".
Sahara can raise funds, SEBI can seek details: Apex court (BL)
The Supreme Court on Tuesday declined to stay fund mobilisation by Sahara group
firms, but said SEBI can ask for information from the companies regarding their
money-mopping exercise.
After Vodafone, India mulls taxing Kraft-Cadbury deal (Reuters)
The finance ministry is looking into whether Kraft Foods will have to pay taxes to
Indian authorities in its $19 billion takeover of Cadbury last year, in response to a
public interest petition.
Iran offers India oil supply plan for January (Reuters)
Iran has offered a stop-gap plan for oil supplies to India for January, an Indian
government source said on Tuesday, but a lasting solution to the row over how to
pay for supplies may take weeks.
Chidambaram says call monitoring not to delay 3G services (BS)
In an effort to make 3G service available while being able to monitor it closely, the
Ministry of Home Affairs is working with the Department of Telecommunication to
formulate rules to allow the intercepting and monitoring needed for national security.
CBI registers PE to probe telecom policy since 2001 (BS)
Acting on a Supreme Court direction, the Central Bureau of Investigation (CBI) today
registered a Preliminary Enquiry (PE) to look into possible criminal aspects in the
telecom policy since 2001
Power Finance of India Seeks Bids From Banks by Jan. 14 to Help Stake Sale
(Bloomberg Finance LP)
Power Finance Corp. sought bids from banks by Jan. 14 for a stake sale as part of a
government plan to raise funds for infrastructure projects. The govt plans to sell a 5%
stake and PFC will offer new stock equivalent to 15% of the current share capital.
Hexaware to to Acquire U.S. Outsourcing Company (Bloomberg Finance LP)
Hexaware Technologies Ltd. , the Indian software developer backed by private equity
firm General Atlantic LLC, is looking to purchase an outsourcing company in the U.S.
in a push to add North American customers.
PowerGrid to advise Nigerian, Kenyan govts (BS)
Power Grid Corporation of India Ltd, the country’s largest power transmission utility,
is entering into agreements with the Kenyan and Nigerian governments for advising it
on the business
Jindal Saw signs mining lease pact with Rajasthan (Reuters)
Steel pipemaker Jindal SAW Ltd said on Tuesday it has executed a mining lease
agreement for 30 years with Rajasthan for iron ore mines in the state.
Orders to U.S. Factories Unexpectedly Increased in November (Bloomberg
Finance LP)
American factories unexpectedly received more orders in November, signaling that
gains in consumer spending, business investment and exports will sustain the
manufacturing recovery.
European Inflation Accelerates to Two-Year High on Oil (Bloomberg Finance LP)
European inflation accelerated more than economists estimated in December on
surging energy prices, exceeding the European Central Bank’s limit for the first time
in more than two years.
China c.bank sees 2010 GDP growth at around 10 pct (Reuters)
China's central bank chief Zhou Xiaochuan said the Chinese economy likely grew
around 10 percent in 2010. He said he was not confident that China's economy, was
on a "normal" growth trajectory because of tepid demand in the developed world.
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