Citigroup shares tumbled for a fifth straight day, as chief executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence.
The government issued a draft Bill for creation of a debt management office as a statutory corporate body that would function as an agent of the central and state governments.
Snapping a seven-day slide, Dalal Street climbed 5.5 per cent on Friday, after Asian markets recovered and large domestic funds bought in late trade, triggering short covering ahead of the weekend.
In view of the slowing demand for Indian exports overseas and its repercussions for the Indian industry and the job market, the government may soon announce a stimulus package for Indian exporters to enable them to cope with the shrinking demand for their goods in their biggest markets, namely the US, western Europe and Japan.
Democratic Congressional leaders on Thursday said that the executives of America’s foundering automakers had failed miserably in persuading Congress or the public that $25 billion in aid from the government would be well spent and they gave industry leaders 12 days to come back with plans showing otherwise.
Iraq has dubbed as “illegal” the contracts signed by Reliance Industries for two oil blocks in Kurdistan saying the companies signing oil deals with Kurdistan Regional Government cannot bid for lucrative oilfields contracts in Iraq.
FMCG major Dabur India today acquired majority stake in Mumbai-based Fem Care Pharma Ltd (FCPL), a leading player in the women’s skin care products market, for Rs 203.7 crore in an all-cash deal.
State minister for labour and power Mrinal Banerjee has called a meeting with Dunlop India chairman Pawan Ruia for talks on November 24 even as work remained suspended at the tyre factory at Sahagunj in Hoghly district.
Questioning telecom regulator Nripendra Misra’s stance on allocation of spectrum to new players, the telecom ministry today said it had followed the yardstick adopted by him for issuing licences while he was the secretary in the Department of Telecom.
Citing a textiles ministry estimate, commerce secretary G K Pillai said on Friday that the textiles sector was likely to lose five lakh jobs over the next five months because of the sharp slowdown in export demand in this over the past few weeks.
The domestic steel industry — reeling under production cuts and rising inventories — got a reprieve today with the government deciding to impose import restrictions on a key item, HRC.
The farmers said it would not last, and they were right. When the price of wheat, corn, soybeans and just about every other food grown in the ground began leaping skyward two years ago, farmers were pleased, of course.
