NEW YORK: Merrill Lynch and Co Inc, the largest US brokerage today reported its first quarterly loss in almost nine years and said it will cut 3,400 jobs, or about 5 per cent of its global work force, after being hurt by trading losses abroad and a slowdown across key businesses. Merrill said it lost $ 164 million, or 42 cents a share, down from a profit of $502 million, or $1.24 a share, in the year-earlier quarter. The most recent period includes a one-time loss of $288 million for severance costs. Excluding that charge, Merrill earned $124 million, or 28 cents a share. Revenue fell to $3.8 billion from $ 4.1 billion. The last time Merrill posted a net loss was in the fourth quarter of 1989.

New MD for IndusInd Bank

MUMBAI: K R Maheshwari has taken charge as managing director of IndusInd Bank Limited. Maheshwari was earlier deputy managing director of the State Bank of India from where he was promoted to managing director of the State Bank of Bikaner andJaipur. His banking career spans 37 years during which he covered a variety of assignments, a press release from the bank said.

RCF sets up training centre

MUMBAI: The Rashtriya Chemicals and Fertilizers Limited (RCF) has set up a training institute for farmers in Raigad at its fertiliser complex. This is the second farmers' training institute being set up the company. The first was at Nagpur in 1989, according to a press release from the company. The institute was inaugurated by A K Patel, Union Minister of State for Fertilisers and Chemicals.

India may go to WTO on basmati

DUBAI: India might drag the United States to the World Trade Organisation (wto) if the issue of granting patent to a Texan company -- Rice Tec Inc -- for basmati rice is not resolved bilaterally. "Consultations are the preferred route to solve patents and other dispute to the issue of basmati patent is currently the subject of bilateral talks with the United States," Asoke K Mukherji who took over as consul generaltold reporters here. He was till recently minister in the Indian mission to the world body at Geneva. Rice Tec, a Texan firm has been given the patent by the US Patent Office to sell locally developed variety of rice as basmati, the famous strain native to Indian subcontinent.