Alliance Bernstein, a fund manager managing $4 billion funds in New Zealand, is set to say good bye to New Zealand by closing its Wellington office, the move that could affect a dozens of local staff working in the office.

The firm would handle its New Zealand operations from Sydney and Melbourne. One of the bigger New Zealand share managers, AllianceBernstein is half owned by Axa Asia Pacific and it has a good track record in returns.

With the intention to provide Travel Booking & ticketing over cell phones, Atom technologies, a major supplier of m-Commerce solutions, has signed up a partnership deal with MakeMyTrip, India's top online travel company.

Atom's mobile application will now facilitate users to hunt, book, pay and even receive their tickets on their cellular phones without paying any extra cost.

Mumbai, Nov 17 - Indian drug major Sun Pharmaceuticals Tuesday said it has secured tentative approval from the United States Food and Drugs Administration for the generic version of Gleeven, used to treat chronic myeloid leukaemia.

The drug will be available in two strengths of 100 mg and 400 mg and the market size for them is estimated at nearly $900 million, the pharmaceuticals company said in a filing with the stock exchanges.

Monday will witness General Motors Co. revealing its plans to commence repaying a $6.7 billion loan to the U.S. Treasury by year-end, thanks to balanced operating improvements.

A source well-known with the development explained that after releasing its first post-bankruptcy earnings report on Monday, GM will start making $1 billion quarterly installments on the loan starting December 31. The automaker will also manage to begin repaying a $1.4 billion loan to Canada at a rate of $200 million per quarter, at the same time.

Monday, U.S.-based Cisco Systems, Inc, along with postponing the offer period for Norway's Tandberg ASA, also increased its cash offer for the same to 170 Norwegian kroner a share from NOK153.50 a share offered earlier.  

Cisco explained that the new offer represents the final price for this transaction. However, the company, if fails to get the wanted 90% level of acceptances; may also withdraw the offer.  

Tandberg's shares are valued at around NOK19 billion ($3.41 billion) by the raised offer.

The gross debt would be slashed by French food and bottled water company Danone via the release of a public tender cash offer for some of its bonds up to a maximum principal aggregate amount of EUR1.25 billion, said the company Monday.  

At the end of the first half of 2009, Danone had EUR4.11 billion of net debt and its offer to purchase bonds is applicable to any and all of its EUR1.25 billion 5.25% notes due May 6 2011.

Aditya Birla Group owned UltraTech Cement is set to become country’s top cement firm by acquiring its sister unit Samruddhi Cement. The proposal has already been approved by respective boards of both firms.

The stockholders of Samruddhi would get three shares of UltraTech per seven shares held in Samruddhi.

Currently, Swiss firm Holcim has a significant share in the 200-million tone cement market in India through ACC and Ambuja Cement.

India based Essar Group has announced to buy a majority stake in telecommunication businesses of Abu Dhabi-based Dhabi Group led by members of the Abu Dhabi royal family. The group would acquire stakes in the Uganda and Congo operations valued at $318 million. The development would strengthen the position of Indian energy-to-steel conglomerate in the African continent.

Hedge fund and private equity firm Blackstone Group has decided to pump Rs 300 crore in Gateway Rail Freight Ltd (GRFL), the rail logistics arm of logistics firm Gateway Distriparks, for funding its expansion plans.

The tie-up will mark the 9th investment of Blackstone Group in the country in a time period of four years and the second one in the logistics sector.

Gas Authority of India (GAIL) is in talks with state-run as well as private sector oil companies including ONGC, Oil India, HPCL, Reliance Industries and Essar Oil, to setup a special purpose vehicle (SPV).

The company is setting up this SPV with the aim to build up an integrated refinery as well as petrochemicals facility in India and international markets.

The sources informed that the new move comes after the company’s failure to build a similar energy venture at Vizag in cooperation with HPCL, Oil India, Mittal Energy and French oil conglomerate Total.

Sage Software, leading worldwide distributor of ERP, CRM, as well as HRM solutions has revealed that it has signed a partnership agreement with ITE Distribution, Dubai’s IT distribution conglomerate.
ITE will be engaged in the spreading Sage Software’s ‘Peachtree’ accounting software variety as well as ‘ACT!’ contact and customer management solution across the Middle East.

BEML, makers of earthmoving and other heavy industrial equipment, has won an order worth Rs 185 crore for supply of largest Walking Dragline from Northern Coalfields (NCL).

The company stated in a communiqué that the bucket capacity of the Dragline will be 33 Cubic Metre, which will be the largest Dragline to be manufactured for the first time in India. The equipment will be manufactured at company’s plant at Kolar Gold Fields.

The length of erection and commissioning will be 18 months, which will be completed by July 2011.

The stock of company closed today at Rs 1023, up 4% compared to its previous close.

TATA Power, India's largest private power utility, has revealed its plans to raise $250 million by issuing foreign currency convertible bonds (FCCBs).

The company will roll out the $250 million FCCB issue, which would also have a green-shoe option of raising a further $50 million. The bonds would be listed on the Singapore Stock Exchange.

The FCCBs, having a coupon rate of 1 to 1.75%, which would be convertible into the company's shares at a 10 per cent premium over Rs 1324 at Thursday's close on NSE.

Nomura is acting as the sole underwriter as well as book runner to the issue.

Defiance Tech, an engineering services provider and a part of the Hinduja Group, has signed a Memorandum of Understanding (MoU) with Dassault Systemes, a leading company specializing in 3D and PLM software, to market the Euronext-listed company's solutions across Indian automotive, industrial and aerospace and defense sectors.

Dassault Systemes provides product life cycle management (PLM) software and solutions and provide a 3D vision of the entire life cycle of products from conception to maintenance and recycling.

Quantros, Inc., a leading software and services provider for the healthcare industry, has acquired MediQual(TM) from CareFusion Corporation, for an undisclosed amount.

This latest buyout will add clinical data analytics infrastructure for processing and managing expansive datasets and generating analytic profiles for use in decision support and outcomes management to the Quantros suite of solutions.

MediQual currently supports clients nationwide in clinical analytics management and reporting efforts.

TVS Shriram Growth Fund I, a domestic fund, sponsored by TVS Group and Shriram Group, has acquired more than 18 lakh shares or 25 per cent in Landmark Ltd, a subsidiary of the Tata group firm Trent Limited, for Rs 65 crore.

The deal values Landmark at Rs 260 crore.

Under the arrangement, Trent will sell 14.03 lakh shares to TVS Shriram for Rs 50 crore and will utilize the funds to subscribe to fresh shares in Landmark. In addition, TVS Shriram will be directly issued 4.21 lakh shares for Rs 15 crore.

GVK Power and Infrastructure has notified that its unit GVK Airport Developers has bought a 12 percent stake in Bangalore International Airport Ltd for Rs 485 crore.

GVK Power’s wholly owned subsidiary has acquired this stake from Flughafen Zuerich AG, which will be completed upon obtaining necessary consents.

The consumer care and Lighting business of Wipro has agreed to buy Yardley business in Asia, Middle East, Australiasia and certain African markets for $45.5 million from UK-based privately-held Lornamead Group.

But, the Lornamead Group will retain the Yardley business in Europe and the Americas.

Yardley sells body sprays, talcum power, soaps and other toiletries.

The revenue run-rate of the business for FY10 is $24 million (around Rs 112.8 crore).

Nasdaq-listed American Tower Corporation (ATC), a leading provider of wireless and broadcast towers worldwide, has bought Transcend Infrastructure from Singapore-based Insight Infrastructure for Rs 95 crore.

Tata Communications has signed a partnership agreement with SugarCRM, the world's leading provider of commercial open source customer relationship management
(CRM) software, to provide On-Demand CRM applications to its customers in India.