Bharti Wal-Mart, a joint venture between Bharti Enterprises and US retail giant Wal-Mart intends to go ahead with its cash and carry stores launch, despite the current market instability.

The retailer plans to open 15 carry-and-carry centers in various states in seven years and employ 5,000 people.

Top reality developers may cut property rates about 15 percent to boost demand in the market. National Real Estate Development Council (NAREDCO) has asked all developers including DLF and Unitech to revise housing project rates to deal with fall in the market following global slowdown.

Last week, Union Finance Minister, P Chidambaram had asked reality majors to cut property rates to increase sale of property.

Leading electronic equipment manufacturer, Royal Philips Electronics has acquired Meditronics for an undisclosed amount. Meditronics is a Mumbai based company, known for its expertise in manufacturing general X-ray systems.

Philips is also thinking to relocate its research and development operations in emerging markets of developing countries. It may announce more acquisitions in coming days, as per confidential sources. It had already acquired health firm, Alpha two months earlier to expand its base in healthcare business in India.

The Union Government may announce financial package for the textile exporters of the country. Textile sector is facing low demand due to global slow down and have suffered huge losses. Export declined by 12.32 per cent in October this year and stood at $12.8 billion as compared to $14.6 billion in the corresponding period last year.

Union Commerce Secretary, G. K. Pillai said that textile sector suffered from low demand in international market and the industry is likely to cut five-lakh jobs in the next five months leading to large scale unemployment.

The state government of UP is likely to give pay scale to school teacher in accordance with the recommendations of the Sixth Pay Commission. After the pay hike, school teachers would get pay scale equal to central government employees. 

The decision would put extra burden of Rs 1,500 crore on the state exchequer but politically prove beneficial for BSP in the wake of forthcoming general elections.

The Union Government has announced a huge pay hike for executives and non-unionized supervisors of Central Public Sector Enterprises (CPSEs). They had earlier threatened to start agitation in case the government failed to meet their demands. The revised pay hike would be effective from January 1, 2007. PSU officers would also be entitled to get performance related incentives besides two to three fold increase in basic pay and allowances.