Business News

HCL bags 350-million-dollar Reader's Digest contract

HCL bags 350-million-dollar Reader's Digest contract New Delhi  - India's HCL Technologies has signed a 350-million dollar outsourcing contract with US media company Reader's Digest Association, it was announced Monday.

Among the largest deals by an Indian company in the recent months, the contract comes at a time when the Indian IT industry is struggling to secure big deals amid the global economic crisis.

Satyam board discusses expressions of interest by bidders

Satyam board discusses expressions of interest by biddersNew Delhi, Mar 13 : The Satyam board on Friday met to discuss the expressions of interest (EoIs) submitted by bidders, which includes one of its shareholders Larsen & Toubro, Tech Mahindra and Spice Corp.

On Thursday Satyam had closed registrations for potential bidders as it began a process to sell 51 per cent stake.

The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.

Australian investment house Babcock and Brown collapses

Australian investment house Babcock and Brown collapses

Aegon share value gains despite release of historic annual losses

Aegon share value gains despite release of historic annual losses

Swatch reports drop in profits in 2008

Swatch reports drop in profits in 2008Geneva  - The Swiss watch group Swatch reported Thursday net income of 838 million Swiss francs (723.6 million dollars) for 2008, a drop from the previous year's earning.

The company reported 5.96 billion francs in gross sales, a record, but its income was down from 2007's net income of over 1 billion.

"A noticeable drop in demand in the last months of 2008 mainly at wholesale level reduced the momentum in most brands and markets," the company said in its report, noting that even luxury items did not escape the downturn.

Icelandic investment group Baugur files for bankruptcy

Icelandic investment group Baugur files for bankruptcy Reykjavik  - Icelandic investment group Baugur Thursday said it plans to file for bankruptcy after was denied an extension of its moratorium and temporary suspension of payments on Wednesday.

The announcement came a month after the district court in Reykjavik granted the moratorium as the group sought to restructure its operations.

Baugur Group chairman Kristin Johannesdottir issued a statement saying the decision was "a disappointment," adding that the group was convinced the restructuring plan was "viable."

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