Business

Mixed reactions over Nokia-Microsoft deal

Nokia-Microsoft-DealHelsinki, Sep 4 : Finland, base and origin of mobile giant Nokia, was shrouded in a mixed atmosphere filled with hope, watch, doubt and despair after news of the company's deal with Microsoft.

Early Tuesday morning, Nokia announced the merger in a press release on its website, and triggered quick follow-up reports from media.

It agreed to sell the devices and services business at a price of 3.79 billion euros, and license its patents for 1.65 billion euros. The company will then focus on infrastructure, mapping and licensing, reports Xinhua.

Honda to continue with India investment

HondaNew Delhi, Sep 4 : Japanese automobile major Honda Wednesday said it will go ahead with its Rs. 2,500 crore India investment plan despite the current economic situation.

The company also said it has not decided on raising the prices of its vehicles in view of the rupee depreciation.

"We haven't yet taken any decision on it (prices). However, we are keeping a close watch on the rupee situation as imported parts that we use have become costlier," Jnaneswar Sen, senior vice president, sales and marketing, Honda Cars India, told IANS.

British airways announces direct service between Austin and London

British airways announces direct service between Austin and LondonBritish Airways has announced direct service between Austin-Bergstrom International Airport in the US and London's Heathrow airport from March of 2014.

British airways will operate a Boeing 787 Dreamliner on the route beginning with five flights a week and then increasing it to seven days a week. The airline said that it would be the first regular transatlantic flight to Austin. The planes will have business class, premium economy and economy as well as a full service bar for free.

Microsoft to acquire Nokia’s handset business for £4.6 billion

Microsoft to acquire Nokia’s handset business for £4.6 billionSoftware giant, Microsoft has agreed to acquire the struggling handset business of finish company, Nokia that once ruled the mobile handset market across the world.

US-based Mylan to buy 100 percent stake in Agila Specialities

US-based Mylan to buy 100 percent stake in Agila SpecialitiesNew Delhi, Sep 3 : The US-based pharmaceutical firm Mylan Inc. will buy 100 percent stake in Agila Specialities Private Limited, that will result in foreign investment inflow of nearly Rs. 5,168 crore in the country.

The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh Tuesday approved the investment proposal by the American firm.

The Foreign Investment Promotion Board (FIPB) had referred the proposal to the cabinet.

Wipro to ramp up headcount in Nordic region

Wipro-LtdBangalore, Sep 3 : Global software major Wipro Ltd will ramp up its headcount in the Nordic region in northern Europe to have 500 techies over the next three years, the IT bellwether said Tuesday.

"As Nordics is set to emerge as an important growth markets for us, we are committed to investing in the region to serve our customers across industry verticals," Wipro's chief sales and operations executive Rajat Mathur said in a statement here.

The five northern European countries -- Denmark, Finland, Iceland, Norway and Sweden -- form the Nordic region.

Nokia stock surges on news of Microsoft deal

Nokia-stockHelsinki, Sep 3 : The share price of Nokia surged by 47 percent in the Helsinki stock market Tuesday, after it announced the sale of its mobiles and services division to Microsoft.

The Finland-based mobile giant signed an agreement with Microsoft to sell its devices and services business and licence its patents to the latter for 5.44 billion euros. The transaction is expected to be completed in the first quarter of 2014, Nokia said in a press release.

Immediately after opening of the stock exchange market in Helsinki at 10 a. m. local time, Nokia's share price surged by 47 percent, from 2.96 euros to 4.33 euros, Xinhua reported.

Less cars sold in France

Car-SaleParis, Sep 3 : Sales of new cars in France declined by 10.9 percent last month after it had inched up by 0.9 percent in July, the French car sales federation said.

New car sales stood at 85,565 units sold while the French brands fell by 9.1 percent over the period with a sharp fall in sales of PSA Peugeot Citroen, France's largest auto maker, according to an official statement from the federation Monday.

At the end of August, PSA sold 23,539 vehicles, down by 17.3 percent compared to the same month a year ago when the sales of Renault rose by 1.7 percent after providing 21,880 new cars, reports Xinhua.

Core sector’s growth slips to 3.1% in July

Core sector’s growth slips to 3.1% in JulyThe growth of Indian core sector slipped drastically year-on-year in July, giving another indication that the Asian economy is still in the tight grip of slowdown.

The core sector, which includes eight key infrastructure industries viz. coal, crude oil, natural gas, petroleum refinery products, fertilizers, steel, cement and electricity, grew only 3.1 per cent in the month of July 2013 as against 4.5 per cent growth rate recorded in corresponding month of 2012.

Reliance Infrastructure commissions Salem-Ulundurpet road

Reliance-InfrastructureMumbai, Sep 2 : Reliance Infrastructure, part of the Reliance Group headed by Anil Ambani, Monday announced the completion of 136 km road connecting Salem and Ulundurpet in Tamil Nadu at an outlay of Rs. 1,061 crore.

The company in a statement issued here said the road project on build-operate-tranfer (BOT) basis was completed by its special purpose vehicle, SU Toll Road Pvt. Ltd., and collection of toll in three plazas has begun.

The company has been awarded the contract to operate and maintain the road for a concession period of 25 years.

Ford India logs seven percent sales growth in August

FordChennai, Sep 2 : Ford India, the Indian subsidiary of the US auto major Ford Motor Company, Monday said it sold 11,065 units last month, up 7 percent over the same period in the previous year.

In a statement issued here, the company said it sold 11,065 units last month as against 10,352 units sold in August 2012.

In the domestic market, the company sold 8,008 units last month, compared to 7,840 units sold in August 2012.

The company exported 3,057 vehicles in August this year, compared to 2,512 units in the same month last year, recording a growth of 22 percent.(IANS)

Diesel under-recovery rises sharply to Rs.12.12/litre

DieselNew Delhi, Sep 2 : The under-recovery, or revenue loss, applicable on diesel for the first fortnight effective Sep 1 has been pegged sharply upwards at Rs. 12.12 per litre, the petroleum ministry said Monday.

This compares to the under-recovery of Rs. 10.22 per litre during the second fortnight of August 2013.

"In the case of PDS kerosene and domestic LPG, under-recoveries for the month of September 2013 increased further to Rs. 36.83 per litre and Rs. 470.38 per cylinder, respectively. The under-recoveries during August 2013 on PDS kerosene was Rs. 33.54 per litre and Rs. 412.00 per cylinder on domestic LPG," the ministry said in a statement here.

China lowers 2012 GDP growth

China-GDPBeijing, Sep 2 : China's statistics authority Monday lowered the country's growth rate for 2012 to 7.7 percent based on its preliminary verification.

The revised gross domestic product (GDP) came in at 51.89 trillion yuan ($8.41 trillion), down 38 billion yuan from the preliminary calculation figure that put the annual rate at 7.8 percent, Xinhua reported citing the National Bureau of Statistics (NBS).

Primary industries took up a 10.1 percent share in the GDP structure, while the secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent, respectively, remaining unchanged from the preliminary calculation.

Ashok Leyland sales down 24 percent in August

Ashok-LeylandChennai, Sep 2 : Commercial vehicle maker Ashok Leyland Monday said its sales slid 24 percent in August as compared to the like month of 2012.

In a statement here, the company said it sold 7,139 units last month. The offtake was 9,432 units in August 2012.

The company experienced fall across segments - small, medium and heavy commercial vehicles.

For the period April-August 2013, the company has sold 37,609 units, down from 46,704 units sold during comparable period previous year.(IANS)

UK banks pay £1bn to protect Iceland savers, BBA

UK banks pay £1bn to protect Iceland savers, BBAThe British Bankers' Association has said that the banks in the UK have to pay more than £1 billion to protect the savers in Iceland.

The bankers have paid the first of three equal instalments amounting to £363 million to the Financial Services Compensation Scheme. The banks are being forced to pay as the FSCS was unable to recover the full amount that was owned by Icelandic banks Icesave, Heritable Bank and Kaupthing Singer & Friedlander.

Jet shares jump as Etihad extends deadline

Jet shares jump as Etihad extends deadlineJet Airways' shares gained nearly 6 per cent to Rs 309 apiece after the publication of reports that Etihad Airways has extended a deadline to acquire a 24 per cent stake in the Indian carrier.

Abu Dhabi-based Etihad Airways extended the deadline for gaining regulatory approval for the proposed acquisition deal to September 30. The previously-fixed deadline ended on August 31.

A report published by Reuters also said that Etihad expected its proposed deal to be cleared by Indian civil aviation regulators very soon.

Petrol, diesel prices hiked

Petrol, diesel prices hikedNew Delhi, Aug 31 : Petrol and diesel will cost Rs. 2.35 and Rs. 0.50 more per litre, excluding state taxes, from midnight Saturday, state-run Indian Oil Corporation (IOC) announced.

The IOC said that it had to hike prices due to sharp depreciation of the rupee and hardening of crude prices in the international market due to the volatile situation in Syria.

Concerns have been raised over escalation in tensions in Syria with a possible US intervention and, thereafter, the fallout on oil prices.

US consumer confidence dips in August

consumer-confidenceWashington, Aug 31 : The consumer confidence in the US has dipped in August even as interest rates have gone up, says a consumer sentiment index.

The final reading of the consumer sentiment in August edged down to 82.1 from 85.1 in July, which was the highest since July 2007, according to the monthly Thomson Reuters/University of Michigan index released Friday, reports Xinhua.

Japan's industrial output rebounds

Japan-industrial-outputTokyo, Aug 30 :  Japan's industrial production rebounded by 3.2 percent in July from the previous month, the first increase in two months, the government said.

The data of output at factories and mines stood at 97.7 against the base of 100 for 2010, Xinhua quoated a preliminary report of Japan's ministry of economy, trade and industry as saying.

The index of industrial shipments rose by 1.3 percent to 94.9, while that of inventories was up 1.5 percent to 108.6.

South Korea's industrial output grows

industrail-outputSeoul, Aug 30 : South Korea's industrial output grew last month due to a solid production increase in the construction sector, offsetting declines in the manufacturing and service industries, a government report showed Friday.

Production in all industries, including manufacturing, service, construction and public administration, rose 0.3 percent in July from a month earlier, Xinhua reported citing Statistics Korea.

It was the first growth in three months.




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