SBI to sell Rs. 5,000-crore NPAs to asset reconstruction cos

For the first time in over two centuries of its history, the nation’s largest lender State Bank of India, which had reported 5.73 per cent of its assets as bad loans in the December quarter, is going all out to stem the rot by offloading around Rs. 5,000 crore of its Rs. 67,799 crore dud assets to ARCs before the end of the mon...

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Google, Pandora, Kanye, SanDisk: Intellectual Property

Google Inc., (GOOG) owner of the most-used search engine, must face revived claims that its Street View mapping system infringed a California company’s patents for creating images for visually navigating a geographic ar...

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Yuan $150 Billion Bet Inflates Dollar Swap: China Credit

The weakening of China’s currency had already caused investors to hedge yuanstructured products estimated by Morgan Stanley at $150 billion before today’s widening of the trading band threatened even greater volatili...

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Mitsubishi Estate to Rebuild Apartments After Defects Found

Mitsubishi Estate Co. (8802),Japan’s biggest developer by market value, will rebuild a Tokyoresidential complex where it stopped selling apartments that went for as much as 350 million yen ($3.4 million) after finding defec...

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Commodities Cushioned From Crimea Crisis by Ample Supply

Unprecedented natural gas reserves in Europe, record global grain output and the threat of mutual economic calamity from oil sanctions are cushioning commodity prices even as the Ukraine-Russia conflict spurs a gold rally. While U.K. gas prices, a European benchmark, rose 5.1 percent since the crisis began at the end of...

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Alibaba Starting U.S. IPO Process as Hong Kong Bid Falters

Alibaba Group Holding Ltd. kicked off the process for what may be the biggest U.S. initial public offering in two years after struggling to persuade Hong Kong regulators to approve its proposed governance structu...

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Singapore Home Sales Rose 1.7% in February on New Projects

Singapore’s home sales rose in February as developers marketed new projects, a government report showed. Home sales climbed 1.7 percent to 724 units last month compared with 712 in the same period a year ago, according to data from the Urban Redevelopment Authority released today. Sales climbed 28 percent from January, the data show...

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WTI Crude Rises for Third Day on Crimea Vote; Brent Holds Steady

West Texas Intermediate crude rose for a third day amid speculation that Crimea’s vote to split fromUkraine may heighten tensions between Russia and the West. Brent was steady in Lond...

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Air passenger traffic grows 1.10 per cent in February

Domestic air passenger traffic rose 1.10 per cent in February to 49.46 lakh passengers -- up from 48.92 lakh ferried during the corresponding month last year, data showed on Friday. According to data furnished by the civil aviation ministry, passengers carried by domestic airlines during January-February, 2014 was up 0.69 per cent at 100.93 lakh from 100.24 lakh...

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Supreme Court issues notice to Centre, Ranbaxy over supply of adulterated drugs

The Supreme Court (SC) on Friday issued notice to the Centre and Ranbaxy Laboratories Ltd on a public interest litigation (PIL) seeking cancellation of the company's licence and a probe by the Central Bureau of Investigation against it for allegedly supplying adulterated drugs in the count...

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Renault aims at 5 per cent market share with sub-Rs. 4 lakh car

Renault India has said it is aiming to double its market share to 5 per cent over the next 3-4 years, riding its sub-Rs. 4 lakh car. "Our current market share is 2.6 per cent and in the mid-term (3-4 Years) we aim to double the market share," Renault country chief executive and managing director Sumit Sawhney said in Kolkata at the launch of the company's second showroom...

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Orchid Pharma's debt restructuring pitch agreed by CDR cell

The Corporate Debt Restructuring Empowered Group (CDR EG) has approved Orchid Chemicals and Pharmaceuticals ' debt restructuring proposal, the pharma company said on Friday. "...the CDR EG has issued the letter of approval dated March 10, 2014 and the Board of Directors of the company have approved the same today," the Chennai-based company said in a filing to the BSE. As...

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Govt hopeful of achieving revised divestment target

MUMBAI: The government is hopeful of achieving its revised target of Rs 16,000 crore from disinvestment during the curent fiscal, a top government official said here on Friday. "We are hopeful that the revised target for disinvestment will be achieved, as we hope to raise around Rs 3,000 crore from Central Public Sector Enterprises (CPSE) Exchange Traded Funds(ETF)," joint secretary in the disinvestment department Alok Tandon told reporters he...

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ONGC, Oil India complete $873 million stake buy in IOC

NEW DELHI: State-run Oil and Natural Gas Corp and Oil India have completed purchase of a 10 per cent stake in state refiner Indian Oil Corp for 53.4 billion rupees, senior executives at the two companies said on Friday. Oil India chairman Sunil Kumar Srivastava told Reuters that the company had completed the purchase of 5 per cent stake at 26.70 billion rupees. A senior executive at ONGC, who did not want to be named, said the explorer had also completed its 5 per cent stake buy...

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Gold down on weak buying support, silver slips

Gold prices moved down modestly due to subdued buying from stockist and retailers at the existing levels despite bullish overseas sentiments. Silver dropped on heavy speculative unwinding coupled with poor industrial demand. Standard gold (99.5 purity) moved down by Rs 40 to Rs 30,320 per 10 grams at 1400 hrs from Rs 30,360 on Friday. Pure gold (99.9 purity) also fell by...

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Banks invite bids for Rs 42,800 crore NPAs ahead of tough norms

Banks, most of them government-owned, are biting the bullet and seeking to sell a record $7 billion of bad loans to asset reconstruction companies as they rush to clean up their books ahead of stringent norms kicking in next year. About 40 banks have invited bids for bad loans worth Rs 42,800 crore, said bankers who did not want to be named. This is almost four times the amount that were put up for auction in past quarters.&nb...

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Ruias go ahead with 70 pence/share offer for Essar Energy

Billionaire Ruia family stuck to the 70 pence per share it indicated earlier for buying out the minorities in its London-listed Essar Energy Plc, an offer slammed again by the company's independent committee. The committee said the offer from Essar Global Fund Ltd (EGFL) 'materially undervalued' the London-listed resources company. "EGFL, which is ideally placed to assess...

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FTIL sells NBHC for Rs 242 crore

ignesh Shah-led Financial Technologies , which faces a CBI probe said it will sell National Bulk Handling Corporation (NBHC) for a consideration of Rs 241.74 crore. The company, which runs several exchanges, including the country's largest commodity exchange MCX and the stock exchange MCX-SX, today informed exchanges that the decision to sell its stake in NBHC follows the...

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Gold up by Rs 20 on global cues; silver gains Rs 200

NEW DELHI: Gold rose further by Rs 20 to Rs 30,830 per 10 grams in the national capital on Saturday on sustained buying driven by a firming global trend. Also, silver extended gains for the fifth-straight day by gaining Rs 200 to Rs 47,200 per kg on increased offtake by industrial units and coin makers.&nb...

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Missing jet was victim of ‘deliberate action’ says Malaysian PM

The Malaysian Prime Minister this morning confirmed that investigators attempting to solve the mystery of Flight MA370 are looking at the possibility the missing jet may have been hijacked and steered off-course. Speaking at a press conference in Kuala Lumpur, Najib Razak said all known information suggested deliberate action had been taken to switch off the aircraft’s signalling...

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Nokia can’t transfer unit to Microsoft: SC

NEW DELHI: Nokia on Friday suffered a jolt when the Supreme Court refused to lift the restraint on sale of its Indian assets, including the Chennai plant, as part of the handset maker's global deal with the Microsoft.&nb...

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General Motors Sued in Texas Over Ignition-Switch Defects

General Motors Co. (GM) was sued on behalf of vehicle owners over an ignition flaw in some small-model cars as it faces regulators’ questions about this year’s recall of 1.6 million vehicles. Bob Hilliard, one of the lawyers who filed the complaint yesterday in federal court in Corpus Christi,Texas, said he seeks to recover $6 billion to $10 billion for the lost value of cars affected by the recall....

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Missing Malaysian Jet Said Tracked to Ocean Off Australia

The last satellite transmission from a Malaysian airliner missing for a week has been traced to the Indian Ocean off Australia, far from where searches have taken place, according to a person familiar with the analysis. A path from Malaysia to the ocean off Australia would have taken as much as 3,000 miles, about the maximum distance the Boeing Co. (BA) 777-200 could have flown with its fuel lo...

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Slim’s Inbursa to Acquire Standard Bank Unit to Expand in Brazil

Grupo Financiero Inbursa SAB (GFINBURO), the bank controlled by billionaire Carlos Slim, agreed to buy Standard Bank Group Ltd. (SBK)’s Brazil unit for $45 million, getting a foot in the door in South America’s largest economy. The Standard Bank unit, with an operating license in Brazil, offers a platform to develop a local business in the same mold as Inbursa’s current operations, Slim’s company said in a filing yesterday. The Mexico City-based bank offers services including insurance...

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Hartford Financial Said Near Japan Sale to Orix

Hartford Financial Services Group Inc. (HIG), the insurer that’s been focusing on property-casualty coverage, is near a deal to sell Japan operations to Orix Corp. (8591), according to two people with knowledge of their tal...

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U.S. to Relinquish Control of Internet Address System

The U.S. plans to hand over control of the system for assigning website addresses to a non-government entity, an Obama administration official said. The nonprofit Internet Corporation for Assigned Names and Numbers is being asked to convene interested groups from around the world to...

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Fiat Adds 800 Workers at Chrysler 200 Factory in Michigan

Fiat SpA (F) is adding 800 employees in Sterling Heights,Michigan, to support production of the redesigned Chrysler 200, reviving a factory that was almost shuttered following the U.S. automaker’s 2009 bankrupt...

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Fischer Says Bailout of Financial Firm Should Never Happen Again

Stanley Fischer, the nominee to be Federal Reserve Chair Janet Yellen’s top lieutenant, said governments must devise measures to ensure taxpayer dollars are never used again to save a failing ba...

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Traders Beat Market Indexes Borrowing Tools From Sports

Graham Davidson was in a slump, the worst he’d ever known. In 15 years as a foreign-exchange trader in Sydney, New York and London, he’d always made money. Now, in the winter of 2011, he seemed to have lost his touch, Bloomberg Markets magazine will report in its April iss...

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U.S. to Relinquish Control of Internet Address System

The U.S. said it plans to hand over control of the system for assigning website addresses to a non-government entity, the final phase in an effort to fully privatize and globalize management of the Internet’s backbo...

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Costco’s U.K. Unit Inadvertently Granted Membership to Iran Air

Costco Wholesale (COST) Corp., the largest U.S. warehouse-club chain, said its U.K. unit inadvertently granted a membership to a person in the name of Iran Air, a move that could have violated sanctions against Ir...

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BofA, Citigroup, Credit Suisse Sued by FDIC Over Libor

Bank of America Corp., Citigroup Inc. (C) and Credit Suisse Group AG (CSGN) were among 16 of the world’s biggest banks sued by the U.S. Federal Deposit Insurance Corp. for allegedly manipulating the London interbank offered rate from 2007 to 20...

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Combing Ocean for Flight 370 Harder Than Two-Year French Hunt

As the search for the missing Malaysian jetliner shifts to the vast expanses of the Indian Ocean, the hunt for an Air France (AF)plane that vanished over the Atlantic in 2009 provides some sobering lessons. Wreckage from the French jet took two years to locate on the seabed even though debris was found floating five days after the plane...

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General Motors Sued in Texas Over Ignition-Switch Defects

General Motors Co. (GM) was sued on behalf of vehicle owners over an ignition flaw in some small-model cars as it faces regulators’ questions about this year’s recall of 1.6 million vehicl...

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Coal India officers call off 3-day strike

Coal India officers called off their three-day strike midway on Friday after receiving assurances from its chairman on pay-related demands, a union leader said, ensuring little impact on production that peaks in March. The state-owned company, the world's No. 1 coal miner that accounts for about 80% of India's output, frequently falls short of its output target due to...

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India's Inflation Gives RBI Breathing Space

NEW DELHI—India's wholesale price inflation slipped in February as food prices cooled, giving policy makers some breathing space to consider eventually lowering interest rates to help revive grow...

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Coal India officers call off strike; output impact minimal

(Reuters) - Coal India(COAL.NS) officers called off their three-day strike midway on Friday after receiving assurances from its chairman on pay-related demands, a union leader said, ensuring little impact on production that peaks in Mar...

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Sensex on weak footing, down over 100 points; top ten stocks in focus

NEW DELHI: The S&P BSE Sensex plunged as much as 160 points in trade on Friday, led by losses in ICICI BankBSE -2.36 %, L&T, Axis BankBSE -2.45 %, ITCBSE -0.54 % and HDFCBSE -1.24 %. Tracking the momentum, the 50-share Nifty index slipped below its crucial psychological level of 6450 levels in trade, weighed down by losses in banks, realty, capital goods and metal...

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Liberty Drops Sirius Bid, Creates Stock to Help Charter Expand

Liberty Media Corp. (LMCA), billionaire John Malone’s holding company, abandoned its bid for full control of Sirius XM Holdings Inc. and laid out a plan to help fund Charter Communications Inc. (CHTR)’s expansi...

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BP Can Again Bid for U.S. Leases, Contracts After Spill

BP Plc (BP/) won the right to again compete for U.S. contracts and for new leases in the Gulf of Mexico, where its massive 2010 oil spill prompted regulators to bar it from new government busine...

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Jeff Corzine, Son of Ex-N.J. Governor, Dies in Mexico

Jeffrey Corzine, the youngest son of Jon Corzine, the former co-chairman of Goldman Sachs Group Inc. (GS) and governor of New Jersey, killed himself inMexico after a struggle with depression, representatives of the family and the U.S. Embassy in Mexico City said yesterd...

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New World Development to Take Unit Private for $2.4 Billion

Billionaire Cheng Yu-tung’s New World Development Ltd. (17) offered HK$18.6 billion ($2.4 billion) to take its China property unit private after shares in the arm traded below net asset value for more than six years. Shareholders of New World China Land Ltd. (917) will get HK$6.8 a share, 32 percent more than the last closing price before today, the companies...

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Coal India officers to go on strike, output to be hit

NEW DELHI: Coal India said its officers will go on a three-day strike from Thursday to demand for a settlement of pay-related issues, in a move that could cut some of its 1.5 million tonnes-per-day output and tighten domestic supplies. The state-owned company, the world's No. 1 coal miner that accounts for about 80 per cent of India's output, frequently falls short of its output target due to employee strikes, delays in getting approvals to expand mines and other issu...

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Gold snaps 3-day falling trend, rebounds on global cues

Snapping its three-day falling trend, gold prices recovered by Rs. 320 to Rs. 31,020 per ten grams in the national capital today on fresh buying by stockists and retailers amid firm global cues. Silver also extended gains for the second day by rising Rs. 600 to Rs.46,700 per kg on increased offtake by industrial units and coin make...

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Malaysia to Step Up Efforts to Find Plane as Leads Fail

Malaysia said it will do “whatever it takes” to find a missing passenger jet as the search headed for its sixth day and yet another lead -- this one an e-mail investigated by Vietnamese authorities -- proved a dead end. “Our immediate focus is to find the aircraft,” Acting Transport MinisterHishammuddin Hussein told reporters in Kuala Lumpur today....

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Iran Thaw Seen Re-Stoking $6 Billion Market for Steel

Global steelmakers have Iran in their sights. Even after seven years of sanctions and the economic pain they’ve inflicted, the Islamic Republic still consumes more steel than France or the U.K. It’s a major carmaker and needs massive infrastructure for its oil and gas industry, consuming about 20 million tons a year of the metal, most of it homema...

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Malaysia Finds Managing Crisis Exposes Leadership Limits

Malaysia, aspiring to become a developed nation in six years, is finding that more than 50 years under one coalition and tight control over information is a mismatch for handling a rapidly growing crisis followed across the world. China is calling on Malaysia to be more transparent as Prime Minister Najib Razak lets his cousin, Acting Transport Minister Hishammuddin...

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Cathay Pacific Profit Triples on Passenger-Traffic Growth

Cathay Pacific Airways Ltd. (293) profit missed analysts’ estimates as cargo demand weakened and Asia’s biggest international carrier, which plans to increase freight and passenger capacity this year to reach new customers. Net income climbed to HK$2.62 billion ($338 million) last year from a restated HK$862 million a year ago, Cathay said in a stock exchange statement...

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Prudential Raises Dividend as Profit Surpasses Estimates

Prudential Plc (PRU), the U.K.’s biggest insurer by market value, climbed to a record in Londontrading after beating analysts’ earnings estimates, raising its dividend and reaching its target to double profit in Asia. Operating profit climbed 17 percent to 2.95 billion pounds ($4.9 billion) in 2013, London-based Prudential said today in a statement, above the 2.83 billion-pound med...

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Exports contract, February trade deficit narrows to $8.1 billion

 Indian exports fell for the first time in eight months in February although a sharp decline in imports led by a fall in gold imports helped narrow the trade deficit and ease the pressure on the external sector and the rupee. Exports fell 3.7% to $25.6 billion in February from $26.6 billion in the year-ago period, dragged down...

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SC begins final hearing in pleas to scrap RIL’s KG contract

Amid claims and counter-claims, the Supreme Court commenced the final hearing in the public interest litigations seeking scraping of Reliance Industries Ltd’s contract for gas production from the Krishna-Godavari basin and re-auctioning of the company’s bloc...

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Havells India gains on unit listing hopes in London

Shares in Havells India Ltd gain as much as 2.9 percent to a record high of Rs. 853.95 after the Economic Times reported the electrical goods maker is planning to list its European subsidiary Sylvania Global on the London Stock Exchange, citing Sylvania President Rajiv Go...

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Irda asks SBI Life Insurance to refund Rs 275 cr to policyholders

Insurance regulator Irda on Tuesday asked SBI Life Insurance company to refund Rs 275.29 crore to the policyholders as the amount was collected from them in violation of norms. SBI Life Insurance, a joint venture between State Bank of India and BNP Paribas Cardif, has been asked to refund the amount within six mont...

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Spicejet soars 7% after placing Rs 23,000-crore Boeing order

MUMBAI: Shares of domestic airliner SpicejetBSE 4.24 % took off on huge volumes following reports that the company has placed an order for 42 Boeing 737 MAX aircraft. The order is worth $4.3 billion (Rs 26,906 crore; reference rate: 1 dollar = Rs 61.15) without adjusting for inflation or price discounts. All the 42 aircraft will be powered by engines made by General Elec...

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Thailand Cuts Benchmark Rate as Political Unrest Hurts Economy

Thailand cut its key interest rate for the first time this year to bolster the economy as prolonged political unrest curbed local demand and hurt tourism. The Bank of Thailand cut its one-day bond repurchase rate by a quarter of a percentage point to 2 percent, with monetary policy committee members voting four-to-three in favor, it said in Bangkok today....

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WTI Crude Falls as U.S. Crude Supplies Rise; Brent Drops

West Texas Intermediate fell for a third day, the longest losing streak in two months, after an industry report showed crude inventories rose in the U.S., the world’s biggest oil consumer. Brent slid inLondon. Futures dropped as much as 0.9 percent in New York after closing at a one-month low yesterday. Crude stockpiles expanded by 2.63 million barrels last week, the American Petroleum Institutesaid....

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VimpelCom Says U.S., Dutch Authorities Probe Its Uzbekistan Unit

VimpelCom Ltd. (VIP) said the U.S. Securities and Exchange Commission and Dutch authorities have requested documents as part of a global probe into the wireless operator’s business in Uzbekistan. The carrier, controlled by Russian billionaire Mikhail Fridman, received a letter yesterday from the SEC stating it is looking into VimpelCom’s operations, the company...

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Germany’s Nuerburgring Formula One Track Sold to Car-Parts Maker

The Nuerburgring, the German race track known as Green Hell for its challenging Formula One course, was bought by an auto-parts maker two years after the former owner and operator filed for insolvency protection. The acquisition by Dusseldorf-based Capricorn Group values the 379-hectare (937-acre) property at more than 100 million euros ($139 million), lawyers managing the insolvency of owner Nuerburgring GmbH said yesterday in a statement. That includes 25 million euros that the buyer will spend...

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Indian Hotels expects additional provision of Rs. 400 crore in FY14

Indian Hotels Company Limited (IHCL) expects to make an additional provision for its overseas and domestic investments, some of which have been adversely affected "due to a sustained depression in the macroeconomic and market environment", the company said in a statement on Tuesd...

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Gold, silver imports dip 71.4 per cent to $1.63 billion in February

NEW DELHI: Gold and silver imports declined 71.4 per cent to $ 1.63 billion in February mainly due to restrictions imposed by the government on inbound shipments of the yellow metal to narrow the current account deficit. Imports of gold and silver in February 2013 stood at $ 5.24 billion. In January this year, they were $ 1.72 billi...

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Malaysia Says Stolen Passport User Had No Links to Terror Groups

The probe into the disappearance of Flight 370 took another twist today as Malaysian authorities said one of the two people who boarded the plane with stolen passports was an Iranian who had no links to terror groups. Pouria Nour Mohammad Mehrdad, 19, got on board using an Austrian passport and aimed to migrate to Germany, Inspector General of Police Khalid Abu Bakar said in Kuala Lumpur today. Normal procedures were followed by authorities in granting a visa when he entered Malaysia, Khalid...

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Basel Targeted on Global Scale as Asian Banks Follow Denmark

Europe’s biggest covered bond issuers are turning to Asia to rally support in what they say will become a global challenge to theBasel Committee on Banking Supervision. The European Covered Bond Council, whose members includeHSBC Bank Plc (HSBA) andBNP Paribas SA (BNP), is looking to South Korea,Singapore and Australia to find allies in its efforts to persuadeBasel to rewrite its liquidity rules. The group wants global regulators to grant covered bonds the same status as...

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SoftBank’s Son Vows ‘Price War’ If T-Mobile Deal Approved

SoftBank Corp. (9984) President Masayoshi Son will start a “massive price war” if U.S. regulators allow his Sprint Corp. to purchase T-Mobile US Inc. (TMUS) The billionaire, who bought control of the third-largest wireless carrier last year, said combining with fourth-ranked T-Mobile would give him scale to compete against AT&T Inc. (T) and Verizon Communications Inc. Those operators collect most of the U.S. mobile industry’s cash flow and don’t face “real competition,”...

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Audi Passes BMW in Sales to Take Lead in Luxury-Car Sales

Audi AG (NSU) delivered more cars than Bayerische Motoren Werke AG (BMW)’s namesake brand through the first two months of 2014 to nab the global lead in luxury-car sales. Audi sold 242,400 vehicles through February, 383 more than the BMW brand, according to data from the German automakers. At the same time last year, Audi trailed BMW, which has been No. 1 in the...

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WTI Crude Trades Near Three-Week Low; Brent Holds Steady

West Texas Intermediate traded near the lowest price in more than three weeks amid speculation that crude stockpiles expanded in the U.S., the world’s biggest oil consumer. Brent was stable inLondon. Futures were little changed inNew York after losing 1.4 percent yesterday, the first drop in three days. Crude inventories are forecast to have risen by 1.85 million barrels...

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U.K. Manufacturing Rises More Than Forecast as Recovery Gains

March 11 (Bloomberg) -- U.K. factory production rose more than forecast in January in a sign the economic recovery is gaining traction. Output rose 0.4 percent from December, when it gained an upwardly revised 0.4 percent, theOffice for National Statisticssaid today in London. The median estimate in a Bloomberg News survey of 25 economists was for 0.3 percent growth. Industrial...

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First Dubai IPO Since 2009 as Real Estate Fund Seeks $136m

Emirates Reit, the United Arab Emirates-based real estate investment trust, will sell shares on Nasdaq Dubai in the first initial public offering in the sheikdom since 2009. The company is seeking at least 500 million dirhams ($136 million) for acquisitions and investments, it said in Dubai today. Books will open in two weeks and build over 10 days, according to Karim Schoeib, chief executive officer of investment banking at Shuaa Capital PSC (SHUAA), one of the bookrunners on the...

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Unseasonal rain wreaks havoc on horticulture crops, has Centre worried

Unseasonal rain and hail has destroyed huge tracts of horticulture crops, standing rabi mustard and gram crops in Maharashtra, Madhya Pradesh and Rajasthan, ringing alarm bells in government circles here. Central teams are being rushed to Maharashtra to assess the damage to banana, grape and pomegranate plantations before providing relief. Onion fields have been inundated...

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Ranbaxy shares sink after drug recall

NEW DELHI: Shares in Indian drug giant Ranbaxy fell as much as four per cent on Monday following news of a second recall of its cholesterol-busting generic drug. It was the latest blow for the New Delhi-based drugmaker, majority-owned by Japan's Daiichi Sankyo, that is already reeling from a string of US Food and Drug Administration (FDA) import bans involving manufacturing safety worri...

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Ranbaxy shares sink after drug recall

NEW DELHI: Shares in Indian drug giant Ranbaxy fell as much as four per cent on Monday following news of a second recall of its cholesterol-busting generic drug. It was the latest blow for the New Delhi-based drugmaker, majority-owned by Japan's Daiichi Sankyo, that is already reeling from a string of US Food and Drug Administration (FDA) import bans involving manufacturing safety worri...

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Discoms' revenue gap may see tariff soar

NEW DELHI: After all that hullabaloo over power discoms allegedly ripping off consumers in Delhi, as former chief minister Arvind Kejriwalnever tired of asserting, the tariffs could actually go up. And this will happen over several years.Delhi Electricity Regulatory Commission(DERC) has proposed a repayment schedule for dealing with a Rs 8,000 crore revenue gap claimed by discoms that may be payable by hiking tariffs. It has also added that a tariff hike may not be necessary, but keep your...

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Banking stocks set to emerge Street favourite after 3 years

The BSE Sensex is trading near record highs after scaling the key 22,000 peak, while the broader Nifty is trading above 6,550 levels. The strong up move in stock markets have come despite a selloff in hitherto favourites -- IT and pharma stoc...

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Ackman Plans to Show Internal Herbalife Documents About China

Billionaire Bill Ackman, who will make a presentation today onHerbalife (HLF) Ltd.’s Chinese operations, said he plans to discuss company documents obtained from a former employee. Ackman believes the documents will show that Herbalife violatedChina’s laws regulating direct selling and multilevel marketing, the hedge fund manager said in an interview. He declined to...

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Qualcomm Names Aberle President Reporting to Mollenkopf

Qualcomm Inc. (QCOM), the biggest provider of mobile-phone chips, promoted Derek Aberle to president, naming a second-in-command to new Chief Executive Officer Steve Mollenkopf. Aberle, 43, was an executive vice president in charge of Qualcomm’s technology licensing business, which generates about two-thirds of profit, the company said in a statement yesterd...

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Blackstone Said to Plan $5.5 Billion Gates Global Bid With TPG

Blackstone Group Inc. and TPG Capital are preparing to offer about $5.5 billion for auto-parts and industrial products maker Gates Global Inc., a person with knowledge of the matter said. Bids for Gates Global, which is being sold by Onex Corp. and Canada Pension Plan Investment Board, are due later this week, said the person, asking not to be identified discussing confidential informati...

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http://www.bloomberg.com/news/2014-03-11/virtu-filing-shines-light-on-business-of-high-frequency-trading.html

Insurance companies will urge U.S. lawmakers today to stop the Federal Reserve from imposing bank-like capital standards on their industry. A provision of the 2010 Dodd-Frank Act that overhauled U.S. financial regulation requires the Fed to set minimum capital and leverage standards on non-bank firms, including insurance companies likePrudential Financial Inc. (PRU) Insurance companies say bank capital standards don’t fit their business and will press their case for an amendment to the...

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Virtu Filing Shines Light on Business of High-Frequency Trading

High-frequency trading, a business that has been shrouded in secrecy because its biggest firms were private, is coming out of the dark. Virtu Financial Inc., the New York-based automated market maker that tried and failed to buy Knight Capital Group Inc. in 2012, filed for an initial public offering yesterday, disclosing that it had earned money every day but one in the last five years. The company is throwing open its books about a year after Getco LLC, another computerized trader, detailed its...

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Stolen Passports Show Post-9/11 Airline Security Flawed

The discovery that two passengers boarded the missing Malaysian jet using stolen passports reveals flaws in the screening of air travelers that persist more than 12 years after security worldwide was strengthened in the wake of the Sept. 11 terror attacks. More than 40 million passports are listed as missing on a database created by Interpol in 2002, yet the international...

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Brent, WTI Crude Fall as China Export Drop Signals Slow Economy

Brent and WTI crude fell for the first time in three days after exports from China unexpectedly shrank, stoking speculation that the world’s second-largest oil consumer may not reach its economic growth target. Brent slid as much as 1.2 percent in London. China’s overseas shipments declined by 18.1 percent in February from a year earlier, the biggest drop since August 2009, the General Administration of Customs reported on March 8....

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Hochtief Offers $1.05 Billion to Increase Leighton Stake

Hochtief AG, Germany’s largest builder, offered A$1.16 billion ($1.05 billion) to increase its stake in Leighton Holdings (LEI) Ltd. to as much as 74 percent and signaled it may consider a full takeover. The shares surged. Leighton is a strategic investment, Hochtief Chief Executive Officer Marcelino Fernandez Verdes said in an interview today after announcing...

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Plane-Debris Hunters Seek Suspected Aircraft Window Part

Investigators from nine countries are struggling to solve the mystery of a missing Malaysian jet, as Vietnamese forces today failed to find the airplane debris they had spotted yesterday off the country’s southern coast. A helicopter late yesterday spotted what officials suspected was a window or door fragment of a plane. Malaysia still had no information about the Boeing Co. (BA) 777-200, which was carrying 239 people, and reports that plane parts were spotted aren’t confirmed, said...

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Bouygues Negotiates $2.5 Billion Mobile-Asset Sale to Iliad

Bouygues SA (EN), seeking to preempt antitrust concerns over its proposed wireless merger withVivendi SA’s (VIV) SFR, is in talks to sell its network and some spectrum to Iliad SA (ILD) for as much as 1.8 billion euros ($2.5 billion). The exclusive negotiations mean Bouygues Telecom can make its case to the French Competition Authority “from the outset with...

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Use of Stolen Passports on Vanished Jet Raises Concern About Terrorism

The use of stolen passports by two passengers to board a Malaysian airliner that vanished over the South China Seasends a “red flag” that terrorism may have played a part, according to security officials and analysts. Groups such as al-Qaeda have sought to crash planes into oceans to cover up evidence, they said....

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Prosecutors Portray Pistorius as Always Armed

Oscar Pistorius’s murder trial enters its second week today with the prosecution set to sharpen its portrayal of the Paralympian gold medalist as usually armed and reckless with a hair-trigger temper. Known as the Blade Runnerbecause of his J-shaped prosthetic running blades, double-amputee Pistorius admits shooting his model girlfriend, Reeva Steenkamp, three times...

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Alleged Bitcoin Millionaire Nakamoto Gets $28,000 Donations

Bitcoin enthusiasts donated about $28,000 to Dorian S. Nakamoto, a 64-year-old physicist who denied a report last week byNewsweek magazine that identified him as the digital currency’s creator. A wallet address set up by Andreas Antonopoulos, chief security officer forBlockchain.info, received more than 1,800 payments, amounting to about 44 bitcoins, according to data...

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Softbank Said to Ready Broadband Pitch Amid Merger Doubt

SoftBank Corp. (9984) President Masayoshi Son is reframing his argument for consolidation in the U.S. mobile-phone market, heading to Washington this week to advocate for wireless broadband as an alternative to cable. Addressing investors and technology policy makers at a lunch March 11, Son plans to outline the advantages of an advanced wireless network that could deliver ultra-fast Internet access across the country and improve education and mobile commerce, according to people...

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Japan Display Prices Initial Share Sale at Bottom End of Range

Japan Display Inc., a supplier of screens for Apple Inc. devices, and its investors will raise about 318.5 billion yen ($3.1 billion) after pricing its initial public offering at the bottom of the price range. Japan Display sold shares at 900 yen a piece, according to a statement to the Japan’s Finance Ministry. The company sold 140 million new shares...

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Brent, WTI Crude Fall as China Export Drop Signals Slow Economy

Brent and WTI crude fell for the first time in three days after exports from China unexpectedly shrank, stoking speculation that the world’s second-largest oil consumer may not reach its economic growth target. Brent slid as much as 0.8 percent in London. China’s overseas shipments declined by 18.1 percent in February from a year earlier, the biggest drop since August 2009, the General Administration of Customs reported on March 8....

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Unilever Plans Ethiopia Manufacturing Plant as Growth Surges

Unilever (UNA), the world’s second-biggest consumer-products maker, plans to open a manufacturing plant in Ethiopia during the next year in a bid to emulate its expansion into Vietnam, a company official said. The London- and Rotterdam-based company is renting premises for a plant in the Chinese-built Eastern Industry Zone in Dukem, 31 kilometers (19 miles) southeast of the capital, Addis Ababa, Dougie Brew, head of corporate affairs in Africa, said in a phone interview on March...

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Chinese Car Sales Jump 18% as Japan Brands Extend Rebound

Passenger-vehicle sales in China gained 18 percent last month, beating analysts’ estimates, as deliveries surged at Toyota (7203) Motor Corp. and Ford Motor Co. Wholesale deliveries of cars, multipurpose and sport utility vehicles climbed to 1.31 million units in February, the state-backed China Association of Automobile Manufacturers said today. That compares with the 1.27 million units median estimate of five analysts surveyed by Bloomberg Ne...

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Libya Vows to Block Tanker Attempt to Lift Oil in Rebel Port

Libya’s government vowed to prevent a tanker from leaving a rebel-held oil port as it struggles to reassert control over the nation’s main source of revenue. The vessel arrived on March 8 in Es Sider, the nation’s largest oil-export terminal, after Libyan armed forces refused government orders to fire on the ship, Prime Minister Ali Zaidan said in Tripoli, the capital. Air force officers told Zaidan they didn’t want to risk harming civilians or causing an oil spill, the Libya Herald newspaper...

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Gold price tumbles by Rs 230 to Rs 30,830

Gold prices today fell by Rs 230 to Rs 30,830 per ten gram while silver plunged by Rs 930 due to selling by stockists amid weak global cues. Silver lost Rs 930 to quote at Rs 46,400 per kg on reduced offtake by jewellers and industrial units. Traders said selling pressure gethered momentum after gold fell to one-week low in global marke...

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Street on fire; BSE Sensex, NSE Nifty scale new peaks on FII buying

Stocks: Markets ignored the anxiety caused by the geopolitical tension over Ukraine and spurted to all-time highs on a slew of positive domestic factors and robust FII buying ahead of high-stake elections. The benchmark indices - S&P BSE Sensex and the CNX Nifty - were in a record-breaking spree. The former hovered near the key milestone of 22,000-mark, while the latter...

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First Greek Bank Bonds Planned by Piraeus Since ’09 Debt Lockout

Piraeus Bank SA (TPEIR)’s planned bond issue will be the first public debt sale from a Greek lender since 2009 when the first cracks started to appear in the nation’s finances, according to UBS AG. The nation’s banks need to boost capital by 6.38 billion euros ($8.8 billion) after six years of recession left them with swelling bad loans, the central bank said yesterday....

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Berkshire Posts Best Weekly Stock Gain in 14 Months

Berkshire Hathaway Inc. (BRK/A) posted its biggest weekly gain in 14 months after Chairman Warren Buffett told investors that the true value of his company has been rising faster than accounting metrics suggest. Berkshire rose 0.9 percent to $183,772 at 4:15 p.m. in New York, bringing its advance to 5.8 percent since Feb. 28 and its market value to more than $300 billion for the first time. That compares with the 1 percent climb this week for the Standard & Poor’s...

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IOC to buy 10% of Petronas's Canadian gas project

NEW DELHI —  Petronas' plan to build a liquefied natural gas (LNG) terminal on Canada's Pacific coast edged closer to reality on Friday, as the Malaysian energy giant secured a third equity and offtake partner for the massive gas export project. Petronas said it would sell state-owned refiner Indian Oil Corp (IOC) a 10 percent stake in its Pacific NorthWest LNG project, along with a 10 per cent stake in the northern British Columbia shale gas assets that will feed...

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JPMorgan, UBS Convictions Overturned in Milan Swaps Case

JPMorgan Chase & Co. (JPM), Deutsche Bank AG,UBS AG (UBSN) and Depfa Bank Plc won a bid to overturn a conviction for overseeing fraud by their bankers in the sale of derivatives to the city of Milan. An appeals court in Milan cleared the banks and individuals at the firms because “the alleged crimes didn’t take place,” Judge Luigi Martino said as he read out the...

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Millennium Bus Depot to be trifurcated, L-G tells High Court

Lieutenant-Governor Najeeb Jung has decided that the 50-acre Millennium Bus Depot on the Yamuna bed will be relocated as three bus depots at Millennium Park, Sarai Kale Khan ISBT and Rohini. A Delhi High Court Bench of Justice Sudershan Kumar Misra was informed on Friday that 10 acres will be allotted at Millennium Park, 20 acres at Sarai Kale Khan ISBT and 20 acres at Rohini Phase IV to accommodate the dep...

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Reliance Jio innovation head Arvind Rao quits

Reliance Jio Infocomm’s head of innovation Arvind Rao has quit even as the company is gearing up to launch high-speed voice and data services. Rao tendered his resignation on Friday. He has not been coming to the office for quite some days now, sources close to the development sa...

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UPDATE 2-Ranbaxy recalls some batches of generic Lipitor in latest quality blow

By Zeba Siddiqui and Kanika Sikka (Reuters) - Indian drugmaker Ranbaxy Laboratories Ltd, reeling under a flurry of regulatory rebukes due to manufacturing quality concerns, has recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after doseage mix-up was detect...

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Enforcement Directorate arrests CEO in NSEL case

The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited (NSEL) scam case. Official sources said Gagan Suri, CEO of Yathuri Associates, was arrested by ED sleuths in Mumbai after they found that his role in the scam needs to be prob...

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New India Assurance announced Asha Kiran a health insurance cover for girl child

Public sector general insurer New India Assurance announced an exclusive health insurance cover New India Asha Kiran for girl child on 7 March 2014. New India Assurance cut health insurance rate for 50 per cent for the girl child. The discount is restricted to the families with only girl chi...

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ICICI Bank plans cumulative loan disbursements of Rs 2,500 cr under Self Help Groups

Private sector lender ICICI Bank is planning to double their reach and support over two million women with cumulative loan disbursements of Rs 2,500 crore under its programme for Self Help Groups (SHG) over the next year. "Over the next year, we intend to double our reach and support over two million women with cumulative loansdisbursements of Rs 2,500 crore,"...

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UPDATE 2-Ranbaxy recalls some batches of generic Lipitor in latest quality blow

By Zeba Siddiqui and Kanika Sikka (Reuters) - Indian drugmaker Ranbaxy Laboratories Ltd, reeling under a flurry of regulatory rebukes due to manufacturing quality concerns, has recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after doseage mix-up was detected. Ranbaxy recalled tablets of atorvastatin calcium, the generic version of Pfizer Inc's cholesterol fighter Lipitor, after a pharmacist found a 20-milligram tablet in a sealed bottle...

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Soymeal exports decline in the country

INDORE: Exports of Soybean meal during February, 2014 was 1.83 lakh tonnes, as compared to 5.77 lakh tonnes in February, 2013 showing a decrease by 68.28% over the same period of last year. "This decline in the export is primarily due to lower arrival of soybean resulting the lower crushing", said spokesperson and coordinator of The Soybean Processors Association of India (SOPA), Rajesh Agrawal. He added that the things will improve only when the arrivals of soybean increase at various mandis within...

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BASF gives Rs 17 crore boost to India business

Opens global R&D centre in Turbhe, mulling further investments BASF has opened a global research and development (R&D) centre at its manufacturing facility in Turbhe, Navi Mumbai. "The initial capital expenditure for the centre will be 2 million euros (Rs 17 crore) and it will have 60 scientists to start with," said Raman Ramachandran, head, South Asia, and chairman, BASF companies in Ind...

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Gold, silver tumble on weak global cues

Gold prices on Saturday fell by Rs. 230 to Rs. 30,830 per ten gram while silver plunged by Rs. 930 due to selling by stockists amid weak global cues. Silver lost Rs. 930 to quote at Rs. 46,400 per kg on reduced off-take by jewellers and industrial units. Traders said selling pressure gathered momentum after gold fell to one-week low in global marke...

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Economy Shaking Off Effects of Weather as U.S. Payrolls Climb

The economy in the U.S. showed signs of emerging from the effects of the winter storms that have curbed growth in early 2014 as employers added more workers than projected in February. The 175,000 gain in payrolls followed a 129,000 increase the prior month that was bigger than initially estimated, Labor Department figures showed yesterday in Washington. The jobless raterose to 6.7 percent from 6.6 percent as the number of people entering the job market swamped the quantity of positions...

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America Movil, Televisa Forced to Open Networks to Competition

America Movil SAB (AMXL) and Grupo Televisa SAB (TLEVICPO) were ordered by Mexico’s government to share their infrastructure with competitors in a bid to cut the market share of the nation’s dominant phone and media companies. America Movil, controlled by Carlos Slim, will have its phone prices regulated and must share parts of its network, it said in...

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Ranbaxy Recalls Generic Lipitor in U.S. After Dose Mix-Up Found

Ranbaxy Laboratories Ltd. (RBXY), India’s largest drugmaker, has recalled two batches of the company’s generic version of Pfizer Inc. (PFE)’s cholesterol-lowering medicine Lipitor after a dose mix-up was detected. Ranbaxy, a unit of Tokyo-based Daiichi Sankyo Co. (4568), is pulling back pills in 64,626 bottles of atorvastatin calcium in the U.S. after a “product complaint” was received by a pharmacist, the U.S.Food and Drug Administration said on its website. The pharmacist...

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Indian Oil to buy Petronas asset

PETALING JAYA: Indian Oil Corp Ltd is to acquire 10% in Petroliam Nasional Bhd’s (Petronas) Canadian shale gas reserves and liquefied natural gas (LNG) export terminal, ending months of speculation on the deal. The national oil company said in a statement yesterday that Indian Oil had also signed an offtake agreement for 1.2 million tonnes of LNG per year,...

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You are here:HomeCorporates Ranbaxy recalls some batches of generic Lipitor in latest quality blow

Indian drugmaker Ranbaxy Laboratories Ltd, reeling under a flurry of regulatory rebukes due to poor quality, has recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after doseage mix-up was detected. Ranbaxy recalled tablets of atorvastatin calcium, the generic version of Pfizer Inc's cholesterol fighter Lipitor, after...

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