IT Majors Bags Mega BP Outsourcing Deal
Infosys Technologies,Tata Consultancy Services and Wipro ,India's top three vendors along with global giants IBM and Accenture have bagged a five-year $1.5-billion outsourcing deal from British Petroleum.IBM said it has bagged the largest chunk of the deal.TCS will provide applications development and application management(ADAM) engagements in refining, manufacturing.Infosys will manage....more
Coal India takes steps before stake sale
Ahead of public sale of shares Coal India(CIL) plans to hike prices by 11%.The price increase will net CIL an additional revenue of Rs4,629 crore and boost profits ahead of a public offer in the stock market. With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will....more
Infosys most admired tops the WSJ Survey
In the list of accolades for the It bellwether Infosys another feather was added. Infosys Technologies has been adjudged as most admired Indian company, ahead of Tata Consultancy Services and Bharti Airtel, says a survey conducted by The Wall Street Journal Asia. Telecom giant Bharti Airtel is at the third....more
Privatization hits Chinese steel wall
In less than a month workers have been able to halt twice the privatization attempt of a Chinese steel plant. In an effort to improve the inefficient industry Beijing has tried to take this step, but they have come under serious protest. Last month, a crowd assaulted and killed an executive who was managing the....more
Japan limping back to recovery
Japan's economy grew 3.7 percent at an annual pace in the second quarter, signaling end of nation’s worst recession since World War II, the government said Monday. There has been some hope that Japan's economy may have hit bottom in the first quarter. Recent signs have been pointing to a possible....more
Austrian economy still in recession
Euro zone member Austria's economy continued to contract in the second quarter. Its Gross Domestic Product or GDP fell 0.4% in the second quarter, compared with the first. It follows a decline of 2.7% in the first three months of the year. The pace of decline in exports was also slowing, WIFO said, noting....more
Shell has Arrow in its sight
Royal Dutch Shell is said to have made an A$3 billion ($2.5 billion) bid for Arrow Energy Ltd. Arrow said"The company continues to have discussions with parties with respect to the potential monetization options for its considerable coal seam gas resources. Arrow sold 30% of its Australian....more
Volkswagen- Porsche combine enter a new era
Volkswagen's successful bid to take over luxury German carmaker Porsche marks the end of a bitter family power struggle and the start of a new era. Last week, Volkswagen agreed to buy a 42% stake in the sports car unit of Porsche Automobil Holding SE for about EUR 3.3 billion by year-end. "VW and Porsche....more
Jaguar Land-Rover: No need of government help
The Indian car giant Tata Motors announced on Tuesday that it has secured £175m of private funding for its UK-based luxury car business, Jaguar Land-Rover (JLR). The news means the group will no longer seek up to £800m of state support. The global turmoil has made the all cash $2.5 billion acquisition....more
Colonial BancGroup becomes biggest bank failure of 2009
As most of the major banks seem to be on the path of recovery, but the bad news is still not stopping. The trouble still lurks in the financial industry which remains plagued by a legacy of bad investments. On Friday, Colonial BancGroup, a large lender was seized by federal regulators, making it the largest bank....more
Abercrombie & Fitch: Shirt might be coming off
Abercrombie & Fitch Co. swung to a fiscal second-quarter loss on continued drops in sales and margins. For the second quarter, sales decreased 23%, and the overall same-store sales statistic, which is a really important metric for retailers, sank 30%. A net loss of 30 cents per share was booked. In the quarter....more
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