| Sensex dips 612 points
Indian markets opened positive and after first two hours of volatile trade came crashing down and the benchmark BSE Sensex closed the day with 612.56 points loss at 17,526.93. The broader 50 share Nifty closed 3.56 per cent lower at 5133.25 amidst talk of a large chunk of selling in the Nifty Futures. Though domestic market sentiment could have been affected by the warning that India would grow slower at the rate of 8.7 in 2007/2008, market participants said it was basket selling in frontline, large cap stocks that triggered the crash. The situation in the primary markets too worsened as Wockhardt Hospitals had received only 20 per cent of subscriptions to its IPO by 5 pm on the closing day, even after cutting its issue price once and extending the subscription date. The provisional figures from the National Stock Exchange indicated foreign institutional investors were net sellers to the extent of 860 crore while domestic funds net buyers of Rs 230 crore.
The times they are a changin
The regime is blatantly selling public property even though Article 24 stipulates that the people as in you and me control the means of production. Were just following the prescriptions of the US and the IMF, both of which interfere in our internal affairs in the form of funds. And the worse is still to come: Imagine that Egypt, once a major wheat producer, is now importing wheat from the US. Why? Because thats what foreign powers dictate. So instead of sponsoring our own farmers, were sponsoring American farmers, El-Oksori shouts, his eyes bulging. Nasser had the courage to say no to the foreign powers when it involved the future of something as major as the High Dam. Now, we cant say no to the minor things. Im not siding with Nasser, Im siding with an ideology: the dignity of a nation.
Brazilian stock and future exchanges begin merger talks
Bovespa Holding SA, the company that owns and manages the Brazilian Stock Exchange, and BM&F SA, the country's commodities and futures exchange, issued a joint statement on the talks issued Tuesday night. It said the discussions between the two are aimed at "integrating their activities," but added there was no guarantee of an agreement. Results of the talks would be announced in 60 days. Both Bovespa and BM&F recently went public. Bovespa Holding raised 6.6 billion Brazilian reals (US$3.8 billion; €2.59 billion) in October with its initial public offer, which was Brazil's largest ever in terms of financial volume. .
Microsoft Offers USD 44,6 B for Yahoo
Software giant Microsoft announced Friday it offered to buy Internet search engine operator Yahoo with a cash and stock bid worth USD 44.6 billion. The offer gives Yahoo shareholders the option to receive cash or a fixed number of shares of Microsoft common stock, CNN reported. Microsoft said the offer represents a 62% premium on the USD 19.18 closing price of Yahoo on Thursday. The announcement comes with Microsoft and Yahoo seeking to compete with Google as the king of the Internet and the site of choice for Web advertising. The most popular search engine is currently worth $40 billion and expected to grow to $80 billion within three years, while Yahoo shares have lost around 30 percent of their value in the past year. Microsoft said it expects the acquisition deal to get regulatory approval and to be completed in the second half of 2008.
Emergency coal shipped to power plants in blizzard-stricken S China
HOHHOT, Jan. 31 (Xinhua) -- North China's coal-rich provinces and regions are gearing up production and shipping emergency supplies to the country's southern areas plagued by persistent blizzard. Shanxi Coking Coal Group, a major producer in the northern province, has increased its coal production by 20 percent in the past few days. The coal currently makes up 60 percent of its total shipment, up from 40 percent during normal times. Since Jan. 25, shipments of the coal have been multiplied by 200,000 tons by Taiyuan Railway Bureau. A total of 13,000 train carriages were loaded with the coal each day, 3,000 more than usual. The Inner Mongolia Autonomous Region has produced 32 million tons of coal so far this month, four million tons more than the same period last year.
Government faces tough options on fuel prices
Gas and Oil Marketing Companies (OMCs) are targeting to set up 300 to 400 Liquefied Petroleum Gas (LPG) auto stations during the next three years, sources in the industry told Daily Times on Wednesday.
Sources said after setting up the targeted LPG stations in the country, the domestic...
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The cult of Cable
It is bald, very witty and might well win a competition for Britain's Most Popular Politician if a poll were held today. Yes indeed, the link between Alesha and the volume edited by a young Gordon Brown is her one-occasion-only dancing partner and Brown's fellow-contributor, Dr John Vincent Cable MP, PhD, serious economist, serious ballroom dancer and general good bloke. He has risen faster than Obama while managing to be almost as old (64) as 71-year-old John McCain. Where has this "Vince for King" movement come from? And does it have staying power? Let us explore the improbable Cable cult before popping down to Ladbrokes. As Liberal Democrat MP for Twickenham since 1997, his party's grandly titled shadow chancellor since 2003, Dr Cable - Vince to everyone - was the man who wowed an unexpectant nation when he became acting Lib Dem leader.
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