HindustanTimes Fri,19 Dec 2014


Fix upper, lower limit for airfares to aid bleeding airlines: ministry

With SpiceJet on the verge of a financial collapse, the aviation ministry has proposed a number of steps that should be taken immediately to help India’s bleeding airlines.

Nokia eyes sale of Chennai unit, asks govt to lift asset freeze

Finnish telecom company Nokia has requested the government to lift the asset freeze imposed by tax authorities on its manufacturing unit in Sriperumbudur near Chennai, so that it can explore potential opportunities for a sale.

RBI needs to clear money Sahara raises abroad: SC

The Supreme Court on Wednesday said the money arranged by Sahara Group overseas for the release of Subrata Roy would be transferred into local banks only after necessary clearances from the Reserve Bank of India.

ONGC awards 100 mn euro contract to Technip

State-owned Oil and Natural Gas Corp (ONGC) has awarded a Euro 100 million contract to French firm Technip to build an oil and gas terminal at Odalarevu in Andhra Pradesh.

Russia finance ministry selling reserves to support ruble

The Russian currency has come under heavy selling pressure this week, forcing the central bank to hike its key interest rate by 650 basis points, in an emergency move that did little to buttress the currency.

SpiceJet ‘grounded’ as oil companies refuse fuel; fares go north

SpiceJet -- which seems to be headed the Kingfisher way if it doesn’t get the funds it needs in a hurry -- ended up operating only 70 of its 239 daily flights on Wednesday. On Tuesday, only 35 flights had taken off.

Rupee, bonds continue to fall; foreign fund flows key

The rupee fell a 13-month low against the dollar on Wednesday while benchmark bond yields hit their highest level in two weeks as the brewing financial crisis in Russia continued to raise concerns about foreign fund outflows.

Sensex extends losses to 5th day; ends 71 points lower

The BSE benchmark Sensex regained most of the steep losses it suffered in early trade, but still ended the day 71 points lower at 26,710.13 after a highly volatile trade amid continuing investor worries over global economy.

Lifeline for SpiceJet: Govt will ask banks to lend Rs. 600cr to airline

The aviation ministry said on Tuesday that banks and financial institutions will be requested to lend up to Rs. 600 crore to SpiceJet, backed by a personal guarantee from its promoter, media tycoon Kalanithi Maran.

India world No. 4 in black money outflow over 10 years

With a total $439.59 billion (Rs 28 lakh crore), India has jumped one rank to become the fourth-largest exporter of illicit outflows over a 10-year period from 2003-2012.

Brent crude drops below $59, weak rupee could negate gains for India

Global crude oil prices fell to $58.50 a barrel on Tuesday, the lowest since May 2009, amid signs of slowing factory activity in China, the world’s second-largest economy and a major oil consumer.

Sensex posts biggest fall this year, dips 538 points on sell-off

The benchmark BSE Sensex slumped below the 27,000-mark and the NSE Nifty broke the 8,200-level in late morning trade on Tuesday on sustained selling across the board.

Rupee ends at 63.53 per dollar

The US dollar ended sharply dearer against the rupee at 63.53/54 per dollar.The pound sterling also finished higher at Rs. 99.84/86 per pound at the Interbank Foreign Exchange market.

India replaces Malaysia as 4th largest exporter of black money

The outflow of black money from India to foreign countries has increased nine-fold from $10 billion in 2003 to $94.7 billion in 2012.

Xiaomi, Flipkart allowed to sell phones in Indiatill Feb 5

The Delhi High Court on Tuesday permitted Chinese cellphone maker Xiaomi and e-commerce website Flipkart to sell Xiaomi’s handsets running on technology claimed to be patented by Ericsson till February 5, as a temporary measure.

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