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HindustanTimes Fri,22 Aug 2014

Corporate News

BP wins US appeals court reprieve over some Gulf spill payments

BP Plc won a legal reprieve in its effort to avoid payments to those whose losses were not traceable to the 2010 Gulf of Mexico oil spill, potentially sparing the oil company of extra costs.

NTPC, Gail hire Deloitte to work out Dabhol revival plan

Taking note of the operational mess and heavy defaults to leading lenders, the operator of the beleaguered Dabhol power project has hired global consulting firm Deloitte to work out a new business plan for effective functioning of the plant, currently lying idle due to dwindling gas supplies.

Zambia refuses to let Vedanta sack copper mine staff

Resources giant Vedanta, which has operations across the world, is facing several hurdles. Its operations in Africa are under a bit of an overhang, and a proposed share buyback in India has been criticised by a global rating agency Standard & Poor’s.

Former software coolies are consultants now

India’s software giants are moving in a significant shift from piecemeal projects paid for on a per-hour-per-person basis by clients to a sophisticated one in which they use software platforms and business consulting to boost profit margins.

Wyeth, Pfizer boards to merge India operations

The boards of Pfizer India and Wyeth India approved a ratio which would give Wyeth Ltd shareholders 7 Pfizer shares for every 10 they hold. The operations would be unified under 'Pfizer brand'.

Cash-rich Cairn India mulls share buy-back

The board of Cairn India Ltd will meet on Tuesday to consider a proposal to buy back shares, a move which will help promoter Vedanta Group increase its stake in the company without putting in any money. HT reports.

Ministers clear spectrum auction prices; bids to be held in Jan

The government’s plan to auction telecom spectrum entered the final lap on Friday after a high-powered ministerial panel approved hiking by up to 25% the reserve price than that suggested by the Trai. HT reports.

Mallya may lose yet another prized asset

Liquor baron Vijay Mallya may lose yet another prized possession. Diageo, which now controls his erstwhile flagship United Spirits Ltd, may have to sell Whyte & Mackay if the British Office for Fair Trading finds that it creates a monopoly in UK.

JPMorgan in $13 bn deal on US, states mortgage complaints

JPMorgan Chase has agreed to a $13 billion deal to settle complaints over mortgages and mortgage securities by the US government and several states, the New York attorney general said Tuesday.

Exodus or purge? Infosys bleeds more executives

At least four top-level executives have left India’s sagging No. 2 software exporter since the return from retirement last June of its iconic co-founder NR Narayana Murthy as its executive chairman.

Indian-American named new president of S&P

McGraw Hill Financial on Monday announced the appointment of Neeraj Sahai, a Citigroup executive, as the next president of rating agency Standard & Poor’s from January.

Poll results pull Sensex down 171 pts

Change in political equation dwarfs the sanguine outlook, reports V Mohan.

Tatas allowed to resolve dispute with Idea

The SC has allowed Tata Industries' petition seeking arbitration to resolve its dispute related to the termination of their JV Idea Cellular with AV Birlas' group firm Grasim.

Retail investors turn long-term

Systematic investment plans of mutual funds are watching their sign-up period rise, say fund houses, their distributors and neutral financial planners, writes Sandeep Singh.

Infosys Q1 net up 21 pc to Rs. 1,302 cr

Software major Infosys Technologies on Friday announced a consolidated net profit of Rs. 1,302 crore for the quarter ended June 30, 2008, a 20.66 per cent growth.
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