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Today's Business Brew from Indian Papers

Here is today’s top and interesting Economic news headlines from the various papers in India

  • Growth in the core infrastructure sectors down by 50% to 1.4% from 3.6% last year to a 4 year low. The core sector six-cement, coal output, electricity, finished steel petroleum refinery products and crude oil-contribute 27% to overall industrial production.(FE)
  • Satyam gets the go ahead for for selling 51%, but not many suitors coming. They need more clarity on company’s financials. (FE)
  • IMF pushes for global fnancial oversight norms. International Monetary Fund urged a new system of government oversight of big hedge funds, private-equity firms and other financial firms whose failure poses a major risk to the global economy, and other moves to widen the scope of international financial regulation.(Mint)
  • FII Holdings in Indian markets fall to 2003 levels of 15.5%.(Mint)
  • Hit by realty meltdown, AAI plans new levy at nine airports. Plan to boost the revenues of airports in smaller cities, by leasing out land to private developers, has run into rough weather because of plummeting real estate values. So, AAI plans to go slow on such leasing deals. It fears it will lock itself into low lease rates as real estate prices drop.(Mint)
  • IPL teams seek new Revenue Streams via marketing platforms, fan clubs (Mint)
  • Prospective suitors for Satyam will need to factor in all future liabilities arising out of class action suits filed in US courts. (ET)
  • HCL chairman Shiv Nadar and Nandan Nilekani’s wife Rohini Nilekani are also in the list of ’48 Heroes of Philanthropy’.(ET)
  • ICICI Bank cuts new home loan rates by 25-50 bps. ccording to the new floating rate structure, for home loans less than that of Rs 20 lakhs, the interest rates would be at 9.75% as against 10% earlier. For loans between Rs 20-30 lakhs, the new rate would be at 10% as against 10.5% earlier, while for loans of Rs 30 lakhs and above, the interest rates would be at 11.5% as against 12% earlier. (ET)
  • Slump-hit diamond sector may sparkle again (ET)

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Desh Kapoor

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