Dec 14: News in pics
Dec 14: News in pics
Sun sets behind a power tower near a building in New Delhi.
Power trader PTC India aims to launch an initial public offering of its PTC Financial Services unit in the fiscal year to end March 2011, joining a growing list of companies that are tapping the markets in Asia's third largest economy by listing a unit.
\"We will be selling 12.75 crore (127.5 million) new shares in the IPO and post IPO, our stake will come to 60 per cent from 77 per cent now. Sometime this month, we will be filing a draft red herring prospectus,\" PTC India Chairman T.N. Thakur told reporters.
PTC India is 16 per cent owned by state-run utilities NTPC, NHPC, Power Grid and Power Finance Corp.
Some of the other companies that plan to raise funds by listing their units include Hindustan Construction, which is listing its township developer, and Indian engineering and construction firm Larsen and Toubro whose L&T Finance Holdings unit has filed for an IPO to r
Customers shop at an open air evening vegetable and fruit market in Ahmedabad
India's wholesale price index rose rose 7.48 per cent in November from a year earlier compared with 8.58 per cent in October, data released on Tuesday showed -- exactly matching a Reuters poll forecast.\"The RBI (Reserve Bank of India) will take some comfort from the continued slide in the year-on-year pace of wholesale price changes, although the outright level of close to 7.5 per cent will still be deemed too high for comfort,\" said Jonathan Cavenagh, senior FX strategist at Westpac Institutional Bank in Singapore.
\"This is unlikely to prompt any response from the RBI later this week but we do expect higher rates by Q2 of next year,\" he said.
Food inflation slowed to 9.41 per cent from 14.1 per cent in October. Food prices, which make up 14.34 per cent of the index, have been easing although they rose for the first time in eight weeks on an annual basi
Nissan Motor's Chief Executive Carlos Ghosn (L) shakes hands with Mitsubishi Motors Corp.'s President Osamu Masuko at the end of their joint news conference in Tokyo.
Nissan Motor Co and Mitsubishi Motors Corp said they would deepen their operational ties to make better use of their resources as a strong yen makes competing tougher for Japanese automakers.
Nissan and Mitsubishi, Japan's No.3 and No.6 automakers in 2009, have been working together since 2003, mainly involving Mitsubishi Motors' building 660cc minivehicles under Nissan's badge in Japan.
Automakers around the world are actively seeking operational partnerships to save costs by sharing vehicle platforms and components. Nissan and its 43 per cent owner, Renault, earlier this year joined hands with Daimler to share vehicles and engines with the maker of Mercedes-Benz cars.
As yen strength persists and domestic sales contract, Japanese automakers are losing
An excavator loads coal at a mine in Australia in this undated handout photograph
A consortium of five state-run firms is considering a bid for Africa-focused Riversdale Mining, sparking a potential takeover battle for the Australian firm, already being courted by Rio Tinto.
Analysts have said Vale, Xstrata, Anglo-American and Peabody Energy could emerge as rival suitors for a company that has coking-coal projects in Mozambique and that could eventually supply 5-10 per cent of the global market for the key steel-making material.
Last week, Riversdale confirmed media reports that Rio was talking about an offer around A$15 a share for the Australian listed company, which would value the group at A$3.5 billion ($3.5 billion). Riversdale hinted it was talking to others.
The Indian consortium, International Coal Ventures consortium, includes Steel Authority of India and power producer NTPC.
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