December 21: News Views
December 21: News Views
Labourers work inside a steel factory on the outskirts of Agartala, capital of Tripura
India's third-largest steelmaker JSW Steel Ltd agreed to buy a controlling stake in smaller rival Ispat Industries for $476 million, catapulting it to the highest spot of the nation's steel producers.
JSW will subscribe to 1.09 billion shares through a preferential allotment at Rs 19.85 per share, it said in a statement on Tuesday. The deal would give it a 42 per cent stake in Ispat, a source directly involved in the deal said.
Based on the closing price of Ispat shares on Thursday, JSW is buying the stock in the debt-laden and loss-making company at discount of 15.4 per cent.
Ispat is controlled by Pramod and Vinod Mittal, the brothers of the world's fifth-richest man, billionaire Lakshmi Mittal, who heads the world's largest steelmaker ArcelorMittal.
Russia's President Dmitry Medvedev (L) shakes hands with India's Prime Minister Manmohan Singh before their meeting in New Delhi.
Russia and India agreed on Tuesday a long-awaited contract to jointly develop fifth generation fighter aircraft and signed a deal to expand capacity at an Indian nuclear power plant.
The defence and nuclear deals were signed during a two-day visit to India by Russian President Dmitry Medvedev, who was expected to lobby hard for the former Cold War ally to stay loyal to Russian-made jets and reactors, rather than those offered by the West.
A statement said the two countries would work on a design project for the fighters and had agreed to build the third and fourth generating units for a nuclear power plant in India's southern state of Tamil Nadu.
Russia has been India's close economic and political partner since Soviet days, and monopolised India's defence market for decades, but New Delhi
A man walks past a logo of Toyota Motor at its dealers shop in Yokohama, south of Tokyo
Toyota Motor has agreed to pay the maximum fine of $32.4 million related to two US probes into its handling of a spate vehicle recalls which hurt sales and tarnished its once impeccable reputation for quality.
The settlements conclude a tumultuous year for the world's largest automaker over the recalls of 11 million vehicles in the United States and disclosure of problems blamed by safety advocates for hundreds of crashes and the deaths of dozens of people.
The crisis prompted unprecedented government scrutiny over unintended acceleration complaints, a total of three heavy fines, and a loss of prestige and consumer confidence in Toyota's best-selling cars.
'I am pleased that Toyota agreed to pay the maximum possible penalty and I expect Toyota to work cooperatively in the future to ensure consumer safety,'
A labourer sits on a sack of onions as she takes a break at a wholesale market in Hyderabad
Onion prices in India have more than doubled in the past week due to a shortage caused by unusually heavy rain in growing areas, adding to the risk of voter anger about the high cost of food.
Discontent about food price inflation is another headache for a coalition government struggling with a slew of corruption allegations and an emboldened opposition.
The agriculture ministry on Monday banned exports of the staple food until January 15, and will import onions from neighbouring Pakistan as prices jumped to Rs 80 ($1.77) per kg from Rs 35 per kg last week, local media reported.
'The situation will be normal in two to three weeks. Onion prices rose because of rains in Nasik and other onion growing areas,' Agriculture Minister Sharad Pawar told reporters on Tuesday. 'The ban on onion exports should help reduce the prices.'
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