May 17: SBI net misses target
May 17: SBI net misses target
A labourer works inside an electrode factory on the outskirts of Jammu
State-run SAIL will likely launch its share sale by June 14, after the board of directors of the steelmaker finalise the draft prospectus early next week, its chairman said.
"We have tentatively scheduled it from June 14 to June 17. The prospectus is yet to be filed, but the board will meet on May 23 to finalise this," SAIL Chairman CS Verma told Reuters over the telephone from New Delhi.
The long delayed issue, expected to raise up to $1.8 billion, is part of the government's plan to shed stakes in nearly 60 state-run firms over the next few years, to raise funds for its social welfare programmes and to cut its fiscal deficit.
A worker sits beside an oil tank at a storage facility of an oil company on the outskirts of New Delhi
India's biggest oil refiner and fuel retailer IOC could slow some domestic expansion projects as the company incurs heavy losses on the sale of subsidised fuel, its head of finance said on Tuesday.
"We are ready with detailed feasibility reports and all. We will see what is the best time to launch them, may be once the situation on subsidised fuel becomes clear," PK Goyal said in his first interview after assuming the post on May 2.
India's government currently caps prices of diesel and kitchen fuels and the shortfall is covered by state spending, upstream companies and the refiners.
A woman talks on a mobile telephone as she passes a Vodafone store in central London
Vodafone, the world's largest mobile operator by revenue, surprised investors with an upbeat outlook for 2012 on Tuesday after posting resilient results driven by customers upgrading to smartphones.
Analysts had expected the British firm to be more cautious after recent weak updates from rivals, but instead Vodafone said it was gaining or holding market share in most of its major markets and leading the switch to higher tariff smartphones.
IMF chief Dominique Strauss-Kahn listens as he stands before judge Melissa Jackson during his arraignment in Manhattan Criminal Court in New York
IMF chief Dominique Strauss-Kahn bedded down at New York's notorious Rikers Island jail on Monday night in a rapid and dramatic fall from grace after he was charged with trying to rape a hotel maid.
Separated from other inmates for his own safety, Strauss-Kahn was put in a bare 11-by-13-foot (3.5-by-4-meter) cell and given basic bedding, a drinking cup, soap, shampoo and toothpaste.
Just three nights earlier, Strauss-Kahn had slept in a luxurious $3,000-a-day hotel suite complete with conference room, living room, marble bathroom and a bedroom with a king-sized bed and feather and down duvet.
US President Barack Obama hosts a celebration of American poetry and prose in the East Room of the White House in Washington
If Congress does not raise the limit on US government debt before the specter of default becomes reality this summer, President Barack Obama will need to decide which bills to pay -- and choose between market mayhem and a firestorm over missed benefit payments.
The Obama administration and lawmakers are locked in talks over how to curb mounting US debts, with Republicans pushing for deep spending cuts as the price for their support in raising the $14.294 trillion debt limit.
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