November 3: Snapshot for the day
November 3: Snapshot for the day
Malvinder Singh, Chairman of Fortis, speaks during a news conference in New Delhi
Fortis Healthcare, New Delhi-based hospitals chain which has about 6,000 beds, plans to invest 6.50 billion rupees over next 12-18 months to add 2,100 new beds, a top official said on Wednesday.
\"We are moving into secondary cities. By virtue of demand and need, we have an opportunity to provide (healthcare in these cities),\" Chief Executive Officer Bhavdeep Singh said in a conference call with reporters.
The company, controlled by billionaire brothers Malvinder and Shivinder Singh, will open at least 7-8 hospitals during the period, the CEO said.
It is looking to expand into tier-II cities such as Ludhiana, Ahmedabad, Gwalior and Gurgaon, he added.
A BMW Vision EfficientDynamics concept car is displayed on media day at the Paris Mondial de l'Automobile
BMW, the world's biggest luxury carmaker, raised the 2010 outlook for its core auto business's profitability amid an ongoing boom in demand for luxury cars in China.
BMW said on Wednesday it now sees its auto business reaching an operating margin of more than 7 per cent this year, rather than the 5 per cent-plus that it aimed for in August.
Analysts on average see BMW posting a 2010 margin of almost 7.4 per cent, according to a Reuters poll.
\"We want to increase group earnings significantly in the current year and thus take an important step towards achieving our targets for 2012,\" Chief Executive Norbert Reithofer said in a statement
A worker walks past apartment blocks under construction in Beijing
The World Bank on Wednesday raised its forecasts for economic growth in China this year and next, saying that strong domestic fundamentals will help offset an expected slowdown in the global economy.
In a quarterly update on China's economy, it said that the world's second-largest economy would likely grow by 10 per cent this year, up from an earlier forecast of 9.5 per cent. Next year's estimate was lifted to 8.7 per cent from 8.5 per cent.
Looking to risks in the short-term outlook, the World Bank struck a sanguine note about inflation.
People look at an electronic board at a brokerage house in Shanghai
World stocks hit a fresh two-year high on Wednesday while emerging equities rose to their highest level since mid-2008 as investors anticipated further Federal Reserve monetary easing would support the global economy.
The Fed announces its monetary policy decision later on Wednesday. Markets are generally priced for the Fed to initially commit to buying at least $500 billion in Treasuries over five months.
MSCI world equity index rose as high as 320.05, bringing gains this year to nearly seven per cent.
The MSCI emerging equities index hit its highest since June 2008, as the prospect of further quantitative easing drives investors towards higher-yielding assets.
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