September 17: News Pics of the Day
September 17: News Pics of the Day
Mukesh Ambani, chairman of Reliance Industries, speaks during a news conference in Mumbai
Energy major Reliance Industries is in talks with US-based Chesapeake Energy to buy a stake in Eagle Ford shale gas project, a source with direct knowledge of the matter said on Friday.
Financial terms of the deal have not yet been finalised and Reliance may form a joint venture with Chesapeake to develop the asset, said the source, who declined to be named.
Reliance Industries declined to comment.
On Thursday, Chesapeake CEO had said the company expects to strike a joint venture deal for the Eagle Ford acreage in the next 30 days, but did not name a partner.
A US brokerage firm said last month that Reliance is a likely partner for Chesapeake Energy's Eagle Ford shale acreage.
Reliance, controlled by billionaire Mukesh Ambani, has struck three shale gas joint ventures with US firms this year.
A man deposits his money in a bank in Amritsar
Indian top one hundred firms paid Rs 38,107 crore in advance taxes for July-Sept, a rise of 16.4 per cent year-on-year, an official from the federal finance ministry told reporters on Friday.
The advance tax outflows were on Thursday.
A man talks on a mobile phone in front of an advisement of Bharti Airtel in Agartala, capital of Tripura
Bharti Airtel has selected IBM
to manage computing technology and services that power its mobile networks in 16 African countries in a 10-year planned agreement, the companies said on Friday.
An agreement would be finalised in the fourth quarter, the companies said in a statement.
Bharti was the first Indian mobile operator to outsource its network to save on costs, a strategy that helped it on its way to become the country's top mobile operator.
IBM already manages Bharti's IT infrastructure in India in a 10-year deal that began in 2004. The deal had an initial value of about $750 million, but is estimated to have grown manifold as it is linked to Bharti's subscriber and revenue growth.
A woman looks at a mobile phone at the LG Electronics booth during the International CTIA Wireless trade show in Las Vegas, Nevada
South Korea's LG Electronics Inc ousted its chief executive on Friday, replacing him with a founding family member in a bid to turn around its loss-making mobile phone business, the world's third largest.
Koo Bon-joon, the head of trading firm LG International will take over from Nam Yong, who resigned from the top job to take responsibility for poor management, LG said on Friday.
Nam is the second CEO of a major mobile phone maker in a week to lose his job after the world's No 1 handset maker, Nokia, last Friday replaced Olli-Pekka Kallasvuo with Stephen Elop, a Canadian Microsoft executive.
Both LG Electronics and Nokia have been under pressure due to a lack of strong smartphone models to rival Apple's iPhone and Samsung Electronics Galaxy S. LG's mobile business reported a record loss
Finance Minister Pranab Mukherjee speaks during the launch of UTI Mutual Fund's Investor Education and Financial Inclusion Initiative in Mumbai
The G20 countries need to do more to ensure sustained global recovery, Finance Minister Pranab Mukherjee said on Friday.
South Korea, Asia's fourth-largest economy, will host the November 11-12 summit of leaders from the Group of 20 developed and leading emerging economies in Seoul.
India, Asia's third-largest economy, is expected to grow 8.5 per cent in the fiscal year that ends in March 2011.
A man eats in front of computer monitors showing stock market prices at a securities company in Taipei
Taiwan's stock exchange looks set to become a sought-after destination for share listings by overseas and Chinese firms and notch up its ranking in Asia after rising popularity of Taiwan depositary receipts (TDRs) listings.
Singapore-listed Chinese shipbuilder Yangzijiang's TDRs made a strong debut last Wednesday and have risen nearly 30 per cent since then, boosting confidence among other companies to go public in Taiwan.
Several other Chinese firms, including Singapore-listed Ziwo Holdings, are in the pipeline to capitalise on higher valuations in Taiwan, where many companies price TDRs at a premium to their Hong Kong or Singapore shares.
A landmark trade deal with China that will deepen economic ties, along with a deep local pool of cash-rich institutions and individuals and the premium that China-related shares attract, mak
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