The cabinet on Wednesday approved a government proposal to infuse Rs 38 billion into three state-run banks in two tranches spread over FY09 and FY10, Home Minister Palaniappan Chidambaram said. UCO Bank will get 12 billion rupees in fund infusion– 4.5 billion rupes in FY09 and the r…

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By Kevin Plumberg, Asia Asset Allocation Correspondent HONG KONG (Reuters) – A crash in Asian exports has led to a rise in bad loans and a slump in credit growth in the region’s economies, trends that will crucially prevent them from becoming more independent of developed wor…

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WASHINGTON (AP) — Moving with lightning speed, the Democratic-controlled Congress and White House agreed Wednesday on a compromise $790 billion economic stimulus bill designed to create millions of jobs in a nation reeling from recession. President Barack Obama could sign the measur…

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Even as a few customers have left in the wake of the financial fraud committed by its erstwhile promoter, Satyam Computer today said it is continuously getting new software services orders and existing clients have showed faith in the company. “A significant majority of our clients…

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NEW YORK (Reuters) – Stocks tumbled 3 percent on Tuesday as bank shares slid on concerns that a plan to shore up the financial sector unveiled by Treasury Secretary Timothy Geithner may not be enough to loosen up credit and contain the deepening recession. Indexes slumped immediate…

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WASHINGTON (AP) — President Barack Obama, urgently pressuring lawmakers to approve a massive economic recovery bill, turned his first news conference Monday night into a determined defense of his emergency plan and an offensive against Republicans who try to “play the usual po…

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Mumbai: Tata Steel Ltd said on Monday its founders have pledged 98.9 million shares, or 13.53 per cent of the total equity capital. Tata Sons Ltd, which held 29.27 per cent of the steelmaker at December 2008, has pledged 96.4 million shares, or 13.19 per cent. …

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Bangalore: Defence PSU Bharat Earth Movers Limited has bagged an order valued at around Rs 1672.50 crore from the Bangalore Metro Rail Corporation Ltd, said V R S Natarajan, Chairman, BEML. “This is the single largest order from a single tender. BEML is also likely to get an additional…

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Liquor baron Vijay Mallya is mulling to divest around 49 per cent stake in United Spirits Ltd’s UK-based wholly-owned subsidiary Whyte & Mackay (W&M), which it acquired for 595 million pounds in May 2007.The move is part of the USL’s plan to raise cash, including int…

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Sebi is working on the details of a variable load structure.Mutual fund investors in India may no longer have to pay entry or exit charges (loads) if the Securities and Exchange Board of India (Sebi) approves a proposed variable load structure for these instruments. Distributors, however,…

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