LONDON (AP) — A mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said Tuesday. …

Read More..

Post-Satyam, brokerages asked to do stricter checks of financial records. Stung by the fraud in India’s fourth largest IT services firm, Satyam Computers Services, foreign institutional investors (FIIs) are now asking brokerages to run forensic accounting checks on the numbers reported…

Read More..

NEW DELHI: Did the market regulator SEBI ignore a red flag over Satyam promoters six years ago, owing to political pressure? The Congress would like to say so, based on Republican Party of India MP Ramdas Athawale’s letter to the then SEBI chairman G N Bajpai claiming that an I-T invest…

Read More..

A prime prospect for probe by regulators and authorities investigating the Satyam fraud, acting-CEO Ram Mynampati appears to be the IT company’s most valued asset and drew a salary more than that of founder Ramalinga Raju and all the directors put together. At the same time, its in…

Read More..

Details of the stunning fraud at Indian outsourcing giant Satyam are still trickling out. On Friday, Jan. 9, former Chairman Ramalinga Raju was arrested, the company’s stock was delisted, and its board of directors was liquidated. It’s unclear whether the $2.1 billion-a-year c…

Read More..

The price of oil fell Monday as investors remained focused on last week’s bad economic news and bet that demand for petroleum products will continue to decline. Light, sweet crude for February delivery fell $2.92, or 7%, to $37.91 a barrel. Last week, oil fell nearly $8 a barrel a…

Read More..

Even before the dust settled on the controversy involving Satyam’s debarment, the World Bank on Monday revealed that action has been taken against a total of five entities in India, including Wipro Technologies, and an individual. The action was initiated against these entities and…

Read More..

MUMBAI: Equities pulled back from Monday’s lows as the November Index of Industrial Production grew at 2.4 per cent against negative 0.4 per cent in October. But jittery traders used this opportunity to book profits. At 12:15 pm, Bombay Stock Exchange’s Sensex was at 9203.46, do…

Read More..

The real estate index dropped 38 per cent during the day mainly on speculation that a key DLF official was exiting the company and partly on fears that realty balance sheets may not reflect the correct land bank position. The stock price of DLF, the country’s largest property company, …

Read More..

Buoyed by a hefty growth in fees and trading incomes, the country’s third largest private sector lender Axis Bank On Friday reported a 63.23 per cent jump in its net profit at Rs 500.86 crore for the quarter ended December 31, 2008, as compared to Rs 306.83 crore for the corresponding q…

Read More..