20-June News

20-June-08
News

Headlines for the day

Corporate News Headline
Reliance Infrastructure is planning to invest USD 7 bn in the next three years to expand its engineering and construction business in India and acquire assets in overseas. (BS)
Tata Steel and Essar Steel are vying for a majority stake in the proposed joint venture of Indonesia´s PT Krakatau Steel to build a 2.5 MT plant. (BS)
Power Finance Corp sanctioned a loan of Rs. 100 bn to NTPC for various projects to be completed in the current 11th Five Year plan. (BS)

Economic and Political Headline
The RBI has delayed the plan to allow trading in credit derivatives as the global financial crisis ensured the collapse of the US subprime-mortgage market. (BS)
The direct tax receipts rose 71.3% in the first two months of the current fiscal year from a year ago, indicating the economy was sustaining its growth pace. (ET)
The UK retail sales rose 3.5% in May due to an increase in the sales of textiles, clothing, and footwear. (WSJ)