News 8-Aug-08

8-Aug-08
Headlines for the day

Corporate News Headline

• Tata Steel identified raw material resources in America, Africa, and Australia for acquisition to ensure that around 50% of the requirement of Corus is met through captive sources. (ET)
• Shiv-Vani Oil & Gas Exploration Services bagged an order worth Rs. 16.1 bn from ONGC for deployment of eight onshore deep drilling rigs. (BS)
• Bharat Electronic is planning to tap the lucrative business potential in the atomic energy sector. (BS)

Economic and Political Headline

• Crossing the 12% barrier for the first time in 13 years, inflation moved to 12.1% for the week ended July 26 on soaring food and non-food article prices. (ET)
• The mining industry said that India´s iron ore shipments have fallen by up to 20% in the last one month following imposition of 15% export duty and higher freight charges. (ET)
• The European Central Bank and the Bank of England left their key interest rates on hold at 4.25% and 5%, respectively, as both banks consider how to steer their economies between the shoals of mounting inflation and slowing growth. (WSJ)