Corporate News Headline
•Omaxe said its subsidiary has bagged a contract worth Rs. 1.28 bn from UP Projects Corporation Ltd for various construction related works. (BS)
•Ansal Properties & Infrastructure sought shareholders approval to raise Rs. 40 bn from private placement of shares with qualified institutional buyers and through international fund raising routes. (BS)
•BPCL has entered into an agreement with Engineers India for commercializing the in-house technology developed by BPCL- Kochi Refinery. (ET)
Economic and Political Headline
•The Finance Ministry is contemplating diluting provisions of Fringe Benefit Tax by which companies may not have to pay taxes on certain perks and allowances availed of by employees. (BS)
•The cost of living in the US fell 1.3% in the year ended in May, the most since 1950, easing concern that government efforts to revive the economy will lead to an immediate outbreak of inflation. (Bloomberg)
•The UK saw a whopping 2.26 mn people becoming jobless in the three months to April 2009, pushing the unemployment numbers to the highest in 12 years, as the economy continued to reel under recession. (BS)
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