GM deep in the red

Detroit, Feb. 12: General Motors has reported the largest annual loss for an automotive company. GM said it was making a new round of buyback offers to US hourly workers as it struggled to turn around its North American business amid a weak economy. The company lost $38.7 billion in 2007. The loss was largely because of a third-quarter charge related to unused tax credits.

Sistema plan

New Delhi, Feb. 12:Russian conglomerate Sistema will invest $4-7 billion in India to create a world-class telecom network, besides raising its stake in Shyam Telelink to 74 per cent in next one to two years.

Tax returns

New Delhi, Feb. 12: The income tax department has made it mandatory for employers to quote permanent account number of all employees and parties from whom tax is deducted while filing the quarterly tds returns.

Oil India

Mumbai, Feb. 12: Oil India will go ahead with its initial public offering to raise up to $378 million after March, despite the crash of three IPOs, company chairman M.R. Pasrija said.

Indus Towers

Barcelona, Feb. 12: Indus Towers, a joint venture company of Bharti Airtel, Vodafone and Idea, will tap the capital market in the next 2-3 years, followed by listing of Bharti Airtel’s tower unit.