Motorola hive-off plans
New York, March 26: Motorola plans to split into two companies next year amid pressure from billionaire investor Carl Icahn to break off the money-losing mobile-phone business. One company will focus on handsets and the other will sell network equipment, set-top boxes and two-way radios. The company is looking for a new head for its mobile business.
Mumbai, March 26: The Industrial Development Bank of India (IDBI) today cut its benchmark prime lending rate to 12.75 per cent from 13.25 per cent. The bank will also cut its lending rates in home, working capital and certain segments in corporate portfolios by 0.50 per cent.
Air India boss
New Delhi, March 26: Raghu Menon is tipped to become the new chairman of Air India. Sources said that Menon, who was not in the reckoning for the post, was likely to be selected by the appointments committee of the cabinet. The position was earlier held by V. Thulasidas. Several high-profile candidates were being considered for the position, including vice-chairman and deputy managing director Vishwapati Tripathi.
New Delhi, March 26: The government today decided to begin a discussion with iron ore exporters to sensitise them about problems faced by steel plants. Steel secretary R.S. Pandey said the government would take steps to ensure power, logistics and raw material inputs to secondary steel producers after discussions with the steel industry representatives. The Centre will also make an effort to deal with the difficulties faced by small and medium industries, he added.
New Delhi, March 26 : ONGC and its partner the Hinduja group will finalise a participating agreement with Iranian authorities to develop the 12th phase of the South Pars gas field and South Azadegan oilfield in mid-April. The development of the two fields is part of a $20-billion investment that the ONGC and the Hindujas have planned together.
New Delhi, March 26: The government is in a fix over the closure of petrol pumps by Reliance Industries over the denial of subsidy on a par with public sector companies. Petroleum minister Murli Deora said dealing with the situation was not easy. “You don’t expect the government to give subsidy to (private retailers like) Reliance and Essar. But you also cannot expect them to be penalised,” he said. He however, added that no one had approached him demanding subsidy.
New Delhi, March 26: Bharti Airtel subsidiary Guernsey Airtel has launched mobile services in Guernsey in the Channel Islands in Europe. The company will offer mobile products and services under the Airtel-Vodafone brand to customers on the island.