Fed rate move

Chicago, April 27: The US Federal Reserve is expected to put an exclamation point on its string of interest rate cuts with a small reduction this week and may signal that its rate-cutting cycle is done for now. Policy-makers meeting on Tuesday and Wednesday are expected to lower them by a quarter point and then see whether it has the desired effect in spurring an economy socked by a housing slump and credit market disarray.

Tea gardens

Calcutta, April 27: The Tea Board will invite fresh bids from private parties for taking over closed tea gardens across the country. Tea Board chairman Basudeb Banerjee said the expressions of interest (EOIs) invited in January to take over four closed tea gardens failed to evoke any response, since three gardens were facing court cases.

Steel price

New Delhi, April 27: The Competition Commission of India (CCI) will meet steel producers next week. The meeting will be attended by representatives of Tata Steel, Essar Steel, SAIL, JSW Steel, Ispat Industries, Cold-rolled Steel Manufacturers’ Association, Indian Stainless Steel Development Association and the ISA.

M&S plan

Mumbai, April 27: The UK-based clothing and food retailer Marks and Spencer (M&S) is likely to terminate its franchise agreement with Planet Retail over a period of time, sources said.

ArcelorMittal

London, April 27: ArcelorMittal will ask its shareholders at an extraordinary general meeting on May 13 to authorise the board to increase the company’s share capital, so that it can issue shares for entering into potential growth opportunities.

IFCI selloff

New Delhi, April 27: IFCI may discuss the issue of stake sale at its board meeting scheduled for April 29. It is not the part of the board’s agenda but may come up for discussion during the meeting, a company source said.

Corp Bank

New Delhi, April 27: The Corporation Bank has an exposure of around Rs 180 crore in the forex derivatives market, but is not expecting its balance sheet to get hit as the companies on whose behalf it entered into the contract will bear the burden.