Credit Suisse cuts jobs

Mumbai, Nov. 4: After DSP Merrill Lynch cut jobs in India, Credit Suisse has axed a few employees from its investment banking and equities desk. The number of employees is less than 10 but sources said another round of layoffs could not be ruled out. A Credit Suisse spokesperson from Hong Kong refused to confirm the development. He, however, said Credit Suisse had announced last week that around 500 employees would be made redundant worldwide.

Rupee rise

Mumbai, Nov. 4: The rupee gained 91 paise today to close at a one-month high of 47.74 against the dollar after bankers assured the government about lowering lending rates by about 75 basis points. At the interbank foreign exchange market, the domestic currency traded in a wide range of 47.70 to 48.98 during the day.

FDI in defence

New Delhi, Nov. 4: Commerce minister Kamal Nath has said the government could relax the rules for foreign direct investment (FDI) in defence production. The defence sector currently allows 26 per cent FDI.

Rice export

New Delhi, Nov. 4: The government has decided to continue the ban on the export of non-basmati rice, with inflation still ruling in double digits.

DLF alliance

New Delhi, Nov. 4: DLF has entered into a partnership with Italian eyewear brand Luxottica Group. The Italian firm will open 100 stores at DLF malls.