Europe loans cheaper

London, Nov. 6: The Bank of England has slashed its benchmark interest rate by 1.50 percentage points to 3 per cent, reportedly the lowest in over 50 years. Britain has also slashed borrowing costs by 1.5 percentage points. The European Central Bank, covering 15 European nations, met market expectations by reducing its interest rate by 0.5 percentage points

Biotech boost

New Delhi, Nov. 6: The government has approved a biotechnology programme and earmarked Rs 350 crore under the 11th Five Year Plan (2007-2012). The programme was approved by the cabinet committee of economic affairs.

Fuel price

New Delhi, Nov. 6: The government is not considering a reduction in petrol, diesel and domestic LPG prices, as the public sector oil companies continue to make losses despite falling international crude oil prices, petroleum secretary R.S. Pandey said.

Bharat Forge

New Delhi, Nov. 6: Bharat Forge is going to form an energy joint venture with one of the Europe-based Alstom group companies.

Tea export

New Delhi, Nov. 6: India’s tea export has shot up five per cent in value terms during September on high prices despite declining shipment volumes.