GM sells Suzuki stake

Tokyo, Nov. 17: US auto maker General Motors Corp will sell its 3 per cent stake in Suzuki Motor Corp as part of its efforts to raise funds. GM plans to sell 16,413,000 Suzuki shares for 22.37 billion yen (about $231 million). The decision has been approved by the GM and Suzuki boards.

RBI ruling

Mumbai, Nov. 17: The RBI has ruled that housing finance companies could raise short-term foreign currency borrowings up to 50 per cent of their net owned funds. The all-in cost of such borrowings should not be more than 6 months Libor plus 200 basis points.

Bengal taxes

Calcutta, Nov. 17: Bengal finance minister Asim Dasgupta told the thirteenth finance commission that Bengal should get 50 per cent of the taxes collected by the Centre from this state instead of the present 30.5 per cent.

PE deals

New Delhi, Nov. 17: Private equity (PE) investments in India have declined 72 per cent to $9.67 billion till October this year because of the global financial turmoil, according to global consulting major Grant Thornton.

Corus move

London, Nov. 17: Corus, the UK unit of Tata Steel Ltd, has signed a non-binding agreement to sell two aluminium smelters to Klesch & Co Ltd, the company said in an e-mailed statement.