Ford cash chase
Detroit, Dec. 2: Ford Motor has asked US Congress for up to $9 billion in a government credit line to support its restructuring, saying it expects to break even or be profitable in 2011. The news sent shares of Ford soaring as much as 13 per cent in morning trading. The shares have more than doubled since late November.
New Delhi, Dec. 2: The petroleum ministry has begun consultations on a possible price cut by Christmas with state-run oil firms. The ministry is considering a cut of Rs 2 a litre on petrol, Rs 1 per litre of diesel and Rs 10 on domestic LPG cylinder.
Coal India deal
Calcutta, Dec. 2: Coal India Ltd has entered into an agreement with Zhengzhou Coal Mining Machinery (Group) Ltd of China to augment underground coking coal production at Munidih mine in Jharia. The Munidih mine currently produces less than one lakh tonnes per annum of high quality coking coal and sells its produce to SAIL.
New Delhi, Dec. 2: Like the Citigroup, Infosys will go dollar-wise on saving costs. The IT giant has asked its employees to save $10 each, compared with the American banking behemoth’s idea of challenging every single dollar spent by its staff.
Mumbai, Dec. 2: Sebi has disposed of the case against late jute baron Arun Kumar Bajoria and his associate entities — Mega Resources, Mega Stocks and Hoogly Mills Company — in the alleged rigging of shares of Bombay Dyeing.