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Business Briefs

Spain rating down

London, April 28: Ratings agency Standard & Poor’s (S&P) has downgraded the debt rating on Spain by one notch, leading to a fall in European shares. S&P cut its ratings on Spain to AA from AA-plus, saying a longer-than-expected period of low growth can undermine efforts to cut the budget deficit. The outlook is negative, reflecting the possibility of another downgrade if Spain’s fiscal position further worsens.

Fed status quo

Washington, April 28: The Federal Reserve on Wednesday left interest rates near zero and renewed a promise to keep them low for an “extended period”, though it sounded more upbeat on the economic recovery and jobs. Consumer and business spending were picking up steam, the Fed said.

IT spending

New Delhi, April 28: Information technology spending in the country will grow 14 per cent in 2010 to $67 billion on the back of increased domestic consumption and investment by the government, research firm Gartner said today.

NTPC-CIL deal

Mumbai, April 28: NTPC has formed a joint venture with state-run Coal India Ltd to focus on acquisition of coal blocks in India and abroad.

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