Forex reserves top $91bn
Mumbai, Oct. 25: After registering a rise of over $2 billion in the previous week, India’s foreign exchange reserves increased by $962 million to cross the $91 billion mark in the week ended October 17. The country’s foreign exchange reserves rose from $90,353 million to $91,315 million in the period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today.
Mumbai, Oct. 25: HDFC today unveiled a diwali bonanza scheme by offering home loans at 7.75 per cent for up to 20 years under floating basis. The “diwali home loan bonanza” scheme would be available from October 27 to November 5, HDFC said and added that processing fees have also been waived. All HDFC offices would remain open for these 10 days. The company would give spot approvals and counselling on legal issues.
Makuhari (Japan), Oct. 25: The Tokyo Motor show drew tens of thousands of people here today, featuring environment-friendly cars with alternative fuel sources, including fuel cells, ‘hybrid’ power and low-emission diesel. After a three-day preview for media and industry representatives, the biennial extravaganza was opened to the public.
New York, Oct. 25: Telecommunication groups AT&T Corp and BellSouth Corp have reopened their on-again, off-again merger talks, the Wall Street Journal said Friday. Executives of both companies had discussed a tie-up this week, two months after the negotiations last broke up. The talks had been sputtering along for three years.
New York, Oct. 25: General Motors Corp is close to a deal to sell off part of its finance arm, GMAC Corp., to Deutsche Bank for $2 billion, The New York Post reported on Friday. The deal is in the final stages but could still fall apart, the daily said, citing sources. GM spokesman Jerry Dubrowski confirmed that the “sales process is ongoing”, but would not comment on any specifics.
Geneva, Oct. 25: China topped a list of countries that have triggered anti-dumping investigations on their exports in the six month to June, but the number of cases was down 43 per cent from a year ago, the WTO said on Friday. Other member states launched 12 such probes against China in the first half of the year, compared with 21 investigations initiated during the same period in 2002, according to the WTO.
Moscow, Oct. 25: Severstal, Russia's second-biggest steelmaker, said on Friday that it had signed a letter of intent to buy Rouge Industries, a struggling US rival, in the latest Russian business expansion into the US. The acquisition is part of “our strategy of searching for new outlets on the world steel market for the automobile industry," spokeswoman Olga Yezhova said.