The Telegraph
Thursday , February 23 , 2012
Since 1st March, 1999
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Business Briefs

Dunlop halts work at unit

Chennai, Feb. 22: Tyre manufacturer Dunlop India today suspended operations at its facility at Ambattur because of labour unrest and said it planned to go in for a restructuring exercise. The company said it suspended operations at the plant with immediate effect, as it had incurred heavy losses. Dunlop claimed the workers’ union continued placing all types of obstacles, restrictive practices and manipulated attendance, despite giving an assurance to adhere to a long-term settlement for cooperation.

Bharti Airtel

Lagos/ New Delhi, Feb. 22: African telecom operator Econet Wireless today sought over $3.1 billion as damages from Bharti Airtel with whom it is locked in a legal battle over ownership of the Indian major’s Nigerian operations. Bharti Airtel termed the development as “grossly spurious and misleading”.

Power plea

New Delhi, Feb. 22: Private power producers have asked the government to divert scarce natural gas from non-priority sector such as petrochemical plants to electricity generation.

PNB funds

New Delhi, Feb. 22: State-owned Punjab National Bank (PNB) proposes to raise Rs 1,590 crore by selling about 1.58 crore shares to LIC. The bank has also approved fund infusion of Rs 1,285 crore through preferential issue of shares to the government.

ATF import

New Delhi, Feb. 22: The government today formally allowed local airlines to import aviation turbine fuel (ATF) directly in a bid to help debt-laden carriers bring down costs.

Pension limit

New Delhi, Feb. 22: Differences among representatives of employers and employees at the EPFO board meeting today forced the retirement fund body to defer a decision on fixing minimum monthly pension of Rs 1,000 for PF subscribers.

Indirect tax

New Delhi, Feb. 22: The indirect tax collection target of Rs 3.93 lakh crore will be met in the current fiscal despite moderation in economic growth, finance minister Pranab Mukherjee said.