Business Briefs 18-04-2011

Mobile players face fine Car insurance China rates AI debt ZTE plant

By The Telegraph Online
  • Published 18.04.11

Mobile players face fine

New Delhi, April 17: The telecom ministry is turning the heat on old service providers and has finalised a penalty demand of over Rs 150 crore for their failure to roll out services on time. “The department of telecom (DoT) has finalised a fine of over Rs 150 crore on established telecom operators for not rolling out their networks on time in the past,” a senior DoT official said.

Car insurance

New Delhi, April 17: Third-party motor insurance premium is set to rise up to 65 per cent for two-wheelers, private cars and heavy load carriers from April 25. The premium is being revised after a gap of four years, the Irda said, adding that from now on third-party motor insurance premium rates would be revised annually.

China rates

Beijing, April 17: China today announced a hike of 50 basis points in the required reserve ratio from Thursday, the eighth raise since October last year, in a bid to tame price rise.

AI debt

Hyderabad, April 17: A consortium of banks is willing to participate in the financial restructuring plan of Air India after ICICI Bank’s move to refinance long-term debt, said Praful Patel, minister for heavy industries and public enterprises.

ZTE plant

New Delhi, April 17: ZTE Corporation is mulling a manufacturing plant in the country to tap the growing market, especially 3G services, despite security concerns raised about the use of Chinese telecom equipment.