1. The country’s largest bank, State Bank of India needs to provide around Rs.600 Cr against losses in derivative transaction in the domestic market. The Chairman said that as the credit growth is not very strong and the money markei is flush with liquidity, banks will not resort to increase in the interest rates in the short term.
2. British Prime Minister Gordon Brown sees India as not a part of a low-pay world but as a part of high-skill world.
3. Tatas hunt for telecom investors: South Korea Telecom, China Unicom among the suitors for the Teleservices stake.
4. The Reserve Bank of India (RBI) asked the banks to take full responsibility for their recovery agents and desist from deployment of abusive practices.
5. The Government clarified that foreign companies are free to acquire up to 74% stake in new telecom operators ar permitted by foreign direct investment rules.
6. The BSE sensex closed at 16,721, 23 points lower. In the bullion market, gold closed at Rs.11,730/10gm and silver at Rs.23,175/kg.
7. Infosys, the IT major intends to recruit more than 20,000 employees in Kolkata over a period of time.
8. Reliance Globalcom, a wholly-owned subsidy of Reliance Communications, said that it has acquired a 90% stake in eWave World, a UK headquartered telecom company.
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