1. Fuel hikes in India could lead to 3-4% hike in road freight charges. Fuel constitutes 50-60% of the total cost and it is difficult to absorb the hike.
2. Verizon Wireless agreed to buy Alltel Corporation for US$28.1 billion in cash to overtake AT&T as the biggest mobile phone company in the US.
3. The BSE ‘s 30-share sensex gained 255 points to close at 15,770 on Thursday. IT stocks rallied on the back of weak rupee against the dollar, ONGC gained on the back of petro-product price hike. Volatile trading was witnessed in Reliance Industries stocks. In bullion market, gold prices dropped further to close at Rs.12100/10gm and silver at Rs.23,800/kg.
4. Tata Group from India has emerged as the world’s sixth most reputed company, while Reliance Industries failed to make the grade. The global list is topped by Japanese auto maker Toyota, followed by US based internet search giant Google.
5. WIPRO has undertaken significant leadership restructuring and pan-global geographic re-grouping. Services currently account for 95% of Wipro’s revenues.
6. Continental Airlines to cut 3000 jobs and reducing capacity by 11% in view of the record fuel price.
7. Indian government amends money laundering law to cover transfer services, credit cards. The union cabinet decided to amend the Prevention of Money Laundering Act, making it mandatory for these financial intermediaries to report all suspected transactions involving international money transfers.
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