Friday, July 11, 2008

Indian Business News – Selected Extracts (July 11, 2008)

1. BSE’s benchmark index, Sensex ends flat as major players remained on the sidelines amid fresh developments on the political scenario following the Left Parties pull-out from the government. The sensex lost 38 points to close at 13,926. In bullion market, gold bounces back to close at Rs.12,965/10gm and silver edges up to close at Rs.25,165/kg.
2. “Fuel rationing” by oil-marketing companies are forcing petrol pump owners to run their pumps for 16 hours a day instead of the earlier 24x7 work schedule.
3. Cash-crunched Citibank may sell off its eight-story tower Citigroup Centre located at Bandra Kurla Complex in Mumbai. The building could fetch anywhere between 500-800 Cr rupees as per the estimates.
4. National Australia Bank is expected to send another 400 IT jobs to India by the end of this year.
5. Rising oil prices has taken a big hit on China’s trade surplus, falling by 11.8% in the first half of 2008 as compared to the same period in 2007.

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