1. US blame India and China for high oil prices. Earlier, it was said that higher standards of living in the developing countries resulted in increased demand for food which is the driver of higher prices across the world. However, the US with its 300 million population, consumes about 20 million barrels of oil per day, seven to ten times more than India with its billion-plus population.
2. Bharti Airtel has made an offer of US$19 billion for acquiring a 51% stake in Johannesburg-listed telecom firm MTN.
3. National Highway development projects are likely to suffer if adequate steps are not taken to control the prices of steel and cement.
4. The Bombay Stock Exchange, sensex fell 118 points to close at 17,373. IT and FMCG stocks were the top gainers. In bullion market, the gold closed at Rs.11,600/10gm and silver at Rs.22955/kg.
5. Reliance Industries has shut all of its 1,432 petrol pumps in the country after drop in the sales due to its inability to match the subsidized price offered by public sector companies. The company owned less than 3% of the 36,936 petrol pumps in the country.
6. Mumbai is the world’s 7th largest billionaire city, says Forbes business magazine.
7. Machine parts roll into Tata’s Nano factory at Singur, West Bengal.
8. Cartosat-2A satellite, which India put into orbit last week, has begun beaming pictures. This is expected to revolutionize the land market.
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