1. Airlines in India may cut routes and lower flight frequency in order to cut costs resulting from 19% hike aviation turbine fuel prices. The fuel surcharge for national and international flights is set to rise sharply.
2. Arun Sarin, India’s hottest global CEO is said to be in the most wanted list by Indian companies.
3. Virgin, Britain’s first national commercial rock radio station is acquired by Bennett Coleman & Co Ltd (BCCL) for 53.2 million Pounds. It is the first foray beyond domestic shores by any Indian media group. The Virgin Radio has 2.7 million-strong fan following and prestigious London FM and national AM licenses.
4. India’s oil subsidy may shoot up three times to 2.2% of the GDP this year. The country paid US$8.7 billion in oil subsidies in 2007 or 0.7% of the GDP.
5. The International Air Transport Association (IATA) is calling for 100% e-ticketing globally which will help Aviation Industry to save US$3 billion annually.
6. Chinese authorities are set to open the sluice gates of the securities industry so that foreign companies can raise capitals and list in the Shanghai Stock Exchange. Local companies are also allowed similar benefit and get listed in foreign stock exchanges.
7. Sterlite Industries (India) inked an agreement to acquire 100-year old American Copper firm Asarco for US$2.6 billion in cash. The company employs 2,600 people and is currently the third-largest copper producer in US, produced 235,000 tonnes of refined copper in the year 2007.
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