1. Citibank plans 18,000 job cuts before this year is out. The Citi’s global workforce is 350,000-strong. The bank earmarks US$500 billion of assets for disposal in rebuilding process.
2. LN Mittal is considering the prospect of investing in upmarket country hotels. It is reported that the group is in talks with Von Essen Hotels.
3. Anti-infective medicine retail market grew by 21% during Jan-May this year as against 7% during the same period last year. All top four segments i. e., cephalosporins, ampicillin, quinolones and macrolides have shown double digit growth during the period.
4. Jet owners flout import norms. Over 250 private planes have been bought in violation of rules. If all violations are proved, the cumulative duty and penalty obligation on these aircrafts may exceed Rs.9,000 crores.
5. India needs 10-fold hike in power supply in the next 10 years. India’s demand for power will soar to 3,15,000 MW by 2017 assuming the current pace of economic growth at 8%. At present, India has an installed capacity of 1,44,565 MW.
6. Aditya Birla Group’s telecom subsidiary Idea Cellular Limited is all set to launch mobile services in the Mumbai circle.
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