Zurich: Swiss bank UBS swallowed a $1.5 billion fine and admitted to fraud on Wednesday after a global probe revealed its staff orchestrated the manipulation of benchmark interest rates over three continents. UBS traders colluded with brokers to rig the Libor rate, which is used to price trillions of dollars worth of loans worldwide, rewarding them for their help. They also teamed up with traders at other banks. The penalty...
05:55 PM, Dec 19, 2012
New Delhi: Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks to buy part of either Jet Airways or grounded rival Kingfisher Airlines, an Indian government official said on Monday. A deal, which the official said could be announced by next week, would be the first since the government relaxed ownership rules in September to allow foreign airlines...
08:12 AM, Dec 18, 2012
Kochi: Veteran CPM leader V S Achuthanandan, who is the prime accused in a land controversy, on Thursday got reprieve when a single-judge bench of the high court quashed the FIR -- but the state government decided to go in appeal. Single-bench judge S S Sateeshchandran asked the first information report (FIR) to be cancelled because it had no merit in it. The court said that it appeared that Achuthanandan...
03:23 PM, Dec 06, 2012
New Delhi: With days to go for the Gujarat elections, there is some embarrassment for Chief Minister Narendra Modi. Aam Admi Party leader Arvind Kejriwal has questioned his proximity to big business groups and raised uncomfortable questions about gas deals and favours to the Adani group in particular. It's an old allegation against Narendra Modi that Arvind Kejriwal has now given renewed momentum to. Kejriwal focused on the 2002 gas...
08:32 AM, Dec 05, 2012
Ahmedabad: The Gujarat government on Tuesday refuted Aam Admi Party convener Arvind Kejriwal's charge that it favoured certain industrial groups in the state. "The charges levelled by Kejriwal are baseless and aimed at maligning the reputation of Gujarat Chief Minister Narendra Modi," government spokesperson and Minister of State for Energy, Saurabh Patel said. "The charge that the state government favoured Adani group while purchasing power is not true. Power was...
11:12 PM, Dec 04, 2012
New Delhi: Jubilant Energy on Tuesday said it won the KG Deendayal gas block through international competitive bidding and did not get participating stake of 10 per cent as "gift" from the Gujarat government. "Jubilant Energy (subsidiary of Jubilant Enpro) won this block under international competitive bidding under the third round of New Exploration Licensing Policy of the Government of India. Jubilant Energy is a partner in the block and...
09:58 PM, Dec 04, 2012
The International Olympic Committee on Tuesday suspended the Indian Olympic Association citing government interference. ...
09:24 PM, Dec 04, 2012
New Delhi: Aam Aadmi Party convenor Arvind Kejriwal on Tuesday took on Gujarat Chief Minister Narendra Modi over the Tehelka report alleging irregularities in the sale of stake worth Rs 20,000 crore in Gujarat State Petroleum Corporation's (GSPC) gas exploration project in the Krishna Godavari Basin (KG), which the report alleged, was sold to a foreign company for virtually nothing. "In August 2002, two companies bid with government for the...
05:22 PM, Dec 04, 2012
Ahmedabad: The BJP on Monday termed as "baseless and politically motivated" the allegations levelled by Union minister Manish Tiwari about the Gujarat State Petroleum Corporation's (GSPC) deal with a foreign company. "The Congress has invented a scam which does not exist. Contracts given or contracts cancelled are normally done with prior approval given by the Director General Hydrocarbons... Even in this matter it is so," said Nirmala Sitaraman, BJP spokesperson....
11:27 PM, Dec 03, 2012
New Delhi: The Congress Party is on the attack in Gujarat. Quoting an investigation done by Tehelka magazine, the party has questioned why the Narendra Modi government gave 10 per cent equity in a gas field to a firm, GeoGlobal, that exists only on paper. The Tehelka write-up, which quotes extensively from the CAG report on the deal between GeoGlobal and the state government-owned Gujarat State Petroleum Corporation (GSPC), says...
06:23 PM, Dec 03, 2012
New Delhi: The Ministry of External Affairs is assessing the diplomatic fallout with Maldives over its decision to cancel a $500 million Male airport contract with GMR. Government sources on Thursday said it was inevitable that India's ties with Maldives would be hit over the commercial dispute. According to sources, the anti-India climate in the country cannot be taken lightly, adding that the security of as many as 30,000 Indians...
06:00 PM, Nov 29, 2012
New Delhi: In yet another defence of Robert Vadra, The Prime Minister's Office has told Allahabad High Court that charges of irregularities in land deals against Sonia Gandhi's son-in-law are false, vexatious and based on hearsay. "Petition is driven by a desire for publicity and seems to be actuated by political considerations rather than public interest. It was unnecessarily dragged into the case through this petition in Allahabad High Court,"...
07:49 PM, Nov 28, 2012
New Delhi: Winding up the exercise of scrutiny of mines allotted to PSUs which failed to develop coal mines within stipulated timeframe, the Inter-Ministerial panel on coal blocks on Tuesday recommended de-allocation of three more blocks. "The IMG has recommended de-allocation of three blocks today including one allotted to Jharkhand State Mineral Development Corporation (JSMDC)," a source close to the development said. However, the names of other two blocks could...
08:51 PM, Nov 20, 2012
Kolkata: The Ministry of Coal has issued letters for deallocation of coal blocks of firms like Electrotherm and bank guarantee deduction for companies like DB Power. The letters were issued on the back of the recommendations of the Inter-Ministerial Group headed by Additional Secretary (Coal). In the case of DB Power, the IMG has recommended the deduction of bank guarantee to the extent of Rs 5.1 crore. "The BG as...
01:36 AM, Nov 18, 2012
Thiruvananthapuram: Kerala Governor H R Bhardwaj has suspended state Information Commissioner K Natarajan for allegedly intervening in the land-gift case involving CPM stalwart V S Achuthanandan. Action against Natarajan, a former DIG of police, was taken on the basis of the recommendation made by the state Government following a police probe which came across evidence to corroborate the charge that the Information Commissioner had urged a police official investigating the...
01:31 PM, Nov 12, 2012
Mumbai: Shares of United Spirits Ltd jumped as much as 21 per cent on Monday to a two-year high after several brokerages upgraded the stock, saying the Indian liquor company sold a stake to Diageo at a higher-than-expected price. Morgan Stanley raised its rating on United Spirits to 'overweight' from 'equal-weight', saying the $2.1 billion deal priced the company "significantly higher" than its base case value. "USL is now a...
11:56 AM, Nov 12, 2012
New Delhi: The coveted Samsung Galaxy S III, which became the world's best-selling smartphone model last quarter, pushing aside Apple's iPhone, is now available on Kaunsa.com for Rs 29,999. It seems to be a good deal as the same model is available for purchase on the Samsung India e-store for Rs 35,499. According to the e-commerce site, the smartphone will be delivered in 7 to 12 days. The phone features...
11:19 AM, Nov 12, 2012
New Delhi: Defence Minister AK Antony on Saturday said India has sought details from the UK in connection with corruption allegations in the VVIP helicopter deal with Italy. He said that "strong action" would be taken in case any foul play is found. "The contract is with a particular company based in the UK. We have also requested MEA to take up the case with UK. We are making all...
02:20 PM, Nov 10, 2012
New Delhi: Vijay Mallya owned United Breweries on Friday signed a $2 billion deal with Diageo group and sold controlling stake of 53.4 per cent in United Spirits Limited (USL). Announcing the deal, Mallya said, "The cash infusion will help USL de-leverage itself. It is a win-win situation for both USL and Diageo." Ivan Menezen, the CEO of Diageo, seconded Mallya. He said, "The alcohol market in India will grow...
02:30 PM, Nov 09, 2012
New Delhi: The Central Bureau of Investigation submitted its status report in the Aircel-Maxis deal in the Supreme Court on Wednesday. The deal involves former telecom minister Dayanidhi Maran and a Malaysian business tycoon. The CBI also told the court that its domestic investigation into the deal is complete but the overseas probe was being delayed due to the influence of the firm's owner in Malaysia who is "powerful politically"....
04:38 PM, Nov 07, 2012
