Business News: General

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ADAG urges Sebi to probe RComm stock price fall FE - Sat, Jul 5
The Anil Dhirubhai Ambani Group (ADAG) has urged the market regulator Securities & Exchange Board of India (Sebi) to probe the steep fall in the group's firms since elder brother Mukesh Ambani-led Reliance Industries Ltd (RIL) raised the issue of the right of first refusal (RoFR).
Bourses end in red for seventh week FE - Sat, Jul 5
Sustained rise in the rate of inflation and firming up of crude oil prices continued to take its toll on the bourses with benchmark indices posting negative weekly closing for the seventh week in a row on Friday.
Merrill nears deal to sell Bloomberg stake - report Reuters - Fri, Jul 4
NEW YORK (Reuters) - Merrill Lynch & Co may sell its 20 percent stake in financial news and data provider Bloomberg LP to a blind trust controlled by New York City Mayor Michael Bloomberg, The New York Post reported on Friday.
French bank body fines SocGen $6 mln over Kerviel Reuters - Fri, Jul 4
PARIS (Reuters) - France's Banking Commission on Friday fined Societe Generale 4 million euros ($6.3 million) for serious breaches in internal controls revealed by the French bank's 4.9 billion euro rogue trading loss.
Indigenous peoples say G-8's economic agenda responsible for global warming, food crisis AP - Fri, Jul 4
SAPPORO, Japan (AP) _ A gathering of indigenous peoples on Friday blamed the Group of Eight's economic agenda for global warming and rising food and fuel prices the very problems the G-8 leaders plan to tackle at their summit next week.
China's foreign debts reach $392 bn FE - Fri, Jul 4
China's outstanding foreign debts have touched USD 392.59 billion after a rise of USD 18.97 billion in the first quarter of 2008. The incurred medium and long-term foreign debts amounted to USD 7.75 billion in the first three months of 2008, data from the State Administration of Foreign Exchange (SAFE) showed.
World must brace for oil beyond $150 Reuters - Fri, Jul 4
By Alastair Sharp
LONDON (Reuters) - Oil's meteoric rise since the start of the year to nearly $150 has distressed consumers and policy makers the world over, but the stark reality is prices are likely to rise higher still.
Container rail cos fret as haulage charges set to rise Reuters - Fri, Jul 4
MUMBAI (Reuters) - The Indian Railways have announced an increase in haulage charges for containerised cargo in privately-owned wagons from August, a move which will force container rail operators to raise prices, the companies said.
Biofuels blamed for food price crisis - report Reuters - Fri, Jul 4
LONDON (Reuters) - Biofuels have forced global food prices up by 75 percent -- far more than previously estimated -- according to a confidential World Bank report published in a British newspaper on Friday.
SpiceJet cuts number of daily flights - CFO Reuters - Fri, Jul 4
NEW DELHI (Reuters) - Low-cost carrier SpiceJet Ltd has cut its daily flights to 94 from 117, on routes that had "average realisations," its finance chief said on Friday.
India inflation high due to fuel, metal prices-finmin Reuters - Fri, Jul 4
NEW DELHI (Reuters) - India's headline inflation is high mainly due to a surge in the prices of fuels and iron and steel products, the finance ministry said in a statement on Friday.
Fri, Jul 4
MUMBAI (Reuters) - Volatile prices of food and commodity prices have pushed inflation higher and the most urgent priority for central bankers is to calm nerves on inflation, the Reserve Bank of India (RBI) governor said.
South Korean president's former business partner sentenced to 18 more months in prison AP - Fri, Jul 4
SEOUL, South Korea (AP) _ A South Korean court sentenced a former business partner of President Lee Myung-bak to 18 more months in prison Friday for falsely accusing Lee of fraud during last year's presidential campaign, an official said.
India approves foreign investments worth $308 mln Reuters - Fri, Jul 4
NEW DELHI (Reuters) - India on Friday cleared 28 foreign direct investment proposals totalling 13.28 billion rupees ($308 million), including those of Marks & Spencer and a joint venture involving EID Parry (India) Ltd.
Rupee lifted by stocks; wary of oil, inflation Reuters - Fri, Jul 4
By Swati Bhat
MUMBAI (Reuters) - The rupee strengthened on Friday as a rise in local shares eased some immediate concerns of more capital outflows, but its gains were limited by high oil prices and further rise in annual inflation.
India direct tax receipts up 39 pct y/y in June qtr Reuters - Fri, Jul 4
NEW DELHI (Reuters) - India's direct tax receipts jumped 38.6 pct in the quarter to June from a year earlier to 573.73 billion rupees ($13.28 billion) riding on robust corporate payments, a finance ministry statement said on Friday.
India has no plans to ban cotton exports - official Reuters - Fri, Jul 4
MUMBAI (Reuters) - India has no plans to ban cotton exports but may cut the import duty to boost supplies and ease prices, which hit record highs in June, a senior official said on Friday.
Rel Comm rises up 12.5 pct on MTN deal clarity hopes Reuters - Fri, Jul 4
By Rina Chandran
MUMBAI (Reuters) - Shares in Reliance Communications surged 12.5 percent on Friday on expectations some clarity may soon emerge on its exclusive talks with South Africa's MTN Group that end next week.
Indian shares rise 2.8 pct, Reliance Comm rebounds Reuters - Fri, Jul 4
By Narayanan Somasundaram
MUMBAI (Reuters) - Indian shares climbed 2.8 percent on Friday as investors picked bargains in the battered market, after political worries appeared to be easing but the outlook was grim due to inflation and high oil prices.
Mkts shrug inflation, Sensex up 400 pts FE - Fri, Jul 4
Indian shares extended gains to more than 3 percent by afternoon on Friday, led by ICICI Bank and Larsen & Toubro.