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Week 3 News


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  • 1. ECONOMIC TIMESWEEK 3(5th-12th SEPT)
  • 2. Kansai Nerolac expects 18-20% sales growth in FY11
    Country's no 2 paints maker Kansai Nerolac Paints Ltd expects an 18-20 percent rise in sales in the current fiscal, HM Bharuka, managing director, told reporters on Monday. The firm does not have any plans to hike prices till October-end, he added.
  • 3. Tata Steel not selling African unit: Nerurkar
    Steel major Tata Steel is not selling its South African unit.
    Tata Steel KZN Pte, set up in Richards Bay, South Africa, in 2006, made profit last fiscal (2009-10). 
  • 4. Shell, Intellecash to provide collateral-free loans to SBUs
    Shell Foundation and non-bank lender Intellecash have tied-up to provide collateral-free lending to small business units in the energy and infrastructure sectors. The credit facility will help provide short-term loans for a tenure of less than a year under Rs 1-crore without insisting on any asset collateral or a multi-year profitability record, a press release issued said.
  • 5. Shale gas auctions by 2nd half of 2011: Sundareshan
     Oil Secretary S Sundareshan said the ministry will come out with a special exploration policy for shale gas by the second half of 2011 and will then soon launch auctions for awarding contracts. 
  • 6. IMF says risks to global growth have intensified
    The International Monetary Fund said on Friday that downside risks to global recovery have intensified due to recent turbulence in sovereign debt markets and continued weakness in the financial sector.
    The Fund said European policy actions to calm the euro-zone sovereign debt crisis have eased market concerns
  • 7. Contdd….
    The IMF, in a briefing note prepared for Group of 20 deputy finance ministers, said global growth had been somewhat stronger than expected during the first half of 2010, "but is projected to slow temporarily during the second half of 2010 and the first half of 2011." 
  • 8. IBM to invest $1 billion in data centres
     IBM said it was to invest $1 billion to build and expand data centres around the world as as part of a wider effort to boost revenue from emerging markets. 
    IBM, the world's largest IT services company, wants emerging markets to make up a quarter of its revenue by 2015 and has announced a string of new investments in places such as Egypt, Argentina and China. 
  • 9. UK watchdog fines Goldman Sachs $27 million
    Britain's financial watchdog slapped a 17.5 million pounds ($27 million) fine on Goldman Sachs on Thursday for inadequate disclosure of a U.S. probe into the Wall Street powerhouse.
    The fine, one of the biggest ever imposed in Britain, was related to Goldman's troubled Abacus mortgage-security product, which resulted in the investment bank being investigated by the US Securities & Exchange Commission (SEC).