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News

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Published in: Economy & Finance, Business

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  • 1.  Italian carmaker Fiat is setting up a joint venture with U.S. peer Chrysler.  It is to make top-of-the-range SUV cars at its Mirafiori plant in Turin  Italy's largest industrial group, which owns 20 percent of U.S.-based Chrysler, said the plan would require an investment of over 1 billion euros ($1.3 billion).  The Mirafiori plant employs around 5,500 staff for car-making and it is one of Italy's biggest plants, along with Melfi in southern Italy.
  • 2.  Vivek Kulkarni, an ex-IAS officer, has stepped down from the Board of the Bombay Stock Exchange (BSE).  It is believed to have cited lack of corporate governance as a reason for his resignation.  Kulkarni is believed to have objected to the exchange's proposal to buy Computer Age Management Services, a mutual funds registrar and transfer agent.  He had also raised objections to the HR policy pursued by the bourse, among other things,
  • 3.  South Korean electronics major Samsung, which has announced Rs 350 crore fresh investments.  Planning to make India its production hub for Middle East and other neighbouring markets in five years.  Samsung's Indian subsidiary, Samsung India Electronics has signed a memorandum of understanding (MoU) with the Tamil Nadu government to expand its facility
  • 4.  Some of the leading technology companies such as Google are raising the compensation for its employees.  Firms are lifting pay rates apart from taking other measures to retain employees.  Intel also has given message to employees "that bonuses early in 2011 would be the highest in a decade".
  • 5.  The Supreme Court issued a notice to the Karnataka state government asking why it must not admit an appeal by mining firm.  MSPL Ltd that challenged a ban on iron ore exports from the state.  The Karnataka government banned exports of iron ore from 10 ports in the state.  It was a drive against illegal mining and the need to preserve the resource for local steel mills.

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