News file 15th to 19th nov


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News file 15th to 19th nov

  1. 1.  World's largest steel producer Arcelor Mittal has expressed interest in buying the troubled US based coal firm Massey Energy Co, says a media report .  Quoting people familiar with the matter, the Wall Street Journal said, "Steel giant Arcelor Mittal SA is among the companies that have expressed interest in buying Massey Energy Co if the coal miner decides to sell itself."  Luxembourg-based Arcelor's preliminary exploration of a possible deal began a few months ago and is in the early stages, the report added. Last week, Coal India chairman Partha Bhattacharyya had said that the company is in talks to acquire mines from two US companies , Peabody Energy Corp and Massey Energy Co.
  2. 2.  The technology industry's latest rivalry takes centerstage next week when Internet powers Google Inc and Facebook lay out their competing visions to create a new generation of Web services at a high-profile conference in San Francisco.  The relationship between the two Internet icons has become increasingly confrontational, and the battle will likely intensify on Monday when Facebook is expected to introduce a revamped version of its messaging technology that could pose a challenge to Google's Gmail.  And investors hoping for an eventual wave of initial public offerings by a new generation of fast-growing Web start-ups will keep an eye on appearances by executives from Twitter, Zynga and LinkedIn.
  3. 3.  The head of the European Union warned on Tuesday that the 27-nation bloc will not survive if it fails to overcome a debt crisis plaguing euro currency governments.  Hours from a meeting of finance ministers in Brussels to grapple with an exploding debt crisis that has already brought Greece to its knees, and now threatens Ireland and Portugal, Van Rompuy said that the EU and eurozone were in danger from alarm on financial markets.  Analysts expect the ECB to announce "further steps towards normalisation of its money market operations"
  4. 4.  A Raja flouted almost every rule in the book, ignored advice from the prime minister down and indulged in blatant favoritism while awarding mobile licenses to mostly undeserving companies, the country’s chief auditor has said, in a stinging indictment of the former telecom minister who is accused of causing a loss of nearly Rs 177,000 crore to the government.  Using language rarely ever used against a minister, the Comptroller and Auditor General (CAG) accused Raja of granting “undue benefits” to Reliance Communications and giving “undue advantage” to the erstwhile Swan Telecom (now Etisalat DB), singling out these two companies for special mention in sub- headings of its report submitted to Parliament on Tuesday. The report mentioned Swan as a “front” for the Anil Ambani-controlled Reliance.
  5. 5.  A Qantas jet was forced to return to Johannesburg late on Tuesday after a bird strike damaged one of its engines, the latest in a series of incidents at the Australian airline since an engine failure on an Airbus A380 nearly two weeks ago.  The Sydney-bound Boeing 747 with 171 passengers suffered minor engine damage and would be delayed by more than a day as Qantas had to ship replacement parts to South Africa from Australia.  Qantas has kept its A380s grounded since the accident and has used its 26 Boeing 747s to fill gaps in its schedule.
  6. 6.  The Egyptian unit of telecom giant Vodafone has dropped an advertisement depicting an early Muslim scientist, Abbas Ibn Firnas, as a dim man who fell off a cliff when trying to fly with feathered wings.  The Britain-based company made the decision after receiving complaints from viewers, who took to the social networking sites Facebook and Twitter to complain about what they said was an insult to the historic Islamic figure.  Ibn Firnas, a Muslim Berber scientist who died in 887, is said to have jumped from a height, wings attached and covered head to toe in feathers, in a failed attempt at flying, although he survived the jump.
  7. 7.  General Motors Co's swift journey from dying company to blockbuster IPO is a remarkable story by any measure.  Yet President Barack Obama and his Democrats have received little political credit for it, even though White House "car czars" engineered the transformation as they shepherded the automaker through a goverment- sponsored bankruptcy.  Obama trumpeted GM's journey as a "success story" and said taxpayers were on track to recover more from the automaker than the $30 billion his administration spent on the restructuring. That does not count the nearly $20 billion spent during the Bush administration in 2008 to bail out GM.
  8. 8.  Dell Inc reported better-than-expected profit and margins and raised its yearly outlook for operating income growth, but sales came in below Wall Street's forecast despite solid demand from large corporations.  The personal computer maker reported net earnings for the third quarter ended October 29 of $822 million, or 42 cents a share, up from $337 million, or 17 cents a share, in the year-ago period.  Revenue rose 19 percent to $15.4 billion, below Wall Street's estimate of $15.76 billion.