ING Vysya Bank suspended two officials after discovering disguised currency trade positions and losses. A group of associates of SpiceJet promoter Bhupendra Kansagra moved to stall his planned sale of a 7.7% stake in the airline to media mogul Kalanithi Maran. Hero Honda sought land from the Himachal Pradesh government to set up a fourth plant with a 2,000-bigha capacity to meet growing demand. Bank of America plans to hire over 1,000 people in areas like Los Angeles and Dallas to expand its small business operations in the US. NSE and BSE will start pre-market call auctions from October 18th, with a 15-minute trading

1. Top Weekend News (11th Oct. to 16thOct. 2010)Presented BySupriyaNayyar

2. ING Vysya fires two for forex trade lossesTwo officials of ING Vysya Bank have been suspended after the private bank discovered disguised positions and losses in currency trades.

3. It is unclear that whether such trades took place on a sustained basis and for how long but the losses may have surfaced when the forwards started moving up in anticipation that the central bank will raise interest rates.

4. Somewhere along the way, the trader either breached the loss limit it was internally permitted by the bank or the total exposure allowed to him.SpiceJet stake: Kansagra-Maran deal lands in US courtA few business associates of BhupendraKansagra — the Spice Jet promoter who agreed to sell 7.7% stake in the low-cost airline to the southern media magnet KalanithiMaran — have moved US courts to stall the transaction.

5. He bloc of shares is held by Royal Holdings Services (RHSL), a US firm.Hero Honda to set up 4th Plant in Baddi beltThe world’s largest two-wheeler maker by volumes has sought the Himachal Pradesh government’s help in acquiring land for the project, which includes a mother plant and ancilliary units.

6. Hero Honda has sought the state government’s help to acquire around 2,000 bighas of land.

7. The company’s current 5.4 million units capacity is likely to be exhausted in the current fiscal year as the booming sector is notching up impressive growth on the back of robust economic growth in the country.Bank of America to hire over 1,000 peopleFinancial services major Bank of America will hire more than 1,000 people in the US, to boost its presence in the small businesses segment.

8. He entity would expand its small business presence by hiring bankers in areas, including Los Angeles and Dallas. NSE,BSE to start pre-market call auctions from Oct.18NSE, BSE have decided to implement “Pre-market call auctions” which is a special 15- minute trading window starting at 9.00 am from oct.18.

9. This also means that all other segments, including derivatives and non-index stocks, will trade only at 9.15am.