JP Morgan reports $4.4bn third-quarter profit

JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses. The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago. The bank set aside $1.55bn for retail credit losses during the quarter, less than half the $3.99bn it set aside during the third quarter of 2009. JP Morgan's card services unit posted a profit of $735m, compared with a loss of $700m a year ago, while income at its retail unit rose from $7m to $907m. But despite setting aside less money for loan losses, profits at its mortgage banking and other consumer lending business fell 50% to $207m. And, in what could be a bad sign for rivals Goldman Sachs and Morgan Stanley, investment banking profits fell by a third to $1.2bn.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Intel's results beat market expectations

Intel's latest results have beaten market expectations, thanks to "solid demand" for its microchips. The firm's net profits in the three months to 25 September totalled $2.96bn (£1.9bn), a 59% increase on the same period a year ago. The first major technology company to report its third quarter figures, its revenues advanced 18% to $11.1bn. Intel said: "Looking forward, we continue to see healthy worldwide demand for computing products. The company warned at the end of August that sales of microchips were weak, but they appear to have recovered since then. Intel's processors run 80% of the world's computers.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Pfizer buys King Pharmaceuticals for $3.6bn

Drugmaker Pfizer has agreed to buy smaller rival King Pharmaceuticals for $3.6bn (£2.3bn) in cash. Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday. King has struggled in recent years as patents on several of its key drugs have expired or been thrown out. Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years. The boards of both companies approved the deal. King's shares ended Tuesday trading up $3.99 or 39% to $14.14. Pfizer advanced 0.5%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

When Hero and Honda part ways

Desh ki dhadkan Hero Honda could be in serious need of an electrocardiography. Over the last month, it has been issuing denials or ‘no comments’ in response reports of a stake sale by Japanese partner Honda Motors. Facing the ultimate test—the country’s largest

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Hyundai Motor ties up with ING Vysya Bank for car loans

The country's second largest car maker Hyundai Motor India today said it has tied up with the private sector lender ING Vysya Bank to provide retail financing facilities to customers. With this association, we will be able to reach out to a wider consumer base with better and easier finance options. Also, the competitive rates and easily accessible locations of the bank will surely benefit our customers, Hyundai Motor India Ltd (HMIL) Director (Marketing and Sales) Arvind Saxena said in a statement. Under the agreement, both the firms will work together to provide car loans using HMIL's customer database. The tie-up will cover financing options by all the branches of the bank in India. Both the partners will utilise and leverage each other's strengths to cross sell Hyundai vehicles along with the bank's car loans and schemes, the statement said

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Mercedes-Benz to set up body-building unit at Pune

Mercedes-Benz India today said it will start bus body-building by the second half of next year, for which it will set up a new unit at its Pune plant. Already we are building a bus chassis at our Pune plant. Now, we are setting up a bus body-building unit at the facility. It is expected to be operational  by the second half of next year," Mercedes-Benz India CEO and Managing Director Wilfried Aulbur told PTI. Asked about the proposed investment on the new unit, he declined to give a specific figure, but said, Overall, we have invested Rs 300 crore on the Pune plant. Aulbur sai

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

HSBC hikes stake in Maruti to 7.03 pct

The country's largest carmaker Maruti Suzuki India today said global financial firm HSBC has increased its stake in the company marginally to 7.03 per cent through an open market transaction for about Rs 58 crore. According to a communique to the Bombay Stock Exchange, Maruti Suzuki India (MSI) said HSBC Global Investment Funds had picked up 0.15 per cent stake, comprising 4.38 lakh shares, through the open market on September 14. Although the company did not share the financials involved, based on the closing share price of MSI at Rs 1,346.10 a piece on the day of the transaction, HSBC is estimated to have paid Rs 58.96 crore.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Rolls-Royce eyes expansion of Ghost line

Rolls-Royce Motor Cars Ltd plans to expand the $245,000 Ghost model line that went on sale last year as Bayerische Motoren Werke AG’s ultra-luxury nameplate aims to double sales in 2010. I’m quite confident that we’re going to see a Ghost derivative to come,” Rolls-Royce Chief Executive Officer Torsten Mueller-Oetvoes said in an interview at the car maker’s headquarters in Goodwood, England. “There’s still a lot of potential in the market” for a less formal Rolls model.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

ONGC says it can handle oil spills up to 700 tonnes

Oil and Natural Gas Corporation (ONGC), the country’s biggest oil explorer, has a capacity to handle oil spills of up to 700 tonnes, the company said in its first sustainability report released last week. However, the company has affiliations with a collaboration of major global spill response organisations to combat spills of greater magnitude. The report covers a one year period ended March 31, 2010. The capacity of 700 tonnes is small if the recent oil spill of over 800 tonnes off the Mumbai coast, caused by collision between container vessel MSC Chitra and cargo ship Khailijia 3

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Hewlett Packard settles Oracle case over Hurd job

Computer maker Hewlett-Packard (HP) has settled a lawsuit brought against former boss Mark Hurd as it tried to stop him joining rival Oracle. Under the deal, Mr Hurd will give up about $30m ($19.3m) in HP shares he was given in his severance package. He joined the database software maker a month after leaving HP. Mr Hurd would keep "obligations to protect HP's confidential information while fulfilling his responsibilities at Oracle", the firms said. Oracle announced the appointment of Mr Hurd as co-president earlier this month. Mr Hurd, a friend of Oracle chief executive Larry Ellison, was forced to quit HP after a sexual harassment investigation.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Nissan increases China production target

Japanese carmaker Nissan has increased its vehicle production target for China over the next couple of years. The company now says production will increase from the current 670,000 units per year to 1.2 million in 2012. It had previously targeted production of one million units in 2012. Nissan has overtaken Toyota as the top-selling Japanese carmaker in China and is expanding its facilities there. The firm is aiming for a 10% share in China - the world's biggest car market. Nissan is targeting sales of 860,000 vehicles in China this year. It has already sold 660,000 in the eight months to August. Among the Japanese carmakers, which represent 20% of total sales in China, Nissan holds the number one position," chief executive Carlos Ghosn said, speaking at the opening ceremony of Nissan's new sports utility vehicle (SUV) plant in Zhengzhou.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Unite to sue BMI over failure to honour staff pay award

The airline BMI is being taken to court by the union Unite over claims it has failed to honour a three-year pay award to its staff. The union says as a result its 3,000 members at the company have not had a pay rise, worth millions of pounds, since 2008. It has now instructed its lawyers to begin action in the High Court. A BMI spokesman said: "Constructive talks are continuing and discussions remain ongoing. Unite and BMI entered into a three year pay agreement in 2007, the union said, which meant staff would receive pay rises in 2007, 2008 and 2009. The first two rises were paid but, due to economic circumstances, the union said it agreed to defer a 4.75% pay rise, due in April 2009, until 31 March 2010 instead. Unite claims BMI has not honoured the agreement to pay the third year of the deal.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Street View prompts privacy code in Germany

The German government has called for voluntary data protection code to be in place by 7 December 2010. The move follows a meeting with Google, Apple and other companies to discuss how personal data is accessible on line. It comes as the German newspaper Der Spiegel reports that "several hundred thousand" people have opted out of Google's Street View service. Google has yet to launch its service in Germany, following privacy complaints. The German Interior Minister, Thomas de Maiziere, said that the proposal to establish a code by 7 December "met with approval" and that it will enable users to obtain information on the gathering and intended user of data "in a user-friendly way".

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BAE Systems is to buy three US intelligence specialists

BAE Systems is to buy three parts of US intelligence services specialist L-1 Identity Solutions for $296m (£190m). It will buy L-1 arms Advanced Concepts, McClendon LLC and SpecTal LLC, which supply expertise to US intelligence. The purchase will see 1,000 staff join BAE Systems, at a time when it faces the prospect of cuts in defence spending in the UK and US. BAE boss Linda Hudson said the deal would "enhance BAE Systems' existing knowledge and expertise". The firm's shares were largely unchanged in London trade after the proposed deal was announced. L-1 is based in Stamford, Connecticut, and uses a variety of sophisticated systems including biometric technology to protect and secure personal identities and assets.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Debenhams expects 20% profit rise despite flat sales

UK department store Debenhams has said it expects full-year profits to rise 20% to £150m, despite reporting no growth in underlying sales. The retailer said like-for-like sales (which strip out changes in sales space) were unchanged on last year. This was despite a pick-up in sales in the past 10 weeks. With sluggish volumes, the company said it was focusing on raising gross profit margins by taking back floorspace lent out to other retailers. Total revenues were given a boost by the firm's acquisition of Danish retail chain Magasin du Nord in November. The company reported a 10% rise in gross sales overall, but the increase was only 1.4% if the additional sales at its new Danish subsidiary are excluded.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Capital Radio brand to go national

Global Radio, the major UK commercial radio group, is to roll out its London brand, Capital, across the UK. It will rebrand its existing regional pop music stations with the same name as London's Capital Radio, in a bid to challenge the BBC's Radio 1. The company says it will form the largest "hit music" network in the UK. It plans to start the new Capital network, which it says will reach an audience of 6.3 million, in major cities in early January next year. The flagship Capital London will be joined by another eight stations. Global's founder and chief executive, Ashley Tabor said the venture would take on Radio 1, which has 11.8 million listeners a week.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Toyota to launch six new hybrid cars

Toyota plans to launch six new hybrid vehicles by the end of 2012, a company spokesman has said, as competition to build greener cars increases. The increase will take Toyota's total number of hybrid models to 20. The Wall Street Journal reported that two would be luxury brand Lexus models and four would be Toyota vehicles. Rival Nissan's Leaf electric car is due in the US and Japan later this year, and Honda is to start selling electric cars in those markets in 2012. As well as the new hybrid models, which run on petrol and electricity, Toyota will also unveil a fully electric version of its RAV4 sports utility vehicle later this year, the spokesman said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BP says oil spill cost up to $8bn

BP says the cost of its Gulf of Mexico oil spill has risen to $8bn (£5.2bn) - a rise of more than $2bn in the last month alone. The company said it had paid out about $399m in claims to those affected by the spill. Last week, responsibilty for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m. Plans to permanently seal the well were also progressing well, BP said. BP said the capping stack placed on top of the well in July was removed on Thursday. This will allow the failed blow-out preventer from the Deep Water Horizon rig to be removed, and a new blow-out preventer put in place. BP said this would allow the drilling of the relief well to continue. It is now expected to be completed in mid-September. Meanwhile, the company said no new oil had flowed from the damaged well into the Gulf since the leak was stopped in mid-July.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

RBS to cut a further 3,500 jobs

Royal Bank of Scotland, which is more than 80% government-owned, is planning to cut 3,500 jobs from its technical and back office division in the UK. About a third of the job losses are as a result of RBS selling 318 of its branches to Santander, reducing its number of customers and transactions. The Unite trade union described the jobs losses as a "horror story". An estimated 27,000 job losses have been announced since RBS unveiled its restructuring plan early in 2009.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Burger King sold to buy-out firm for $3.26bn (£2.1bn)

Burger King is being sold to private equity firm 3G Capital in a deal valued at $3.26bn (£2.1bn), it has been announced. The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumours for days. Burger King floated on Wall Street in 2006, four years after being bought by a group of private equity firms. The group - TPG Capital, Bain Capital and Goldman Sachs Funds - still own 31% of Burger King shares. The deal, worth $24 a share, comes after Burger King's stock price surged more than 15% on Wednesday and opened on Thursday up 23% at $23.25. In a statement, the companies said that the deal represented a 46% premium to Burger King's share price before news of a possible takeover surfaced. 3G will also take on Burger King's debt, valuing the deal at $4bn in total.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Redcar Corus steel plant: discussions over £320m sale

A £320m deal to sell Teesside's Corus steel plant - mothballed with the loss of 1,600 jobs - is being discussed. Teesside Cast Products (TCP) was partially mothballed in February when a consortium pulled out of a deal. Thai steel company SSI has now signed a memorandum of understanding to buy the Redcar site from Corus. If the deal goes through, a "significant" number of jobs would be created in addition to the existing workforce of over 700. Corus managing director Kirby Adams said: "We are very pleased to announce this significant progress in our long-held objective to sell the TCP assets to a strategic industry investor.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Toyota recalls one million Corolla and Matrix cars

Toyota has announced another recall involving more than one million cars in the US and Canada with potentially faulty engine control systems. The models affected are the Corolla and Matrix made between 2005 and 2008. The Japanese carmaker said three unconfirmed accidents were "alleged to be related" to the problem, one of which resulted in a "minor injury". Last month, Toyota recalled 700,000 cars worldwide and has now recalled about 10 million in the past year. The two recalls in July were due to steering and engine problems, while those earlier in the year were because of sticking accelerator pedals.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Blackberry gets 60-day India ban reprieve

India has said it will delay a ban on Blackberry devices for 60 days while it reviews proposals from the gadget's maker, Research in Motion (RIM). A ban had been threatened from Tuesday, as India said its security services needed greater access to encrypted services. It wants the ability to monitor secure e-mail and instant messaging services provided by the firm. RIM has said it will support the country's need for "lawful access". But it maintains that it does not do "specific deals" with countries. The firm said earlier that it had offered to lead an industry forum focused on supporting the lawful access needs of law enforcement agencies. It said that the forum - which would include other telecoms firms - would work with the Indian government to develop "policies and processes aimed at preventing the misuse of strong encryption technologies".

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Cairn Energy likely to pay $1 bn tax on Vedanta deal

The Finance Ministry today said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources. This deal will attract a capital gains tax of 11.33 per cent, a Finance Ministry official said. Edinburgh-based Cairn Energy Plc is selling up to 51 per cent stake in Cairn India at Rs 405 per share to billionaire Anil Agarwal-controlled Vedanta Resources Plc. Together with mandatory 20 per cent open offer, the acquisition will cost Vedanta $9.6 billion. London-listed mining firm Vedanta Resources said capital gains tax arising out of its proposed acquisition of stake in Cairn India will be paid by Cairn Energy Plc. Tax will (have to) be paid by Cairn Energy Plc at an applicable rate of tax on capital gains, a Vedanta spokesperson told PTI.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Reliance Broadcast forms JV with CBS to own TV channels

Anil Ambani Group firm Reliance Broadcast Network (RBN) today said it has completed its final negotiations with US media conglomerate CBS Corp to form a JV to own and operate TV channels. RBN, previously known as Reliance Media World, will form a 50:50 joint venture with CBS Studios, a division of CBS Corp, the company said in a filing to the Bombay Stock Exchange. The JV will own and /or, operate, market and promote a portfolio of television channels in India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan, it added. With RBN's multimedia presence and integrated sales offerings, combined with the content muscle of CBS, BIG CBS stands to bite into a sizeable slice of India's burgeoning television industry.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Vedanta's India mine plan skewered by official report

UK mining group Vedanta should not be given permission for a bauxite mine in the east Indian state of Orissa, a government report has found. Allowing mining in the proposed area would deprive two tribes of their rights, says the report commissioned by India's environment minister. Vedanta's plans to extract bauxite from a hill revered by a tribal community have caused controversy. Vedanta said it would abide by a final government decision. Environment Minister Jairam Ramesh said the report would be considered by the Forest Advisory Committee on 20 August, after which he would rule on the plan.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

India sets Blackberry monitoring deadline

India has sent formal notices to the country's mobile operators telling them they must have equipment to monitor Blackberry services by 31 August. The move will increase pressure on Blackberry maker Research in Motion (RIM) to allow Indian security agencies access to encrypted messages. Tata Teleservices told BBC News that the letter said it must "ensure that Legal Intervention (LI) capability is put in place" by the end of the month. RIM said it grants "lawful" access. A spokesperson for Tata Teleservices said: "As a Tata Group company, we have always abided by the law of the land and will do so here too". Other operators have confirmed that they received a similar request.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Unitech makes bulk of its Apr-June sales in NCR

Unitech Ltd, the second largest real estate developer in the country, sold properties worth Rs 1,299 crore during the first quarter of this financial year, predominantly for housing. The company sold areas worth 3.01 million sq ft in the quarter, of which 2.61 million sq ft were sold in the residential space. The residential segment contributed Rs 987 crore of the total sales bookings of Rs 1,299 crore. Unitech had sold 16.6 million sq ft of area amounting to Rs 7,033 crore in 2009-10. The National Capital Region (NCR) contributed Rs 1,110 crore of the total sales booking of Rs 1,299 crore. However, in terms of average realisation, the non-residential segment fared better at Rs 7,784 per sq ft, while residential space was sold at an average price of Rs 3,782 per sq ft.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Gopinath partners Tatas for charter air service

Following on his partnership with the Mukesh Ambani-led Reliance Industries (RIL) for a cargo airline venture, aviation entrepreneur G R Gopinath has now joined hands with the Tata Group for a charter air service. The two deals with two of the country’s largest business houses have come in less than four months for Gopinath, who had founded the country’s first budget airline Air Deccan, which he later sold to the Vijay Mallya-run Kingfisher Airlines. Gopinath first dallied with the aviation space through a private sector commercial helicopter service, Deccan Aviation, in the late 1990s, which he followed with the launch of Air Deccan in 2003. After selling Air Deccan in 2007 to Kingfisher Airlines, Gopinath started a cargo airline, Deccan 360, and in April 2010, roped in RIL as a “strategic investor”.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Cadbury boost for US food group Kraft's profits

US food giant Kraft has reported higher-than-expected first quarter profit, helped in part by its purchase of UK confectionery maker Cadbury. Kraft said net profit was $937m (£590m), up from $827m in the same period a year earlier earlier. Net revenue rose 25.3% to $12.3bn, boosted by the addition of Cadbury, which it acquired in a controversial takeover at the beginning of the year. Kraft was criticised for breaking pledges over Cadbury plant closures. Our first quarter results are early evidence of our future potential in combination with Cadbury, said Irene Rosenfeld, Kraft chairman and chief executive.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Chipmaker Intel settles FTC antitrust lawsuit

US chipmaker Intel has settled an antitrust lawsuit filed against it by the US Federal Trade Commission (FTC). Charges that Intel had "illegally stifled competition" have been resolved, the FTC said. Intel had been accused of "a systematic campaign to shut out rivals's competing microchips by cutting off their access to the marketplace". Intel is the world's largest chipmaker, making 80% of the microprocessors for the world's personal computers. There were no details on any money changing hands as a result of the settlement. Intel had been accused of bullying computer makers into avoiding rivals' chips. The practice was said to be harmful to consumers.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

AIG reports $2.7bn second quarter loss

US insurer AIG swung to a $2.7bn (£1.7bn) loss in the second quarter after taking a big charge related to the sale of one of its foreign subsidiaries. AIG took a $3.3bn charge linked to the sale of Alico, its second-largest foreign life insurance business. The loss compared with a net profit of $1.8bn in the same period last year. On an adjusted basis, AIG made a $1.3bn profit. The group said its continuing operations remained solid. AIG is 80%-owned by the US government after it was bailed out out for $182bn at the height of the financial crisis. AIG's continuing insurance operating results remain solid, while the company continues to execute on its restructuring plans and prepares for separation from the US government, commented AIG chief executive Robert Benmosche.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

RBS half-year profits hit £1.1bn

Royal Bank of Scotland's pre-tax profit has risen to £1.14bn in the first half of the year from £15m a year earlier. The bank reported an operating profit of £1.6bn compared with an operating loss of £3.4bn in 2009. RBS, which is 84%-owned by the taxpayer, has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK. It also announced it had sold an 80% stake in its payments business GMS, in a deal which valued the unit at £2bn. RBS's results follow upbeat performances from Barclays, HSBC and Lloyds. Chief executive Stephen Hester said the bank's five-year restructuring plan was "on track". RBS said that it had provided £14.4bn of gross new loans to small businesses, but that net lending to such firms fell - as companies paid back more debt than they took on. Banks have been criticized for not doing enough to support firms during the economic downturn. Like its rivals, RBS insists that in the current climate it cannot lend faster than its customers want to repay their existing debts.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Manchester United sign Hong Kong mobile deal with PCCW

Manchester United has signed a deal with Hong Kong firm PCCW for it to become the telecoms and broadcast partner of the club in the region. The club says it is the first such deal it has signed there, adding to its growing number of overseas deals. it means PCCW's Now TV, Hong Kong's largest pay-TV provider, will for three years be the official broadcaster of football club channel MUTV. The service from PCCW will also be available online and on mobile phone. PCCW and Manchester United have also jointly developed a promotional microsite, in Chinese and English, for local Man Utd fans. The club is looking to extend its number of sponsorship and partnership deals in different global geographic markets.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BHP Billiton launches hostile bid for Potash

Mining giant BHP Billiton has launched a $40bn (£25.8bn) hostile takeover bid of Canadian firm Potash Corp after having had an initial offer rejected. On Tuesday, Potash, the world's largest fertiliser producer snubbed BHP's offer, saying it undervalued the firm. BHP has offered to buy Potash for $130 per share. Demand for fertiliser is expected to increase this year because of rising demand for meat in emerging markets, as more crops are needed to feed cattle. The acquisition will accelerate BHP Billiton's entry into the fertiliser industry and is consistent with the company's strategy of becoming a leading global miner of potash, BHP said in a statement.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Wal-Mart feels the squeeze in US

Wal-Mart, the world's largest retailer, has reported quarterly profits up 3.6%, although sales in its home US market fell for the fifth quarter in a row. Wal-Mart's profits rose to $3.6bn (£2.3bn) helped by cost-cutting and growth in international markets. But Wal-Mart sounded a note of caution, saying the slow economic recovery would "continue to affect" customers. Meanwhile, UK supermarket chain Asda, which is owned by Wal-Mart, saw like-for-like quarterly sales drop 0.4%. It is the second quarter in a row that Asda, which is the UK's second biggest supermarket group, has seen its sales drop. It saw its first sales fall for four years, of 0.3%, in the first quarter of 2010. Wal-Mart International president and chief executive Doug McMillon warned UK trading conditions were likely to remain tough.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Maruti restarts selling LPG WagonR in old version

With the development of an LPG variant of its latest generation WagonR yet to be complete, the country's largest car-maker, Maruti Suzuki India, has resumed selling the alternate option in the old version of the model. After launching the new generation WagonR in April, the company had discontinued the 'Duo' variant of the old WagonR, which had both petrol and LPG options. We are now selling the 'Duo' and it will continue till the LPG variant of the new WagonR is ready. The work on new LPG is going on," Maruti Suzuki India (MSI) Chief General Manager (Marketing) Shashank Srivastava said. 'Duo' was contributing about 20-22 per cent of total WagonR sales, which stood at 10,000-12,000 units a month and the LPG variant is priced at Rs 3.68 lakh (ex-showroom Delhi).

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Micra pushes Nissan India July sales to 1,005 units

Nissan Motor India Pvt (NMIPL) today said it has registered total sales of 1,005 units in July 2010, with its newly-launched compact car Micra clocking 928 units. The company had started nationwide sales of the Micra on July 15 and has sold 928 units, NMIPL said in a statement. The Micra, which was opened for bookings prior to its launch in July, has till date received more than 3000 bookings, the company said. Commenting on the July sales, NMIPL managing Director and CEO Kiminobu Tokuyama said: "This is just the beginning. However, we are happy and delighted at the initial response the Nissan Micra has received from the Indian customers.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

HSBC sees profits double to $11bn

The UK's biggest bank HSBC has reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year. The bank said it was profitable in every region, except for North America where it saw losses of $80m. In the UK, profits totalled $2.1bn - a rise of 26%. The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week. HSBC shareholders will receive a second dividend this year, totalling $1.4bn, in addition to the one announced earlier this year.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Foxconn reopens Indian factory

The iPhone manufacturer Foxconn has reopened a factory in India which was shut down temporarily when 250 workers fell sick, sending its shares up 9%. The plant in Madras (Chennai), which makes mobile phone parts, was closed last Monday after workers complained of nausea and giddiness. Work resumed on Saturday after the firm received clearance from the government. Working conditions at Foxconn factories have caused concern, after a string of suicides this year at a plant in China. The company has said it is taking the deaths seriously, even though a local government investigation did not blame working conditions.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BNP Paribas profits boosted by retail banking

French bank BNP Paribas has seen its second-quarter profit grow, thanks to gains in its retail banking division offsetting declines in its investment banking operations. Net profit for the three months to July rose 31% from a year earlier to 2.1bn euros ($2.7bn; £1.75bn). Retail banking saw "huge revenue growth" driven by strong demand for mortgages, BNP said. But revenues at its investment banking division dropped 30%. BNP was one of 91 European banks to undergo EU stress tests last month, designed to assess banks' ability to withstand future financial crises. It and 83 others passed the tests.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Northwest Airlines agrees to pay $38m price-fixing fine

Northwest Airlines is to plead guilty and pay a $38m (£24m) fine for its role in fixing air-cargo prices, the US Department of Justice has said. The department said as part of a plea deal Northwest would co-operate with an ongoing anti-trust investigation. Northwest Airlines Cargo, which is no longer operating, conspired to fix air-cargo rates from July 2004 to February 2006, the department added. Northwest was taken over by Delta Air Lines in a £1.7bn deal in October 2008. Northwest has agreed to plead guilty to a single offence, said the DoJ. So far a total of 16 airlines have pleaded guilty or agreed to do so in an ongoing investigation into price-fixing in air cargo, it added.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BP boss Dudley says oil clean-up will be scaled back

Incoming BP chief executive Bob Dudley has said it is time to scale back some parts of the oil spill clean-up in the Gulf of Mexico. Virtually no oil has been released into the Gulf since a new cap was closed on 15 July. And skimming crews have reported only tiny quantities of oil out at sea. But Mr Dudley insisted BP's commitment to tackling the environmental damage would continue, saying: "We'll be here for years."You will see the evidence of a pullback because we have booms across the shores all the way from Florida to Louisiana. Those only last for a certain number of tide cycles," Mr Dudley told reporters in Biloxi, Mississippi.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Durex maker accepts $3.9B bid by Reckitt Benckiser

SSL International PLC, maker of Durex condoms and Scholl foot care products, said Wednesday that its board is recommending a 2.54 billion pounds ($3.9 billion) takeover offer from Reckitt Benckiser PLC, the producer of Vanish, Lysol and Clearasil. Reckitt Benckiser said its offer of 1,163 pence per share plus a final dividend for last year of eight pence represents a premium of 33 percent over SSL's share price on July 20. We view this as a very good price for SSL shareholders, and an excellent strategic fit for Reckitt Benckiser, said Damian McNeela and Graham Jones, analysts at Panmure Gordon & Co. We do not see a counter offer being made and expect shareholders to accept the offer.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Consumers love 'underdog' brands

As in most things, people, this time in the garb of consumers, root for the company that is perceived to be a weak one. A team of researchers, including an Indian-origin scientist, has revealed that consumers strongly relate to brands that they perceive as underdogs. Across contexts, cultures, and time periods, underdog narratives have inspired people. Stories about underdogs are pervasive in sports, politics, religion, literature, and film, said authors Neeru Paharia, Anat Keinan, Jill Avery and Juliet B. Schor.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Sony targets Kerala for 'Onam'

Consumer electronics major Sony India today said it was targetting Rs 100 crore turnover during the 'Onam' festival in August in Kerala and consolidating its position as the top brand in the state. Aiming to consolidate its position as the top brand in consumer electronics in Kerala, Sony India has set a target of 45 per cent growth for the festival this year," Sunil Nayyar Senior General Manager Sales, told reporters here. The company would focus on Bravia LCD televisions,Cyber shot cameras and Home Theatre systems and would aggresively promote the products to achieve the ambitious target figures, he said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Sky Sports broadcast costs set to rise

Sky is putting up the price of its Sky Sports channels, raising the cost to BT and Virgin of broadcasting live events such as Premier League football. BT announced on Thursday it will charge customers £16.99 a month for both Sky Sports 1 and Sky Sports 2, or £11.99 for just one of the channels. But the wholesale cost of the channels to BT will rise to £19.07 in September. This is because the wholesale cost is directly linked to the price that Sky charges its customers. Sky is increasing the retail price of its sports channels from £35 to £38 in September. For customers who want just Sky Sports 1 or Sky Sports 2, the cost will rise from £26 to £29. Sky told the BBC that it tended to review its prices in September each year, and would introduce the £3 increase to cover the costs of a new three-year deal to broadcast live Premier League football.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR

Bank of China to raise up to $8.9bn in share issue

The Bank of China says it plans to raise up to 60bn yuan ($8.9bn;£5.9bn) by issuing new shares in Hong Kong and Shanghai. It is part of a $42bn fund-raising effort by China's four biggest lenders, designed to boost their capital bases. The Agricultural Bank of China is preparing for what is expected to be the world's largest share issue. The banks have to boost their balance sheets after increasing lending as part of government stimulus measures. The government has ordered them to keep more money in reserve after they embarked on a massive lending programme which left reserves out of kilter with loans oustanding.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Toyota recalls 270,000 vehicles over faulty engine fear

Toyota is to recall 270,000 cars worldwide - including 138,000 vehicles in the US - because of an engine fault. Toyota said the recall included seven luxury Lexus models - some of them in the UK - and the popular Toyota Crown. The latest quality problem follows the recall of more than 8m vehicles which had problems with sticking accelerator pedals earlier this year. The company was fined $16m (£10.6m) in the United States for its slow response to the accelerator fault. The company is still facing more than 200 lawsuits tied to accelerator accidents.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

HSBC buys RBS' India biz worth $1.8 bn

The Hongkong and Shanghai Banking Corporation announced it will acquire the Indian business of Royal Bank of Scotland worth USD 1.8 billion, a move that will help the British giant gain greater exposure in the country. RBS's retail and commercial banking businesses in India currently have 1.1 million customer relationships served by over 1,800 staff through 31 branches. HSBC expects to complete the acquisition through its Indian subsidiary by the first half of 2011. The total consideration will comprise a premium of up to USD 95 million over the tangible net asset value of the businesses being acquired at the closing of the transaction, less an adjustment equal to 90 per cent of any credit losses incurred on the unsecured lending portfolio in the two years subsequent to deal completion, HSBC said in a statement here.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Times begins charges for online readers

The Times newspaper has begun charging readers to access its online content. From now on, access to the Times and Sunday Times website will cost £1 per day, or £2 a week if readers sign up to a subscription. News International, which owns the papers, announced plans to impose charges earlier this year in response to falling advertising income. Currently the Financial Times and the Wall Street Journal are the only major papers to have similar paywalls. All other national papers offer free access to their sites, but are likely to watch the launch of the Times paywall closely. Falling readership numbers and advertising revenues have put significant pressure on newspapers in recent years, and devising the best way to make money from content is seen as a major challenge for the industry.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Sky Sports broadcast costs set to rise

Sky is putting up the price of its Sky Sports channels, raising the cost to BT and Virgin of broadcasting live events such as Premier League football. BT announced on Thursday it will charge customers £16.99 a month for both Sky Sports 1 and Sky Sports 2, or £11.99 for just one of the channels. But the wholesale cost of the channels to BT will rise to £19.07 in September. This is because the wholesale cost is directly linked to the price that Sky charges its customers. Sky is increasing the retail price of its sports channels from £35 to £38 in September. For customers who want just Sky Sports 1 or Sky Sports 2, the cost will rise from £26 to £29. Sky told the BBC that it tended to review its prices in September each year, and would introduce the £3 increase to cover the costs of a new three-year deal to broadcast live Premier League football.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Indiabulls takes on SBI and HDFC offers

The home loan finance segment, which is witnessing aggressive play by big lenders, got hotter with Indiabulls offering a flat rate of 8.25 per cent till April 2012, claiming to be the best in the category. The rate has been arrived at “taking care of any future fluctuations in interest rates upto April 2012 and market rate linked rates thereafter,” the financial services firm said in a statement issued here today. Country’s largest lender, State Bank of India, has a scheme under which a customer will pay at the rate of 8 per cent per annum for the first year and at nine per cent for the second and third years.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Zapak brings Spin Master to India

Zapak Games, the licensing & merchandising arm of Zapak Digital Entertainment, announced their association with global toy maker Spin Master. Zapak Games will be the exclusive distributor for many of Spin Master’s largest brands in India. A multi-category children's entertainment company since 1994, Spin Master has been designing, developing, manufacturing and marketing award winning consumer products for children around the world and is recognized as a global growth leader within the toy industry with distribution in more than 65 countries.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Oberoi rejects stake sale to ITC

Oberoi Group Chairman PRS Oberoi today ruled out selling promoter stake in EIH Ltd, that owns the Oberoi hotels and resorts chain, but said he cannot stop ITC from buying shares in the open market. Earlier this year, ITC Ltd had increased its stake to 14.98 per cent in EIH Ltd triggering speculation that the FMCG- to-hospitality conglomerate could go for an open offer once it crosses the 15 per cent mark. We have 46.4 per cent (in EIH Ltd) and there is no plan to sell any stake, Oberoi told reporters here. Asked about ITC increasing stake in EIH through open market purchases, he said: If somebody wants, we can't stop people buying from the stock market.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Google says China licence renewed by government

The Chinese government has renewed Google's licence to operate in China, the internet giant has said, ending a long-running stand-off between the two. Google gave no details of the licence renewal. There had been speculation China would revoke the licence after Google began redirecting Chinese users to its unfiltered search site in Hong Kong. But last month, in a conciliatory move towards Beijing, Google said it would no longer automatically redirect users. The licence renewal is key to Google. Losing business in China, which already has more internet users than any other country despite relatively low penetration, could harm the company's future growth prospects. Analysts welcomed the renewal, but warned that fundamental differences between Google and China remained.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Peugeot and Changan Automotive finalise joint venture

French car giant Peugeot Citroen has become the latest major carmaker to team up with Changan Automotive after sealing a deal to build cars in China. The 50:50 joint venture will produce 200,000 vehicles initially in Shenzhen, southern China, starting in the second half of 2012. It will involve an initial investment of 8.4bn yuan ($1.2bn; £815m). Changan, China's fourth largest carmaker, already has joint ventures with Ford, Volvo, Mazda and Suzuki. An initial agreement between the new partners was signed in May. The deal is designed to give the French carmaker a bigger share of the rapidly-growing Chinese car market, which is already the biggest in the world.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

EADS submits new bid for USAF refuelling contract

The European defence contractor, EADS, has submitted a new bid to supply refuelling aircraft for the US Air Force. Arch-rival Boeing's bid is expected to be delivered to the Pentagon soon. The contract, which has been long delayed, is worth $35bn (£23bn). Earlier, a long-running World Trade Organisation (WTO) investigation into whether Boeing receives illegal subsidies from the US government postponed its decision on the matter. Both the US and the European Union have reported each other's companies to the WTO, alleging illegal subsidies.

The WTO has already ruled - at the end of June - that the EU had paid illegal subsidies to the EADS subsidiary, Airbus. The EU and Airbus criticised the delay over the Boeing decision. The time lag between this case, and the United States case against support to Airbus... has constantly increased over the six years this dispute has been running and the gap is now at nearly a year, the EU's executive Commission said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Rolls-Royce production at its Sussex plant increases

Production at the Rolls-Royce factory in West Sussex has reached its highest level since manufacturing began there in 2003. Rolls-Royce Motor Cars announced the rise after more than 300 vehicles were built in June at its Goodwood plant. Production is currently running at 15 cars a day and all models are sold out until at least September. The firm said sales worldwide were up almost 200% in the first half of 2010 compared to the same period in 2009. Rolls-Royce Motor Cars chief executive Torsten Muller-Otvos said: This is an excellent interim result and we are well on our way to meeting our target of at least doubling our 2009 sales. The German carmaker BMW, which owns Rolls-Royce, also reported a sharp rise in sales; up 13.1%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Bank of China to raise up to $8.9bn in share issue

The Bank of China says it plans to raise up to 60bn yuan ($8.9bn;£5.9bn) by issuing new shares in Hong Kong and Shanghai. It is part of a $42bn fund-raising effort by China's four biggest lenders, designed to boost their capital bases. The Agricultural Bank of China is preparing for what is expected to be the world's largest share issue. The banks have to boost their balance sheets after increasing lending as part of government stimulus measures. The government has ordered them to keep more money in reserve after they embarked on a massive lending programme which left reserves out of kilter with loans oustanding.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Toyota recalls 270,000 vehicles over faulty engine fear

Toyota is to recall 270,000 cars worldwide - including 138,000 vehicles in the US - because of an engine fault. Toyota said the recall included seven luxury Lexus models - some of them in the UK - and the popular Toyota Crown. The latest quality problem follows the recall of more than 8m vehicles which had problems with sticking accelerator pedals earlier this year. The company was fined $16m (£10.6m) in the United States for its slow response to the accelerator fault. The company is still facing more than 200 lawsuits tied to accelerator accidents.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Google enters travel market with flight data purchase

Search engine giant Google has entered the travel market after acquiring flight information firm ITA Software. ITA provides software that organises fares, flight and journey times that are used by airlines, travel agents and flight comparison sites such as Orbitz. Google said it may well expand the scope, enabling users to search directly for flight destinations.

Google paid $700m in cash for the US-based company, founded in 1996 by a team of MIT computer scientists. What we're going to do is build new flight search tools that focus on end users, said Google chief executive Eric Schmidt. However, he said that the firm would not be selling airline tickets to consumers and that it would honour "all existing agreements that ITA has with its partners".

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Comet reports 14% jump in profits

Electrical and household appliance retailer Comet has reported a rise in annual profits of almost 14%. The chain made £11.5m in the year to the end of April, compared with £10.1m a year earlier, its parent company Kesa Electricals said, despite like-for-like sales slipping 1.5% . Kesa credited its focus on customer service for the improved profits. But it warned that its major markets across Europe remained challenging. Across the Kesa group, profits were £69.6m, from losses of £81.8m. Sales were up 0.4% but down 1.5% on a like-for-like basis which strips out new stores.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BA strike: Unite union to ballot members if no progress

British Airways cabin crew will be balloted on fresh strikes if there is no progress towards a solution by Tuesday, the Unite union has said. The crew have staged 22 days of strike action this year in the dispute which now involves the withdrawal of travel concessions from striking workers. Recent talks between the two parties have failed to break the deadlock.

BA said Unite had demonstrated a selfish lack of concern for our customers and their own colleagues. Unite said that it was giving BA until 29 June to "demonstrate that it is willing to negotiate a solution to the fresh issues between the parties - or will ballot its members for strike action".

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Devon firm in £45m Jackal deal with Ministry of Defence

Devon defence firm Supacat has won a £45m Ministry of Defence contract to supply more than 140 Jackal military vehicles to troops in Afghanistan. Supacat's Jackal 2a is built at Plymouth's Devonport Dockyard in partnership with Babcock. It will bring the total number of Jackal vehicles in service with the UK armed forces to more than 400. The Jackal is designed to travel at speed across rough terrain and deflect blasts from mines away from occupants.

It was first deployed to Afghanistan in 2008 as an alternative to the Snatch Land Rover which has been criticised for not offering enough protection from improvised explosive devices (IEDs). However, there have been a number of fatalities involving the Jackal, including the death of three soldiers from the Parachute Regiment who were killed in August 2009 when their vehicle was hit by an explosion and small arms fire

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Lufthansa and pilots union settle dispute

German airline Lufthansa, Europe's largest, has settled a lengthy dispute with pilots union Vereinigung Cockpit. In return for greater job security, the union has accepted a pay freeze until March 2011. However, the union says the agreement still needs to be agreed by its members.

In February, pilots went on strike over pay and job security, but called off a four-day stoppage in April after agreeing to arbitration talks. Like other airlines, Lufthansa is trying to push through cost-cutting plans in the face of the global financial crisis, rising fuel costs and competition from low-cost rivals

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Google's YouTube wins Viacom copyright case

Google has won a landmark ruling as a judge threw out a $1bn lawsuit brought by Viacom accusing the internet giant of allowing copyrighted material on its YouTube service without permission. Viacom had accused Google of "massive intentional copyright infringement". But the Manhattan judge said Google and YouTube could not be held liable merely for having a "general awareness" that videos might be posted illegally.

Media conglomerate Viacom said it planned to appeal against the decision. Google called the ruling an important victory. Viacom had claimed that "tens of thousands of videos" based on its copyrighted works had been posted on YouTube, and that both YouTube and its owner Google had known about it but had done nothing about it.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

HCL Nadar doles out 580 cr for charity

In one of the biggest philanthropic initiatives, HCL founder Shiv Nadar today donated over Rs 580 crore he earned by selling his 2.5 per cent stake in the company owned by him and his family. The amount was raised through the sale of a stake of about 2.5 per cent in software firm HCL Technologies in block deals through HCL Corporation and will be used for education initiatives of the Shiv Nadar Foundation.

The amount donated by Nadar is by far bigger than the standards set by larger firms. Charitable giving in India probably totaled about USD 7.5 billion (Rs 3,487.12 crore at an exchange rate of Rs 46.49 per dollar) in 2009, according to a study by Bain & Co.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Axa sells UK business to buyout fund Resolution

French insurer Axa has agreed the sale of its UK life assurance business to buyout fund Resolution for £2.75bn. The fund already owns Friends Provident and intends to merge the two, saving £75m a year in costs. The UK assets being sold include Axa's traditional life and pensions businesses and its annuity business, but not wealth management. The payment comprises £2.25bn in cash and £500m in shares, and Resolution will mostly fund it via a rights issue.

The full details of the deal are expected to be finalised in September, and must be approved by regulators and by Resolution's shareholders. Resolution wants to become the UK's biggest provider of life insurance, and is thought to be considering other possible acquisitions.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SocGen trader Kerviel slammed for 'stratospheric' risks

Alleged Societe Generale "rogue trader" Jerome Kerviel took "stratospheric" risks that almost brought down the bank, an ex-colleague told a court. Mr Kerviel, 33, is blamed for losses of 4.9bn euros (then worth £4.3bn). He has been under investigation since SocGen unveiled the losses in 2008, which it said were caused by unauthorised deals carried out by him. On trial in Paris, he denies accusations of forgery, breach of trust and unauthorised computer use.

Salim Nemouchi, who worked on the SocGen trading desks, said Mr Kerviel put in danger the bank by making trades for stratospheric amounts. "I can't explain his actions. I am disappointed by his behaviour, Mr Nemouchi said. "All traders have limits they must respect." Mr Kerviel has always maintained the bank knew about the risky deals, but turned a blind eye to them. He admitted frequently passing trading limits and logging fake transactions to cover his gambles.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

BA chief Willie Walsh turns down £334,000 annual bonus

The chief executive of British Airways, Willie Walsh, has turned down an annual bonus of shares worth £334,000, the airline has said. It is the second year in a row that Mr Walsh has turned down a bonus. Mr Walsh's salary remains at £735,000, although he earned £674,000 last year after voluntarily giving up July's pay as part of cost-cutting measures.

The Unite union, which is locked in a dispute with BA, said there would have been uproar if he had taken his bonus. The long-running row, which had led to 22 strike days this year, began over staffing levels and working conditions. But the Unite union, which represents BA cabin crew, says the main outstanding grievance now is the removal of travel concessions for those who went on strike

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Citibank Russia to outsource ATMs to Diebold

Diebold Inc. said Monday that it signed a multi-year agreement with ZAO Citibank in Russia to handle the bank's automated teller machine services. Financial terms of the deal were not disclosed. Citibank Russia currently has more than 370 ATMs in Russian regions. Under the agreement, Diebold will provide ATM outsourcing services for a portion of Citibank Russia's ATM network, including status monitoring, help desk, currency management and forecasting, cash handling and software distribution along with various field maintenance services.

Citibank will lease ATM equipment from Diebold under the deal. Diebold started providing ATMs to Citibank in Russia under a long-term agreement in the first quarter of 2010. The company said it has nearly 60,000 ATMs under different managed services contracts.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

British Airways fuel price-fixing trial under way

The trial of three ex-British Airways executives and one current employee on price-fixing charges has begun at Southwark Crown Court in London. The four men, who deny wrongdoing, are accused of agreeing with Virgin Atlantic to fix fuel surcharge prices between 2004 and 2006. Virgin executives are immune from prosecution as they blew the whistle on the price-fixing agreement. 


Three Virgin employees are expected to give evidence for the prosecution. One of these is expected to be Steve Ridgeway, Virgin's chief executive. BA's head of sales Andrew Crawley, ex-commercial director Martin George, ex-communications head Iain Burns and ex-UK and Irish Republic sales chief Alan Burnett are in the dock.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).