GM reviews new plan for bailout

The board of General Motors Corp met on Sunday to review a restructuring plan intended to cut costs and win support for up to $12 billion in emergency funding from the government, a person familiar with the deliberations said.Along with rivals Ford Motor Co and Chrysler LLC, GM is rushing to complete the business plans demanded by Congress as a condition of considering a $25-billion rescue package for the embattled industry.

ONGC strikes oil in Krishna-Godavari Basin

State-owned oil giant, ONGC has struck oil in nomination block-IG at a water depth of 225 metres in well G-4-6, 15 kms off Yanam coast, Andhra Pradesh, the well is still under drilling and the discovery has been notified to the Directorate-General of Hydrocarbons.The three-hydrocarbon bearing sands have been encountered in a gross interval of 3757m to 4185m based on geogical data, log evaluation and the one mini-Drill Stem Test. The thickest sand interval (4108 - 4185 m) comprises 55 metres of net oil pay.

JLR in talks with Govt for loan

Luxury car marque Jaguar Land Rover is in secret talks with the Government for a one billion-pound loan just nine months after the Tatas, the Indian conglomerate, bought the luxury car marque, and an answer to the request would be made in the next fortnight.The economic downturn has hit the auto industry hard and at present a number of large British-based industrial groups are also considering asking the government for financial support. Last year Land Rover produced 2,30,000 vehicles, while Jaguar made 54,000

Dubai eyes palm extravaganza, despite financial woe

The world may be tightening its belt but mere money woes have failed to thwart the star-studded grand opening of Dubai's Atlantis hotel on a palm-shaped island visible from space.The launch of the $1.5 billion mega resort on Thursday will feature red carpet appearances by a who's who of A-list stars from Oprah Winfrey to Charlize Theron, under a sky exploding with what promises to be the world's largest fireworks display.Dubai, part of the United Arab Emirates, the world's fifth largest oil-exporter, kicked off a regional real estate boom when it opened the sector to private investment in 2002.

Japan slides into recession

Recession is back in Japan after a seven-year hiatus, and fingers this time are pointing outside the country as the latest global boom quickly deteriorates into bust. The economy contracted at an annual pace of 0.4% in the July-September period after falling an annualized 3.7% in the second quarter. That means Japan, along with the 15-nation euro-zone, is now technically in a recession, commonly defined as two straight quarters of contraction.

US govt buys $159bn worth shares

The US government, under its USD 700-billion bailout plan, has purchased shares in 30 American banks for a total of over USD 150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.According to the latest report of the Capital Purchase Program, the US Treasury Department has purchased preferred stocks worth USD 25 billion each in Citigroup, JPMorgan Chase and Wells Fargo - three of the biggest banks hit by the worsening financial turmoil.The government spent USD 158.56 billion for purchasing shares in the 30 banks, which included Bank of America getting USD 15 billion, while Goldman Sachs, Morgan Stanley and Merrill Lynch got USD 10 billion each.

Spain-Algeria pipeline nears completion

Work on an undersea gas pipeline between Spain and Algeria edged closer to completion after Algeria's energy ministry announced Monday the end of vital installation work .Italian oil company Saipem had finished underwater installation work on an Algerian-controlled offshore section of the Medgaz pipeline.The pipeline is scheduled to be completed in 2009, when it will carry Algerian gas into southern Spain.Medgaz is a consortium of Algerian state-owned gas giant Sonatrach, Spanish companies Endesa, Cepsa and Iberdrola and France's GDF Suez.The 900-million-euro (11.5-million-dollar) pipeline runs for 1,050 kilometres (630-miles) of which 550 kilometres are under the Mediterranean sea.

Mukesh plans big for real estates

Mukesh Ambani-led Reliance group is planning a splash in the real estate business, for which it has initiated a process of recruiting large number of professionals to work on its captive as well as independent business projects. Reliance group is trying to cash in to the latest boom which is going on in the country with a lot of opportunities for a profit based business.

BMW profits slump

The financial crisis and looming recession has taken its toll on BMW, which today reported a 63.5% slump in third-quarter pre-tax profits to €279m (£224m).The German premium car maker also hinted it would make a loss in the current quarter as consumers rein back spending and credit freezes.It is the latest European car manufacturer to spell out the impact of financial crisis which is looming large all over the world.

Gold's biggest fall in 25 years

Gold prices dropped 2percent on Friday, concluding their worst month in a quarter
century as a strong dollar and recession fears drove investors into less volatile assets. The key driver for gold at the moment is the U.S. dollar and it looks like it is going to strengthen again and that is definitely negative for gold. But the belief is that after some days of recession the gold prices too will stabilize.