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News Roundup: Fed Cuts Key Rate, GMR Infra To Buy Indonesian Coal Mine

30 October, 2008

Fed Cuts Key Rate By 0.5% – US Federal Reserve has cut its benchmark interest rate by 0.5% to 1%. The cut has come in response to the collapse in consumer confidence and a slide in retail spending, the Federal Open Market Committee said in a statement. The RBI may also cut CRR by 100 basis points to 5.5% to increase the liquidity in the system.

GMR Infra To Buy Indonesian Coal Mine – Bangalore-based GMR Infrastructure is close to acquiring a coal mine in Indonesia for close to $100 million (around Rs 490 crore). GMR has interests in power generation, airports, roads and urban infrastructure. The firm is renegotiating the price of this acquisition. GMR also acquired a 5% stake in South African mining co $15 million and plans to up this stake to 50% by year end.

Fortis Healthcare On The Prowl – The firm is in talks with more than two players in south and west India and plans to close the transactions in the current fiscal year. Fortis presently has 2,600 beds in 22 hospitals, and  will add 550 beds by March. The acquisition will be funded through debt and internal accruals.

Goldman To Lay Off Over 200 In India – Goldman Sachs will sack over 200 people in India, as part of its global layoff plans to cut 10% of its employees. The company has a global strength of 32,569. In some regions, the job cuts are expected to be upto 20%. In India, Goldman has 2,300 people working in areas such as investment banking, global investment research, operations and technology. 

Elico Ltd Acquires US Co – Hyderabad-based Elico has acquired a US-based coding and billing company, making its first acquisition in the BPO space. Elico is a manufacturer of electronic analytical instruments, professional grade switches and software development & services. It also has a backoffice for US-based hospitals, physician practices and medical transcription and employs around 400 people.

Mexico’s Cinepolis Earmarks $350 mn For India Ops – Global multiplex player is entering India and has earmarked $350 million for its India expansion. The firm has started talks with real estate developers in the country for its multiplex operations. It plans to have a presence in 40 cities and have 500 screens in next 5-7 years.

NHPC Not To Go For IPO – NHPC has been advised by Kotak Mahindra Capital to go ahead with its proposed initial public offering (IPO), citing examples of REC and NTPC. But the company has said that they will go for the IPO only when market conditions improve.

Media Firms Start Layoffs – Time Warner’s unit Time Inc is laying off 6% of its workforce, which is around 600 employees. The unit publishes Time, People and more than 100 other magazines. Gannett Company, the largest newspaper chain in US, is also sacking 3,00 employees or 10% of its workforce.

 


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News Roundup: Fed Cuts Key Rate, GMR Infra To Buy Indonesian Coal Mine

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