Briefly Business

Indicating a slow recovery,the US economy grew 2.2 per cent in the third quarter of 2009,much less than projected.

US economy expands at a slow pace

Washington: Indicating a slow recovery,the US economy grew 2.2 per cent in the third quarter of 2009,much less than projected. Coming out of the worst ever recession in nearly 80 years,the economy was expected to scale up by 2.8 per cent in the three months ended September. Real gross domestic product the output of goods and services produced by labour and property located in the US increased at an annual rate of 2.2 per cent in the third quarter of 2009, the US Bureau of Economic Analysis BEA said.

IBM inks 10-year deal with Digicable

New Delhi: IT major IBM said on Tuesday that it has inked a 10-year outsourcing deal with Indian cable and broadband distribution firm Digicable,which will make an initial payment of Rs 380 crore 83 million. As part of the multi-year agreement,the US-based IT giant will support the integration of Digicables digital media content delivery and value-added services application with core business technologies and processes.

Vodafone Essar demerger opposed

New Delhi: The government has opposed the demerger scheme of Vodafone Essar proposing transfer of tower business to another group company in the form of gift saying the move would result in evasion of tax payment. Vodafone has proposed to transfer the passive infrastructure tower business of its seven firms,operating in various circles,to Vodafone Essar Infrastructure Ltd in the form of a gift and the application is being heard by the Delhi High Court.

Slowdown shadow on Indian Auto Expo

New Delhi: The Indian car market may be revving but the countrys marque event,Auto Expo starting on January 5,is being cut short to just a week as participants want to curtail expenditure in the face of the global slowdown. 8230;We are reducing the duration of the expo by two days. This has been done on feedback from participants and members,and it is for cutting expenditure due to the economic condition, Auto Expo Steering Committee Chairman Rajive Kaul told reporters here.

Airlines set to report Rs 7K-cr loss this fiscal

New Delhi: The domestic aviation industry will suffer a combined loss of Rs 6,500-7,000 crore in the current fiscal,says the aviation consultancy firm CAPA. The total industry loss for the past fiscal is estimated at around Rs 10,000 crore. In the four years to March 2010,it is estimated that Indian carriers will have accumulated operational losses in excess of Rs 26,000 crore, CAPA said in a recent report.

No trading beyond 1530 hrs: NSE chief

New Delhi: Facing opposition from a section of brokers for advancing opening of the stock market by an hour,the National Stock Exchange NSE has said it would not allow trading beyond scheduled 1530 hours.