Briefly Business: Unitech moves court on Uninor’s board meet

Briefly Business: Unitech moves court on Uninor’s board meet

Unitech moves court on Uninor’s board meet

Unitech moves court on Uninor’s board meet

New Delhi: Real estate firm Unitech on Thursday challenged before the Company Law Board its partner Telenor’s move to call a board meeting of their telecom JV Uninor on May 23.

‘India not top investment priority for ArcelorMittal’

London: India does not figure among ArcelorMittal’s top investment priorities as its $30 billion steel projects face long delays,the firm’s chairman LN Mittal said on Thursday. However,the country from where UK-based billionaire comes from,remains a priority for the world’s largest steel producer.

ICICI proposes hike in director allowances

New Delhi: ICICI Bank has proposed an increase in allowances paid to executive directors including CEO Chanda Kochhar by as much as 25%.

Ybrant to buy 3 verticals of Experian for $175 mn


New Delhi: Hyderabad-based digital marketing firm Ybrant Digital on Thursday said it will buy three different business verticals for $175 million (Rs 935 crore) from UK’s Experian Interactive,an information services company.

HSBC in talks to sell Latin American units

London: HSBC said on Thursday that it was in talks over the potential sale of its operations in several Latin American countries,the latest effort by the European bank to focus on a small number of core markets.

Facebook to bring new platform for developing apps

New York: Days before it goes public,Facebook has announced plans to introduce a new platform for developers of various social networking applications.

Current growth rate can finance 3% of CAD: Montek

Mumbai: Planning Commission deputy chairman Montek Singh Ahluwalia on Thursday expressed confidence that the country can finance a current account deficit of 3 per cent.

India to grow at 7.5% in 2012-13: UN report

New Delhi: India is projected to see a faster growth of 7.5 per cent this fiscal on the back of higher savings and investment rates,even as most of the Asia-Pacific economies are likely to expand at a slower pace,says a UN report.

“The economy of India is expected to expand by 7.5 per cent in 2011-12 compared to 6.9 per cent in the last financial year. There are indications that the economy is turning around as core sectors,including manufacturing,show signs of recovery,” UNESCAP chief economist Nagesh Kumar said.

… approves microfinance Bill

New Delhi: The Union Cabinet today cleared the Micro Financial Sector (Development and Regulation) Bill,2011,which will bring the microfinance industry under the regulatory ambit of Reserve Bank of India (RBI). As per the Bill,all microfinance institutions (MFIs) will now have to be registered with the RBI,which will decide the interest rate that MFIs can charge. “The Microfinance Bill has been cleared,” Finance Minister,Pranab Mukherjee told reporters after the Cabinet meeting today. It will be now sent to Parliament for consideration.

The existing state legislations on the microfinance sector will now be superseded by the Bill,which was drafted in the backdrop of issues faced by the microfinance borrowers in Andhra Pradesh.