Oil at 18-month low
Oil prices hit an 18-month low as stockpiles rose. The US Federal Reserve lowered outlook for US economic growth. This triggered a fall in the world oil prices by more than 3 per cent on Wednesday. Brent crude for August 2012 delivery ended at $92.69 a barrel, slumping $3.07. US crude inventories also rose last week to the highest level in 22 years.
IMF warns of growth risk to G20
The International Monetary Fund has warned of significant risks to the world economy from the European debt crisis and excessive fiscal tightening in some rich nations, urging collective action to lower unemployment. In an umbrella report for the Group of 20 nations, the IMF said global growth appeared to be weakening and singled out the euro area crisis remains the most immediate threat to financial stability.
Digitalisation of cable TV put off by 4 months
The Information and Broadcasting ministry has extended the deadline for digitalization of cable television services in four metros by 4 months. The new deadline will be 30 October 2012. The ministry cited slow progress in setting up of set top boxes. The I&B ministry would closely monitor the process over the next four months and issue warning letters to those going slow.
Anil Ambani firms buy into Shoppers Stop
Anil Ambani Group firms - Reliance Capital Asset Management and Reliance Capital Trustee Company - on Wednesday bought 17.40 lakh shares in retail chain Shoppers Stop for over Rs 51 crore through open market transactions. Reliance Capital Asset Management purchased 10 lakh shares in Shoppers Stop, while Reliance Capital Trustee Company bought 7,40,500 shares of the retail entity, according to bulk data available with stock exchanges.
Future Group to sell more non-core assets
After announcing a stake sale in Pantaloon and Future Capital, Kishore Biyani-led Future Group is readying itself for more sell-off, including Future Supply Chain and Staples Future Office Products. The group, laden with an estimated consolidated debt of Rs 6,000 crore, is also mulling a stake sale in Future Generali Insurance, a joint venture with Italian insurer Generali Group, according to people close to the development.
with inputs from Reuters and PTI