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Surge in freight rates fails to lift shipping cos' morale
A rise of about 70 per cent over 45 days in the Baltic Dry Index (BDI), the global benchmark for shipping freight rates of dry bulk carriers, has failed to cheer Indian companies, who see it as only a temporary surge.

Zurich Airport to pare its equity in BIAL
Flughafen Zurich AG, operator of Zurich airport in Switzerland, which has a 17 per cent stake in Bangalore International Airport Ltd (BIAL), will reduce this to five per cent, to fund its further growth in India. The divestment process is expected to take four months.

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Bill allows merger of Indian companies with foreign firms
The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions (M&As).
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Govt to complete 3G auction by March-end

The government today said radio wave auctions for third generation mobile phone services, or 3G, will be completed by end of March. - Pitroda says 3G auction to be completed this fiscal - Whistling in the dark - Govt may again delay 3G auction - Three slots to be auctioned for 3G licence - Govt may relax rules for appointing bank chiefs - Only 3 pvt players for 3G services "The government is very keen to complete the 3G auction process well within the financial year (March 31, 2010)," Telecom and IT Minister A Raja told reporters on the sidelines of an event. He said the notice inviting application for the 3G auction is likely to come out this week. Auction for four slots of spectrum was to take place on January 14, but differences with the Finance Ministry over payment schedule and the Defence Ministry over spectrum release have delayed the process. Finance ministry is expecting Rs 35,000 crore (Rs 350 billion) from the 3G spectrum auction and the proceeds will be used to bridge the fiscal deficit.


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