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The supervisory boards of Europe’s biggest auto giant Volkswagen and luxury car maker Porsche said on Thursday they had approved a plan to merge their two companies by 2011. Under the terms of the agreement, Volkswagen will initially buy a 42% stake in Porsche by the end of 2009 for 3.3 billion euros (4.7 billion... »

German luxury carmaker Porsche said on Friday the Gulf state of Qatar would take a stake in the company and acquire the majority of stock options the firm holds in Volkswagen. Porsche said in a statement that Qatar would buy 10 per cent of the ordinary shares held by family investors in the company but... »

India’s Consul General in New York presided over NASDAQ’s closing bell ceremony as the stock exchange’s electronic board displayed the Indian tricolour at Times Square, to mark India’s 63rd Independence Day. In recognition of India’s emergence as a global economic power, the world’s largest stock exchange invited India’s Consul General Prabhu Dayal to ring the... »

Now here’s some good news. Despite the economic slowdown and fears of a global pandemic, the domestic tourism industry is cruising along well. Both foreign tourist arrivals and foreign exchange earnings from tourism-considered key barometers for the hospitality sector-have seen positive trends in July 2009. According to ministry of tourism data, 4.32 lakh foreign tourists... »

Boeing Co agreed to pay the US government USD 25 million to settle claims the company did defective work on critical military refueling planes in Iraq and Afghanistan. The settlement arose out of a whistle-blower lawsuit filed in Texas by two former Boeing workers who will now receive USD 2.6 million for drawing attention to... »

India will get the equivalent of about $4.78 billion as its share of International Monetary Fund’s (IMF) Special Drawing Rights (SDR) worth $250 billion to provide liquidity to the recession hit global economic system. IMF will make the general SDR allocation on Aug 28 following formal approval by its board of governors last week of... »

SEOUL: A Seoul court on Friday found Samsung Group’s former chairman Lee Kun Hee guilty of breach of trust over a bond deal and sentenced him to a suspended three-year prison term and a fine of 110 billion won ($89.2 million). The Seoul High Court ruled that Lee caused damage to a Samsung company because he... »

Bajaj Auto chairman Rahul Bajaj has said that IITs are the only Indian brand to gain global recognition and expressed hope that products manufactured in the country would be widely accepted throughout the world in future. “The Indian Institute of Technologies (IITs) are our only brand to have gained global recognition. Tatas may have brought... »

The government on Saturday said it would take steps to solve soon the problems faced by ailing national carrier Air India. “We are giving careful attention to the problems of Air India and will resolve them soon,” Prime Minister Manmohan Singh said in his Independence Day address. He also said that schemes relating to civil aviation... »

Even as the aviation industry is crying for a bail-out, state-run oil firms on Saturday hiked jet fuel prices by 4.5% in step with firming international oil rates, the second time in a month. Indian Oil, Bharat Petroleum and Hindustan Petroleum raised Aviation Turbine Fuel (ATF) rates in Delhi by Rs 1,662 per kilolitre to... »