Economy
• India’s exports fall the most in last 14 years in April 2009 by 33.2 percent – over the same month last year, while the domestic slowdown led to imports dropping by 36.6 percent in the same period. Exports dropped for the seventh month in a row this time to US$10.74 billion, in April 2009-10 from US$16.08 Billion a year ago.
• Sign of economic recovery – India’s core sector (cement, steel, coal, electricity) growth doubles to 4.3 percent in April 2009.
• Prime Minister Mr. Manmohan Singh reassures Indian businessmen that this year the growth of the Indian economy will not fall below 7 percent.
• India’s inflation dips to 3 decades low of -1.61%.
Business
• US car giant General Motors files for bankruptcy protection in New York but says that its Indian operations would not be affected.
• Japanese companies may take the route of Singapore Government funded infrastructure facilities to invest in India.
• France Telecom and Telstra of Australia and US AT&T in talks with Malaysia’s Maxis Comunications to buy a minority stake in Indian telecom operator Aircel.
• Airbus evaluating an Indian aircraft assembly line its second such unit outside Europe after China as the company seeks to reduce its production costs by at least 20-30 percent and serve the Indian market better.
• By 2010 India will have 2 companies manufacturing Helicopters , HAL and now Tata Advanced systems who have recently signed an agreement with Sikorsky, US based helicopter company to manufacture fuselagein a new Greenfield facility in Hyderabad.
• Britains Rolls Royce secured a bumper US$2.1 billion in new orders at the Paris Air Show . The company said that its engines will power planes belonging to Middleeast carriers Gulf Air and Qatar Airlines as well as Germany Condor and Royal China.
• Michelin and Cie , worlds second largest tyre manufacturer looking to invest upto Rs.7000 crores in India in a ten year period to make and market radical tyres and tubes in the country.
• French car maker Peugeot Citroen likely to set up its manufacturing facility for mid sized cars in Hyderabad or Chennai.The proposed capital expenditure could be in the range of Euro 350 million.
• US IT major Microsoft awards US $ 10 million BPO deal to India’s second largest IT company Infosys.
• German car manufacturer drawing up plans to expand its car product in India. To introduce the E Class to its Indian customers.
• German and UK based biotech companies to outsource more work, transfer technology from India in a bid to reduce costs.
• Indian handlooms and handicrafts brand, Cottage to soon start marketing its products in China.
• French veterinary company Vetoquinol is acquiring the veterinary business of pharma company Wockhardt for around Rs.175-200 crores.
• State Bank of India in talks with Indonesia based Bank Eksekutif to acquire a majority stake.
• Areva SA – France’s state controlled nuclear company plans to sell its transmission and distribution division – Areva T &D India.
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