Weekly News:Weekly News:23-08-2010 to 29-08-201023-08-2010 to 29-08-2010

Compiled by:Compiled by:Taranpreet Kaur Taranpreet Kaur

Mba-2(A)Mba-2(A)

ONGC’s royalty on Rajasthan field cut; ONGC’s royalty on Rajasthan field cut; possiblepossible obstacle to Vedanta-Cairn deal obstacle to Vedanta-Cairn deal removed.removed.

State-run ONGC is set to get permission from State-run ONGC is set to get permission from the Centre to pay only a third of its total the Centre to pay only a third of its total royalty obligation to the Rajasthan government royalty obligation to the Rajasthan government on the revenues earned from the oil blocks on the revenues earned from the oil blocks owned by Cairn India.owned by Cairn India.

This removes a possible obstacle to the This removes a possible obstacle to the Vedanta-Cairn deal and will save the oil Vedanta-Cairn deal and will save the oil explorer an annual outgo of $350 million. explorer an annual outgo of $350 million.

Tech Mahindra CEO Sanjay Kalra Tech Mahindra CEO Sanjay Kalra quits firm after six yearsquits firm after six years

Tech Mahindra CEO Sanjay Kalra has Tech Mahindra CEO Sanjay Kalra has resigned from the firm after spending around resigned from the firm after spending around six years in its management.six years in its management.

Vineet Nayyar, who is the vice-chairman, will Vineet Nayyar, who is the vice-chairman, will

take over the operational responsibilities of take over the operational responsibilities of CEO.CEO.

Tata Motors in tie-up with IndusInd Tata Motors in tie-up with IndusInd BankBank

Automaker Tata Motors has entered Automaker Tata Motors has entered into an understanding with IndusInd into an understanding with IndusInd Bank for financing its range of Bank for financing its range of passenger vehicles . passenger vehicles .

An MoU was signed in this regard by An MoU was signed in this regard by senior executives of the both senior executives of the both companies, Tata Motors said in a companies, Tata Motors said in a statement. statement.

Air India to slash fares on Air India to slash fares on domestic routesdomestic routes

Air India has decided to slash fares in an attempt to Air India has decided to slash fares in an attempt to shore up market share.shore up market share.

It will reduce fares on 48 domestic routes by 3-23% It will reduce fares on 48 domestic routes by 3-23% effective from September 1.effective from September 1.

National Aviation Compay of India(Nacil), company National Aviation Compay of India(Nacil), company that owns Air India, is 3that owns Air India, is 3rdrd largest player in country largest player in country with 17.3% share.Jet Airways with 26% share is with 17.3% share.Jet Airways with 26% share is leader in domestic market followed by Kingfisher leader in domestic market followed by Kingfisher with 20%.with 20%.

Subbarao hints at slower pace of Subbarao hints at slower pace of hikeshikes The central bank has hinted that it may ease the pace The central bank has hinted that it may ease the pace

of raising key rates with the moderation in food of raising key rates with the moderation in food prices and keeping in mind the need to strike a prices and keeping in mind the need to strike a balance between taming inflation and ensuring that balance between taming inflation and ensuring that the growth momentum is not choked off.the growth momentum is not choked off.

The RBI has raised key rates four times this year The RBI has raised key rates four times this year mainly to cool prices in an economy projected to mainly to cool prices in an economy projected to grow at well over 8.5% this financial year .grow at well over 8.5% this financial year .

Ranbaxy settles patent dispute with Ranbaxy settles patent dispute with RocheRoche

Daiichi Sankyo-owned Ranbaxy Laboratories has Daiichi Sankyo-owned Ranbaxy Laboratories has settled its patent dispute with Swiss major Roche for settled its patent dispute with Swiss major Roche for the latter’s drug valganciclovir sold under the brand the latter’s drug valganciclovir sold under the brand Valcyte. The request was granted on Tuesday, news Valcyte. The request was granted on Tuesday, news agency Bloomberg said. agency Bloomberg said.

Valganciclovir is an anti-viral medicine used to treat Valganciclovir is an anti-viral medicine used to treat eye infections in transplant patients and people with eye infections in transplant patients and people with AIDS .AIDS .

BlackBerry may face ban if no solution BlackBerry may face ban if no solution in 5 daysin 5 days

The government made it clear on 26The government made it clear on 26thth august that august that BlackBerry services may be banned if its maker, BlackBerry services may be banned if its maker, Research–in-motion ,fails to provide a monitoring Research–in-motion ,fails to provide a monitoring solution in readable format in next five days.solution in readable format in next five days.

The smart-phone maker, which has a subscriber base The smart-phone maker, which has a subscriber base of one million in India, has been told in no uncertain of one million in India, has been told in no uncertain termsthat it must install its serverwith an Indian termsthat it must install its serverwith an Indian service provider.service provider.

Toyota to start trial production of Toyota to start trial production of Etios in SeptEtios in Sept

The world's largest car-maker Toyota today said it The world's largest car-maker Toyota today said it will start trial production of its much anticipated will start trial production of its much anticipated small car 'Etios' for the Indian market from small car 'Etios' for the Indian market from September.September.

The Japanese car major, which is present in India The Japanese car major, which is present in India

through a joint venture with the Kirloskar Group, is through a joint venture with the Kirloskar Group, is investing Rs 3,200 crore to set up its second investing Rs 3,200 crore to set up its second manufacturing facility in Bangalore to roll out its first manufacturing facility in Bangalore to roll out its first small car in India by December. small car in India by December.

Commonwealth Games theme song Commonwealth Games theme song unveiledunveiled

A.R.Rahman released the theme song — written, A.R.Rahman released the theme song — written, composed and sung by him,composed and sung by him,

“ “ Khelo, jeeyo, hey-o , let’s go’”Khelo, jeeyo, hey-o , let’s go’”

The Commonwealth Games theme song is an The Commonwealth Games theme song is an exhortation to Indians to come forward for the games, exhortation to Indians to come forward for the games, starting with the salutation: "Yaaro, India bula liya." starting with the salutation: "Yaaro, India bula liya."

While the music video is yet to be unveiledWhile the music video is yet to be unveiled..