COVER STORY(9th to 15th Dec)

CSN bid for Corus set for this week 

• Brazilian steel maker CSN is set to table a formal offer for corus this week
• The Board of Corus is expected to meet on Sunday.
• The Bid may be announced on Monday if negotiations goes well.
• The Brazilian Company has announced last month it was considering and indicative bid of 475P which would trump Tatas 455p offer.

                                                         The Economic Times( Monday .11.December 2006)                                                                                                   Foreign flight norms for desi airlines likely to be relaxed.                                                                                                                               

• The norms for domestic airlines to fly abroad is relaxed by reducing the requirement of minimum five years of domestic operation to three years.
• Air Decan will be the first airline to enjoy this benefit.
• Air Decan has already completed three years in August 2006.
• This idea is to enable airlines like Air Decan, SpiceJet and Kingfisher to meet competition from foreign carriers.
• The revised norms will kick in with the new civil aviation policy which is likely to be put in policy by January 2006.

                                                                                        [The Economic Times. Thursday 14 December 2006]

      Century Mills set to shut down operations in Mumbai 

ü      About 6,300 of the 6,700 workers (comprising around 95%) have opted for the Voluntary Retirement Scheme offered by the company management.

ü      The management is subject to pay Rs. 9-10 lakhs per person on retirement with high cost of the operations.

ü      700-800 workers have rejected the VRS offer of Rs 3-5 lakh per employee.

ü      The employees demand for a compensation equal to what they could have possibly earned if they had worked till 60

[Business Line- 14^th December 15, 2006, Thursday]CRRash: Sensex loses 400 points 

·         Share sensex plunged 538 points

·         Settled at 13,399.43

·         Went down 400.06 points

·         BSE Bankex shed 463.96

The Economic Times       12/12/06

Tata motors, fiat to invest Rs 4000 Cr in new facility

·         Tata Motor and Fiat Auto will jointly invest Rs 4000 Cr in a 50-50 joint venture to make cars and engines at Ranjangaon near Pune.

·         It will have an annual capacity to produce 1 lakh cars and 1 lakh engines and gear boxes.

                                                             Business Line. (15^th December..2006 Friday)