Diageo announces tender offer for up to 26% stake in USL

Diageo announces tender offer for up to 26% stake in USL

Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.

Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.

Citigroup to axe 300 Jobs in Global Markets Division

Citigroup to axe 300 Jobs in Global Markets Division

Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.

The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.

Micromax looking to acquire Pantech

Micromax looking to acquire Pantech

India's second largest smartphone marker, Micromax Informatics Ltd has indicated that it is looking to acquire a stake in South Korean counterpart, Pantech Co Ltd in a move to exapnd its presence in the international market.

The low cost handset maker is planning to expand its presence in the upmarket segment of the global smartphone market. Pantech, which is South Korea's third largest smartphone maker, is under a debt-restructuring programme following continued losses due to increasing competition from rivals.

DGCA grounds Orbit Aviation’s aircraft

DGCA grounds Orbit Aviation’s aircraft

India's civil aviation regulator, the Directorate General of Civil Aviation (DGCA) has grounded an aircraft belonging to Orbit Aviation Private Limited after noticing "serious" safety violations.

The regulator is conducting a safety audit to ensure safety of flights during this election season. The aircraft with the registration VT-PSB is owned by Orbit Aviation, which is partially owned by Punjab Sukhbir Singh Badal. Officials have said that the aircraft will only be allowed to fly after the operator meets all safety requirements.

Hinduja brothers become UK’s richest Asians in 2014

Hinduja brothers become UK’s richest Asians in 2014

According to a new report, Srichand and Gopichand Hinduja have emerged as the UK's richest Asians in 2014 with total worth of £13.5 billion pounds.

The bothers saw their worth rise one billion pounds over the previous year allowing them to remain above Steel tycoon Lakshmi Mittal, who was the second richest Asian in the country. Mittal's net worth also recorded an increase of about £1 billion to a total of £12 billion.

India’s industrial output shrinks 1.9% in February

India’s industrial output shrinks 1.9% in February

India's industrial sector suffered a contraction of around 2 per cent in February, dampening down hopes of economic revival and underlining the need for the more government measures to boost the economic activity.

The Index of Industrial Production (IIP), a measure of industrial output, slipped 1.9 per cent year-on-year in the month of February, against a growth of 0.8 per cent in January this year.