Briefly Business: Forex reserves dip by $580 mn to $295.7 bn

Forex reserves dip by $580 mn to $295.7 bn

Mumbai: The foreign exchange reserves of the country declined by $580 million to $295.67 billion during the week ended January 18 following decline in core currency assets, the Reserve Bank said on Friday. The total reserves had stood at $296.252 billion in the previous reporting week.

Ceat forms JV with Bangladesh firm

Mumbai: RPG Group's tyre-making arm Ceat on Friday announced formation of a joint venture company with the Bangladesh-based AK Khan & Company to set up a manufacturing facility in the neighbouring country. The facility, which will come up at the investment of $67 million, is expected to be functional by December 2014.

Exxon Mobil is world's most valuable firm

NEW YORK: Exxon has once again surpassed Apple as the world's most valuable company. Apple's stock dropped 2.4 per cent to $439.51 in midday trading Friday for a market capitalisation of $412.7 billion. Exxon Mobil gained 22 cents to $91.57 for a market cap of $417.5 billion.

Crisil downgrades Airtel's ratings

New Delhi: Rating agency Crisil has downgraded telecom major Bharti Airtel's rating after the government imposed a one-time fee for spectrum it holds beyond a threshold. "Crisil has downgraded its ratings on Bharti Airtel long-term debt programmes and bank facilities to 'CRISIL AA+/Stable' from 'CRISIL AAA/Negative'".

45 countries to attend Agra business summit

New Delhi: Political leaders and business delegates from 45 countries will deliberate on issues pertaining to world economic crisis during the three-day Global Partnership Summit at Agra, beginning January 27.

Britain flirts with 'triple dip' recession

London: Britain's economy shrank more than expected at the end of 2012 with a North Sea oil production slump, lower factory output and a hangover from London's Olympics pushing it perilously close to a 'triple-dip' recession. The GDP fell 0.3 per cent in the fourth quarter.

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