Briefly Business: Govt restricts what IKEA can sell in India

Govt restricts what IKEA can sell in India

New Delhi: The government has placed tight restrictions on what IKEA can sell in the country, in what would be the latest hitch for the furniture seller as it plots 1.5 billion euros expansion there, according to news reports. The finance ministry has forbidden IKEA from selling items including textile products and office supplies, cutting the number of product categories the company can sell to 15 from 29.

Blue Dart issue oversubscribed

Mumbai: Blue Dart Express' 6.03 per cent stake sale issue received resounding response as it was subscribed 3.5 times at an average price of Rs 1,833.08 per share, garnering an estimated Rs 950 crore.

Samsung launches 3G-connected camera

NEW DELHi: Samsung has launched its 3G-powered Galaxy Camera for Rs 29,900, which allows users to directly share pictures and videos on social networking sites.

Govt hopeful of achieving target

New Delhi: Finance minister P Chidambaram on Friday exuded confidence that the government would be able to meet the Budget target of raising Rs 30,000 crore from stake sale in PSUs during the current fiscal.

Tata Steel to cut 900 jobs in UK

Tata Steel on Friday said it would cut 900 jobs across

the UK as part of a restructuring plan aimed at stemming losses in weak European markets.

The steel major will re-start one of the two blast furnaces in Port Talbot, South Wales, being rebuilt as part of 250 million pound investment in the first quarter of 2013. It will also lead to the restarting of the hot strip mill at the company's Llanwern site in Newport, South Wales.

Lenders closer to deal: Greece

ATHENS: Greece's finance minister, on Friday, signaled that a compromise was near by saying the IMF had agreed to deem the country's debt viable if it falls to 124 per cent of GDP in 2020, giving ground on its earlier target of 120 per cent. The Eurogroup has already agreed on measures to reduce Greek debt to 130 percent of GDP in 2020, Yannis Stournaras said.

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