By EuAsiaNews,

Brussels : ArcelorMittal is well aware by now of the long arm of the European Union (EU), especially when it comes to vetting mergers and acquisitions, in order to make sure they do not restrict competition within the 27-nation EU market.

The European Commission, the EU's executive arm, Thursday cleared the joint control by ArcelorMittal and the Spanish firm Gonvarri of Gonvarri Produtos Siderúrgicos SA (SSC Brazil) of Brazil.

ArcelorMittal manufactures and sells, among other products, a wide range of carbon steels and stainless steels.

By IANS,

Kolkata : Algerian Ambassador Noureddine Bardad-Daidj Friday said that the public sector Gas Authority of India Ltd (Gail) may be part of the $13-billion Trans-Sahara gas pipeline project.

Bardad-Daidj was addressing an interactive session arranged by the Bengal National Chamber of Commerce and Industries (BNCCI) here.

"Trade cooperation between the two countries has improved and stands at around $1.4 billion in 2007," he said.

By IANS,

Bangalore : Top corporate heads Friday strongly opposed the closure of Bangalore city airport May 23 when the new international airport is set to commence operations from Devanahalli, about 40 km from India's silicon hub.

By IANS,

New Delhi : Finance Minister P. Chidambaram, on the recommendation of Foreign Investment Promotion Board (FIPB), Friday approved 18 FDI proposals totalling Rs.18.20 billion, a ministry statement here said.

The projects that got the government's nod include Manipal Educational Group's proposal for Rs.14.35 billion foreign investment in a holding company and the US-based Freightcar America's proposal for a Rs.700-million joint venture to manufacture rail cars.

By IANS,

New Delhi : India and China Friday took another step to expand their economic ties by agreeing to cooperate in the financial sector through government agencies, private institutions and banks.

Minister of State for Finance Pawan Kumar Bansal discussed issues relating to the financial sector with Zhou Xiaochuan, governor of the People's Bank of China, in Beijing.

In their 45-minute meeting, both sides discussed banking sector issues, including non-performing assets, banking in the agricultural sector and micro finance, the external affairs ministry said in a statement.

By N. Vidyasagar, IANS,

Cannes : Reliance BIG Entertainment, the media and entertainment arm of the $75 billion Reliance Anil Dhirubhai Ambani group, Friday announced that it would spend $1 billion on the Indian film and entertainment business over the next 12-15 months.

This is by far the biggest commitment made by an Indian entertainment company for show business.

By IANS,

New Delhi : Advising against cartelisation, Finance Minister P. Chidambaram Friday called upon the industry players to contribute towards sustaining the country's inclusive growth.

"Economic growth can be sustained by good economy and policy, while inclusive growth can be sustained only through good conscience," Chidamabaram said at the corporate social responsibility award function of the Federation of Indian Chambers of Commerce and Industry (Ficci) here Friday.

By KUNA,

London : The number of people facing bankruptcy in the UK climbed in the first quarter of this year, official figures showed Friday.

A total of 13,080 people applied for bankruptcy during the first quarter of the year, up 12 percent compared to the previous three months, according to the figures released by the British Ministry of Justice.

By IANS,

New Delhi : India's annual inflation rate rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week before. Finance Minister P. Chidambaram admitted the development was "worrying" but counselled patience.

By IANS,

New Delhi : Public sector major Steel Authority of India Ltd (SAIL) made a net profit of Rs.75.37 billion in financial year 2007-08, marking an increase of 21.52 percent from the previous fiscal, the company said here after the release of its annual financial results Friday.

The company reported gross annual sales of Rs 455.55 billion for fiscal 2007-08.

SAIL's fourth quarter net profit in 2007-08 rose nearly 25 percent to Rs.23.76 billion from Rs.19.02 billion in the same period of the previous financial year.