The government, after ordering probe into IPOs of all listed companies, has ordered to scrutinize accounts of the education software and services firm, Educomp Solutions and Six public sector companies.
The move is aimed to check financial irregularities of accounts of these firms after the disclosure of largest ever corporate fraud committed by disgraced Satyam's Chief B Ramalinga Raju and other top executives of beleaguered software company.
IT major Mastek Ltd has been forced to reduce its staff strength and employ other cost cutting measure to mitigate the impact of global slowdown. About 425 staff members of company, out of 4,243 employees, mostly trainees or junior employees, have been put on 'virtual bench' for the next 12 months, in a bid to control the worsening situation aroused due to low demand and recession all around the world.
New York - General Motors and Chrysler, held upright by 13.4 billion dollars in federal loans, are preparing new rounds of buyouts of factory workers to meet federal requirements and survive the recession, media reports said Monday.
The companies have already notified the United Auto Workers (UAW) union of their intention, according to unnamed union officials quoted by Bloomberg financial news.
The federal government is insisting that the companies cut costs and prove they can be viable by the end of March, or the loans will be recalled.
B K Modi-controlled Spice Group expedites process to buy 51 per cent stake, most probably through fresh equity, in the beleaguered Satyam Computer Services. Spice Group is sending a team, comprising top executives of company, to discuss auction process with the Security and Exchange Board of India (SEBI).
Spice Corporation Chairman B K Modi said, "We have firmed up our plans to acquire a majority stake in Satyam and a team from the group will meet Sebi officials on Monday to discuss the issue."
Internet services major Yahoo Inc. has decided to close its Briefcase online storage service, having Web 1.0 capacity of 30MB, from March 30. The move is aimed to reduce costs by closing some operations in the midst of global financial crisis and tight liquidity conditions prevailing in the world.
The development came after the appointment of Carol Bartz as it Chief Executive, who is doing her best to control tough situation caused due to slump in online advertisement, a major source of revenue of Yahoo!
Belgrade - Russian energy giant Gazprom completed the purchase of a majority stake in the Serbian oil monopoly NIS Monday by wiring 400 million euros (512 million dollars) to Belgrade.
Serbia and Gazprom agreed the sale of 51 per cent of the NIS capital a year ago, but the deal was delayed by early elections in Serbia, as well as a strife within the new ruling coalition.
Economy Minister Mladjan Dinkic had criticized the deal as unfavourable for Serbia, but his objections faded as the financial crisis began taking its toll in Serbia.
The government, after ordering probe into IPOs of all listed companies, has ordered to scrutinize accounts of the education software and services firm, Educomp Solutions and Six public sector companies. 
IT major Mastek Ltd has been forced to reduce its staff strength and employ other cost cutting measure to mitigate the impact of global slowdown. About 425 staff members of company, out of 4,243 employees, mostly trainees or junior employees, have been put on 'virtual bench' for the next 12 months, in a bid to control the worsening situation aroused due to low demand and recession all around the world.
New York - General Motors and Chrysler, held upright by 13.4 billion dollars in federal loans, are preparing new rounds of buyouts of factory workers to meet federal requirements and survive the recession, media reports said Monday.
B K Modi-controlled Spice Group expedites process to buy 51 per cent stake, most probably through fresh equity, in the beleaguered Satyam Computer Services. Spice Group is sending a team, comprising top executives of company, to discuss auction process with the Security and Exchange Board of India (SEBI).
Internet services major Yahoo Inc. has decided to close its Briefcase online storage service, having Web 1.0 capacity of 30MB, from March 30. The move is aimed to reduce costs by closing some operations in the midst of global financial crisis and tight liquidity conditions prevailing in the world. 
Belgrade - Russian energy giant Gazprom completed the purchase of a majority stake in the Serbian oil monopoly NIS Monday by wiring 400 million euros (512 million dollars) to Belgrade.
