Ford India Pvt. Ltd announced an investment of $500 million in India and introduction of a small car by year 2010. Ford, in India sells Ikon, Fusion and Fiesta cars, and the Endeavor sports-utility vehicle.

Michael Boneham, president of Ford India Pvt. Ltd. Said, "The Credit crunch and the lack of confidence has affected in the short-term." Mr. Boneham further added that the plans for new models of Ikon are on track despite the difficulties.

Toky

Agriculture Minister Sharad Pawar, after meeting the farm ministers from South Asian countries, told reporters that "We have set aside two million tonnes of wheat that will be given to countries which have been asking for it through diplomatic channels."

Although India had banned wheat exports in 2007, analysts say that robust output and higher stocks at government warehouses have enabled India, the world's second-biggest producer, to set aside some wheat for overseas supplies.

Yangon - Myanmar has rejected a demand by Bangladesh to stop offshore oil exploration in a disputed area in the Bay of Bengal, state media reports said Friday.

The Myanmar government announced it would continue exploration in the Rakhaing offshore block AD-7 despite Bangladesh's claim to the area, according to state-run TV and newspapers.

Myanmar claimed the AD-7 block was within the special economic zone of Myanmar territorial waters and that the demand by Bangladesh was unlawful and wrong.

The global financial crisis has taken its toll on the Tourism Industry. At a meeting with the members of the Federation of Hotels and Restaurants Association of India (FHRAI), the Government suggested that hotels should slash their tariffs by 10 to 15 percent.

FHRAI Delegation comprised of 5 members namely Vivek Nair, Vice-chairman, Leela Group; Rajindra Kumar, Hotel Taj Ambassador, Delhi; Salim Sherwani, Sherwani Hospitalities Ltd; Dr. Sunil Gulati, Uttarakhand Hospitality and Major Harish Sud, Secretary general, FHRAI.

The Bangalore-based airline, Kingfisher has defaulted on payments to GECAS. Vijay Mallya's Kingfisher Airlines leased four airplanes from GE Commercial Aviation Services (GECAS). The US Company filed complaint against Kingfisher before the aviation regulator of India for nonpayments.