Norway-based telecom company, Telenor has brought a majority of 60% stake in Unitech Wireless. Telenor is the largest telecom company of Norway having existence in 12 nations with subscriber strength of over 150 million. The Norway government holds 54 per cent stakes in Telenor. Unitech wireless is a subsidiary of major reality giant, Unitech.

Union Finance Minister, P. Chidambaram chaired a meeting of key regulators, policymakers and economic experts to discuss financial situation and India’s stand in crucial G-20 Summit. The finance minister reviewed the economic situation of country, in the meeting. Other issues related to financial sector reforms, liquidity position and regulations were also discussed with leading economists.

Mahindra & Mahindra Limited (M&M) reported a decline of 35 per cent in its net profit for the quarter ended September 30, 2008. Its net profit was Rs 285.9 crore in the same period last year. Now, it stands at Rs 185.7 crore registering 35 per cent decline.

M&M reported an exchange loss of Rs 117.8 crore including a notional loss of Rs 96.7 crore. These losses were suffered following revaluation of the company’s net foreign currency borrowings. Its gross revenue for the quarter ended September 30, 2008 registered a growth of 14.1% and stands at Rs 3,695.2 crore. It was Rs 3,239.5 crore during the corresponding period last year.

Berlin - European inflation edged down in October, data to be released Friday is forecast to show, adding to the likelihood of the European Central Bank delivering another hefty cut in interest rates next week.

Analysts expect the European Union's statistics office to say in its preliminary estimate for October that inflation in the 15-member eurozone edged down to 3.2 per cent or even 3.1 per cent from 3.6 per cent in September.

Cotabato City, Philippines - Fire razed a Philippine military ammunition depot in the troubled southern region of Mindanao on Friday, triggering a series of explosions that caused panic among nearby residents.

Major Randolph Cabangbang, a regional military spokesman, said the cause of the fire was still being determined, but assured the public that sabotage was not involved in the incident.

He said the depot inside Camp Siongco in Datu Odin Sinsuat town in Shariff Kabunsuan town, 930 kilometres south of Manila, was completely destroyed by the fire.

"No need to be alarmed," he said. "Nobody was hurt, and the ammunition stored in the warehouse are old, defective and were scheduled for disposal."

Tokyo - Tokyo stocks lost some of their recent gains Friday as investors tried to lock in profits.

The Nikkei 225 Stock Average, which gained nearly 10 per cent the previous day, lost 245.64 points, or 2.72 per cent, to 8,784.12.

The broader Topix index of all first-section issues was also down 15.49 points, or 1.72 per cent, at 883.88.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 98.77-82 yen, up from Thursday's 5 pm quote of 98.74-76 yen.