Chip maker Intel has made announcement about the launching of its new family of Core i7 processors in the Indian market.

Intel made this announcement during a press event held in Mumbai on Tuesday.

Calling them the ‘most-advanced processors’ achieved with 45 nanometre silicon technology, Intel’s first quad-core solution for the desktop PC codenamed ‘Nehalem’, the i7 processors will enhance performance and increase data output.

The UPA Government, with support of the Union finance ministry, is closely watching the ever changing financial market conditions and is concerned over the tight economic conditions. Prime Minister Dr. Manmohan Singh, who himself is an eminent economist, reviewed the economic situation with key government functionaries and ministers. PM sought information on measures taken by the government to ease liquidity conditions in the financial system. Earlier, Dr. Singh had formed a penal of senior officials to keep vigil on the changing market conditions.

Leading networking company, Cisco Systems has announced to halt recruitment of fresh staff following global slowdown. The move would enable it to cut costs by 2 billion dollar. It would also employ other cost cutting measures to deal with the situation. Cisco has 30% market share in the Unified Communications (UC) domain and it is facing stiff competition from Microsoft and Avaya.

Cisco Systems Executive Vice-President and Chief Globalisation Officer, Wim Elfrink ruled out any retrenchment but maintained that it would not hire new staff. He was addressing reporters in the side lines of the World Economic Forum's function in New Delhi.

A wholly owned subsidiary of JSW Steel, JSW Building Systems, has announced to form 50:50 joint venture with Severfield Reeve Structures. Severfield Reeve Structures is a UK based company, a wholly owned subsidiary of Severfield-Rowen. It is known for high quality structural steel across the world.

The executive officers of all public sector oil companies have decided to defer the indefinite strike by one week. Strike was called by their union demanding early disposal of higher wage issue by Union Government. The matter of high wages is pending before the government since January, 2007.

High wages have been recommended by Justice Rao Committee and a Committee of Secretaries has approved it for employees of all public sector units. But the union cabinet has failed to take any decision so far, forcing 50,000 officers in 14 oil PSUs to take extreme step.

Indian equities opened positively despite none too encouraging global signals and moved up further in subsequent trading session as investors went bargain hunting after five successive days of losses.

The 30-share index, BSE Sensex opened with a gain of 33.47 points, at 8,970.67 on Wednesday.

Metal stocks, among the severely battered in recent sessions, were among the top gainers, while Oil, real estate, banking, capital goods and power stocks also moved up sharply.