The ongoing global financial crisis is badly impacting steel companies across the country. They are taking various cost cutting measures to cover their losses. Major steel companies such as JSW, Essar and Ispat Industries have already cut down their production due to steep decline in demand across various sectors.

CFO of JSW Steel, Sheshagiri Rao said that steel industry is dealing with low demand by announcing production cuts. He however said that that the situation would soon become normal.

Prime Minister, Dr. Manmohan Singh is going to visit Oman and Qatar from November 8 to 10. Mr. Singh would discuss various matters such as two-way investments, energy security and safety of Indians working in Gulf region. Minister for Overseas Indian Affairs Vyalar Ravi, Petroleum Minister Murli Deora and other senior official would also accompany the PM.

India may import liquefied natural gas (LNG) to satisfy growing demand of energy in the country. Petroleum and Natural Gas Minister Murli Deora said on Friday that Indian oil and gas companies must involve in Russian oil and gas fields.

Mr. Deora recently visited Russia and discussed various issues with Russian Prime Minister Vladimir Putin in Moscow on November 5. He asked the PM for two million tonnes of LNG per year from Russia's Sakhalin LNG project. He also raised the issue of stake in big-ticket Sakhalin-3 oil and gas field in the meeting with the Russian PM.

The biggest steel maker in the world, ArcelorMittal has decided to reduce production of steel following slow demand due to global economic crisis. Its margin has been impacted due to slow demand by reality and automobile sector. Analysts of Citigroup Inc., Johan Rode and Peter Marcus has forecasted the decline in demand in the coming year. Many Russian, South Korean and Japanese steel giants have already decided to reduce production after noting decline in demand.

German luxury car manufacturer, Audi launched a super sports model 'Audi R8' in India. The mid-engine sports car is available at Rs 1.17 crore including central sales tax, transportation and other charges.

The sports car is equipped with an engine displacement of 4,163 cc and a power output of 420 hp. It can attain a maximum speed of 301 km. R8 comes with six-speed R-tronic gearbox and an all-aluminium space frame body. It's highly sophisticated interior and exterior design offers luxurious feel to driver with a number of interior options. The company is committed to make it as the most successful premium brand by 2015.

Indian core industrial sector registered a growth of 5.1% in September, as compared with 2.3 per cent during August this year. It would help to improve overall industrial index production (IIP) numbers which declined in August. The six core industries contribute 26.7 per cent to IIP and the recovery of growth is a healthy sign for the economy. It is also good news for the government in the election year as it is tense over retrenchment drive by some companies following economic slowdown.