Amex to start retrenchment drive

Amex to start retrenchment driveUS credit card and banking giant, American Express is likely to start retrenchment drive in India and other locations. It would retrench about 10 percent workforce, cutting around 7,000 jobs. The staff would be eliminated in all business units, including markets and staff groups. Some staff in its Indian operations is also likely to be laid off.

SBI Card to roll out financial package for defaulting clients

SBI Card to roll out financial package for defaulting clientsSBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.

Posco project to complete in time

Posco project to complete in timeThe South Korean steel giant, Posco is committed to complete Posco's Orissa project, despite global financial crisis. The director of Posco-India project, Mr Sung said that the global slowdown would not affect the project and company would go for Rs 51,000 crore projects in Orissa. He also reviewed the work of the project during a meeting called by the chief secretary Mr Ajit Tripathy.

Bharti's $10-bn revenue target on course

Bharti's $10-bn revenue target on courseIndia's largest telecom major, Bharti Airtel has set a target of $10-bn revenue by next year. The view was asserted by chairman and managing director, Bharti Enterprises, Sunil Bharti Mittal in the sidelines of a function, organized to launch new brand identity and logo of Bharti group. 

Genentech seeks Avastin approval for brain cancer

Genentech seeks Avastin approval for brain cancer

Lotus India AMC to be acquired by Religare

Lotus India AMC to be acquired by ReligareIn a formal announcement, one of the leading financial services groups of India, Religare Enterprises (REL), confirmed that it has agreed to acquire Lotus India asset management company (Lotus India AMC) from its majority shareholders - Alexandra Fund Management and Sabre Capital.

Informing the Bombay Stock Exchange of the intended proceedings, REL said that its board of directors has approved a proposal to discuss, negotiate and finalize the terms for acquiring 100 per cent or majority equity shareholding of Lotus.