The Union Government is unlikely to take any action against the officers of oil PSU's who went on strike two days earlier. Their strike caused huge loss to national exchequer and crippled fuel supply across the nation.

The oil workers came back on work when Union Cabinet under the chairmanship of PM Dr. Manmohan Singh asked concerned ministry to deal them with heavy hand.

Petroleum Secretary, R S Pandey said, "Everyone has undergone a great deal of trauma, we have had a tough experience. I don't think you all should start finding fault. It is the time to look ahead to the future."

Mr. Pandey however said that no one should try to hold country to ransom.

The recently done survey by Federation of Indian Chambers of Commerce and Industry (FICCI) maintains that India Inc's business confidence is continuously shrinking and currently reported at 7-year low.

Tight monetary policy, liquidity crunch, slow demand and economic downturn adversely impacted confidence of business community.

TATA Group has approached Citigroup for assistance in getting funds for Jaguar and Land Rover acquisition from the British government. The company has requested British Government for about one billion pound funds to bail out JLR and secure the future of its employees.

TATA reported significant decline in Land Rover sales following low demand due to international financial crisis. The American bank Citigroup was also the advisor in the $2.3 billion JLR acquisition case.

Two-wheeler giant Bajaj Auto is planning to launch six bigger engine bikes in the financial year 2009. The move is aimed to maintain adequate market share which is shrinking due to low demand following global financial crisis.

The new bikes are being designed to compete rival Hero Honda's best-selling Splendor/Passion range. Two more products in 125-135 cc engine size may also be launched in April and July this year. The new bikes would be launched from its Pantnagar facility from February.

Industrial production posted 2.4 per cent growth in November 2008. Industrial output recorded negative growth in previous months, first time in 15 years.

Industrial Output growth rate was 4.9 per cent in the same month last year. It reported increase of 3.9 per cent for first eight months of current financial year as compared to 9.2 per cent in the same period of FY 2007-08.

Improvement in growth rate has been registered due to signs of recovery in industrial activity in second half of November and lower base effect in corresponding month last year helped to improve industrial output.

The world's top auto company, Toyota is in touch with South Korean company POSCO to get steel for its operations. Toyota Motor Corp. is suffering losses due to low sales and has been employing various cost cutting methods to mitigate the impact of global slowdown. Entire automobile sector is facing the heat of global slowdown with significant decline in sales.

POSCO is the fourth largest supplier of steel in the world. It is already supplying steel to leading Japanese auto giants. The spokesperson of POSCO, Ko Min-jin said, "We are in talks with Toyota on a similar deal."