Global financial crisis has created a tough situation for industry and it is adopting various measures to save itself from long term losses. The Pawan Ruia-controlled tyre major, Dunlop India, has decided to close production in its mother plant in Sahagunj at West Bengal, in line with its cost cutting measures. The company had resumed operations at the production plant in January, after five year closure.

The officials of company said that it would utilize the time to reshape its production strategy and revival of plans. Dunlop would work on making the brand more popular across the country.

A committee headed by the Cabinet Secretary Mr K. M. Chandrasekhar, has recommended air fare cut to the Civil Aviation Ministry in a line with fall in prices of aviation turbine fuel. The committee was set up by government to examine the credit situation faced by aviation sector following global slowdown.

It has also asked to rationalize tax slab on aviation turbine fuel, besides giving a status of declared goods to jet fuel to bring down its prices. Declared goods status would ensure flat four per cent tax on fuel across the country.

Union finance minister, P Chidambaram asked industry to cut prices to increase demand and economic growth of the country. He was addressing the India Economic Summit, organized by the World Economic Forum and CII in the capital.

Mr. Chidambaram appealed Hotels, Real estate companies and Auto makers to revise prices to combat demand slowdown. He termed price cut as a best method instead of increasing inventory. He promised to provide sufficient liquidity to service sector to ensure its growth.

Reserve Bank Chairman D Subbarao said that RBI is monitoring the liquidity situation on regular basis and will take more steps to improve liquidity conditions in the financial system. He attended a meeting with finance minister P Chidambaram to discuss market conditions and liquidity situation. The meeting was also attended by ICICI Bank CEO, KV Kamath and union Commerce Minister, Kamal Nath.

The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects.

Unitech and Parsvnath Developers also retrenched their staff last month in line with cost cutting drive due to global meltdown.

According to disciplinary panel, the Toronto nurse, who admitted to having sex with a patient while she worked there, will lose her license. Formerly employed at the Centre for Addiction and Mental Health, the nurse admitted in an agreed statement of facts presented today at her disciplinary hearing that "she sexually abused the patient by engaging in sexual intercourse... among other things" during the man's inpatient and outpatient treatment. She was fired in 2007 when the affair came to light and the five-member disciplinary panel will now order a formal reprimand and recommend revocation of her professional license by the College of Nurses of Ontario.