Kim Woo Choong, founder of Daewoo group was sentenced to 10 years in prison for fraud and embezzlement associated with the decline of the company under heavy debts. He is also supposed to pay $22.5 billion as a fine. Kim Woo Choong, aged 69 is in poor health according to the Seoul Central District Court. [...]

Bids of $14 billion & higher from Glaxo SmithKline, Johnson & Johnson & Reckitt Benckiser has been drawn by Pfizer’s consumer products business. It may take several weeks to resolve the auction for brands including Listrene Mouthwash, Sudafed decongestant & Rolaids antacid. Glaxo was about to bid than $15 billion & J & J was [...]

Baxter is now on a hunt for companies in India for a possible acquisition. This move is not for the expansion of its portfolio as expected by industry experts. The company is dedicated to get a ready-made distribution sales force for its medication delivery to develop at a rapid pace in the health care market. [...]

Ben Bernanke, the chairman of Federal Reserve is still concerned about the inflation and want to make sure that the price hikes don’t make the things worse. Bernanke said that the fed policymakers would be careful about ensuring that the recent pattern of higher readings in core inflation is not maintained. The head of the [...]

BAA, UK airports operator confirmed its approval over £10.3 takeover bid from a consortium. Spain’s Grupo Ferrocvial leads the consortium. Ferrovial offered to pay 950.25 pence per share. The deal included a proposed final dividend of 15.25 pence per share. The board saw this offer as an attractive price for BAA. A consortium led by [...]

The US subsidiary of Glenmark pharmaceuticals Ltd. (Glenmark) has signed a deal with Paul Capital Partners’ Royalty fund, worth $27-million to finance the development of its dermatological portfolio for the US market. The legal advisors of Glenmark in the deal were, DSP Merrill Lynch & Greenberg Traurig LLP. Glen Saldanha, the managing director & CEO [...]

The Bharti Airtel’s new FII investment has hit a roadblock. The foreign institutional investors (FIIs) cannot increase their shareholdings & exposures in the countries largest telecom company, Bharti Airtel until the government allows the company to hike its foreign investment ceiling from 49% to 74%. Currently, FII investment is close to hitting the threshold limit [...]

Soaring oil prices will eventually result in a loss of $3 billion for global airlines this year as per the notion set by industry lobby group IATA. According to IATA Chief Executive Giovanni Bisignani, the ever-increasing hike in oil prices would affect the profitability of the organization. The fuel bill for the industry will amount [...]

Bosch has officially launched its first manufacturing facility in India. This facility is exclusively for common rail high-pressure pumps, used in diesel cars. The launch was successfully conducted in Bangalore and also promised further expansion of its presence in the country. An investment of Rs.1, 800crore in India between 2005 & 2008 has been endorsed [...]

Karnataka Cabinet has finally offered a green signal to the proposal for setting up a biotech park on a 106-acre plot at the Electric City at an approximate cost of Rs.103crore. This is a step that will be taken to fillip the sector. The part A of the project will cost around Rs.14crore and will [...]