Need to Know | Royal diamond may get 9 million pounds at Christie’s

Need to Know | Royal diamond may get 9 million pounds at Christie’s

London: A coloured diamond once owned by King Philip IV (1605-1665) of Spain may sell for £9 million (Rs65.7 crore) at Christie’s International Plc. this week, defying a slowing of demand from investors nervous of economic recession.

The 35.56 carat fancy grayish-blue stone, mined in India and owned by the same private collector since 1964, is included in Christie’s 10 December London sale. It will be the most valuable stone offered by the auction house this year.

- Bloomberg


KSK Power Ventur profit falls 83% in Apr-Sep

London: KSK Power Ventur Plc., the developer of power projects across India, said profit fell 83% in the first half of its fiscal year.

Net income for the six months ended 30 September fell to $3.5 million (Rs17.22 crore) from $20.9 million a year earlier, the company said in a statement on Tuesday. KSK Power, based in Hyderabad, India, has an operational capacity of 184MW and 718MW under construction.

- Bloomberg


NSE denies Financial Tech’s allegations

Mumbai: The National Stock Exchange of India Ltd, or NSE, on Tuesday described as “false, baseless and fabricated" allegations made by Financial Technologies (India) Ltd, or FTIL, promoter of Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange.

FTIL had on Friday published a public notice in ‘The Economic Times’ claiming that NSE has kept it on a ‘watch list’ and had rejected its application for providing software for currency futures trading without assigning any reason.

NSE said in a statement on its web site that it has “responded suitably to the legal notice received from the solicitors of FTIL." It did not elaborate on the response.

- Ravi Krishnan

India Today to close Bengali edition

New Delhi: The publisher of magazines such as India Today and Business Today, Living Media India Ltd, has decided to close the Bengali edition of ‘India Today’. “We are ceasing publication for the time being due to market conditions and we will consider relaunching the edition at an appropriate time in the future," said Ashish Bagga, CEO, Living Media. “The ad market in West Bengal has seen a severe downturn," he added.

The Bengali edition was launched in September 2006. The group also publishes the flagship magazine in Hindi, Tamil, Telugu and Malayalam. “We tried to centralize the operations in Delhi, but many of the staffers were not keen to move here, so they resigned," Bagga added. Of the 21 staffers, four have been retained and 17 have resigned, he said.

- Staff Writer


Vodafone to make offer for Wayfinder Systems

London:Vodafone Group Plc. said on Tuesday it would make a public offer for navigational and locating services firm Wayfinder Systems, valuing the Swedish company at 239 million Swedish crowns (Rs147.6 crore).

“Wayfinder’s exceptional expertise in this space and technology capabilities will enable Vodafone to develop a suite of exciting new location-aware products and services," Pieter Knook, Internet services director at Vodafone, said in a statement. Vodafone said it would offer 12 crowns per share, compared with Monday’s closing price of 3.40 crowns.

- Reuters


WTO chief postpones global trade deal meet

Geneva: World Trade Organization (WTO) head Pascal Lamy late on Monday postponed a ministerial meeting to nail down a long-awaited global trade deal, saying key negotiating problems remained after talks with representatives.

Lamy issued a letter to negotiators after talks with WTO representatives on compromise texts on agriculture and industrial products. The talks snagged on issues surrounding cotton, mechanisms to protect poor farmers and proposals to make especially sharp tariff cuts to certain sectors, he said.

Announcing the delay in the December 13-15 talks, Lamy said the meeting could take place in Geneva from 17 to 19 December.