7 November | Morning news round-up

7 November | Morning news round-up

Mumbai: Will the new week bring hope? Greece Prime Minister George Papandreou has agreed to form a coalition government, and step aside. A new government could pass the bail-out package and let Greece retain its membership of the common currency. Reports indicate that European Central Bank vice-president Lucas Papademos has emerged as the leading candidate for the new government. Read more...

In the United States on Friday, markets ended in the red as jobs data showed a slow recovery. The employment rate has been alarmingly high, at 9% for the last seven months.

In India the markets are shut on account of Bakri Id holiday but there are a slew of developments which the markets may react to on opening on Tuesday.

In the telecom sector, the telecom regulator plans to keep out incumbent mobile service providers -- Bharti Airtel and Vodafone from the 4G auction to offer a level playing field to all operators. These companies offer 2G services in the 900-MHz band which is considered to be very cost efficient, while Reliance Communication, Idea Cellular and others offer 2G services using 1800-MHz which requires higher expenditure. Read more...

State-run oil marketing companies may cut petrol prices by 50 paise for the first time since 2009 so that the government may not reduce their pricing power.

There might be some relief for the power sector as Coal India will start using GPS (global positioning system) to prevent shipments from being hijacked. The satellite technology will help safe guard an estimated 431 million tonne of coal which was getting stolen in transit.

Sterlite Energy, part of Sterlite Industries, has decided to not to go ahead with the expansion of Talwandi Sobo power plant in Punjab. Sterlite Energy had sought permission in 2009 to add another 660 MW unit to be operated on merchant power basis and sell the power produced in the open market.

Jaypee Group is planning to hive off a part of its cement business and is in talks with Temasak Capital to pare its debt which is over Rs40,000 crore. Jaypee Group was in the limelight for staging India’s first Formula One race on 30 October.

Lastly, India’s ‘Slum Dog Millionare,’ Sushil Kumar, a teacher from Bihar’s Motihari district who was the first person to win Rs5 crore in Kaun Banega Crorepati may win an endorsement deal from national rural job guarantee scheme. Read story