LIVE updates | Market turmoil to continue over Europe : Obama

LIVE updates | Market turmoil to continue over Europe : Obama

Canberra: United States President Barack Obama on Wednesday said he was deeply concerned about the euro zone crisis and market turmoil would continue until Europe has a concrete plan to deal with its debt crisis.

Asian shares and the euro fell on Wednesday on continued uncertainty over the euro zone debt crisis, and an unclear outlook for struggling Italy and Greece to implement austerity measures needed to win market confidence. (Reuters)

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Gehlot reshuffles team, drops six ministers

Jaipur: With his government’s image taking a beating due to sleaze and corruption allegations, Rajasthan chief minister Ashok Gehlot has carried out a reshuffle of his ministerial team, dropping six ministers including education minister Bharosilal Jatav facing illegal mining charge.

However, minister of state Amin Khan, who had caused considerable embarrassment by saying that President Pratibha Patil got the top post due to her proximity with Sonia Gandhi, has been rewarded with independent charge. (PTI)

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Plan to expedite Navi Mumbai airport project

Thane: The City Industrial and Development Corporation (CIDCO), a nodal agency for the proposed Navi Mumbai International Airport (NMIA), has said that it would endeavour to expedite the project as quickly as possible.

The airport is proposed to be developed through public-private participation (PPP), in which, the CIDCO and Airports Authority of India (AAI) will hold 26% equity and the rest will be held by private developers. (PTI)

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Samsung Elec buys US healthcare equipment maker Nexus

Seoul: Samsung Electronics said late on Tuesday that it had purchased US cardiac testing solutions provider Nexus, marking its second healthcare acquisition this year as the technology giant pushes into new growth areas.

South Korea’s Samsung did not disclose the value of the deal to buy the US-based Nexus division of ITC Nexus Holding Company (ITC). (Reuters)

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PM Gillard announces more US troops to use Australia

Canberra: The United States will position more troops in northern Australia under a new bilateral military agreement that will eventually see 2,500 US forces in Australia, Prime Minister Julia Gillard said on Wednesday after talks with US President Barack Obama.

The agreement will not include a permanent US base in Australia, but will see more forces transit through Australia, offering closer access to the South China Sea than America’s bases in Japan and South Korea. (Reuters)

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China may open auto insurance market to foreign firms

Taipei: China is likely to open its mandatory auto insurance market to foreign companies next year for the first time, the chairman of the Insurance Association of China said on Wednesday.

China, which has left the business to local companies for five years, could very likely open the market to attract foreign interest, association chairman Jin Jianqiang told Reuters. (Reuters)

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Russia may contest EU energy rules in WTO

Moscow: Russia, on the brink of joining the World Trade Organization, is considering mounting a challenge against EU energy regulations that would limit gas export monopoly Gazprom’s control over its European pipeline assets, a government source said on Wednesday.

WTO ministers are expected to invite Russia to join the global trade rules body in December after 18 years of on-off talks but, even before receiving their assent, a first row looks to be brewing. (Reuters)

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‘Citigroup investment bank to cut 900 jobs‘

US banking giant Citigroup is preparing to cut 900 jobs in its investment banking division because of global market turmoil, the Wall Street Journal reported Wednesday.

The Journal said the move — involving some 5% of the unit’s worldwide staff —could be part of a larger plan to cut 3,000 jobs from the company as a whole, or around one percent of its total workforce.

The newspaper cited unnamed sources as saying that the larger cut had not yet been finalized and could change.

Last month Citigroup reported a better-than-expected surge in third-quarter profit as the cost of credit dropped.

Net income leaped to $3.8 billion in the July-September period, a 74% increase from the same period last year and a 13% rise from the second quarter. (AFP)

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GE India appoints Banmali Agrawala CEO of energy biz

GE India has appointed Banmali Agrawala as president and CEO of its energy business in the country.

Agrawala, who was executive director of strategy and business development at Tata Power Company, had recently announced his exit from the company with effect from 30 November, 2011, citing personal reasons.

“Banmali will be responsible for driving overall growth and strengthening the business in India. He will step into his new role on 1 December, 2011," GE said in a statement on Wednesday.