todays top news

Leading steel firms to cut prices: govt By economic times
India's large steel firms have agreed to roll back prices of long steel products, Steel Secretary R S Pandey told reporters after a meeting with big producers including Tata Steel and Steel Authority of India Ltd. The prices would be lowered by Rs 2,000 per tonne. Steel prices have shot up by 33 percent in the last eight weeks. India exports 4-5 million tonnes of steel annually and another 2 million tonnes of galvanised sheets and cold-rolled coils are exported.

Telekom Malaysia itching for more of spice By business standard
Telekom Malaysia might partner with strategic investors to increase their combined stake in Spice Communications to 74 per cent.
The Malaysian giant has 39.20 per cent equity in the telecom company and foreign institutional investors hold 9.59 per cent, taking the total foreign holding to 48.79 per cent.
The potential partners include United Arab Emirates’s largest telecom company, Emirates Telecommunications Corp.
Spices presence currently
Karnatka
Number of subscribers 15,86,031
Share of the market 12.44%
Punjab
Number of subscribers 24,98,174
Share of the market 27.46%
It has received licence to operate in four more circles Andhra pardesh, delhi, haryana and maharashtra and is awaiting additional spectrum.
Fed to report value of Bear stearns portfolio
Federal Reserve Bank of New York said on Thursday it would report on a quarterly basis the value of the assets held as collateral for a $29 billion credit line to JPMorgan Chase & Co as part of its deal to buy Bear Stearns Cos. Bear Stearns said the assets were worth $30 billion based on market values on March 14. "We will report the valuation and recoveries from liquidation of the portfolio on a quarterly basis, subject to annual review by our outside auditors Deloitte Touche Tohmatsu," the Fed said in an annex to congressional testimony by New York Fed President Timothy Geithner. Based on generally accepted accounting principles, the Fed would be required to report the portfolio's value on an annual basis.