Global - Economy and Market
Unemployment falls in most U.S. metro areas
Unemployment in October was down in 281 U.S. metropolitan areas, the Labor Department said. The number was the largest since April. The Conference Board's index of hiring prospects in the U.S. rose to 103.7 last month, from 102.4 in October. It was the highest reading in three years.

Many companies pay no state taxes: report
WASHINGTON - Many brand-name U.S. companies are using deductions, credits and other means to shave their state tax rates below zero percent, a study by a left-leaning think tank released on Wednesday found.

ECB to cut rates as focus on bond buys intensifies
FRANKFURT - The ECB is expected to cut rates and unveil a new package of bank aid on Thursday, with markets also watching for any hint it will intensify its bond buying support for the bloc's struggling periphery, setting the stage for a critical euro zone summit.

Fed to hold off on easing, finalize policy framework
WASHINGTON - The Federal Reserve looks set to hold off on easing monetary policy for a second meeting in a row as it gauges the impact of Europe's crisis on the U.S. economy and ponders additional transparency steps.

October consumer credit up for 2nd straight month
WASHINGTON - Consumer credit in October grew sharply for the second straight month, rising $7.65 billion after increasing a revised $6.88 billion in September, a Federal Reserve report showed on Wednesday.

India - Economy and Market
· India's Oct industrial output shrank by 7%
India's industrial output declined by 7% in October, dragged down by a fall in the capital goods sector, the first time it moved into negative territory since June 2009, The Times of India reported on Thursday, quoting an unnamed source.

"Initial estimates show that industrial production has shrunk by 7%. But with more data coming in, the decline may be around 5%," the newspaper quoted the source as saying.

· RBI unlikely to cut CRR on inflation woes: Gokarn
Reserve bank governor Subir Gokarn hinted that the RBI may not cut the cash reserve ratio since inflationary pressures are still high. Gokarn was speaking at a closed door meeting with bankers.

· Subsidy bill may go up by Rs 1 lakh cr in FY'12: Pranab
The government subsidy bill in the current fiscal is likely to go up by a massive Rs 1 lakh crore on account of higher outlays towards fertiliser, food and oil, Finance Minister Pranab Mukherjee said today.

· RBI guidelines on MFI sector a positive: CRISIL
"RBI's revision in provisioning norms and change in recognition of non-performing assets (to 90 days overdue from 180 days overdue) is unlikely to impact the profitability of the non-Andhra operations of Crisil-rated MFIs over the medium term," Crisil said in a study on the sector.

RBI's recent guidelines have created a new category of non-banking financial companies (NBFCs) called NBFC-MFIs. The guidelines also highlight the need for transparency in interest rates, and address issues on multiple lending and coercive recovery.

· CCEA clears Rs 6,500 cr FDI proposals of two power entities
PTI 7 Dec 2011, 22:36
Govt approved the proposals of two power sector entities for bringing in foreign direct investment worth Rs 6,500 crore.

· FDI in retail: Govt approves Rs 8,750-cr financial package for West Bengal
NEW DELHI: After heeding to West Bengal Chief Minister Mamata Banerjee's demand on FDI in retail, the Centre today gifted her with a special package of Rs 8,750 crore for development of backward region of the state.

The proposal of the Planning Commission, which was being sought by Banerjee for long, was cleared by the Union Cabinet this evening.

· Govt apprehensive about decontrol of urea fertiliser: Jena
Govt expressed apprehensions over freeing of urea sector saying that retail prices of decontrolled fertilisers have sharply risen.

· Salt export may see uptrend this season
Export orders are expected to increase with demand coming from China and South Asian countries.

· Nepal to allow car imports from India by authorised manufacturers
Nepal would end discrimination against car imports from the country and allow imports on the basis of self-certification by Indian government.

Technology News –
· Tech firms iGate Patni, MindTree may hire less and reduce pay hikes; attrition to come down
While companies say the double-digit wage inflation seen in 2011 will continue, consultancy firm Mercer expects wage hikes to be moderate.

· Cognizant to develop online applications for Telefonica UK
Cognizant said it has been roped in by communications firm Telefonica UK to develop and manage the company's online applications.

· Wipro to invest about Rs 800 cr in West Bengal; would create 15,000 jobs
Premji also proposed a public-private partnership with the state government for providing e-services towards ensuring e-governance.

· HCL Infosystems bags order for border check posts in Maharashtra
HCL Infosystems has bagged a project to implement automation, computerisation and integration solutions.

· Google India gets Income-Tax Dept notice for not revealing correct revenues
MUMBAI: Around the same time Telecom Minister Kapil Sibal was planning to pull up Google, the Income-Tax Department was giving the final touches to a tax demand on the Indian arm of the global search engine company.

· Google India Pvt Ltd, according to the tax office, has not offered its entire income for taxation and the profit and loss account filed by the company "does not give complete picture of the businesses".

· Aadhaar numbers to be delivered electronically to clear backlog
The government on Wednesday said there is some backlog in delivering 'Aadhaar' unique identity cards and steps have been taken.

· Heineken links with Facebook in digital drive
LONDON - Brewing giant Heineken is linking with social networking website Facebook to boost its global digital marketing, with the first fruits of the partnership being an online campaign aimed at making responsible drinking cool.

· California proposes rules to spur clean car growth
REUTERS - California's powerful air quality regulator on Wednesday proposed sweeping new rules to reduce greenhouse gas emissions from vehicles, including putting 1.4 million electric, plug-in and hydrogen cars on the state's roads by 2025.

· Olympus board signals to quit, battle looms with ex-CEO
TOKYO - Olympus Corp's board signalled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the scandal.

· Samsung's Nov TV sales hit record, confident of meeting 2011 target
SEOUL - Samsung Electronics Co , the world's top TV brand, said on Thursday its television sales hit a record 5.7 million units in November, helped by strong U.S. sales during the long Thanksgiving weekend.

· Govt may auction surrendered BSNL broadband spectrum
NEW DELHI - The government has "in principle" accepted a proposal from state-run Bharat Sanchar Nigam Ltd to surrender wireless broadband spectrum in several telecoms zones and will look at auctioning it to other players, the telecoms secretary said.

· RIM forced to change name of software
BlackBerry-maker Research In Motion has been forced to change the name of its new operating system from BBX after the company lost a trademark ruling.

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