Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system.

The bank aimed at funding infrastructure projects in developing nations will be based in Shanghai.

VE Commercial Vehicles (VECV), the six-year-old 50:50 joint venture between Sweden’s Volvo Group and Eicher Motors Limited, is working with its partner, Volvo to develop products for export markets.

The company is currently in the process of exporting its made-in-India light and medium commercial vehicles or LCVs to select markets in West Asia, South Asia and Africa.

To boost demand for infrastructure and housing, the Reserve Bank of India (RBI) on Tuesday said banks would not have to maintain cash reserve ratio (CRR) or statutory liquidity ratio (SLR) and will not have to meet priority-sector lending targets for funds raised through bonds for extending credit to these sectors.

While the exemption from CRR and SLR requirements was announced by the Finance Minister in his Budget speech, the banking regulator further sweetened the deal by including loans for affordable housing.

The Securities and Exchange Board of India (Sebi) on Tuesday slapped a penalty of around Rs 3,000 crore on five former Satyam Computer executives, including founder B Ramalinga Raju, for violation of various securities market regulations like the one on insider trading. The market regulator also barred these individuals from accessing the securities market for 14 years.

NEW DELHI: The Modi government is likely to extend the term of Rohit Nandan as Air India's chairman and managing director (CMD). The aviation ministry has asked the UP government to allow Nandan, a UP cadre IAS officer, to stay in the central deputation job as he has already spent five years out of the state. Usually states give an extension of two more years, commonly known as "five plus two" practice in bureaucratic parlance.

New Delhi: India’s apex power sector regulator Central Electricity Regulatory Commission (CERC) on 30 June rejected state-run NTPC Ltd’s representation to revisit electricity tariff norms applicable during financial years 2015-19.

NTPC, India’s largest power producer, had approached the Delhi high court to appeal CERC’s February order that revised the incentive structure for state-run power generation companies. The court had asked CERC to consider NTPC’s representation.

Diversified group ITC today expressed willingness to set up a paper manufacturing unit in Telangana with an investment of Rs 3,500 crore.

This was conveyed by top officials of ITC to Telangana Chief Minister K Chandrasekhar Rao during a meeting here, said an official release.

Microsoft Corp is planning its biggest round of job cuts in five years as the software maker looks to integrate Nokia Oyj's handset unit, Bloomberg reported, citing people with knowledge of the company's plans.

The reductions, expected to be announced as soon as this week, could be in the Nokia unit and the parts of Microsoft that overlap with that business, as well as in marketing and engineering, Bloomberg reported.

We reiterate our ‘buy’ rating on Infosys and remain constructive on the stock given reasonable valuations of ~14x FY16f and a gradually improving revenue growth trajectory. We raise our target price to R3,790 (earlier R3,770) on roll-forward and it is based on 16x 1 year forward EPS (up to June-16) of R236.6. The 16x multiple (unchanged) is a 10% discount to its historical average valuations and 20% discount to our target multiple for TCS.

In a significant development, China today invited India to attend a summit of Asia and Pacific (APEC) leaders as Prime Minister Narendra Modi met President Xi Jinping and discussed various issues including the need to resolve the boundary question in an amicable manner.

In a significant development, China today invited India to attend a summit of Asia and Pacific (APEC) leaders as Prime Minister Narendra Modi met President Xi Jinping and discussed various issues including the need to resolve the boundary question in an amicable manner.

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