IBT Staff Reporter

Bharat Oman Refineries Ltd (BORL), an equal joint venture between state-owned Bharat Petroleum Corporation Ltd (BPCL) and Oman Oil Co., is set to raise about Rs.2400 crore ($600 million) by tapping the primary market as well as through a pre-IPO placement, to part finance a Rs.10,400 crore ($2.6 billion) refinery project at Bina, Madhya Pradesh.

The prime index of the Bombay Stock Exchange (BSE) failed to carry on the upward momentum it had set on Monday, by ending down 1.08 percent or 19.46 points on Tuesday, tracking weak global cues.

Coca-Cola Inc. is set to invest about Rs.1000 crore ($250 million) in India over the next three years to keep pace with its rival PepsiCo Inc., which presently dominates the local $1.75 billion soft drinks market.

Japan stocks dropped Tuesday as investors began to raise fears about global economy and situation of Beijing Olympic. Also some investors sold stocks for profit-taking before earnings season. Many investors expect results of Japan and U.S. companies' quarterly earnings will not be so profitable.

Standard & Poors Ratings Services, downgraded its credit ratings for four mortgage insurers late Tuesday citing a weaker than expected housing market and rising unemployment.

Shares of First Marblehead Corp., a student-loan company, fell sharply on Tuesday a day after its loan insurer filed for bankruptcy.

Kinetic Concepts Inc. which elaborates products to heal wounds agreed to buy $1.7 billion in cash for LifeCell Corp. to expand the diversity of its products.

China's banking authority clarified on Tuesday that the rules that a single foreign-funded institution can hold up to a 20 percent stake in a Chinese bank remain unchanged, according to a report from Xinhua News Agency.

China's domestic automobile market increased in March as the impact of snowstorm weakened. The domestic car sales in first quarter increased by 22.52 percent as compared with the same period last year, to reach 1.37 million totally.

Capital One Financial Corp. will cut 750 U.K. jobs by the end of the year, it told employees on Monday.

Konica Minolta Business Solutions USA Inc., a unit of Tokyo-based Konica Minolta Holdings Inc., said Tuesday it has agreed to buy a subsidiary of Danka Business Systems PLC, in a deal valued at $240 million.

Chattem Inc. reported its adjusted net income for the first quarter of fiscal 2008 year was $20 million, and earnings per share were $1.01 surpassing forecasts of 95 cents per share.

Two-year treasuries rose on Tuesday after released minutes from the Federal Reserve showed policy makers' view that a recession is likely in the first half of the year.

Copper futures in New York ended falling as U.S. housing data and higher prices rose concerns about lower demand and as the dollar rallied.

Chinese Internet firm Alibaba is speeding up the buyback of its stake owned by Yahoo Inc, as Microsoft Corp threatens to go hostile with a lower bid for Yahoo.

Eurotunnel has reported an annual profit for the first time. The company said that it made a net profit of 1 million euros.

The FTSE 100 share index fell early on Tuesday. At 08:34 on Tuesday the FTSE 100 was down 41.2 points to 5,973.6 (down 0.7 per cent).

BT Group has announced that the head of BT Retail will be succeeding Ben Verwaayen as chief executive of the group on 1 June 2008. Verwaayen is to leave the board of BT completely on 30 June.

By Jon A. Nones SEATTLE (ResourceInvestor.com) The Executive Board of the International Monetary Fund has endorsed a new package of measures to shore up finances, which includes the previo...

Apple saw its shares fell on Tuesday as one Wall Street analyst called investors to sell their shares of the popular electronics maker.

By Julian D.W. Phillips The focus in the Gold Market has always been on the Dollar price of gold, writes Julian Phillips of the Gold Forecaster. And yet we have ample evidence of why we shou...

By Sreekumar Raghavan MUMBAI: Why is Tata Power Co Ltd silent even as environmental groups have urged World Bank to rethink about funding the $4.5 bn 4000 MW ultra mega coal powered Mundra...

The dollar was flat against the euro in late trading on Tuesday after a slight decline earlier in the session following the released minutes from the Federal Reserve's policy meeting last month.

Many Chinese have heard of the iPhone and would wish to have one but can't afford its high price, according to a new study.

American Airlines, the world's largest carrier, said it was canceling as many as 500 flights on Tuesday, and possibly Wednesday, as the airline struggles with further government inspections of its MD-80 aircrafts.

Citigroup is close to concluding a deal to sell off $12 billion of leveraged loans and bonds at a discount rate to a group of private equity firms, as it moves towards clearing off soaring company debt.

Fox International Channels, News Corp.'s pay television unit outside the U.S., acquired a 56 percent stake in European online video advertising network Utarget in an effort to increase its international ad revenue.

Bristol-Myers Squibb Co. agreed today to pay $5 million plus royalties to Repligen Corp. to settle a patent infringement lawsuit for a rheumatoid arthritis treatment.

YouTube and MySpace in Indonesia were blocked on Tuesday after the Indonesian government ordered Internet companies in the country to stop people from watching an anti-Islam film by a Dutch lawmaker.