IBM to reduce costs, silent on layoffs
San Francisco: IBM CEO Sam Palmisano has said the company will continue to cut costs by up to $2 billion a year to deliver on long-term double-digit profit growth. But he did not comment on growing rumours that the company is poised to make massive layoffs.

In his first analyst meeting since taking over from Lou Gerstner as CEO, Palmisano said IBM will address the issues impacting some of the firms weaker businesses, including its loss-making personal computer division, and deal with them appropriately.
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Fiat to shed 3,000 jobs
Rome: Fiat has initiated procedures to shed almost 3,000 jobs in Italy - most of them in the car sector - prompting unions to call a two-hour strike. Fiat said 2,887 workers would lose their jobs, including 2,442 in the loss-making auto business.

Fiat may also resort to further temporary layoffs depending on demand trends, the company added in a statement released after a meeting with union representatives. Fiat has been trying to cut costs and output amid slow car sales across Europe, cited as a main culprit for Fiats group net loss of 529 million euros in the first quarter.
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Govt to get Rs 1,424 cr from Maruti sale
New Delhi: The central government will receive a minimum additional amount of Rs 1,424 crore when it sells the existing shares in Maruti Udyog Ltd through a public issue in two phases.

Suzuki Motor Corporation has agreed to underwrite the public issue of the governments residual stake in Maruti at Rs 2,300 per share for around 36 lakh shares in the first round and Rs 2,000 per share for the balance of about 29 lakh shares in the second round.

This would mean an additional amount of Rs 1,424 crore for the existing shares worth 45.54 per cent that the government would hold in Maruti after the rights issue, government sources said.
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JK Industries halts fresh investment in India
New Delhi: JK Industries (JKI) has decided against any capital investment in India to create fresh tyre manufacturing capacity, except in the car radial segment. The reason: China presents extremely attractive sourcing options.

Although the companys existing domestic manufacturing capacity was falling short of demand in the commercial vehicle tyre segment, which constitutes over 61 per cent of its total production, JKI still does not want to set up a new manufacturing facility in the country as the cost of production is uncompetitive to that in China and some other countries in South-East Asia and Eastern Europe.
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Cadbury Sh Plc, Mauritius take full control of Indian arm
Mumbai: Cadbury Schweppes Plc and Cadbury Schweppes Mauritius Ltd, formerly known as Clarendon Investments Mauritius Ltd, are making a final cash offer to purchase the outstanding public shareholding of Cadbury India comprising 3,483,539 equity shares, aggregating 9.76 per cent of the outstanding equity share capital of Cadbury India at a price of Rs 500 for every fully paid-up equity share.
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Morepen Labs forms 4 strategic business units
Mumbai: Morepen Laboratories Ltd has created four strategic business units - global generics, medicus, diagnostics and fast-moving health goods - as independent profit centres as a part of a major restructuring exercise.
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Orissa to return land acquisition money to L&T
Bhubaneshwar: The Orissa government has decided to return Rs 3.20 crore to the countrys largest engineering conglomerate Larsen & Toubro.
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Bilt implements ERP programme
New Delhi: Ballarpur Industries Ltd has achieved its go-live enterprise resource planning initiative titled Ankur. Bilt has become one of the few companies in the paper industry to implement a full-fledged ERP programme.
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Waxoyl AG enters Indian Market
New Delhi: Waxoyl AG from Basel, Switzerland, has entered the Indian market for offering total vehicle care solutions for the Indian market ranging from cars to trains to aeroplanes.
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Q4 net profit of 435 major firms up 19.7%
Mumbai: The aggregate net profit of 435 major companies, which announced their fourth quarter results so far, increased by 19.7 per cent to Rs 6,433 crore during January-March 2002 from Rs 5,374 crore during the corresponding period of the year 2001.
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Qatar Petro seeks nod for airline JV with Gesco, UB Air
Manama: Qatar General Petroleum Corporation has sought permission from the Foreign Investment Promotion Board for purchasing and subscribing up to 40 per cent stake in a non-scheduled airline company as a joint venture with two Indian partners.
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BMW ready to drive into desi motown
Mumbai: BMW is revisiting its once-aborted plan to set up a production base in India. The firm is also gearing up to introduce the new Mini as fully-built imported model.
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