The World Economic Forum competitiveness rankings survey has revealed that Switzerland is the most competitive economy, followed by Singapore and Nordic countries. UK rose from 10th position last year to eight this year and India’s ranking fell three ranks to 59th position. Read more
A majority of chief executives of major companies in India are pessimistic about the outlook for the Indian economy in its current fiscal year and expect only a moderate recovery, a study by CII showed. Read more
India’s GDP (Gross Domestic Product) grew by only 5.5% in the April-June quarter after suffering a severe growth setback in the services sector. The Indian industry body, CII, has expressed deep concern over the continuing downward trend in the country’s GDP growth trajectory. Read more
UK mining company, Vedanta Resources, has come under fire after Amnesty International accused it of covering its poor human rights record in Orissa state. Read more
Oracle has agreed to pay a $2m (£1.57m) penalty after failing to prevent a subsidiary from secretly setting aside money to make unauthorised payments to phony vendors in India, thereby violating FCPA. Read more
The Confederation of British Industry (CBI) has re-opened its office in the Indian capital to deepen Britain’s business links with India, its fifth largest investor. The CBI India office will give UK businesses insights into the Indian market and act as an enabler for doing business in the country. Read more
The German luxury carmaker, Audi, has launched A8L sedan in India. The vehicle is priced around Rs 1.075 crore and comes with a 4.2 TDI engine. Read more
Telecom companies planning to bid for second generation licenses will have to start at 14,000 crore rupees, after the cabinet set that as the minimum price for auction of 2G spectrum. Read more
Jaguar Land Rover, the wholly owned subsidiary of Indian automotive multinational Tata Motors, is creating 1,100 new jobs in its manufacturing facility in Castle Bromwich, UK after seeing nearly 20% increase in its sales. Read more
Indian multinational firm Wipro said its Consumer Care division is acquiring the Yardley business in the UK and in Europe. It is also acquiring Woods of Windsor business, another UK heritage brand in the personal care segment. The financial terms of the deals were not disclosed. Read more
