Business Economy Updates : August 19-25, 2009

August 19, 2009: Fortune List of Fastest Growing Firms topped by Research in Motion
Research in Motion (RIM) who developed the Blackberry smartphone is the world’s fastest-growing company as per a recent list released by Fortune. The company is from Canada. Here is the list of 10 Fastest Growing Firms:
  1. RIM
  2. Sigma Designs
  4. Ebix
  5. DG Fast Channel
  6. CF Industries
  7. Shanda Industries
  8. Arena Resources
  9. Bruker
  10. Potash Corporation

August 19, 2009:$20.5 bn gas deal between India & Australia
India’s Petronet LNG has signed a $20.5-billion gas purchasing agreement with Australia’s ExxonMobil. This is the first long-term gas contract between the two countries. The agreement was signed in Perth on August 10, 2009. ExxonMobil will sell around 1.5 million tonnes of liquefied natural gas (LNG) annually from the Gorgon project in western Australia to Petoronet for 20 years.

August 20, 2009: China is now Japan’s biggest trading partner
According to a latest report by Japan External Trade Organisation (JETRO), China was Japan’s biggest trading partner in the first six months of 2009. China has replaced US for the very first time.

August 20, 2009: Fortis acquired 10 hospitals from Wockhardt
Fortis has acquired 10 hospitals from Wockhardt for Rs.909 crore. With This acquisition Fortis has now capacity of 5,202 beds in 38 hospitals.

August 21, 2009: London School of Economics invites Nitish Kumar
Chief minister of Bihar Mr. Nitish Kumar has been invited to participate in the Growth Week 2009 programme at the London School of Economics.

August 24, 2009: India will get $3.2 bn loan from World Bank to recapitalise Public Sector Banks
India will get $ 3.2 billion from World bank to recapitalize public sector banks and to fund IIFCL (India Infrastructure Finance Company Ltd). The break up of the amount is as follows:
Banks = $ 3.0 Billion
IIFCL = $ 1.2 Billion

An amount of $14 billion loan amount has been earmarked by the World Bank for India for three years and this amount is a part of that.
August 25, 2009: Rs,1,500-crore Punjab road project by World Bank Cleared
The World Bank has approved the Rs.1,500-crore Punjab State Road Sector Project. This project covers improvement of 1,100 km of roads in two phases to complete the work by 2012.

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