TOUGH TIMES...

Vodafone’s ownership under scanner

The department of economic affairs, which is under the Ministry of Finance, has written to the department of telecommunications to look into the security concerns the home ministry had expressed on the proposal of Vodafone Plc to increase its stake in Vodafone India to 100 per cent.

Google faces up to USD 5 bn CCI fine

Google, which is facing an antitrust investigation in India by fair trade watchdog Competition Commission of India (CCI), can face a penalty of up to USD 5 billion if it is found to have violated competition norms. The conclusion of a two-year review by the US antitrust watchdog had concluded the company’s services were good for competition. The case has been before CCI as well for over two years and relates to allegations that Google is abusing its dominant position in the internet search engine space. Will the dominance prevail?

Gas price set to be doubled from April 1

The price of domestic natural gas is set to double to around USD 8.4 a unit from April 1, 2014 with the government coming out with a notification on this by the end of this month. This is in spite of political pressure and speculation in the past few months over the exact amount of increase. But the question mark remains on whether Niko Resources and BP, which partners Reliance Industries (RIL) in the KG-D6 block, will be allowed to avail of a higher price for gas produced from the block. Lets wait and watch!

Sesa may fire 40 per cent Goa staff

Sesa Sterlite, India’s biggest iron ore exporter until a ban halted its mines in Goa 18 months ago, plans to fire 40% of its workforce in the state to cope with spiralling costs and negligible business. The unit of Vedanta Resources, controlled by Anil Agarwal, is aiming to eliminate 1000 of its 2500 workers.