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OECD unemployment rate climbs to 8.8% in Oct
The jobless rate in the Organisation for Economic Co-operation and Development (OECD) region -- a grouping of developed and developing nations -- rose marginally to 9.8 per cent in October, indicating that the labour market is yet to shrug off recession blues.

Jet to buy 26% stake in JV with Malaysian Airlines
The Board of Directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.

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Railways may meet budgetary estimates
On the back of steady growth in the economy, railway ministry officials indicate that Budgetary estimates outlined last year are likely to be met despite a shortfall in the earnings from passenger traffic and parcel services in the first three quarters of the current financial year (2009-10).
Small Business

ONGC net profit up 23%

Higher crude price realisation, coupled with lower fuel subsidy, has helped Oil and Natural Gas Corporation (ONGC) post a 23 per cent jump in net profit for the quarter ended December 31. Net profit was Rs 3,054 crore, compared to Rs 2,475 crore in the same quarter last year. Net sales for the quarter rose 23 per cent, to Rs 15,314.5 crore. - Larsen & Toubro: Disappointing results - NE industries euphoric over Bangla accords - ING Vysya net up 16 per cent - M&M Fin net profit jumps 111% - Kotak Mahindra Bank net soars 153% - "There is 22 per cent rise in core profit" R S Sharma, chairman and managing director, said that “considering the volatility of the business, the financial results of the quarter are quite satisfactory”. ONGC’s share of the fuel subsidy burden for the quarter stood at Rs 3,497 crore, down by 28.6 per cent compared to last year’s corresponding quarter. Upstream companies like ONGC, Oil India and GAIL (India) have been mandated to compensate the underrecoveries of state oil marketing companies on sale of petrol and diesel. ONGC gave a discount of $18.97 per barrel to realise $57.69 per barrel in the third quarter During the quarter, ONGC wrote off 37 dry wells, amounting to Rs 2,480 crore. These were drilled over the past two years. Crude output during the quarter declined 3.1 per cent to 6.7 million tonnes, while gas production was almost flat at 6.457 billion cubic metres. ONGC made seven new discoveries during the quarter. All the discoveries have been made in the nomination blocks, Sharma said. The company’s board has approved investment of Rs 723.6 crore for acquisition of a new multi-support vessel. Another decision was a nod to a draft memorandum of understanding to be entered with Bharat Petroleum Corporation for cooperation in the gas and LNG business. The company’s board also approved investment of Rs 2,163.65 crore for integrated development of the D1 marginal field of Mumbai offshore. The estimated peak oil production from the field is expected to be about 36,000 barrels of oil per day during 2012-13.


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