Business News Headlines

The New York Stock Exchange Wednesday halted trading in the stock of beleaguered Satyam Computer Services prior to the opening of the market at 9.30 a.m. US eastern time, the NYSE said in a statement.

The besieged board of Satyam Computer Services Ltd will meet Saturday to discuss the various issues that rocked the IT bellwether since the Maytas deal fiasco Dec 16, culminating in the dramatic resignation of its co-founders who admitted to a massive revenue fraud in the company over the years.

The Andhra Pradesh government Wednesday ordered a preliminary inquiry by the crime branch of the police into a financial fraud by IT major Satyam Computers.

Following is the transcript of a recorded video message by Satyam Computer Services interim CEO Ram Mynampati:

The Vibrant Gujarat Global Investors Summit-2009, begining Jan 12, will focus on the small and medium enterprise (SME) sector, and generate more employment, Gujarat Chief Minister Narendra Modi said here Tuesday.

There will be around 15 percent rise in bilateral trade between India and Denmark in 2008-09, the Danish envoy said here Wednesday.

Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Wednesday urged Prime Minister Manmohan Singh to constitute a management team to run the affairs of crisis-ridden Satyam Computers to restore the confidence of global customers.

The apparel sector will lose about one million (10 lakh) jobs by March because of slackening demand in the US and Europe and increasing input costs, the apex body of the garment export sector said Wednesday.

British retailers Marks & Spencer (M&S) said Wednesday it is axing up to 1,230 jobs and closing down 27 stores after a fall in Christmas sales.

Indian equities markets tumbled Wednesday after Satyam Computers chairman B. Ramalinga Raju admitted to having juggled with the firm's balance sheet to the tune of Rs.40 billion ($823 million).