ONGC, which is the licensee and a 30% owner in the oil-rich Rajasthan block operated by Cairn,

has held back $500 million to Cairn India alleging that the expenditure had been inflated

Cairn spent money over and above the approved budget. ONGC is a PSU, it is public moneystate-

owned firm has raised objections on several items in recent months and its share of the expenditure,

which it has not paid so far, has accumulated to about $500 million now.

Telecom minister A Raja cost Telecom minister A Raja cost nation Rs 1.7L cr: CAGnation Rs 1.7L cr: CAG

The heat on telecom minister A Raja is rising, with the Comptroller and Auditor General holding him personally responsible for the sale of 2G spectrum at dirt cheap rates in 2008, resulting in a loss of up to Rs 1.70 lakh crore to the national exchequer.

the alleged scam in 2G spectrum allocation, CAG has said that the minister for IT and communications ignored advice from the PM and ministries of law and finance, and the recommendations of the Telecom Commission to allocate 2G spectrum to a select group of companies at throwaway prices.

as many as 85 licences to 12 companies out of the 122 new licences issued in the controversial Offer made by S Tel Ltd, through its communication to the PM and later to the minister in 2007. If it was to be taken, then 6.2 MHz of 2G spectrum for the 122 licences work out to Rs 65,725 crore against the Rs 9,013 crore collected by DoT. The dual technology rate offered by S Tel was Rs 24,591 crore. Thus the total valuation was at Rs 90,316 crore

Siemens profit up 63% Siemens profit up 63% for 2010for 2010

•The German industrial group Siemens on Thursday reported net profit of 4.368 billion euros (5.612 billion dollars) for the year to September 30, up 63 percent on the previous year.

•Siemens forecast a 25 to 35 percent operating profit in its core businesses for 2011.

•The company said in a statement that it would pay a dividend of 2.70 euros, up from 1.60 euros in 2009 and bettering analysts forecasts of 1.85 euro.

•Sales for the year stood at 75.978 billion euros•The operating profit from core energy, industrial and medical equipment sectors stood at 7.789 billion dollars for 2010, up four percent on the previous year

Power Grid FPO subscribed 5.31 Power Grid FPO subscribed 5.31 times till 1400 hrs on Day 3times till 1400 hrs on Day 3

•State-run Power Grid Corporation's Rs 7,600-crore follow-on public offer got a good response from investors with a subscription of 5.31 times •transmission firm's FPO attracted bids for Rs 447 crore shares against 84.17 crore shares on offer •The government is divesting 10 per cent of its 86.36 per cent stake and the company would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per share.

•upper end of the price range, Power Grid's FPO is worth nearly Rs 7,600 crore and at the lower end, it would fetch about Rs 7,155 crore.

•PowerGrid's FPO is part of the government's plan to raise Rs 40,000 crore in the current financial year through divesting stake in various PSUs.

•The capital raised from the FPO will be used for part funding the PSU's Rs 55,000 crore capex plan, with Rs 30,900 crore worth of investment lined up over the next two years.

GE to invest $2 bn in GE to invest $2 bn in China over two yearsChina over two years

•US conglomerate General Electric said on Tuesday that it plans to invest more than two billion dollars over two years to improve research and development in China and to fund new joint ventures.

•GE Chairman and Chief Executive Jeff Immelt said during a visit to Beijing that the company would spend 500 million dollars on its China R&D operations •These initiatives will create jobs in both China and the US," he said, adding it would lead to 1,000 new jobs by 2012.

•GE also pledged to invest more than 1.5 billion dollars in funding new joint ventures with Chinese state-owned enterprises in areas such as technology and financial services

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