As the International Energy Agency announced the release of 60 million barrels of oil next month to shore up the economic recovery, J.P. Morgan and Goldman Sachs slashed forecasts for crude prices in the third quarter.
Business
Microsoft previews next release of windows phone Mango
Microsoft Corp. previewed the next major release of Windows Phone, code-named “Mango,” through a series of media events around the world. “Mango” will deliver more than 500 new features to push the boundaries of the smartphone experience around communications, apps and the Internet.
HP to Acquire 3Com for $2.7 Billion
HP and 3Com Corporation (NASDAQ: COMS) (“3Com”) announced that they have entered into a definitive agreement under which HP will purchase 3Com, a leading provider of networking switching, routing and security solutions, at a price of $7.90 per share in cash or an enterprise value of approximately $2.7 billion.
G8 focus on economic crisis, climate change and food security
The international economic crisis, climate change and food security were the issues on which the G8 leaders focused in the first day’s proceedings at the L’Aquila Summit. The Group of Eight (G8, and formerly the G6 or Group of Six) is a forum, created by France in 1975, for governments of eight nations of the northern hemisphere: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States; in addition, the European Union is represented within the G8, but cannot host or chair.
GM Statement on US Treasury’s 363 Sale Proposal
The U.S. Treasury proposal provides incentives for GM’s unsecured bondholders to support GM’s restructuring efforts in the event GM decides to pursue a 363 sale as part of a bankruptcy proceeding. Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success.
Tata Nano booking is opened by Tata
The booking of the Tata Nano is open from April 9 and will continue up to the end of day on April 25, 2009. Tata Motors has entered into agreements with 18 preferred banks / NBFCs to enable prospective customers to get finance and facilitate booking of the car. The sale of application forms has already started from April 1, to a very encouraging response.
Sodexo recognized as Cornerstone of Maryland Communities and Economy
The Restaurant Association of Maryland awarded Sodexo with the McCormick Cornerstone Award at its annual meeting in Baltimore. The award recognized the company for creating jobs, purchasing local goods and its overall support for the state of Maryland.
Roche completes tender offer for Genentech
Roche (SWX: ROG.VX; RO.S, OTCQX: RHHBY) announced that its wholly-owned subsidiary, Roche Investments USA Inc., completed its tender offer for the publicly held shares of Genentech (NYSE: DNA).