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BofA narrows list for CEO post: Report
The race to succeed Kenneth Lewis as the Bank of America Corp chief executive has narrowed to two internal candidates, though the board is still looking for a new face for the USA’s largest bank by assets, says a media report.

'New York' sets the cash registers ringing
Yash Raj films" New York, which released worldwide on June 26, has grossed Rs 35 crore in its three day first weekend.

News of the day

False dawn
US jobs: Optimism over the small decline in the US unemployment rate is premature. The stock market enjoyed a mini-rally after the government reported that the jobless rate had fallen to 9.4% from 9.5%. But this was caused by a decline in the labour force, which is not a sign of economic revival. The fiscal and monetary mess could lead to a halting recovery with ongoing job losses.
Small Business

HCL Tech bags $50 mn contract from UK-based Meggitt

Software company HCL Technologies today said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services. - "We plan to integrate BPO with the total landscape of HCL" - HCL Tech net down 20% - HCL Tech Dec qtr net dips 36% to Rs 255 cr - First day, first show - Sensex little changed; down 19 points - "We want to dominate infrastructure services" Meggitt signs $50 million (around Rs 231 crore) global engineering transformation services agreement with the company"s engineering and R&D services (HCL ERS) division, HCL Technologies said in a filing to the Bombay Stock Exchange. "HCL integrates the right capabilities and business models to ensure organisations such as Meggitt establish a competitive advantage," HCL ERS Senior VP and Global Head of Sales & Practice Sandeep Kishore said. HCL was selected based on its understanding of Meggitt’s business challenges and proven track record of partnering with large aerospace and manufacturing companies on highly complex engineering development programmes. "This strategic initiative will help us respond to the current economic environment while successfully positioning us for future growth," Meggitt’s Chief Executive Terry Twigger said. Meggitt PLC is an international group operating in North America, Europe and Asia, known for its specialised extreme environment engineering. Meggitt is a world leader in civil and military aerospace equipment, sensing systems, combat support and defence systems training. Shares of HCL Technologies were trading at Rs 342.10 on BSE, up 3.73 per cent from previous close.


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