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SEC shares info with CBI on Satyam scam probe
A three-member team of United States Securities and Exchange Commission (SEC), America"s federal agency to regulate the securities industry in that country, exchanged information with the CBI probing into the multi-crore accounting scam at Satyam Computer here.

L&T to sell a third of Satyam stake
Engineering giant Larsen and Toubro (L&T) is selling a third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore for the company, said banking sources.

News of the day

Orissa govt taken aback at Mittal withdrawal
Long before L N Mittal told a British newspaper that he may pull out of the 12 million tonne greenfield steel project in Orissa, the writing was on the wall. The sequence of developments on the projects, since the signing of the agreement between ArcelorMittal and the state government in December, 2006 had already put it in the ‘doubtful’ category.
Public Relations

Oil higher after OPEC leaves output levels steady

Oil crept higher today after OPEC maintained its output quotas at existing levels, analysts said. - Opec rules out production cut - OPEC committee recommends no oil production cut - Oil hovers near $71 amid weakening US dollar - Oil clings near $68 ahead of OPEC meeting - Oil prices rise above $72 in Asian trade - Oil down in Asian trade on surprise jump in US crude stocks New York"s main contract, light sweet crude for October delivery added 40 cents to $71.71 a barrel. Brent North Sea crude for October delivery rose 22 cents to $70.05 a barrel. The Organisation of the Petroleum Exporting Countries (OPEC) today said after the conclusion of a ministerial meeting in Vienna that its production levels would be maintained at current levels. "Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, the conference once again agreed to leave current production levels unchanged for the time being," OPEC said in the closing statement. "While there are signs that economic recovery is on the way, there remained grave concern about the magnitude and pace of this recovery, especially in the major industrialised nations of the OECD," it said. OPEC, whose 12 members pump 40 per cent of the world"s oil, agreed in late 2008 to remove a massive 4.2 million barrels of daily output from the market. The cartel"s official daily output quota has stood at 24.84 million barrels per day since January.


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