Trump mulls India project
Donald Trump Jr., the son of New York-based developer Donald Trump, said the Trump Organization is considering investing in an India project in 12 to 18 months. "I would like to take advantage of hotels and resorts coming up for future investment," Trump Jr. said at a real estate conference in Mumbai yesterday. Trump aims to focus on hotels, resorts and high-end homes in India, he said. India's real estate sector is expected to grow to US$90 billion by 2015 from US$12 billion now, estimates by Moody's Investors Service showed. The South Asian nation faces a shortage of about 25 million housing units, government data showed.
Mediators table proposal
Mediators trying to prevent a mass resignation by Finnish nurses over a pay dispute have come up with a proposal likely to help end a crisis threatening the healthcare system, union officials said on Sunday. If ratified by both the Union of Health and Social Care Professionals (TEHY) and the Local Authority Employers the agreement would stop 16,000 nurses from quitting and spare the healthcare system from potential paralysis. "There is a unanimous mediator committee proposal," TEHY regional head Helena Leppanen said. "We know our negotiators would not come out with one [proposal] that was not acceptable among our members."
UK minister mulls bank aid
Advisors to British Chancellor of the Exchequer (finance minister) Alistair Darling are preparing a plan to continue an emergency loan to troubled bank Northern Rock despite EU rules limiting the period it can receive state aid, the Sunday Telegraph newspaper reported on Sunday. They are working on a scheme which would allow all or part of the £25 billion (US$51 billion) Bank of England loan to be extended indefinitely, it said. Under EU rules, Northern Rock cannot receive state aid beyond Feb. 17, but lawyers are looking at bypassing that stipulation by changing the status of the cash to restructuring aid, the paper said.
Prices up on supply worries
Oil prices were higher in Asia yesterday as traders again fretted over tight energy supplies with the northern hemisphere winter approaching, dealers said. Indications that OPEC is not about to raise output were also propping up prices, they said. "If one looks at the fundamentals, the market is tight," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. "That is why the crude futures are showing fresh signs of strength," he said. In afternoon trade New York's main contract, light sweet crude for January delivery, was US$0.92 higher at US$94.76 a barrel from US$93.84 in US trades on Friday. The December contract expired Friday, closing US$1.67 higher at US$95.10.
Sony slashes software price
Sony Corp, the world's largest maker of video-game players, halved the price of a software program package used to develop titles for its PlayStation 3 console yesterday. The package, known as "reference tool," is now priced at ¥950,000 (US$8,600) in Japan and US$10,250 in the US, Sony Computer Entertainment Inc, the Tokyo-based company's game unit, said in a statement.