business Buzz

ATHENS (Reuters) - Fitch downgraded Greece on Tuesday to 'C' from 'CCC', a move widely expected after the country said it may enforce losses on bondholders who do not voluntarily sign up to a debt swap plan accompanying its EU/IMF-approved bailout. - Reuters - 342 Reads

NEW YORK, Feb. 2 (UPI) -- Crude oil prices dropped under $97 per barrel after the U.S. Energy Information Agency said inventories rose by 4.2 million barrels in the week ending Friday. - United Press International - 43 Reads

The Supreme Court on Thursday cancelled all the 122 licenses issued in 2008 during the 2G spectrum allocation. A fresh auction will be held within four months. - IBNLive - 22 Reads

Investors jumped on Facebook's regulatory filings on Wednesday for a glimpse into the company's inner workings ahead of one of the hottest initial public offerings in recent history. But there are also potential downsides. - IBNLive - 40 Reads

Norwegian telecom firm Telenor could quit India now after the Supreme Court revoked its mobile licences and not wait for new market rules to be introduced, the company's chief executive told. - IBNLive - 3 Reads

TROLLHATTAN, Sweden, Feb. 4 (UPI) -- Chinese company Beijing Automotive Investment BAIC said it is interested in bidding on bankrupt Swedish automaker Saab. - United Press International - 20 Reads

Air India has settled a "major portion" of dues owed to state-run oil marketing companies and will pay the remainder on Friday, a spokesman for the ailing national carrier said on Thursday. - IBNLive - 20 Reads

The Finance Ministry will be infusing Rs 18,000 crore in the current fiscal in 12 banks, including SBI, and will be seeking supplementary grants from Parliament in the Budget session. - IBNLive - 25 Reads

WASHINGTON, Feb. 22 (UPI) -- The U.S. Treasury announced a tax overhaul proposal reducing the corporate rate and closing loopholes that favor large corporations. - United Press International - 52 Reads

Just a couple of weeks ago, the rating agency Standard & Poor's has issued a warning that the balance of risk factors for India's sovereign credit rating has shifted towards the negative on the back of its weak fiscal position, high inflation and slower economic growth. - IBNLive - 18 Reads