Workers and management cause demise of Hostess


Hostess began as Interstate Bakeries Corporation (IBC) in 1930 and over time became the largest wholesale baker and distributor of bakery products in the United States.

World's oldest bank Monte dei Paschi reports Q3 loss


Italy's Banca Monte dei Paschi di Siena reported a loss of 47.4 million euros ($60.3 million) in the third quarter and of 1.664 billion euros for the first nine months of the year.

Rosneft plans to set up energy bank


Russia’s oil champion will kick start its own Rosneft Bank to support and promote the country’s energy industry. The bank will be the second energy-oriented lender in the country, joining one of the top market players, Gazprombank.

China, India GDPs to exceed entire OECD by 2060


The combined economic output of China and India will exceed that of the entire Organization for Economic Cooperation and Development (OECD) bloc by 2060, the group said in a report published on Friday.

Indian diamond fetches world record US$21.5mil at auction


GENEVA: A huge, internally flawless diamond from India's fabled Golconda mines was sold at auction in Geneva on Tuesday night for a record 20.355 million Swiss francs, Christie's said.

Indian PM sees end of economic ‘gloom and doom’


In a speech on Saturday evening in Mumbai, Singh said that in 2006, 10 per cent annual growth looked “eminently achievable” and “the sense of optimism was all pervading”.

Cotton prices steady


The Karachi Cotton Association kept its official spot rate unchanged at Rs5,850 per maund. In Sindh, 5,800 bales of cotton were exchanged at Rs5,650 to Rs6,000 but in Punjab prices rose to Rs5,975 to Rs6,100 and activity fell to just 13,200 bales.

Car sales drop by 32.3pc


Sales of Toyota Corolla and Suzuki Mehran, Cultus, Bolan and Liana remained in red in the last four months of the current fiscal year as compared to same period of last fiscal year. The overall sales figures continued to face the brunt of phasing out of two popular cars – Suzuki Alto and Daihatsu Cuore.