The implementation of proposed export-parity pricing (EPP) for calculating subsidy will be disastrous for refiners, analysts believe.

Government-backed Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) sell refined products like diesel at controlled prices. Therefore, their profitability numbers are generally notional unless the government compensates them via subsidy.

Gross refining margins, which determine the refiners' profitability, will get completely wiped off in case the government implements the EPP for calculating subsidy.

As per media reports, financial major Santander plans to sell one third of its real estate assets to risk capital funds to raise money. Santander has not commented on the report which says that the risk capital funds have offered a valuation nearly 70 per cent lower than the earlier valuation of assets at 3 billion euro.

Acciona will work on a joint project with India based Connect Power to develop wind energy power plant in Gujarat. The company will develop 600 megwatts of wind Power plant in Gujarat.

The association of Brazil, Russia, India and China, also known as BRIC, is being appealed to aid the European nations so as to relieve them from the huge debt-burden.

The agenda will be raised at the IMF-World Bank meeting to be held in Washington next week.

Economic Affair Secretary R Gopalan revealed that the BRIC authorities will be discussing about the way of helping out the European nations.

Owing to the popularity of the Indian movie by Hrithik Roshan-Katrina Kaif starrer, ‘Zindagi Na Milegi Dobara’, the tour operator SOTC is reported to be marketing a seven-day Spain package using the movie to promote the La Tomatina festival.

SOTC, an outbound travel brand of Kuoni stated that it is the first Indian travel company to organize a trip to the festival, which was made popular in India by the movie, and La Tomatina festival is taking place in the southern Spanish city of Bunol as tourist hurled tomatoes on each other in friendly fights, a tradition that dates back to 1945.

According to reports, for the second quarter, Vodafone, a telecom operator has experienced a 3.5% increase in revenues to $18.8 billion, though the company does not release its quarterly profit figures.

Also, India and Turkey is said to be at +16,8% and +13.1% respectively, along with Vodacom at +7.8%, which represented a major service revenue growth , while at +0.2% Germany and UK at +1.7% added to Vodafone’s strong performance.

The largest city and the financial center of India, Mumbai suffered from a major terrorist attack one again on July 13. The country has long been a victim of international terrorism as frequent terrorist activities are reported from the city.

In 2008, Mumbai was shaken by the terrorist attacks and in 2006, it became a victim of serial subway blasts. These blasts claimed the lives of hundreds of people. This time the Indian intelligence agencies responded swiftly and the country identified that the Islamic activist organization, Indian Mujahedin was behind this attack.

Recently, The Harris Poll conducted a survey to realize the buying habits of consumers all over the world. As a result, it found that in comparison to rest of the countries, Indian and Chinese buyers are very brand conscious. Especially when it comes to accessories and clothes, brand names is the foremost to be considered aspect for them.