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BofA, JPMorgan reduce fees on overdrafts
Bank of America Corp and JPMorgan Chase & Co, the two biggest US banks by deposits, are cutting overdraft fees amid criticism from lawmakers over the way the lenders charge customers. http://smallpersonalloans.org.uk

Lokesh to set up cylinder heads line for M&M's Navistar
Lokesh Machines Limited, a Hyderabad-based manufacturer of machines tools and automotive components, will be setting up a six-cylinder heads production line for Mahindra & Mahindra’s Navistar trucks, at the latter’s Pune plant with an outlay of Rs 10 crore. Targeted at the export markets, the Navistar trucks will be rolled out from M&M’s stable in the next five months.

News of the day

Ultra Motor launches two electric scooters
Two-wheeler maker Ultra Motor Company today launched two new electric scooters priced between Rs 28,300 and Rs 31,900 (ex-showroom, Delhi).
Public Relations

Govt refers Jet's proposal to raise $400 mn to CCEA

The government today referred a proposal by private carrier Jet Airways to raise Rs 2,000 crore from foreign investors to the Cabinet Committee on Economic Affairs (CCEA). - Intel withdraws suit against govt - Gas is not pvt property of Ambani bros: Govt - Govt plans to earmark Rs 3 lakh cr for edu under 11th Plan - Koda effect: Govt seeks audit of UBI branches - GM plans to start govt loan repayment later this yr: report - NTPC working on coal mines allotted by govt The proposal was recommended for the consideration of the CCEA as the investment involved is above Rs 600 crore, an official statement said. Jet had planned to raise $400 million (Rs 2,000 crore) via equity investment through the Qualified Institutions Placements route from foreign institutional investors. Earlier the Foreign Investment Promotion Board (FIPB) had deferred the proposal by the private carrier following request from the Civil Aviation ministry as Jet"s proposal could have resulted in breach of the 49 per cent cap on FDI in an Indian airline. The FIPB had also mentioned that even if it were to approve Jet"s fund raising plans through foreign investment, the proposal would have to be cleared by CCEA as it was above Rs 600 crore. The airline intended to raise the money to meet the cash flow requirements and had got the shareholders" approval for the same on July 24.


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