Realty industry wakes up to reality: Bubble has burst (Yearender 15)

NEW DELHI - The five-year boom in India’s realty industry came to a crashing halt in 2008, following an acute liquidity crunch, falling sales and rising interest rates.

Six stand trial in China’s milk powder scandal

SHIJIAZHUANG - Six people involved in China’s melamine-tainted baby food scandal went on trial Friday in four courts in the northern province of Hebei.

Fed grants GM’s financial arm to avail bailout funds

WASHINTON - The US Federal Reserve Wednesday approved General Motor’s financial arm GMAC Financial Services’ request to become a bank holding company, allowing it to tap into the $700 billion federal bailout funds.

US court agrees to partial sale of Lehman Brothers

NEW YORK - A US bankruptcy court approved the sale of investment bank Lehman Brothers’ investment-management division Neuberger Berman, media reports said.

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