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Credit Suisse posts 29.75% growth in Q2 net income
Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.

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Banking: RBI to the rescue
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has triggered a relief rally in bank stocks with reasonably higher NPAs or low provisioning which were underperforming the BSE Bankex (see Prodigal returns).
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HCL Info partners BSNL, Intel for WiMax-enabled devices

IT firm HCL Infosystems today announced its partnership with global chip maker Intel and state-run telecom operator BSNL to launch low-cost computing devices offering broadband wireless connectivity. - Prosecutors knew since 2001 about Galleon seeking data - Ahmed Rashid: Fight for Waziristan's survival">Ahmed Rashid: Fight for Waziristan's survival - PE investments in South drops 64% - MS launches Windows 7, pre-loaded PCs start at Rs 15k - 7Seas Tech ties up with Intel for Kraze game - PE investments set to flood power sector "HCL will work with Intel and BSNL to make WiMAX-enabled nettop computers, designed by the two companies, for India"s rural regions," HCL Infosystems Chairman and CEO Ajai Chowdhry told reporters here. The nettops would be manufactured in India by HCL using Intel"s atom processor, while BSNL would roll out Wimax infrastructure. "The devices will have in-built WiMax technology and will be rolled out as BSNL rolls out its WiMax infrastructure. These will be launched after three months as the products are currently under the testing stage," he added. Chowdhry declined to comment on the pricing, saying it was still early and the details are being worked on. The price of the devices are expected to be similar to the existing netbooks, but the cost of WiMax capability would also be added, he said. WiMax (Worldwide Interoperability for Microwave Access) is a technology providing high-speed wireless transmission of data. Intel President and Chief Executive Officer Paul Otellini said the netbooks will help bridging the urban rural divide for better healthcare facilities and offer connectivity to the rural people.


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