KARACHI, Oct 15: Oracle Asia Pacific and Japan has reported 34 per cent increase in new software licence revenues during Q1FY09 compared to same period last year. The company’s total revenues increased by 30 per cent, says a press release.

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NEW DELHI, Oct 15: Tata Steel, the world’s sixth-largest steelmaker, said on Wednesday the employee pension fund of its British unit Corus was safe despite the global financial crisis.

The company was reacting to a report in India’s Mint business daily that said Tata Steel would be forced to dig into its own coffers to pay pensions because of losses in equity and other financial markets.

“The UK pension funds of Corus are significantly de-risked with around 70 per cent of the portfolio in debt-related instruments,” Tata Steel said in a statement.—AFP

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MUMBAI, Oct 15: India’s largest private-sector carrier Jet Airways said on Wednesday it was laying off 1,900 employees because of the economic slowdown and soaring costs.

The move comes just two days after the firm entered into a working alliance with its main rival, Kingfisher Airlines, to battle slowing growth and high fuel prices.

“Due to recent fuel prices and the downturn in traffic, Jet Airways’ long-haul expansion had to be pruned down,” said chief executive Wolfgang Prock Schauer.—AFP