Tata Motors to raise USD 600 mn via share sale in intl mkt

India's largest auto maker Tata Motors on Friday said it will raise up to USD 600 million (about Rs 2,783 crore) through issue of securities in the international market.

"The company has today launched an issuance of GDS (Global Depository Shares) and convertible notes for an aggregate amount up to USD 600 million, with an option to retain higher amount in the international market," Tata Motors said in a filing to the Bombay Stock Exchange.

Shares of Tata Motors plunged five per cent to a low of Rs 558.20 in the morning trade on the BSE.

Last month, Tata Motors sold 50 lakh shares in Tata Steel at an average price of Rs 473 a piece, aggregating to Rs 236.50 crore through open market transaction.

The auto maker had in August approached public for the second time in a year to raise about Rs 1,500 crore via fixed deposit schemes, offering up to 9.88 per cent annual interest for a three-year deposit.

In December 2008, it borrowed over Rs 2,000 crore from public for a period of up to three years as it was struggling to finance its USD 2.3-billion JLR buyout. nd

World financial crisis 'not over'

The US economist widely credited with having predicted the financial crisis has warned we are already "planting the seeds of the next crisis".

Nouriel Roubini told the BBC that he is concerned about the growing gap between the "bubbly and frothy" stock markets and the real economy.

Over the last six months, the Dow Jones Industrial Average has risen about 45%.

But Mr Roubini says he sees an economy where consumers are "shopped out" and "debt burdened".

'Crisis not over'

Based on the run up in share prices in recent months, investors appear to be betting that good times are around the corner. A view not shared by Mr Roubini.

"The crisis is not yet over," the New York University professor said."I see an economy where the consumers are shopped out, debt burdened, they have to cut back consumption and save more.

"The financial system is damaged... and for the corporate sector I don't see a lot of capital spending because there is a glut of capacity."

Mr Roubini believes US house prices have further to fall, straining America's fragile recovery.

US President Barack Obama wins Nobel Peace Prize

United States President Barrack Obama was awarded the Nobel Peace Prize for "his extraordinary efforts to strengthen international diplomacy and cooperation between peoples," the Nobel Committee said in Oslo on Friday.

Obama has called for disarmament and worked to restart the stalled Middle East peace process since taking office in January. He scored another first of sorts by winning the Nobel Peace Prize while just a few months in office.

Barack Hussein Obama was born on 4th August, 1961 is the 44th and current President of the United States.

He is the first African American to hold the office, as well as the first born in Hawaii.

Obama is a graduate of Columbia University and Harvard Law School, where he was the president of the Harvard Law Review.

Obama is the third sitting U.S. President to be awarded the prize, following Theodore Roosevelt in 1906 and Woodrow Wilson in 1919. Former U.S. President Jimmy Carter won in 2002.

The prize worth 10 million Swedish crowns ($1.4 million) will be handed over in Oslo on 10th December.