Telenor asks India

to protect investment

NEW DELHI: Telenor says it expects India to protect its "lawful investment" after an Indian court scrapped mobile permits held by the Norwegian giant and other firms on grounds the licensing process was rigged. Telenor entered India's growing telecom market in 2009, paying US$1.1 billion for a majority stake in Indian mobile firm Uninor, which holds 22 of the 122 licences cancelled by the Supreme Court on Thursday. "We look to the government to arrive at a fair outcome that doesn't jeopardize our lawful investment," the company said in a statement in New Delhi late Friday.

Iran to cut oil exports

to some Euro countries

TEHRAN: Iran's oil minister said that the Islamic state would certainly cut its oil exports to "some" European countries, the semi-official Fars news agency reported yesterday. "Our oil exports will certainly be cut to some European countries ... We will decide about other European countries later," Fars quoted Rostam Qasemi as telling a news conference. Qasemi did not identify the countries but the measure is in retaliation for the decision by the EU's 27 member states to stop importing crude from Iran from July 1.

'True US autos

recovery not here yet'

LAS VEGAS: The US auto sector will not recover significantly until US home prices pick up and consumers feel more prosperous, a top Hyundai Motor Co executive said on Friday. John Krafcik, head of Hyundai's North American operations, said the recent US auto industry sales figures showing double-digit growth are misleading because much of the boost came from less-profitable fleet customers. Automakers posted better-than-expected US January sales growth of 11.4 per cent on Wednesday.

Eurozone ministers

to discuss Greece

ATHENS: Eurozone finance ministers were to confer by telephone yesterday after 12 hours of talks in Athens failed to produce a breakthrough on a deal to bail out Greece, the Greek finance minister said. Evangelos Venizelos added that a planned meeting by eurozone ministers on Greece originally scheduled for tomorrow would now be held on Wednesday. "I will participate in a Eurogroup telephone conference at 1230 GMT" to discuss details of a rescue deal for Greece worth 130 billion euros (US$171 billion) which officials have been trying to seal since October, the minister said in a statement.Agencies