Ford Motor Co will receive nearly $5.9 billion in U.S. government loans to build fuel-efficient vehicles as the Obama administration deepened its commitment to reshaping the cash-strapped auto industry.
Japan's Nissan Motor Co Ltd will receive $1.6 billion and start-up Tesla Motors Inc will receive $465 million in low-cost loans to build all-electric cars in the first wave of financing from an Energy Department program intended to offset the cost meeting sharply higher new fuel economy standards.
"By supporting key technologies and sound business plans, we can jump-start the production of fuel-efficient vehicles in America," Energy Secretary Steven Chu said at an event at Ford's sprawling engineering and product development campus.
"These investments will come back to our country many times over by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions," he said.
The Energy Department has $17 billion remaining in funding under a program first authorized by Congress in 2007. Chu said the agency would work quickly to approve further loans in the coming months to other auto companies.
The announcement of the first round of funding at Ford represented a win for the automaker, the United Auto Workers union and Michigan's congressional delegation after an intense lobbying effort to get the long-stalled funding approved.
One of the conditions of receiving the subsidized loans was a determination of viability. That ruled out Ford's rivals Chrysler and General Motors Corp since they have been pushed through a federally funded bankruptcy process.
The Union Cabinet has appointed the Infosys Chief Nandan Nilekani as the Chairman of National Authority for Unique Identity.
Minister for Information and Broadcasting Ambika Soni said the new authority will function under the planning commission, and Nilekani will be enjoying cabinet tatus.
Ms Soni said the authority will have the responsibility to lay down plans and policies to implement the Unique Identification Scheme and will operate the unique identification number database for the citizen's of the country.
In January the Government of India has notified the creation of the National Authority of Unique Identity.
The ambitious plan of unique identification has been allocated Rs 100 crore in the interim budget of 2009-10.
The unique identification number aims at eliminating the need for multiple identification mechanism prevalent across various government departments, and it will ensure that each Indian citizen will carry a permanent identifier from birth to death.
The permanent identifier which will also cover children, will help in at establishing citizenship, reducing identity related frauds, addresses security issues and prevent leakages in different government schemes.
In the beginning the Unique Identity number will be given to all voters who are on current electoral rolls, and gradually, the other persons including those below 18 years of age will be added to the database. Photographs and biometric data will be added to make the identification perfect.
Outsourcing company Satyam Computer Services Ltd said on Sunday it would rebrand itself as "Mahindra Satyam," its latest step in efforts to recover from India's worst corporate fraud scandal.
Satyam, once ranked as India's No. 4 outsourcer, shocked investors in January with the revelation that it had overstated profits for years.
Tech Mahindra, a unit of tractor and utility vehicle maker Mahindra & Mahindra and 31 percent-owned by Britain's BT Group, won an auction in April for a controlling stake in Satyam.
"We are optimistic that this new brand will re-energize the organization and will be well received by all our stakeholders," Vineet Nayyar, executive vice chairman of Satyam's board, said in a statement.