1) According to an analysis by the OECD, India and China may face economic downturn in the coming months, alongside some developed nations. 2) India created athletics history at the CWG as Poonia won the first ever gold medal for India in discus throw. India swept the event by also winning silver and bronze. 3) Pfizer will acquire King Pharmaceuticals for $3.6 billion in cash to expand its pain drug business.

1. WEEKLY NEWS from 11th to 16th

2. India and China, besides some developed countries, may face economic downturn in the coming months, according to an analysis by OECD (Organisation for Economic Cooperation and Development) -- a grouping of mostly advanced nations. CWG: India create athletics history as Poonia wins gold Breaking the 52-yr-old CWG record, Krishna Poonia became the first woman from the country to win a gold in a discus throw event. India swept the event with HarwantKaur and SeemaAntil winning the silver and bronze. India, China may face economic downturn in coming months: OECD

3. Pfizer will buy King Pharmaceuticals for $3.6bn Pfizer Inc, the world's largest pharmaceutical company by revenue, said Tuesday it will buy pain drug maker King Pharmaceuticals Inc. for $3.6 billion in cash. India competes with China, Europe for growing African market Indian industry is implementing a strategy to compete with China and European countries for capturing markets in growing African economies, particularly in East Africa. China overtakes US as biggest energy consumer: IEA China has become the world's largest energy user, having overtaken the United States, the head of the International Energy Agency said on Tuesday.

4. Coal India to raise Rs 15,000 cr from largest ever Indian IPO The government will raise up to $3.5 billion from a price band of Rs 225 to Rs 245 for state-run Coal India's initial public offering. It is the largest in the country's corporate history. The government is selling 631.6 million shares, or 10 percent stake in the world's largest coal miner. Longer stay in India to increase NRIs' tax liability Under DTC, if an NRI's stay in India exceeds 60 days during a year and 365 days for the past four tax years, then they may be considered as residents of India.

5. Sensex surges 484 points, highest in 6 months The BSE's benchmark Sensex jumped 484 points to close at a fresh 33-month high on sustained capital flows amid firm global cues. The IT sector index rose the most by 3.15% followed by Teck's 2.72% rise. JP Morgan quarterly profit up 23 percent JP Morgan Chase on Wednesday reported its profits rose 23 percent in the third quarter on better performance by its retail banking arm. Dollar slips on Fed view; euro fails to hold $1.40 The US dollar fell against most currencies on Wednesday after minutes from a Fed meeting released the previous day reinforced expectations of more monetary easing in US.

6. India's external debt rises to $273.1 bn India's external debt rose 4.1 percent or $10.8 bn to $273.1 bn in the first quarter of current fiscal due to a sharp increase in short-term trade credits , commercial borrowings and multilateral government borrowings. The short-term debt increased by $5.4 bn to $57.8 bn, accounting for 21.2 percent of the total debt, while the long-term debt rose to $215.2 bn at the quarter ended June 30. The share of commercial borrowings continue to be the highest at 27.3 percent in the total external debt followed by short-term debt (21.2 percent), NRI deposits (17.6 percent) and multilateral debt (16.4 percent).

7. Wall Street rises 1 percent on Fed bets, China The three major U.S. stock indexes gained 1 percent on Wednesday on rising expectations the Federal Reserve will move to prop up the economic recovery. US trade deficit jumps to 46.3 billion dollars in August The US trade deficit jumped to 46.3 billion dollars in August, much worse than expected, as the gap with China hit a new record. The Commerce Department reported total August exports of 153.9 billion dollars, eclipsed by 200.2 billion dollars in imports of goods and services. The deficit widened from a revised July deficit of 42.6 billion dollars, initially reported at 42.8 billion dollars.

8. India stood on position 2 in CWG 2010 India climbed all the way to the Number 2 position on the medals chart, clinching 38 gold, 27 silver and 36 bronze. US economy is now growing: Obama As a consequence of the steps taken by his Administration, US President BarackObama said that the US economy is now growing and more jobs are now being created, although there is a long way to go. Russia agrees to build nuclear plant in Venezuela Venezuelan President Hugo Chavez reached a deal with Russia on Friday to build a nuclear power plant in the South American country and negotiated several other agreements in energy and other areas.

9. GM recalls 322,000 Chevrolet Imapalas for faulty seat belt Britain's six largest banks will start a 1.5 billion-pound ($2.4 billion) fund to help smaller companies to get financing after the government threatened to curb bonuses unless firms boost lending. Ford Motor Co plans to sell almost all of its remaining stake in Mazda Motor Corp as it distances itself from the Japanese automaker it once controlled, a source with knowledge of the matter said on Saturday.