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Thursday, December 18, 2008

News Flash

India's Inflation Rate Declines to Nine-Month Low on Cut in Prices of Fuel India’s inflation rate fell to the lowest since early March as demand slowed amid the global economic meltdown and a drop in crude oil costs led the government to cut retail fuel prices.

Terror-Struck Mumbai Hotels to Reopen as Bookings Fall, Cancellations Jump As the Mumbai hotels struck in last month’s terrorist attacks prepare to reopen after three weeks of repairs, competitors across the nation’s financial capital are bracing for more sustained damage.

Shell, Petronet Are Expanding India LNG Capacity Even as Fuel Demand Wanes Petronet LNG Ltd. and Royal Dutch Shell Plc are expanding liquefied natural gas import capacity in India even as the global recession cuts demand and prices of the fuel decline.

Asian Stocks Rise as Energy Costs Slump; Mitsubishi UFJ, Qantas Advance Asian stocks advanced to a six-week high, led by financial companies, on speculation lower interest rates and declining oil prices will reduce costs for companies and help revive economic growth.

Bonds Extend Gains After Report Shows Inflation Cooled to Nine-Month Low India’s 10-year bonds extended gains after a government report showed inflation cooled to a nine- month low, spurring speculation the central bank will further cut interest rates.

Rupee Rises a 4th Day as Fed Cut Spurs Demand for Higher-Yielding Assets India’s rupee climbed for a fourth day as a rally in Asian stocks added to speculation U.S. interest rates at a record low will fuel demand for higher- yielding assets.

Paulson May Seek Next $350 Billion in Bailout Funds as Recession Deepens Treasury Secretary Henry Paulson may ask Congress for the second half of the $700 billion bank rescue program, concerned that the deepening recession may spark further financial turmoil.

Stocks Advance to Highest in Month on Slowing Inflation, Led by ICICI, SBI India’s benchmark stock index rose to its highest in a month, led by ICICI Bank Ltd. and State Bank of India, after inflation eased to its slowest since March, sparking speculation interest rates may be cut to boost lending.

source: Bloomberg

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