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Friday, December 19, 2008

News Flash

Sri Lanka Central Bank Keeps Key Rates Unchanged, May Ease Borrowing Costs Sri Lanka's central bank may start easing borrowing costs after keeping key interest rates unchanged today as it predicted inflation will slow more than earlier expected.

ICICI Names Kochhar Chief Executive, Making Her India's Top Businesswoman ICICI Bank Ltd. appointed Chanda Kochhar as chief executive officer, making her India’s most powerful businesswoman and handing her responsibility for reversing this year’s 62 percent stock slump.

Hyundai Motor to Lay Off Some Contract Workers in India on Falling Demand Hyundai Motor Co., South Korea's largest automaker, will cut some temporary staff in India as the global recession reduces demand for exports from the country and local consumers put off car purchases.

Asian Commodity Shares Drop on Oil, Metal Prices; Technology Stocks Gain Asian stocks fell, led by commodities producers, as the deepening global recession drove crude oil below $36 a barrel and metal prices to the lowest in more than four years.

India's Rupee Heads for Third Weekly Advance as Investments May Increase India’s rupee headed for a third weekly advance on speculation U.S. interest rates as low as zero will encourage global investors to buy higher-yielding assets.

Nalco Raises Estimate for Sumatra Smelter by 25% on Extra Infrastructure National Aluminium Co., India’s biggest alumina maker, raised the projected cost of an aluminum smelter in Sumatra, Indonesia by 25 percent to $4 billion to pay for extra infrastructure, including rail links.

Bonds Set for Biggest Weekly Advance in Decade on Inflation, Rate Outlook India’s 10-year bonds headed for the biggest weekly gain in at least a decade on speculation slowing inflation will allow the central bank to reduce borrowing costs.

Bank of Japan Cuts Key Interest Rate, Pumps More Funds Into Banking System The Bank of Japan cut its benchmark interest rate to 0.1 percent, increased purchases of government debt and announced plans to buy commercial paper for the first time as the deepening recession starves companies of funds.


source: Bloomberg

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