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Monday, December 22, 2008

News Flash

Toyota Forecasts First Loss in 71 Years; To Cut Output at India Factory Toyota Motor Corp., the world’s second-largest automaker, forecast its first operating loss in 71 years on plummeting demand, prompting Moody’s Investors Service to consider downgrading the company’s top-rated credit.

DLF, Unitech Gain as Housing Development Finance, State Bank Reduce Rates DLF Ltd. and Unitech Ltd. led gains in Indian developers after Housing Development Finance Corp., the nation’s biggest home mortgage lender, and State Bank of India lowered interest rates on loans.

Asian Stocks Gain on U.S. Auto Bailout, Memory-Chip Prices; Toyota Falls Asian stocks advanced, led by automakers and technology shares, after the U.S. government pledged a $13.4 billion rescue plan for the nation’s biggest carmakers and computer-memory chip prices climbed.

Risk of Bond Default Falls in Japan, Australia, Credit-Default Swaps Show The cost of protecting investors of corporate bonds and government bonds from default in Asia-Pacific region fell, according to traders of credit-default swaps.

Government to Sign Production-Sharing Contracts With Oil, Gas Explorers India will sign production-sharing contracts this week with companies including BHP Billiton Ltd. and Oil & Natural Gas Corp. that were awarded oil and gas areas off the nation's west coast.

Benchmark Sensitive Index Drops on Tension With Pakistan; ICICI Bank Falls India's benchmark stock index fell for the first time in three days, led by banks, on concern that rising tension with nuclear-armed neighbor Pakistan following the Mumbai terror attacks may hurt the nation's economy.

Bonuses for Currency Traders Drop 15%, Least on Wall Street, on Volatility The most volatile foreign-exchange markets since at least 1992 means currency traders will see the smallest pay cuts as the worst financial crisis since the Great Depression wipes out bonuses on Wall Street.

Crude Oil Rises After Naimi States OPEC's Resolve to Implement Output Cut Crude oil rose above $43 a barrel after OPEC restated its commitment to enact record production cuts announced last week in the face of a global economic slowdown.


source: Bloomberg

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