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Tuesday, December 23, 2008

News Flash

India's Rupee, Stocks Slide on Concern Economic Slump Will Erode Earnings India’s rupee weakened for a third day and the benchmark stock index fell to a two-week low on concern earnings will shrink amid a deepening economic slump.

Wipro to Buy Citigroup's Citi Technology Services Unit for $127 Million Wipro Ltd., India’s third-largest software services provider, agreed to buy Citigroup Inc.’s Citi Technology Services Ltd. for about $127 million in cash.

India Has Room for Monetary Policy Easing in Next Year, Government Says India’s government said the country has room to cut interest rates further and pump more money into the economy to sustain growth after the global recession caused industrial output to shrink for the first time in 15 years.

Rupee, Won, Asia's Biggest Losers, Will Shine in 2009, Moody's Unit Says South Korea’s won and India’s rupee, Asia’s biggest losers this year, will be the region’s biggest gainers from improved appetite for emerging-market assets and a recovery in the global economy, said Moody’s Economy.com.

China Steps to Increase Consumer Spending May Follow Latest Rate Reduction China may follow its latest interest- rate cut with steps to spur consumer spending as deepening recessions in the U.S. and Europe pummel exports, one of the main engines of the world's fourth-largest economy.

Crude Oil Falls as Asian Fuel Consumption Declines on Deepening Recession Crude oil fell for a second day in New York on speculation that a deepening global recession is reducing fuel demand in Asia, undermining OPEC's efforts to boost prices by cutting production.



source: Bloomberg
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