Reliance Petroleum Starts Processing Crude Oil at New Refinery in Gujarat Reliance Petroleum Ltd., a unit of India's biggest non-state company Reliance Industries Ltd., said it has begun processing crude oil at its new refinery located in the western state of Gujarat.
Asian Stocks Gain on Oil Price Decline, U.S. Spending; Mitsui O.S.K. Rises Asian stocks rose for the first time in five days, led by Japanese shipping companies and electronics makers, on speculation falling oil prices will ease fuel costs and encourage consumers to spend more.
Vietnam Devalues Dong Currency to Fight Economic Slowdown, Boost Exports Vietnam’s central bank devalued the dong by 3 percent to help exporters after the Southeast Asian economy expanded at the slowest pace in nine years and the trade deficit widened.
GMAC Wins Fed Approval to Become Bank as GM, Cerberus Agree to Cut Stakes GMAC LLC won Federal Reserve approval to become a bank holding company, a switch that may enable the money-losing auto and home lender to tap U.S. financial bailout programs and help keep General Motors Corp. in business.
Toyota, Nissan Lead Japanese Vehicle Production Lower as Demand Plummets Toyota Motor Corp. and Nissan Motor Co., Japan’s largest and third-largest automakers, led a decline in the country’s auto output as the global recession damped domestic and export demand.
Dollar Rises on Better-Than-Forecast U.S. Consumer Spending, Durable Goods The dollar strengthened against the euro after U.S. consumer spending and orders for durable goods were higher than economists’ forecasts.
Japan to Have Bear Market Rally, Followed by Drop in 2009, Strategists Say Japan stocks may rally early in 2009 on economic stimulus plans before declining later in the year, equity strategists say.
source: Bloomberg
