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Friday, December 26, 2008

News Flash

India's Inflation Eases to Nine-Month Low, Giving Room for More Rate Cuts India’s inflation slowed to a nine- month low, giving the central bank room to cut interest rates further to support a faltering economy.

Asian Stocks Rise for Second Day on Hynix Spending Plan, Japanese Buybacks Asian stocks gained for a second day, led by technology companies, on speculation takeovers and higher memory-chip prices will help the industry overcome slowing economic growth. Russian shares swung between gains and losses.

Benchmark Sensitive Index Rises Most in a Week; Reliance, Satyam Advance India’s benchmark stock index gained the most in a week. Reliance Industries Ltd., the nation’s most- valuable company, advanced after its unit started processing crude oil at its new refinery.

Reliance Petroleum Rises Most in a Week After New Refinery Starts Working Reliance Petroleum Ltd., a unit of India's biggest non-state company, rose the most in a week in Mumbai trading after parent Reliance Industries Ltd. announced the start of a new refinery.

NTT DoCoMo Delays Open Offer to Buy 20% of Tata Teleservices Maharashtra NTT DoCoMo Inc., Japan’s largest mobile-phone operator, delayed plans to acquire a 20 percent stake of India’s Tata Teleservices Maharashtra Ltd.

Government Bonds Decline in Week as 4 1/2-Year Low Yields Deter Investors India’s 10-year bonds fell, paring earlier gains, as yields near the lowest level in 4 1/2 years prompted investors to sell the securities.

India November Iron-Ore Exports Double From Previous Month on China Demand India’s iron-ore exports in November rose from the previous month as China, the world’s biggest buyer of the steelmaking raw material, increased purchases.

source: Bloomberg

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