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Monday, December 29, 2008

News Flash

Satyam Computer Directors Resign as Investor Criticism of Founders Mounts Satyam Computer Services Ltd. said three more directors quit as the Indian software company reels from an aborted $1.6 billion acquisition that prompted a record stock slump and criticism from its biggest outside shareholder.

Sensitive Index Rises for First Day in Five; Satyam Computer, Ranbaxy Gain India’s key stock index rose for the first time in five days, paced by Satyam Computer Services Ltd. after the company said it will review “strategic” options and the board’s composition.

Hyundai Motor Cuts Production Shift in India to Cope With Slowing Demand Hyundai Motor Co., South Korea's largest automaker, began cutting shifts in India as it slashes output to cope with plunging demand.

Rupee Gains After Stock Index Reverses Drop, Dollar Weakens Versus Majors India’s rupee rose after the benchmark stock index reversed a decline, spurring speculation overseas investors will cut back sales of local equities.

Government Bond Yields Near 4 1/2-Year Low as Cost of Overnight Loans Drop India’s 10-year bonds gained, pushing yields near the lowest since June 2004, as a drop in the cost of overnight loans made debt purchases cheaper.

Biggest Bond Investors Look for European Rally in 2009 as ECB Follows Fed The world’s biggest bond investors are betting European Central Bank President Jean-Claude Trichet will be forced to follow Federal Reserve Chairman Ben S. Bernanke and step up the pace of interest-rate cuts.

source: Bloomberg

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