India May Allow Duty Free Imports of Raw Sugar to Ease Domestic Shortage India, the world’s biggest consumer of sugar, may allow mills to import the raw sweetener duty free in two weeks to ease a local shortage and prevent an increase in domestic prices before elections next year.
Indian Economy Succumbs to Global Recession After Surviving Terror Attacks India’s economic growth, unscathed by terrorist attacks in Mumbai last month, is slowing as the global recession cuts demand for its exports and cools investment.
Government Bonds Compelte Best Year Since 2001 on Inflation, Rates Outlook India’s 10-year bonds completed their best year since 2001 on speculation cooling inflation will allow the central bank to further cut interest rates.
Rupee Caps Worst Year Since 1991 as Emerging-Market Assets Out of Favor India’s rupee completed its biggest annual drop since 1991, having tumbled this year as a global financial crisis prompted overseas funds to favor safer bets than emerging-market assets.
Sri Lanka Unveils $141 Million Stimulus Package to Boost Economic Growth Sri Lanka unveiled a 16 billion- rupees ($141 million) stimulus package that includes cutting retail fuel prices and removing some taxes to shield the economy from a global recession.
Benchmark Sensitive Index Falls; Reliance Industries, ICICI Lead Declines The Bombay Stock Exchange’s Sensitive Index fell, led by ICICI Bank Ltd. and Reliance Industries Ltd.
Asian Stocks Rise, Paring MSCI Index's Record Annual Drop; BHP, Rio Climb Asian stocks advanced, narrowing the regional benchmark index’s biggest annual drop on record, as metals prices rose and China pledged to promote economic growth.
Sri Lanka's Inflation Rate Declines to 18-Month Low as Fuel Prices Ease Sri Lanka's inflation rate fell to the lowest in 18 months in December as food and transport prices eased, giving the central bank room to cut borrowing costs.
Citigroup Shares Plummeted as Shareholders Suffered `Figurehead' Chairman It was Friday, Nov. 21, and Citigroup Inc.’s shares had plunged 51 percent in four days. Vikram Pandit, chief executive officer of the American banking icon, with 350,000 employees and billions of dollars in souring assets, was on the phone with Federal Reserve and Treasury officials. Executives were huddled in the company’s New York headquarters on Park Avenue.
European, Asian Stocks Rise; MSCI World Index Trims Worst Annual Decline Stocks in Europe and Asia climbed, trimming the MSCI World Index’s biggest annual drop on record, as higher metals prices and China’s pledge to promote economic growth lifted commodity producers. U.S. index futures gained.
Dollar Heads for Biggest Yearly Drop Against Yen Since 1987 on Recession The dollar was set to complete its biggest annual decline against the yen in more than two decades on signs the U.S. economy is sinking deeper into recession.
Credit Suisse to Sell Asset-Management Stake to Aberdeen for $361 Million Credit Suisse Group AG, Switzerland’s second-largest bank, agreed to sell a stake in its Global Investors business to Aberdeen Asset Management Plc for 250 million pounds ($361 million) in stock after losses at the unit.
John Paulson Blasts Hedge Fund Managers Who Restrict Clients' Withdrawals John Paulson, who runs the $36 billion hedge-fund firm Paulson & Co., has some harsh words for his peers and their tendency this year to block or curb clients’ attempts to get their money back.
Gazprom Warns Europe on Natural-Gas Supply, Says Ukraine May Siphon Fuel OAO Gazprom, supplier of a quarter of Europe’s gas, warned customers that Ukraine may interrupt supplies by siphoning fuel from transit pipelines if Russian deliveries to the country are cut, spokesman Sergei Kupriyanov said on state television today.
LyondellBasell Industries Lenders May Lose More Than 90% as Takeover Sours LyondellBasell Industries AF lenders face losses of more than 90 cents on the dollar as the chemicals maker struggles to restructure debt that financed a $12.7 billion takeover a year ago.
Copper Heads for Biggest Drop in 21 Years in London as World Growth Slows Copper headed for its biggest annual drop in more than two decades in London trading. The metal pared its decline today on optimism governments will succeed in reviving economic growth next year.
source: Bloomberg
