Infosys Profit Rises 33%, Beating Estimates as Clients Look to Cut Costs Infosys Technologies Ltd., India’s second-largest computer-services provider, said third-quarter profit climbed to a record after winning outsourcing orders from clients seeking to cut costs amid the global recession.
IBM, Accenture May Win New Clients as Satyam Computer's Crisis Rocks India International Business Machines Corp. and Accenture Ltd. are in a stronger position to win new contracts after the fraud at Satyam Computer Services Ltd. tarnished the credibility of India’s outsourcing industry.
India Orders Probe by Serious Fraud Office Into Satyam Computer Accounts India ordered its fraud office to inquire into financial irregularities at Satyam Computer Services Ltd. as the government seeks to limit the damage on the country’s reputation as an investment destination.
India's Soybean Output May Miss Forecast on Lower Yield, Pare Feed Exports Soybean production in India, Asia’s biggest supplier of soybean meal used in animal feed, may miss a November forecast because of lower yields in some key growing regions, industry officials said.
Benchmark Sensitive Index Declines for Fourth Day, Led by Satyam on Probe India’s Sensitive index fell for a fourth day as the government ordered an investigation into Satyam Computer Services Ltd., raising concerns about the oversight of the country’s publicly traded companies.
Rupee Declines on Importer Dollar Purchases, Equity Sales by Global Funds India’s rupee declined a second day on speculation some importers bought dollars, betting the local currency will weaken.
Government Bonds Gain a 2nd Day on Speculation India Will Cancel Auction India’s 10-year bonds gained for a second day, pushing yields to a one-week low, on speculation the government will either cancel a planned debt sale or reduce the auction amount.
Bernanke Urges `Strong Measures' to Steady Financial System, Spur Recovery Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets to revive growth.
Stocks in Europe, Asia Fall as Oil, Commodities Decline; BHP, Total Drop Stocks in Europe and Asia declined the most in a month as slumping metals and oil prices dragged down commodity producers and Alcoa Inc. said demand for aluminum may weaken. U.S. index futures fell.
Obama Will Limit Dividends, Executive Pay for Banks Getting Rescue Funds Barack Obama will order the Treasury Department to limit executive compensation and dividend payments by financial institutions that get “exceptional assistance” from the financial rescue fund, Larry Summers, a top economic adviser to the president-elect, told Congress.
Royal Bank of Scotland Is Selling About $2.3 Billion Bank of China Shares Royal Bank of Scotland Plc, the biggest government-controlled bank in the U.K., is selling its entire $2.3 billion stake in Bank of China Ltd. to replenish capital depleted by writedowns.
Fairfield Greenwich Sued for at Least Third Time Over Madoff-Linked Losses Fairfield Greenwich Group, Walter Noel’s hedge-fund firm that had $7.5 billion with alleged fraudster Bernard Madoff, was sued for at least the third time by investors over claims it failed to protect their assets.
Volatility Points to Gains for S&P 500 With Widest Gap Since Crash of '87 Options traders are betting stock swings in the Standard & Poor’s 500 Index will decrease at the fastest rate since the aftermath of the market crash in 1987, a sign that equities may keep rallying.
Dollar Libor Declines to Lowest Level Since June 2003; TED Spread Narrows The cost of borrowing in dollars for three months in London fell to the lowest level since June 2003, as governments pump money into the economy to unlock credit.
source: Bloomberg
