Satyam Executives Sold Most Stock in India Before Raju Arrest Sparked Fall Satyam Computer Services Ltd. executives reaped $1.8 million from share sales in the six months before a botched takeover and fraud inquiry at India’s fourth- largest software exporter triggered a record fall in its stock.
Stocks in India Climb on Earnings Outlook; Infosys, Reliance Lead Advance India stocks rose for the first day in five on speculation recent losses were excessive and corporate earnings will withstand the global recession.
Enter Swaps as India, Korea Will Cut Interest Rates, Morgan Stanley Says Investors should enter interest-rate swaps to receive fixed-rate payments in India and South Korea as the nations slash borrowing costs further to revive their economies, according to Morgan Stanley.
HDFC Bank Third-Quarter Profit Rises 45% on Loan Growth, Bond Investments HDFC Bank Ltd., India’s third- biggest lender by market value, reported third-quarter profit rose 45 percent as companies borrowed more and gains on investments in bonds boosted earnings.
Satyam's Audit Unreliable After Chairman's Arrest, Price Waterhouse Says PricewaterhouseCoopers LLP’s Indian unit said the audit reports of Satyam Computer Services Ltd. can no longer be relied on, after the software exporter’s founder admitted $1 billion of false accounting.
Origin Energy Seeks Clarification From Wipro on Reason for World Bank Ban Origin Energy Ltd. is seeking clarification from Wipro Ltd., which the electricity and gas retailer hired to revamp its retail business, on why the Indian software exporter had been banned from working for the World Bank.
Nalco Forecasts Alumina Prices Below $200 a Ton as Aluminum Demand Wanes National Aluminium Co., India’s biggest alumina producer, forecast prices of the main aluminum- making material this quarter will remain below $200 a ton, about half the average of last year, because of weakening demand.
Stocks in U.S. Drop on Retail Sales Report; Citigroup, Macy's Shares Slide U.S. stocks slid to a five-week low, following markets in Europe lower, after a government report showed retail sales slumped at more than twice the rate forecast by economists, spurring concern the recession is deepening.
U.S. Retail Sales Slump Twice as Much as Forecast on Rising Unemployment Sales at U.S. retailers fell more than twice as much as forecast in December as job losses and the choking-off of credit led Americans to cut back on everything from eating out to car purchases.
Nortel Networks Files for Bankruptcy Protection in Delaware After Losses Nortel Networks Corp., North America’s biggest maker of telephone equipment, filed for bankruptcy protection in Wilmington, Delaware, amid the global credit crunch and declining sales.
Deutsche Bank Had Loss of $6.3 Billion in Fourth Quarter; Shares Decline Deutsche Bank AG, Germany’s biggest bank, reported a record loss of about 4.8 billion euros ($6.3 billion) in the fourth quarter after the worst financial crisis since the Great Depression pummeled debt and equity trading.
Tyco, VW Bond Sales Show Company Debt Market Thawing, Driving Down Yields Investors are snapping up new corporate bonds at the fastest pace since May, driving down yields from record highs once they begin to trade.
Fed Seeks New Effort to Cleanse U.S. Banks as Toxic Assets Retard Lending The Federal Reserve’s top two officials urged a new effort to address the toxic assets held by financial companies, warning that they threaten to prevent banks from resuming lending to households and companies.
Greece's Sovereign Credit Rating Cut One Level to A- by Standard & Poor's Greece had its sovereign credit rating lowered one step by Standard & Poor’s, which cited the country’s weakening finances.
source: Bloomberg
