Stocks in India Decline on Concern Global Recession Deepening; ICICI Falls Indian stocks fell for the first time in three days after the U.K. widened a rescue plan for Royal Bank of Scotland Group Plc, sparking concerns that more lenders will need bailouts as the global recession deepens.
India Ends Basmati Rice Export Tax, Cuts Minimum Sale Price on Record Crop India, the world’s second-largest grower of rice, scrapped the 8,000 rupees ($162) a ton tax on exports of basmati rice amid prospects of a record harvest.
Hero Honda Third-Quarter Profit Tops Estimates on Higher Motorcycle Prices Hero Honda Motors Ltd., India's biggest motorcycle maker, reported a better-than-estimated 9.1 percent gain in third-quarter profit after it raised prices and sold more expensive models.
Goldman, Fidelity May Get More Time to Cut India Commodity Bourse Stakes Goldman Sachs Group Inc. and Fidelity International Ltd. may win more time to cut their holdings in two of India’s biggest commodity exchanges to abide with a government rule limiting their stakes.
Italy's Ducati Offers Multimillion-Dollar Contract to Tata Consultancy Tata Consultancy Services Ltd., India’s largest software-services provider, said it won a multimillion dollar, multi-year technology-services order from Ducati Motor Holding SpA.
India May End Ban on Wheat, Rice Futures Trading Next Month on Record Crop India, the world’s second-largest grower of rice and wheat, may next month lift a two-year ban on futures trading in the cereals as record harvests cool domestic food prices.
Bonds Drop Most in a Week as Government Spending Spurs Debt Supply Concern India’s bonds declined the most in more than a week as concerns mounted that debt supply will increase after an official said spurring growth tops the government’s agenda.
Fiat Will Take 35% Chrysler Stake, Form Global Partnership for Small Cars Fiat SpA, Italy’s largest carmaker, agreed to take a 35 percent stake in Chrysler LLC to gain a foothold in the world’s biggest auto market and give the U.S. company access to its small-car technology.
State Street Plunges Most Since 1984 on Fund Costs, Job Cuts, Bond Losses State Street Corp., the world’s largest money manager for institutions, fell the most since 1984 in New York trading after unrealized bond losses almost doubled and it propped up funds to protect investors.
U.S. Stocks Decline on Earnings Concern; State Street, Wells Fargo Retreat U.S. stocks fell, adding to losses from the market’s worst week since November, on concern the deepening global recession will hurt profits.
Banks That Gained Most From U.S. Rescue Told to File Monthly Loan Reports The U.S. Treasury, under pressure to revive lending, is demanding monthly reports from the banks that received the most capital from the government’s $700 billion rescue program.
Alwaleed's Kingdom Holding Has $8.26 Billion Quarterly Loss on Investments Kingdom Holding Co., the investment company controlled by Prince Alwaleed bin Talal, reported a fourth-quarter loss of almost 31 billion riyals ($8.26 billion) after Citigroup Inc. shares plunged in the credit crisis.
Bank of America Tumbles as FBR's Miller Sees $80 Billion in Capital Needs Bank of America Corp., the biggest U.S. lender by assets, dropped as much as 21 percent on concern the company needs at least $80 billion to restore capital to minimum levels required by regulators.
Brazil's Votorantim Takes Over Aracruz After Derivatives-Debt Settlement Aracruz Celulose SA, the Brazilian pulp maker that posted $2.13 billion of derivatives losses, reached an agreement with banks to restructure the debt and said rival Votorantim Celulose & Papel SA agreed to take it over.
source: Bloomberg
