Reliance Industries Beats Profit Estimate After Interest Income Quadruples Reliance Industries Ltd., India’s biggest company by market value, posted earnings that beat estimates as interest almost quadrupled, offsetting lower demand for fuels and petrochemicals caused by the global recession.
Satyam Padded Employees to Siphon Cash, Faked Bank Accounts, Court Told Satyam Computer Services Ltd., the software exporter at the center of India’s biggest fraud inquiry, padded employee numbers to siphon off cash and forged documents to support fake bank deposits, a prosecutor said.
India Inflation Holds Near 11-Month Low, Giving Room for Interest Rate Cut India’s inflation held near an 11- month low, giving room to central bank to cut interest rates for the fifth time since October at its next week meeting.
Ranbaxy Posts Loss for Second Straight Quarter on Currency Fluctuations Ranbaxy Laboratories Ltd., India’s largest drugmaker controlled by Japan’s Daiichi Sankyo Co., posted a loss for the second straight quarter on adverse foreign- exchange fluctuations.
Most Asian Stocks Gain on Optimism Government Policies Will Ease Recession Asian stocks rose for the first time in three days, led by financial and drug companies, on signs the U.S., Japan and China are stepping up efforts to ease the global financial crisis.
Rupee Falls on Speculation Fund Outflows Will Increase on Weaker Earnings India's rupee weakened on speculation overseas investors will increase sales of the nation's stocks as company earnings decline amid slowing economic growth.
Bharti Airtel Profit Rises 26% on Record Increase in Subscribers in India Bharti Airtel Ltd., India’s largest mobile-phone operator, reported third-quarter profit rose 26 percent after the company added record subscribers and widened its lead over rivals.
India's Rupee to Extend Losses as Volatility Will Rebound, BNP Forecasts Volatility in India’s rupee will rebound from a four-month low as the currency declines on sales of the nation’s assets by overseas funds, BNP Paribas SA said.
Microsoft Will Cut 5,000 Employees as Recession Curbs Demand for Software Microsoft Corp. will cut as many as 5,000 jobs, its first company wide firings, and said sales and profit will probably drop as the global recession eats into demand for software. The stock fell the most in three months.
U.S. Home Prices Fell 8.7% in November on Higher Foreclosures, Job Losses U.S. home prices fell 8.7 percent in November from a year earlier, led by declines in California and Florida, as foreclosures increased and companies shed jobs.
Stocks in U.S. Decline on Earnings, Recession Concern; Microsoft Retreats U.S. stocks slid, erasing about half of yesterday’s rally, as companies from Microsoft Corp. to EBay Inc. reported disappointing earnings and data on housing starts and jobless claims signaled the recession is deepening.
Geithner Says China `Manipulating' Yuan, No More TARP Funds Needed for Now Timothy Geithner, President Barack Obama’s nominee for Treasury secretary, said the new U.S. administration believes China is “manipulating” its currency.
Yen Advances Against Dollar, Trades Near Record High Versus British Pound The yen gained versus the dollar and traded near a record high against the pound as a drop in U.S. housing starts and equity market losses encouraged investors to take refuge in Japan’s currency.
China's Economy Grew 6.8% in Fourth Quarter, Slowest Pace in Seven Years China’s economy expanded at the slowest pace in seven years as the global recession dragged down exports, increasing pressure for more government spending and lower interest rates to buoy growth.
Aflac Plunges as Morgan Stanley Cites `Escalating Concern' on Investments Aflac Inc., the largest seller of supplemental insurance, fell the most in more than a quarter century in New York trading as Morgan Stanley called the firm’s investments in U.K. banks “a rapidly escalating concern.”
source: Bloomberg
