Indian Exporters Cut 1 Million Jobs as Foreign Orders Decline, Pillai Says Indian exporters have shed as many as 1 million jobs, more than 15 times a December estimate, amid the most protracted decline in overseas sales in a decade, the commerce ministry said.
Asia Stocks Rise, Led by Banks, on Rate Cuts, Stimulus; BHP Billiton Gains Asian stocks rallied for a third day, led by banks and commodity producers, on optimism lower interest rates and U.S. stimulus measures will revive the global economy.
India's Inflation Holds Near 11-Month Low as Oil, Commodity Prices Decline India’s inflation rate held near an 11-month low as demand slowed and oil and commodity prices eased.
Benchmark Sensitive Index Declines; Bharti, DLF Fall as Automakers Advance Indian stocks fell, with the benchmark index snapping a two-day, 6.7 percent rally. Bharti Airtel Ltd. and Reliance Communications Ltd., India’s two biggest mobile-phone operators, dropped after they had their price targets cut at Goldman Sachs Group Inc.
Cairn India May Export Rajasthan Crude Oil if Domestic Buyers Aren't Found Cairn India Ltd., a unit of U.K. explorer Cairn Energy Plc, has the option to export crude oil from its fields in India’s Rajasthan state if the government doesn’t find a buyer for the entire output.
Maruti Third-Quarter Profit Falls as Slowing Economy Hurts India Car Sales Maruti Suzuki India Ltd., maker of half the cars sold in the country, posted its smallest quarterly profit in more than four years after tighter credit and a cooling economy eroded vehicle demand.
Bonds Decline Before Government Debt Auction, Yields Climb to 3-Week High India’s 10-year bonds declined for a third day on speculation investors are selling to make room for securities to be offered at a government debt auction tomorrow.
India May Make World Trade Organization Complaint Over EU on Generic Drugs India may drag the European Union to the World Trade Organization for trying to prevent its companies from selling generic copies of drugs, citing infringement of patents, Commerce Secretary G.K. Pillai said.
U.S. New-Home Sales Decline to Lowest Level on Record Amid Credit Freeze Sales of new homes in the U.S. fell in December to the lowest level on record after banks tightened lending and job losses mounted.
Ford Burns $5.5 Billion in Cash, Taps Revolving Loan After Worst Loss Ever Ford Motor Co., insisting it can survive without federal loans, said it burned $5.5 billion in cash in the fourth quarter and will tap a revolving credit line after the worst annual performance in its 105-year history.
Jobless-Benefit Rolls in U.S. Surge to Record High; Initial Claims Climb The number of Americans receiving unemployment benefits soared to a record, as companies slash jobs to lower costs in a deepening recession.
U.S. Stocks Retreat on Earnings, Durable Goods, Jobs Data; Allstate Slides U.S. stocks fell, halting a four-day advance, as more companies posted disappointing earnings and reports on durable goods and jobless claims spurred concern the recession is deepening.
Treasury Said to Back $60 Billion Plan to Revive U.S. Student-Loan Market The U.S. Treasury agreed to commit as much as $60 billion to shore up the market for student loans and help reduce the illiquid assets clogging banks’ balance sheets, according to three people familiar with the matter.
Shipping Investor Nobu Su Offers 20 Supertankers to Crude Oil Speculators Shipping investor Nobu Su plans to offer his fleet of 20 supertankers to speculators to store crude and bet that prices will appreciate later in the year.
Dimon Says Banks Gave Consumers `Weapons of Mass Destruction' on Borrowing Jamie Dimon, chief executive officer of JPMorgan Chase & Co., blamed banks and regulators for letting consumers amass debt like “weapons of mass destruction,” leading to the global economic crisis.
source: Bloomberg
