Indian Exporters Predict 10 Million Job Cuts by March on Global Recession Indian exporters may fire as many as 10 million workers by March as the global recession curbs demand for clothes and jewelry, eroding Prime Minister Manmohan Singh’s popularity before nationwide elections.
Stocks in India Extend Gains; Banks, Metal and Cement Producers Advance India’s key stock index advanced for a fourth day, its longest winning run in two months. ICICI Bank Ltd. led a rally in financial stocks on speculation gains from their bond holdings will boost earnings.
India May Import Less Raw Sugar Than Forecast Last Month, Damping Prices Sugar mills in Maharashtra, India’s biggest producer, may import less raw sugar than forecast last month as the government is yet to take a decision on allowing them to buy the commodity duty free for sale domestically.
Credit Suisse Group Invests $164 Million to Lend in Indian Finance Unit Credit Suisse Group AG, Switzerland’s second-largest bank, has put more money into its Indian finance unit to help it lend to companies and fund purchases of shares in initial public offerings.
Satyam Computer Services Denies Report of Merger Offer From Tech Mahindra Satyam Computer Services Ltd., which abandoned a bid to buy companies owned by its chairman’s family, denied a report that said the company received a merger offer from Tech Mahindra Ltd.
Asian Stocks Rise Ninth Day; Canon Climbs on Weaker Yen, BHP Gains on Oil Most Asian stocks gained as a rebound in chip prices spurred optimism the region’s electronics makers will withstand the global recession, while higher crude prices dragged down utilities.
Shell Reduces Gas Spot Prices in India as Users Switch to Cheaper Naphtha Royal Dutch Shell Plc cut by almost 30 percent the price of natural gas to be sold in India this month because of competition from cheaper naphtha, a buyer said.
Bonds Have Biggest Two-Day Slide Since September as Yields Deter Investors India’s benchmark bonds completed the biggest two-day decline since September on speculation yields near an all-time low deterred buyers.
Fed Aims to Narrow Spread Between Consumer, Corporate Rates and Treasuries Federal Reserve officials are focused on driving down the spreads between U.S. Treasury yields and consumer and corporate loans, after cutting the main interest rate to almost zero failed to revive lending.
Stocks in Europe, U.S. Futures Rally on Stimulus Plans, Rate-Cut Prospects European stocks rallied for a sixth straight day and U.S. index futures climbed on speculation that government stimulus packages and interest-rate cuts will revive the global economy.
Russia Reduces Natural-Gas Supply to Europe in Price Dispute With Ukraine Russia’s natural gas dispute with Ukraine worsened, shutting off fuel shipments to Europe for the first time in three years and driving energy prices higher.
Oil Climbs to Five-Week High on OPEC Production Cuts, Russian Gas Dispute Crude oil rose to a five-week high above $50 as Kuwait and Qatar indicated they will implement supply cuts announced by OPEC last month, and a dispute between Russia and Ukraine reduced natural gas shipments to Europe.
Madoff's Sons Told U.S. Prosecutors About Transfer of Jewelry, Lawyer Says The sons of Bernard Madoff, who is accused of orchestrating a massive Ponzi scheme, told prosecutors last week that their father violated a court-ordered asset freeze by mailing them jewelry, watches and other items, his lawyer said.
Manhattan Apartment Sales Drop for Fourth Quarter as Recession Hits Buyers Manhattan apartment sales fell for the fourth straight quarter and prices for the most expensive apartments dropped for the first time since the recession began as the national housing slump hit the metropolitan area.
Dow Seeks More Than $2.5 Billion From Kuwait After Joint Venture Scrapped Dow Chemical Co., the largest U.S. chemical maker, plans to seek more than $2.5 billion from Kuwait for canceling a joint venture agreement and will consider a new partner to invest in its basic-plastics business.
source: Bloomberg
