Indian Outgoing Coalition Leaves Stimulus Responsibility to New Government India’s outgoing coalition projected a smaller budget deficit next year, leaving the next government that may be voted in by May to decide on economic stimulus measures.
Bonds Tumble Most in Five Weeks as Government Debt Sales to Reach Record India’s bonds tumbled the most in five weeks after the government said it will borrow record amounts this fiscal year and the next as it boosts spending to revive economic growth.
Indian Government Plans to Borrow Record $74 Billion Next Financial Year India plans to raise a record 3.62 trillion rupees ($74 billion) selling bonds in the fiscal year that starts April 1 as it spends more to counter the impact of the biggest global slump since the Great Depression.
Alan Rosling to Leave Tata as Executive Director as Term Ends Next Month Tata Group’s Alan Rosling, who aided overseas acquisitions including steelmaker Corus Group Ltd. and car brands Land Rover and Jaguar, will step down as executive director of holding company Tata Sons Ltd. next month.
Sensitive Index Declines Most in Two Weeks As Interim Budget Disappoints Indian stocks fell, with the Sensitive Index dropping the most in two weeks, as the government failed to announce incentives to boost economic growth in its budget presentation today.
Oil, Gas Producers to Pay Indian Refiners $6.6 Billion Subsidy This Year Oil & Natural Gas Corp., India’s biggest energy exploration company, and other state-run explorers will pay refiners 320 billion rupees ($6.6 billion) as subsidies for selling fuels below cost in the year ending March, the government said.
Indian Companies Pledged Shares by Promoters as Sought by Regulator: Table Following is a table showing shares pledged by the promoters of Indian companies since the Securities and Exchange Board of India said on Jan. 21, 2009, that disclosure would be mandatory.
Rupee Weakens as Widening India Budget Deficit May Deter Foreign Investors India’s rupee fell on speculation investors will pare holdings of local assets after the government said its budget deficit will more than double in the year ending March 31.
Stocks in Europe, Asia Retreat; Legal & General, Takefuji Lead the Decline Stocks in Europe and Asia fell as Japan’s economy contracted the most since 1974, Britain was warned it faces the worst recession in almost three decades and the Group of Seven offered no solution to revive global growth.
Summers, Geithner to Oversee Auto Aid as Obama Decides Against `Car Czar' President Barack Obama opted against naming a “car czar,” instead asking Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers to head a task force on revamping the U.S. auto industry, according to people familiar with the decision.
GM Pushes Labor, Creditors as It Readies Request for Additional U.S. Aid General Motors Corp. is pushing for union and creditor concessions as it races to complete a report that asks the U.S. to increase a $13.4 billion emergency aid package, people familiar with the plan said.
Yen Advances as Worsening Slump Prompts Investors to Shun Riskier Assets The yen rose after finance ministers from the Group of Seven nations said the “severe” global slump will persist for most of 2009 and Japan’s economy shrank by the most since 1974, spurring investors to sell riskier assets.
Geithner Pushed by G-7 to Implement Bank Rescue as Economic Slump Deepens Finance chiefs from the Group of Seven nations joined the chorus of U.S. investors and lawmakers pushing Treasury Secretary Timothy Geithner to move faster to fix the banking system.
Venezuelan Bonds Drop After Chavez Wins Vote to Extend Presidential Tenure Venezuela’s bonds, trading at half their value of a year ago, fell after President Hugo Chavez won a referendum allowing him to serve another 10 years and extend his drive to turn the oil-producing country into a socialist state.
Forint Weakens to Record Low, Polish Zloty Tumbles After Production Slumps Hungary’s forint tumbled to a record low against the euro, and the Polish zloty and Czech koruna slumped, on increasing signs the region’s economies may be the hardest hit from the global recession.
source: Bloomberg
