Subbarao Says There's `Certainly Room' to Reduce Interest Rates in India India’s central bank governor Duvvuri Subbarao said there’s “certainly room” to cut interest rates as the impact of the global recession was “much sharper” than expected. Bonds rose.
India to Import Raw Sugar From Brazil, Guatemala as Production Declines India, the world’s biggest consumer of sugar, may import as much as 1.2 million metric tons from suppliers in Brazil and Guatemala to overcome a shortfall in output and cool rising domestic prices.
Asian Stocks Drop as Global Recession Deepens; Topix Set for 25-Year Low Asian stocks dropped for a third day, dragging the regional benchmark index to the lowest level since November, as the deepening global recession hurts corporate earnings and demand for commodities.
Bonds Advance as Central Bank's Subbarao Signals More Interest-Rate Cuts India’s benchmark bonds advanced the most in a week after central bank Governor Duvvuri Subbarao said there’s scope to add to the four interest-rate reductions since October as the economic slump deepens.
India's Iron-Ore Exports Rise as China Demand Rises on Stimulus Package India’s iron-ore exports in January rose for the second straight month as China, the world’s largest consumer of the steel-making raw material, increased purchases.
Reliance Infrastructure Violated Overseas Borrowing Rules, Minister Says Reliance Infrastructure Ltd., India’s third largest utility, violated the country’s overseas borrowing and foreign-exchange rules by investing funds raised abroad in the local capital market, junior Finance Minister Pawan Kumar Bansal said.
Obama Unveils $75 Billion Housing Program to Stem Record U.S. Foreclosures U.S. President Barack Obama released a $75 billion housing program that will cut mortgage payments for millions of struggling homeowners and expand the role of Fannie Mae and Freddie Mac in curbing record foreclosures.
U.S. Housing Starts Fall to Lowest Level Ever on Credit Freeze, Sales Drop U.S. builders broke ground in January on the fewest houses on record as a lack of credit and plunging sales exacerbated the worst real-estate slump since the Great Depression.
GM Seeks Up to $16.6 Billion in New U.S. Aid, Plans 47,000 More Job Cuts General Motors Corp. asked the U.S. for as much as $16.6 billion in new loans, more than doubling the aid to date, and said it needs some of the cash next month to survive as it sheds brands and cuts 47,000 more jobs worldwide.
MBIA Forms New Municipal-Bond Insurance Company as Part of Restructuring MBIA Inc., the largest bond insurer, will split its municipal bond insurance business from the mortgage-related debt guarantees that led to the loss of its top credit ratings. The shares surged as much as 42 percent.
Dollar Rises Above 93 Yen on Obama's $75 Billion Plan to Stem Foreclosures The dollar rose above 93 yen for the first time in six weeks and gained to the highest versus the euro since November after President Barack Obama released a $75 billion housing program to stem home foreclosures.
Merkel, Sarkozy May Have to Rescue Euro Nations to Avert Regional Crisis Germany and France may be forced to contemplate the bailout of entire nations rather than just individual banks as European government budgets buckle under the weight of recession.
source: Bloomberg
