Mukherjee Says India Plans to Oppose Any Move Toward Protectionism by U.S. India will oppose any move toward protectionism in the U.S. as Asia’s third-biggest economy spends more to stimulate demand to counter a drop in exports and factory output.
Soybean Animal Feed Exports May Decline as Indian Farmers Hoard Supplies India’s exports of animal feed, the largest in Asia, made from soybeans may drop as farmers hoard supplies on expectations domestic prices will rise as production of the oilseed falls.
Key Equity Index in Mumbai Posts Worst Week in Four Months; Infosys Drops Indian stocks declined, driving the benchmark index to its worst week in four months. Infosys Technologies Ltd. led software exporters lower after Hewlett- Packard Co. cut its profit forecast.
Indian Rupee to Drop 6 Percent to Record on Deficits, Morgan Stanley Says India’s rupee will slump 6 percent to a record low of 53 per dollar by the end of the year as the current account and fiscal deficits widen, Morgan Stanley said.
John Keells Buys 37% of Union Assurance From Carson as New Markets Open Up John Keells Holdings Plc, Sri Lanka’s third-most valuable company, bought an additional 37 percent of Union Assurance Plc for 998.3 million rupees ($8.7 million) and raised its stake in two units.
Nalco Forecasts Profit Drop as Buyers Expecting Lower Prices Delay Orders National Aluminium Co., India’s second-biggest producer, will post its smallest quarterly profit in almost five years after customers delayed orders expecting further price cuts.
Satyam Computer Shares Gain After India Allows Sale of Stake to Investor Satyam Computer Services Ltd., the Indian software provider at the center of the country’s biggest corporate fraud inquiry, rose in Mumbai trading after it got permission to sell a stake to a strategic investor.
Stocks Tumble Around World; Europe's Stoxx 600 Index Falls to Six-Year Low Stocks tumbled around the world, sending the Standard & Poor’s 500 Index to its biggest weekly drop since November, on concern the deepening recession will force banks to seek more government aid. Europe’s Dow Jones Stoxx 600 Index slid to a six-year low, and Japan’s Topix Index declined to the worst level since 1984.
Dodd Says Short-Term Bank Nationalization Might Be Needed as Shares Plunge Senate Banking Committee Chairman Christopher Dodd said it may be necessary to nationalize some banks for a short time as Citigroup Inc. and Bank of America Corp. tumbled today on concern the U.S. may take over both banks.
Corporate Bond Trading Reaches Two-Year High on Record $224 Billion Sales Corporate bond trading in the U.S. is rising to the highest in two years, adding to evidence that credit markets are thawing even with stocks off to their worst start since the 1920s as the recession deepens.
Roubini Says Financial Risks Among Europe's Banks Are Growing More Severe Europe’s banking system faces growing risks because of losses in the region’s emerging markets, and the crisis may require a region-wide rescue effort, said New York University economist Nouriel Roubini.
Madoff Trustee Picard Says Firm's Units Operated Together in Alleged Fraud Irving Picard, the trustee liquidating Bernard Madoff’s securities firm, said he has found no evidence to show that the company’s broker-dealer division was separated from the allegedly fraudulent investment advisory unit.
Biovail Investor Suit Against SAC Capital, Hedge Funds Thrown Out by Judge A federal judge threw out a Biovail Corp. shareholder lawsuit against a group of hedge funds including SAC Capital Advisors LP in which investors in the Canadian drugmaker accused them of driving down its share price.
Billionaire Stanford Served With Papers by FBI After Surfacing in Virginia Two days after being accused of massive fraud, billionaire R. Allen Stanford surfaced in a Virginia community about 50 miles south of Washington.
source: Bloomberg
