India Lowers Taxes, Straining Finances as S&P May Cut Rating to Junk Level India reduced excise and service tax to revive economic growth, less than an hour after Standard & Poor’s said the nation’s credit rating may be cut to junk as government debt is reaching a level that’s “not sustainable.”
Satyam Computer Aims to Begin Stake Sale Process This Week, Chairman Says Satyam Computer Services Ltd., the software company at the center of India’s biggest corporate fraud inquiry, plans to start the search for a strategic investor this week, Chairman Kiran Karnik said.
Sugar Drops by Limit as Government Plans Curbs on Volumes Held by Traders Sugar prices in India, the world’s second-biggest producer, declined by the daily limit after the government said it will limit the quantity traders can hold to cool prices ahead of general elections.
3i Invests $161 Million in Indian Port as Capacity Is `Completely Clogged' 3i Group Plc said it invested $161 million in Krishnapatnam Port Company Ltd., the London-based private-equity firm’s third infrastructure investment in India in the last one-and-a-half years.
Vedanta's Madras Aluminium Unit Keeps Smelter Shut as Prices Remain Weak Vedanta Resources Inc., the mining company controlled by billionaire Anil Agarwal, will keep its aluminum smelter in southern India shut as prices remain weak, a company official said.
Stocks in India Drop to Lowest in Three Months; ICICI Bank Leads Declines Indian stocks fell to a three-month low, led by Infosys Technologies Ltd. and other software exporters on concern that a deepening recession in the U.S. will erode earnings from their biggest export market.
Bernanke Sees 2010 Economic Recovery `Only If' Markets, Banks Stabilize Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is in a “severe” contraction, and warned the recession may last into 2010 unless policy makers can stabilize the financial system.
Consumer Confidence in U.S. Collapses to Record Low as Unemployment Soars Confidence among U.S. consumers plunged to a record low in February, signaling spending will slump further as unemployment soars.
U.S. Stocks Gain on Cheaper Valuations; Home Depot, JPMorgan Shares Climb U.S. stocks advanced after six straight days of declines left the Standard & Poor’s 500 Index valued at the cheapest relative to earnings since 1986 and retailers reported profit that topped analysts’ estimates.
Home Prices in 20 U.S. Cities Tumbled 18.5% in December, Biggest Drop Ever Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.
Thain to Disclose Names of Merrill Bonus Recipients as Part of Cuomo Probe John Thain, the former Merrill Lynch & Co. chief executive officer, will disclose to New York state lawyers the names of employees who got $3.6 billion in bonuses just before the firm merged with Bank of America Corp.
Fed Urges Banks to Put Bailout Funds Into Loans, Not Shareholder Dividends The Federal Reserve is urging Wells Fargo & Co. and dozens of banks getting bailout funds to put the money into new loans or bolster loss reserves, not to pay dividends for shareholders, two people familiar with the matter said.
Prechter Advises Closing Short Positions on Stocks, Citing `Scary' Rebound Elliott Wave International Inc.’s Robert Prechter, who advised shorting U.S. stocks three months before the bear market began, said investors should now end those bets following the recent market sell-off.
source: Bloomberg
