India May Buy Record Wheat as Above Market Price Lures Farmers Before Poll India, the world’s second-biggest wheat producer, expects to make record purchases of the grain as domestic farmers take advantage of above market prices assured by the government for their crops.
Monnet Group Offers to Buy Orissa Sponge, Topping Bid by Rival Steelmaker Mounteverest Trading & Investment Ltd., part of India’s Monnet Group, has offered to acquire 20 percent of Orissa Sponge Iron & Steel Ltd. at 310 rupees ($6.2) each, countering a bid by a rival steelmaker.
Sugar Mills in Uttar Pradesh Shutter as Cane Supplies Dwindle on Poor Crop Sugar mills in Uttar Pradesh, India’s second-biggest producer, have shuttered as a smaller sugar cane crop reduces supplies of the main raw material, an official said.
Rupee Weakens a Third Day on Speculation Some Importers Purchased Dollars India’s rupee weakened for a third day on speculation companies bought dollars to settle import bills before the end of the month.
Power Grid to Borrow $2 Billion From World Bank, ADB for Network Expansion Power Grid Corp., India’s biggest electricity transmitter, is seeking to borrow as much as $2 billion for its network expansion, company officials said.
Stocks in India Climb, Snapping Two-Day Drop, on U.S. Assurances on Banks Indian stocks rose, with the key index snapping a two-day 2.4 percent drop. Infosys Technologies Ltd. led software exporters higher after assurances on the health of U.S. banks, which are among their biggest customers.
Regulator Eases Indian Takeover Rules, Paving Way for Satyam Computer Sale India amended takeover rules for companies where the government replaces the board to save them from collapse, paving the way for Satyam Computer Services Ltd.’s state-appointed board to sell a stake to a strategic investor.
U.S. Home Resales Fall to 4.49 Million Rate as Buyers See More Price Drops Sales of previously owned U.S. homes unexpectedly declined in January even as falling prices made them more affordable, signaling that the housing slump is further from a bottom than previously estimated.
Bernanke Tells Congress U.S. Doesn't Plan `Anything Like' Nationalization Federal Reserve Chairman Ben S. Bernanke said the U.S. government doesn’t plan “anything like” a nationalization of banks that would wipe out stockholders.
Stocks in U.S. Retreat as Insurers Slash Dividends, Home Resales Decline U.S. stocks fell, erasing about a quarter of yesterday’s rally, as dividend cuts triggered a selloff in insurers and an unexpected drop in home sales spurred concern the credit crisis is deepening.
Moelis Will Hire Former UBS Credit Chief Ryan to Advise Companies on Risk Christopher Ryan, the former head of credit fixed income at UBS AG is close to joining Moelis & Co., according to two people familiar with the plan.
Agrium Makes Unsolicited $3.6 Billion Bid for CF to Boost Fertilizer Sales Agrium Inc., the largest U.S. supplier of seeds, fertilizer and pesticides, made an unsolicited $3.6 billion bid for CF Industries Holdings Inc. to triple capacity for making phosphate and nitrogen crop nutrients.
Recession in U.K. May Intensify `Significantly,' BOE's Blanchflower Says Bank of England policy maker David Blanchflower said the U.K. recession may intensify “significantly” and it’s too early to gauge when the economy will start to recover.
Nacchio Conviction Reinstated by U.S. Appeals Court in Qwest Insider Case The insider-trading conviction of Joseph Nacchio, Qwest Communications International Inc.’s former chief executive officer, was reinstated by a federal appeals court in Denver.
source: Bloomberg
