India Economy Grows at Slowest Pace Since 2003, Adds Pressure for Rate Cut India’s economy grew at the slowest pace since 2003 last quarter, adding pressure on the central bank to slash interest rates and support investment and consumption. Stocks extended declines and bond yields fell.
Rupee Slides to a Record Low on India's Junk Rating Risk, Economic Slump India’s rupee plunged to a record low on concern global funds will step up sales of local assets after Standard & Poor’s said it may cut the nation’s credit rating to junk and economic growth slumped to a five-year low.
Reliance Industries Plans to Acquire Petroleum Unit After Stock Declines Reliance Industries Ltd., owner of the world’s largest refining complex, plans to acquire the remaining shares of unit Reliance Petroleum Ltd., after the stock dropped 54 percent in the past year.
Tata Steel Profit Falls as Recession Curbs Demand From Car Manufacturers Tata Steel Ltd., India’s biggest producer, reported a 39 percent drop in third-quarter profit as the global recession sapped demand from car and appliance makers.
India Sugar Output to Drop More Than Forecast, Tightening Global Supplies India, the world’s second-biggest sugar maker, may produce 2 million metric tons less this year than previously forecast because of lower harvests in all the main growing areas, likely tightening global supply.
Sensitive Index Has Second Monthly Drop as India's Economic Growth Slows Indian stocks fell, with the key index posting its second monthly drop. Reliance Industries Ltd. led declines as the economy grew at the slowest pace since 2003 and missed economists’ estimates.
Bonds Gain a Second Day as Slowing Growth Increases Rate-Cut Speculation Indian bonds rose for a second day, pushing benchmark yields to a two-week low, as a slowing pace of economic growth fueled speculation the central bank will further slash interest rates.
U.S. Economy Shrank 6.2% in Fourth Quarter, Worst Performance Since 1982 The U.S. economy shrank in the fourth quarter at an even faster pace than previously estimated as consumer spending plunged, companies cut inventories and exports sank.
Citigroup Gets Bigger Government Stake in $25 Billion Swap; Shares Plunge The U.S. government ratcheted up its effort to save Citigroup Inc., agreeing to a third rescue attempt that will cut existing shareholders’ stake in the company by 74 percent. The shares fell as much as 48 percent.
U.S. Futures Slide on Worse-Than-Forecast GDP Data, Citigroup Rescue Plan U.S. stock futures declined as the government cut shareholders’ stake in Citigroup Inc. by 74 percent and a report showed the economy shrank at a faster pace than previously estimated.
General Motors Said to Need European Aid in Weeks or Opel May Be Insolvent General Motors Corp. plans to tell Germany and other European governments it needs 3.3 billion euros ($4.17 billion) in aid within weeks or it may run out of cash to run the Adam Opel GmbH unit, a person familiar with the matter said.
Hungary Wants $230 Billion European Union Aid Package for Eastern Europe Hungarian Prime Minister Ferenc Gyurcsany wants the European Union to arrange a package of as much as 180 billion euros ($230 billion) to help east European economies, banks and companies weather the financial crisis.
Roche, Chevron Lead Record Month of $22.6 Billion in Corporate Bond Sales Hewlett-Packard Co., the world’s largest personal-computer maker, and energy company Chevron Corp. led $22.6 billion of U.S. corporate bond sales this week, capping a record month for non-financial issuance as investors sought safety in investment-grade company debt.
Blackstone Has $827.1 Million Loss, Misses Estimates, on Buyout Writedowns Blackstone Group LP, the world’s biggest private-equity firm, had a fourth-quarter loss of $827.1 million as it marked down the value of private-equity and real estate holdings.
source: Bloomberg
