Satyam Cleared to Sell Stake to Restore Confidence, Stem Client Defections Satyam Computer Services Ltd. won approval to sell a majority stake in itself as the company at the center of India’s biggest corporate fraud inquiry seeks to restore confidence with investors and clients. The shares rose.
Asian Stocks Fall on Concern Losses at Financial Companies Will Increase Asian stocks fell, dragging the regional benchmark index to a fourth weekly decline, on renewed concern losses at financial institutions will mount as the global recession deepens.
Rupee Slides a 3rd Week as Global Slump Fuels Risk Aversion, Fund Outflows India’s rupee declined for a third week on concern prolonged financial turmoil and a deepening global economic slump will increase capital outflows.
Santos May Seek Partners for Indian Oil, Gas Exploration in Bay of Bengal Santos Ltd., Australia’s third- biggest oil and gas producer, may seek partners to take stakes in its two deepwater exploration permits off India’s east coast to reduce risks as it proceeds towards drilling.
Sensex Gains Most in Three Weeks; Software Exporters Climb on Weaker Rupee India’s stocks rose, driving the benchmark index to its biggest gain in three weeks, as the weaker rupee drove software exporters higher.
Asian Ex-Japan Earnings Estimates Have Furthest to Decline, JPMorgan Says Earnings estimates for Asian stocks outside Japan have the most room to fall globally, even after analysts lowered their estimates for a third of all companies covered last month, JPMorgan Chase & Co. said.
Bond Yields at Three-Month High as Rate Cuts Fail to Ease Supply Concerns India’s bonds fell for a third week, pushing yields to the highest in three months, as demand waned at a debt auction today amid record borrowing by the government.
Deora Says Lack of Tax Break For Gas Production Hurting India Exploration The lack of an income-tax break for gas production has reduced interest by companies in India’s planned auction of exploration areas this year, Oil Minister Murli Deora said.
U.S. Unemployment Rises to 8.1%, Highest in 25 Years, as 651,000 Jobs Lost The U.S. unemployment rate jumped in February to 8.1 percent, the highest level in more than a quarter century, a surge likely to send more Americans into bankruptcy and force further cutbacks in consumer spending.
Dollar Drops After U.S. Unemployment Grows More Than Economists Estimated The dollar fell to a one-week low against the euro after a report showed the U.S. unemployment rate rose to the highest level in more than 25 years.
Merrill Lynch Says It Discovered `Irregularity' in Review of Trading Unit Merrill Lynch & Co., the securities firm acquired by Bank of America Corp., said it uncovered an “irregularity” during a review of its trading operations.
Wells Fargo Slashes Quarterly Dividend by 85% to Save $5 Billion Annually Wells Fargo & Co., the fourth- largest U.S. bank, slashed its dividend 85 percent to save about $5 billion a year and said operating months for January and February were “strong.”
Immelt Meets Buffett in Market Fright Conceived With Credit-Default Swaps Warren Buffett and Jeffrey Immelt are among a handful of chief executive officers whose companies are rated AAA. Yet Buffett’s Berkshire Hathaway Inc. and Immelt’s General Electric Co. are being treated like junk in the market for credit-default swaps.
Corporate Borrowing Costs Surge to Record in Europe on Depression Concern Corporate borrowing costs surged to a record in Europe on concern the credit crisis will deepen into a global depression.
General Electric's Immelt Pays Price for Investments in Real Estate, Debt General Electric Co. Chief Executive Officer Jeffrey Immelt is paying the price for his investments in commercial real estate and U.K. property debt.
source: Bloomberg
