Asian Stocks Gain, Extend Global Rally on U.S. Treasury's Toxic-Asset Plan Asian stocks rose, extending a rally that has driven the MSCI World Index to a five-week high, on optimism the U.S. Treasury’s plan to remove banks’ toxic assets will revive economic growth.
India Imposes Tax on Chinese Aluminum Imports to Guard Local Producers India imposed taxes on purchases of some aluminum products from China for six months after an industry group complained the imports were hurting local producers grappling with weak demand.
Stocks in India Gain for Second Day on U.S. Plan, HDFC, ICICI Bank Advance Indian stocks rose, with the benchmark index climbing to its highest in more than two months, on optimism the U.S. Treasury Secretary Timothy Geithner’s plan to remove banks’ toxic assets will revive economic growth.
Bonds Fall for 4th Day as Yields May Need to Rise to Absorb Record Supply India’s benchmark bonds fell for a fourth day on speculation the government will need to offer investors higher yields to absorb this year’s record supply.
India Names Indian Oil, Mangalore Refinery Buyers of Crude From Cairn Oil India named state-run refiners, including Indian Oil Corp., as the buyers of crude to be produced by Cairn India Ltd., a government official said.
Rupee Drops to 1-Week Low on Speculation Importers Selling to Settle Bills India’s rupee declined to a one- week low on speculation some companies exchanged the currency for dollars to settle month-end import bills.
Geithner, Bernanke Call for New Wind-Down Powers After AIG's U.S. Bailout The top two U.S. economic leaders called for new powers to take over and wind down failing financial companies after the government’s troubled rescue of American International Group Inc.
U.S. Stocks Retreat After Rally; Citigroup, Alcoa, Newmont Mining Decline U.S. stocks declined as Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Timothy Geithner called for stronger regulation of financial companies and lower oil and metal prices dragged down commodity producers.
Mortage-Refinancing Boom Fuels Surge in Bank Fees to Highest in Nine Years David Rapaport, a professor at the University of California San Diego Medical School, is paying an upfront fee of $3,500 to refinance his mortgage at 5.13 percent. A year ago, his rate was 6.25 percent and there were no fees.
Former Citadel Trader Pav Sethi May Start a Volatility Hedge Fund in June Pav Sethi, former global head of volatility arbitrage at Citadel Investment Group LLC, plans to start his own hedge fund, according to a person familiar with the matter.
Barclays Chief Diamond Takes 96% Pay Cut as Bank Executives Forgo Bonuses Barclays Plc, the U.K.’s third- largest bank, cut President Robert Diamond’s compensation by 96 percent as executives waived bonuses amid growing public anger over pay for bankers.
Oppenheimer Holdings May Seek TARP Funds to Repay Auction-Rate Customers Oppenheimer & Co.’s Canadian parent said it may seek money from the U.S. government’s financial- bailout programs to repay brokerage customers facing losses on frozen auction-rate securities.
Geithner Tempts Investors With Reduced-Rate Loans, Returns as High as 25% The U.S. government’s plan to rid banks of toxic assets may attract investors with financing that helps generate returns as high as 25 percent, fund managers and analysts said.
source: Bloomberg
