Tata Consultancy Profit Growth Slows on Order Delays; Prices to Decline Tata Consultancy Services Ltd., India’s largest software provider, reported profit growth slowed for a ninth straight quarter as the global recession forced customers to pare orders.
ArcelorMittal Said to Cut Capacity at New Steel Factory in India by Half ArcelorMittal, the world’s largest steelmaker, may cut the size of a planned steel plant in India by half and indefinitely defer a second facility as the global recession curbs sales of cars and homes, a company official said.
Interest Rate Cuts Will Spur Economic Growth, Reserve Bank of India Says India’s interest-rate cuts and higher government spending since October will help revive economic growth, the central bank said, signaling it may take a pause in loosening monetary policy.
Satyam Will Remain an Independent Entity, Tech Mahindra's Nayyar Says Satyam Computer Services Ltd. will continue to operate as an independent entity, an executive at Tech Mahindra Ltd., the winning bidder for a controlling stake in the fraud-hit software provider, said.
Reliance to Continue Exporting Bulk of Fuels After Move to Compete Locally Reliance Industries Ltd., India’s most valuable company, will continue to sell the bulk of its fuels overseas even after giving up the export-only status of its largest refinery in order to compete in the domestic market, an analyst said.
India State Refiners Need $2.2 Billion Bonds to Erase Losses, Analysts Say Indian Oil Corp., the nation’s largest refiner, and state-owned rivals may need an additional 110 billion rupees ($2.2 billion) of government bonds to erase losses from selling fuels below cost, analysts said.
Sensex Declines, Led by Tata Consultancy; Reliance Infrastructure Advances India’s benchmark stock index fell. Tata Consultancy Services Ltd. slid on speculation it may report lower-than-expected profit like rival Infosys Technologies Ltd.
U.S. Stocks Slump on Concern Over Banks; Energy, Material Producers Slide U.S. stocks declined following six straight weeks of gains as concern grew that credit losses are worsening and lower commodity prices dragged down energy and material producers.
Oracle Will Buy Sun Microsystems for $7.4 Billion After IBM Deal Collapsed Oracle Corp. agreed to buy Sun Microsystems Inc. for about $7.4 billion in cash, stepping in after International Business Machines Corp.’s talks to purchase the server maker collapsed.
Bank of America Drops After Adding $6.4 Billion to Reserves for Bad Loans Bank of America Corp., the largest U.S. lender by assets, dropped the most in three weeks of New York trading after the company put aside $6.4 billion to cover a growing pool of uncollectible loans.
New Mexico Suspends Adviser Amid Widening Kickback Probe of Money Managers New Mexico’s State Investment Council suspended an investment adviser and released a list of brokers paid by money managers to win the $11.7 billion state trust’s business, as federal and state regulators’ probes of New York pension fund kickbacks widen.
Baltic Dry Index Advances to Highest in Almost a Month on Grains, Iron Ore The Baltic Dry Index, a measure of world trade, rose to the highest in almost a month on demand to transport iron ore to China and South American grains.
Biggest Money Made in Currencies Means Selling Volatility as Options Fade This year’s most profitable foreign-exchange trade is signaling increased optimism that the first global recession since World War II is easing.
UBS Ordered to Transfer Madoff-Linked Fund Assets to Luxembourg Liquidator UBS AG’s Luxembourg unit must transfer the assets it holds for LuxAlpha Sicav-American Selection, a fund that invested with Bernard Madoff, to another bank, a Luxembourg court ordered.
source: Bloomberg
