India Unexpectedly Cuts Benchmark Rate to 3.25% on Slower Growth Forecast India’s central bank reduced interest rates for the sixth time in as many months to a record low after forecasting the economy will expand at the slowest pace since 2003.
Government Bond Yields Reach Six-Week Low After Central Bank Cuts Rates India’s bonds gained, pushing 10- year yields to the lowest level in more than six weeks, after the central bank cut interest rates for a third time this year.
Sensitive Index Declines for a Second Day, Led by ICICI Bank, State Bank India’s Sensitive Index fell for a second day as the central bank forecast the economy will expand at the slowest pace since 2003, prompting a reduction in interest rates to a record low.
Hero Honda Profit Gains Better-Than-Estimated 34% on Higher Sales in India Hero Honda Motors Ltd., India’s biggest motorcycle maker, reported a better-than-estimated 34 percent rise in fourth-quarter profit after sales gained and raw material prices eased.
ONGC Plans to Spend $1.3 Billion to Maintain Production at Aging Fields Oil & Natural Gas Corp., India’s largest energy explorer, plans to spend 66 billion rupees ($1.3 billion) this year to maintain output from aging fields.
Indian Gold Imports to Jump This Month on Festival, Price Drop, Arora Says Gold imports by India, the largest consumer, may more than double this month from a year ago as a decline in prices revives demand ahead of the nation’s biggest bullion festival next week.
Rupee Drops a 4th Day as Central Bank Forecasts Slowest Growth Since 2003 India’s rupee fell for a fourth day, the longest losing streak in seven weeks, as the central bank forecast the slowest economic growth since 2003.
India Indefinitely Delays Review of Policy on Overseas Banks After Crisis India’s central bank delayed revising rules for overseas banks operating in the nation following the collapse of Lehman Brothers Holdings Inc. and bailouts of Citigroup Inc. and Royal Bank of Scotland Group Plc.
IMF Says Global Losses From Credit Crisis May Reach $4.1 Trillion by 2011 Worldwide losses tied to rotten loans and securitized assets may reach $4.1 trillion by the end of 2010 as the recession and credit crisis exact a higher toll on financial institutions, the International Monetary Fund said.
Citigroup's Pandit Says He Will Repay `Every Dollar' of TARP Rescue Funds Citigroup Inc. Chief Executive Officer Vikram Pandit, speaking at the company’s annual shareholder meeting, said he will repay “every dollar with interest” of funds received through the Troubled Asset Relief Program.
Canada Cuts Benchmark Rate to 0.25%, May Keep It There For More Than Year The Bank of Canada cut its key lending rate to a record low, and may leave it unchanged for a year because inflation is persisting below its 2 percent target.
ICAP Loses 85% of Mortgage Bond Trading Gobbled Up by Bankers' Dealerweb ICAP Plc, the world’s largest broker of trades between banks, has lost 85 percent of its business over six weeks in the most-active part of the mortgage- bond market as Wall Street firms shift trades to their own electronic network.
Bank of New York Mellon Net Falls 51% as Fees Decline With Equity Markets Bank of New York Mellon Corp., the world’s biggest custody bank, cut its dividend and reported first-quarter earnings that fell short of analysts’ estimates, as declining equity markets eroded recordkeeping and money- management fees.
Key to Quadrangle, Carlyle Kickback Probe May Rest With Political Adviser Former Democratic political adviser Hank Morris and New York State Deputy Comptroller David Loglisci may hold the keys as authorities examine whether private equity firms and hedge funds knowingly paid kickbacks to manage state pension money.
source: Bloomberg
