Reliance Fourth-Quarter Net Profit Falls 9.2%, Missing Analysts' Estimates Reliance Industries Ltd., owner of the world’s biggest refining complex, posted its second consecutive decline in quarterly profit as the global recession cut demand for fuels, driving down margins.
India's Inflation Holds Near 27-Year Low, Vindicating Interest Rate Cuts India’s inflation held near a 27- year low, suggesting the central bank’s six interest-rate cuts since October may help spur growth without rekindling inflation.
India Rules Out Banning Trading in Sugar Futures to Arrest Surge in Prices India, the world’s biggest user of sugar, ruled out banning futures trading to arrest the surge in prices of the sweetener as production falls to a four-year low.
Sinosteel Delays Building $4 Billion Indian Steel Factory, Citing Demand Sinosteel Corp., China’s second- largest iron-ore trader, said it will delay building a $4 billion steel plant in India amid weak global demand, joining ArcelorMittal in deferring manufacturing plans in the nation.
Sterlite Can Buy Bankrupt Copper Miner Asarco for $1.7 Billion, Judge Says Sterlite Industries (India) Ltd., India’s biggest copper producer, can buy bankrupt Asarco LLC for $1.1 billion in cash and a $600 million note, a judge said.
Porsche, Piech Families Plan to Sell Main Automobile Assets to Volkswagen The Porsche and Piech families plan to sell their main car assets to Volkswagen AG under a plan that would tighten Porsche SE’s grip on Europe’s biggest automaker, according to two people familiar with the matter.
Existing Home Sales in U.S. Fall More Than Estimated to 4.57 Million Rate Sales of U.S. previously owned homes fell in March after jumping a month earlier by the most in more than five years, indicating the market will remain depressed for much of the year.
U.S. Stocks Slide on Concern Over Drugmakers, Drop in Existing Home Sales U.S. stocks fell for a second day on a bigger-than-estimated decline in home sales and concern that the recession is hurting sales of pharmaceuticals.
Madoff Firm Trustee Says He May Seek Return of $735 Million From Investors The trustee liquidating Bernard Madoff’s defunct Manhattan money management firm warned 223 of its clients that they may have to return as much as $735 million, according to a person familiar with the matter.
Emerging-Market Short Sales Climb Most Since 2007 as Profit Outlook Dims Short sellers are increasing bets against developing-nation stocks by the most since March 2007, a signal the biggest rally in 16 years may fizzle as profits plunge from Brazil to Taiwan.
Treasury Said to Ask Chrysler's Banks to Write Down Debt to $1.5 Billion The U.S. Treasury asked Chrysler LLC’s secured lenders to reduce their debt to $1.5 billion from $6.9 billion in exchange for a 5 percent equity stake in the automaker, a person familiar with the negotiations said.
Hartford Financial Said to Seek Bids for Property Unit From Travelers, Ace Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 199-year-old insurer.
source: Bloomberg
