ICICI Bank Needs to Raise $1 Billion for Repayments, Chanda Kochhar Says ICICI Bank Ltd., India’s second- largest by assets, needs to raise $1 billion to cover half the liabilities at its global operations coming due this year, chief executive officer designate Chanda Kochhar said.
Sensex Rises to Six-Month High on India Economic Outlook; State Bank Gains Indian stocks rose, lifting the benchmark index to a six-month high, led by banks and energy producers on expectation a bigger crop harvest this year helped by early rainfall will boost economic growth.
Bharti Profit Gains 21 Percent on Record User Additions; Beats Estimates Bharti Airtel Ltd., India’s largest mobile-phone operator, reported fourth-quarter profit rose 21 percent after the company added a record 8.3 million subscribers.
India Sugar Production to Miss Forecast Next Year, Widening Global Deficit India, the world’s largest user of sugar, may produce less of the sweetener next year than forecast, forcing the South Asian nation to import for a second year, the nation’s second-biggest mill said.
Rupee Strengthens Most in a Week on Global Economic Outlook, Fund Inflows India’s rupee advanced for the first time this week after latest data showed equity purchases by foreign funds rose to the most since August.
India's Key Stock Index May Decline 16% by End-2009, Morgan Stanley Says India’s key stock index, the second-best performer in Asia this month, may drop 16 percent by the end of the year on concern elections will fail to bring in a government that can tackle slowing economic growth, Morgan Stanley said.
Bonds Drop on Concern Investors Selling Before Debt Auction, Long Weekend Indian bonds fell for a second day on speculation some investors sold part of their holdings to raise cash for purchases at bond auctions in coming weeks.
Stocks in U.S. Advance as DreamWorks, Time Warner Earnings Beat Estimates U.S. stocks rose, driving the Standard & Poor’s 500 Index toward a three-month high, as companies beating profit forecasts outnumbered those that trailed by 10-to-1 and investors speculated bank losses peaked.
U.S. Economy Shrinks More Than Forecast in Worst Recession in Half Century The U.S. economy plunged again in the first quarter, making this the worst recession in at least half a century.
Volcker Says U.S. Economy Is `Leveling Off,' No Need for Further Stimulus The U.S. economy is “leveling off at a low level” and doesn’t need a second fiscal stimulus package, said former Federal Reserve Chairman Paul Volcker, one of President Barack Obama’s top economic advisers.
Mack, Lewis Blame TARP Pay Restrictions for Departure of Some Executives John Mack and Kenneth Lewis, the chief executive officers of Morgan Stanley and Bank of America Corp., said pay limits tied to federal rescue funds have prompted some top employees to leave the companies.
Fed Finds at Least Six of 19 Biggest U.S. Banks Need to Raise More Capital At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said.
Derivatives Hit Austrian Railroad With Record Loss as Milan Seizes Assets OeBB-Holding AG, Austria’s state- owned railroad company, reported a record 966 million-euro ($1.3 billion) loss after writing down the value of derivatives that went awry.
Enterprise Products' $2.8 Billion Offer for Teppco Is Rejected as Too Low Enterprise Products Partners LP offered to buy Teppco Partners LP in a $2.8 billion transaction that would combine pipeline partnerships controlled by Houston billionaire Dan Duncan. Teppco said the bid is too low.
source: Bloomberg
